Jefferies Financial : 2023 Country by Country Reporting

Jefferies International Limited

Country by Country reporting

The Capital Requirements Directive IV (Article 89 of the EU Directive 2013/36/EU) requires qualifying institutions to publish annually certain tax and financial data for each country in which they operate. Jefferies International Limited (the "Company") is a qualifying institution under the terms of the Capital Requirements Directive IV (the "Directive").

In accordance with the Directive, the Company has elected to provide the required information on a consolidated basis for the financial year ended 30 November 2023 (Refer to tables 1 and 2, on pages 5 and 6 respectively). The Company has applied the s401 Companies Act 2006 exemption from preparing consolidated financial statements as the Company and all its subsidiaries are included within the audited consolidated financial statements of Jefferies Financial Group Inc. for the year ended 30 November 2023 which can be obtained from www.jefferies.comwithin the Investor Relations section. A copy of the Company's audited statutory financial statements for the year ended 30 November 2023 can be obtained from www.jefferies.comwithin the Investor Relations section.

Note (1) - Basis of preparation and explanatory notes.

Accounting framework:	The figures disclosed in the schedules are prepared under United Kingdom
	Generally Accepted Accounting Practice (UK GAAP), as for the statutory
	financial statements of the Company and its subsidiaries.
Jurisdiction:	The jurisdiction in each case has been taken as the country of tax residence.
Number of employees:	The number of employees has been calculated as the average number of
	employees, on a monthly full-time basis, who were permanently employed
	by the Company and its subsidiaries during the financial year to 30
	November 2023.
Revenue:	As defined in note 2 to the statutory financial statements for the Company
	for the financial year ended 30 November 2023.
Profit before tax:	As per the consolidated Profit and Loss Account for the Company and its
	subsidiaries for the year ended 30 November 2023.
Corporation tax paid:	This represents the corporation tax paid in each country in the year ended
	30 November 2023.

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Note (2) - Commentary on disclosure.

It should be noted that the corporation tax paid in a given period does not always relate directly to the tax charge in that period as corporation tax is often paid across multiple periods and taxable profits are calculated in accordance with prescribed legislation in each jurisdiction which may differ from the reported accounting results. Below is commentary in relation to the corporate tax payments within each jurisdiction listed in disclosure tables 1 and 2.

• United Kingdom: as taxes are due in instalments based on estimates and payments were also made relating to prior periods, taxes paid in the period may appear to be higher than might otherwise be expected in comparison to profits.
• Germany: taxes are due in instalment payments based on estimates, therefore taxes paid in the period may appear to be higher than might otherwise be expected in comparison to profits.
• Sweden: corporation tax is paid by instalments as stipulated by the Swedish tax authority based on prior fiscal periods.
• Italy: corporation tax instalment payments are based on the prior fiscal periods, therefore taxes paid in the current period may appear higher than might otherwise be expected in comparison to profits.
• France: corporation tax instalment payments are based on the prior fiscal period, therefore taxes paid in the period may appear higher than might otherwise be expected in comparison to profits.
• Switzerland: taxes due are paid upon assessment notice received from the tax authority, in the period it may appear lower than might otherwise be expected in comparison to profits.
• Netherlands: under Dutch statute, corporation tax is due according to a date specified on a provisional or final assessment. Corporation tax was paid in relation to a provisional assessment based on prior periods.
• Spain: corporation tax is paid by estimated instalments and a balancing payment as stipulated by the Spanish tax legislation. Payments include figures for the prior period as well, hence taxes paid in the period may appear to be higher than might otherwise be expected in comparison to profits.
• Denmark: The branch ceased trading during the prior financial year. The final tax liability was paid in the current financial year hence taxes paid in the period may appear to be higher than might otherwise be expected in comparison to profits.
• Israel: corporation tax is paid based on estimates during the year and a balancing payment upon submission of the annual corporation tax return.
• Portugal: a branch ceased trading and another started trading in the period. Corporation tax is paid based on estimated instalments and a balancing payment upon submission of the annual corporation tax return. Accordingly, taxes paid in the period may appear to be lower than might otherwise be expected in comparison to profits.
• United Arab Emirates: a new corporation tax regime was established in the country during the year; however, it is not applicable to Jefferies until the next financial year.
• Poland: no corporation tax was paid in the financial year.

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Independent Assurance Report on Country-by-Country Reporting to the Members of Jefferies International Limited

We have been engaged by the Directors of Jefferies International Limited ("the Company") to conduct a reasonable assurance engagement relating to the Country-by-Country Reporting ("CBCR") disclosures set out in the accompanying schedules for the year ended 30 November 2023.

In our opinion, the Country-by-Country Reporting disclosures for the year ended 30 November 2023 have been prepared, in all material respects, in accordance with the Capital Requirements (Country-by-Country Reporting) Regulations 2013 (the "Regulations").

Respective responsibilities

The Directors are responsible for preparing the CBCR disclosures in accordance with the Regulations.

Our responsibility is to express a conclusion on the CBCR disclosures based on our procedures.

We conducted our engagement in accordance with the International Standard on Assurance Engagements ISAE 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information, issued by the International Auditing and Assurance Standards Board (IAASB), to state whether the CBCR disclosures have been prepared, in all material respects, in accordance with the Regulations.

Summary of our work

We obtained reasonable assurance as defined in ISAE 3000 (Revised). Reasonable assurance is not absolute assurance because of factors such as the following: the use of selective testing, the inherent limitations of internal control, the fact that much of the evidence available to us is persuasive rather than conclusive and the use of judgement in gathering and evaluating evidence and forming conclusions based on that evidence.

Our procedures consisted primarily of:

• obtaining an understanding of the Company and its subsidiaries, including the design and implementation of internal control relevant to collection of the information used to prepare the CBCR disclosures. This included discussions with Group management responsible for the CBCR disclosures.
• considering the risk of material misstatement of the CBCR disclosures.
• testing underlying data on a sample basis.

Our independence and competence

In conducting our engagement, we complied with the independence requirements of the FRC's Ethical Standard and the ICAEW Code of Ethics. The ICAEW Code is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour.

We applied the International Standard on Quality Management 1 ("ISQM 1") issued by the Financial

Reporting Council, for UK engagements. Accordingly, we maintained a comprehensive system of quality

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management including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Use of our report

This report is made solely to the Directors of Jefferies International Limited in accordance with ISAE 3000 (Revised) and our agreed terms of engagement. Our work has been undertaken so that we might state to the Directors of Jefferies International Limited those matters we have agreed to state to them in this report and for no other purpose.

Without assuming or accepting any responsibility in respect of this report to any party other than Jefferies International Limited and the Directors of Jefferies International Limited, we acknowledge that the Directors of Jefferies International Limited may choose to make this report publicly available for others wishing to have access to it, which does not and will not affect or extend for any purpose or on any basis our responsibilities. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jefferies International Limited and the Directors of Jefferies International Limited as a body, for our work, for this report, or for the conclusions we have formed.

Tom Millar FCA (Senior statutory auditor)

For and on behalf of Deloitte LLP Statutory Auditor

London, United Kingdom 28th May 2024

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Disclosure schedule 1
					Public
	Number of		Profit / (loss)	Corporation	subsidies
Jurisdiction	Employees	Revenue	before tax	tax paid	received
		£'000	£'000	£'000	£'000
United Kingdom	1,080	684,618	43,860	18,170	-
Germany	62	64,090	14,635	9,642	-
Sweden	18	10,559	1,187	-	-
Italy	28	18,963	3,794	844	-
France	39	29,460	2,802	1,272	-
Switzerland	8	4,433	443	92	-
Netherlands	15	9,280	1,695	151	-
Spain	18	12,133	1,991	957	-
Denmark	-	231	30	15	-
Israel	-	860	63	13	-
Portugal	-	1,856	173	9	-
United Arab Emirates	7	5,122	528	-	-
Poland	4	844	83	-	-
Intra-group eliminations	-	(9,719)	-	-	-
Total	1,279	832,730	71,284	31,165	-

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Disclosure schedule 2
Jurisdiction	Entities and branches*	Description of activities
United Kingdom	Jefferies International Limited	Financial services
	Leucadia Investment Management	Investment fund management
	Limited
	JILC Limited	Secondary Loan Trading
Germany	Jefferies GmbH	Financial services
Sweden	Jefferies GmbH - Stockholm branch	Financial services
Italy	Jefferies GmbH - Milan branch	Financial services
France	Jefferies GmbH - Paris branch	Financial services
Switzerland	Jefferies International Limited -	Financial services
	Zurich branch
Netherlands	Jefferies GmbH - Amsterdam branch	Financial services
Spain	Jefferies GmbH - Madrid branch	Financial services
Denmark	Jefferies GmbH - Copenhagen	Financial services
	branch
Israel	Jefferies International Limited -	Financial services
	Israel branch
Portugal	Jefferies International Limited -	Financial services
	Portugal branch
United Arab Emirates	Jefferies International Limited -	Financial services
	Dubai branch
Poland	Jefferies GmbH - Poland branch	Financial services

*The list of entities and branches does not include those that have no impact on the revenue, profit before tax, corporation tax paid or number of employees disclosed.

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