Obbligazione Jeffries & Co. 6% ( US47233JBJ60 ) in USD

Jeffries & Co.

100 USD ▲

Stati Uniti

US47233JBJ60 ( in USD )

6% per anno ( pagato 2 volte l'anno)

28/02/2038

Prospetto opuscolo dell'obbligazione Jefferies Group US47233JBJ60 en USD 6%, scadenza 28/02/2038

1 000 USD

25 000 000 USD

47233JBJ6

BBB ( Lower medium grade - Investment-grade )

Baa2 ( Lower medium grade - Investment-grade )

28/02/2026 ( In 21 giorni )

Jefferies Group LLC è una banca d'investimento globale che offre servizi di intermediazione, gestione patrimoniale e ricerca finanziaria a clienti istituzionali e privati.

The Obbligazione issued by Jeffries & Co. ( United States ) , in USD, with the ISIN code US47233JBJ60, pays a coupon of 6% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 28/02/2038

The Obbligazione issued by Jeffries & Co. ( United States ) , in USD, with the ISIN code US47233JBJ60, was rated Baa2 ( Lower medium grade - Investment-grade ) by Moody's credit rating agency.

The Obbligazione issued by Jeffries & Co. ( United States ) , in USD, with the ISIN code US47233JBJ60, was rated BBB ( Lower medium grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.

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424B2 1 d538097d424b2.htm 424B2
Table of Contents
File d pursua nt t o Rule 4 2 4 (b)(2 )
Re gist ra t ion N o. 3 3 3 -2 0 9 3 8 5 a nd 3 3 3 -2 0 9 3 8 5 -0 1
CALCULATION OF REGISTRATION FEE

Maximum Aggregate
Amount of
Title of Each Class of Securities Offered

Offering Price (1)
Registration Fee (2)
Senior Fixed to Floating Rate Notes due February 28, 2038 Linked to USD
30CMS Rates

$5,000,000

$623

(1) The maximum aggregate offering price relates to an additional $5,000,000 of Notes offered and sold pursuant to this Amendment No. 1 to the Pricing
Supplement dated February 8, 2018.
(2) Calculated pursuant to Rule 457(r) under the Securities Act of 1933, as amended.
Table of Contents
PRI CI N G SU PPLEM EN T
(AM EN DM EN T N O. 1 )
(to Prospectus dated February 4, 2016)
$ 2 5 ,0 0 0 ,0 0 0

J e ffe rie s Group LLC
Senior Fixed to Floating Rate Notes due February 28, 2038
Linked to USD 30CMS Rates

As further described below, interest will accrue and be payable monthly, in arrears, (i) from the Original Issue Date to, but excluding, February 28, 2021 at a rate of 6.00% per annum and (ii) from
and including February 28, 2021 to, but excluding, the stated maturity date (February 28, 2038), at a variable rate per annum equal to the CMS Reference Index plus the Floating Interest Rate
Spread, subject to the Minimum Interest Rate of 0.00% per annum and the Maximum Interest Rate of 10.00% per annum.
SU M M ARY OF T ERM S

I ssue rs:
Jefferies Group LLC and Jefferies Group Capital Finance Inc., its wholly owned subsidiary.

T it le of t he N ot e s:
Senior Fixed to Floating Rate Notes due February 28, 2038 Linked to USD 30CMS Rates

Aggre ga t e Princ ipa l Am ount :
$25,000,000. We may increase the Aggregate Principal Amount prior to the Original Issue Date but are not required to do so.

I ssue Pric e :
At variable prices. The Notes were offered at a price equal to 100% of the Stated Principal Amount per Note until the initial pricing date,
which was February 8, 2018. Thereafter, the Notes will be offered from time to time in one or more negotiated transactions at varying prices
to be determined at the time of each sale, which may be at market prices prevailing, at prices related to such prevailing prices or at
negotiated prices, subject to a maximum price of 100% of the Stated Principal Amount per Note.

St a t e d Princ ipa l Am ount
$1,000 per note

Pric ing Da t e s:
February 8, 2018 and February 23, 2018

Origina l I ssue Da t e :
February 28, 2018 (13 Business Days after the initial pricing date)

M a t urit y Da t e :
February 28, 2038

I nt e re st Ac c rua l Da t e :
February 28, 2018

Pa ym e nt a t M a t urit y
The Payment at Maturity per Note will be the Stated Principal Amount plus accrued and unpaid interest, if any.

CM S Re fe re nc e I nde x
30 -Year U.S. Dollar Constant Maturity Swap Rate ("30CMS"), expressed as a percentage. Please see "The Notes" below.

I nt e re st Ra t e
From and including the Original Issue Date to, but excluding, February 28, 2021: 6.00% per annum.
From and including February 28, 2021 to, but excluding, February 28, 2038 (the "Floating Interest Rate Period"): a variable rate per annum
equal to the CMS Reference Index plus the Floating Interest Rate Spread, subject to the Minimum Interest Rate and the Maximum Interest
Rate.
For the purposes of determining the level of the CMS Reference Index applicable to an Interest Payment Period, the level of the CMS
Reference Index will be determined two (2) U.S. Government Securities Business Days prior to the related Interest Reset Date at the start of
such Interest Payment Period (each, a "CMS Reference Determination Date").
Interest for each Interest Payment Period during the Floating Interest Rate Period is subject to the Minimum Interest Rate of 0.00% per
annum and the Maximum Interest Rate of 10.00% per annum. Beginning February 28, 2021, it is possible that you could receive little or no
interest on the Notes.

Floa t ing I nt e re st Ra t e Spre a d
Plus 0.75%

CM S Re fe re nc e De t e rm ina t ion Da t e
Two (2) U.S. Government Securities Business Days prior to the related Interest Reset Date at the start of the applicable Interest Payment
Period

Floa t ing I nt e re st Ra t e Pe riod
From and including February 28, 2021 to, but excluding, the Maturity Date.

I nt e re st Pa ym e nt Pe riod:
Monthly (from and including the last day of one month to, but excluding, the last day of the next month, beginning February 28, 2018)

I nt e re st Pa ym e nt Da t e s
The last day of each calendar month, beginning March 31, 2018; provided that if any such day is not a Business Day, that interest payment
will be made on the next succeeding Business Day and no adjustment will be made to any interest payment made on that succeeding
Business Day.

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424B2
I nt e re st Pa ym e nt Pe riod End Da t e s
Unadjusted

I nt e re st Re se t Da t e s
The last day of each calendar month, beginning February 28, 2021; provided that such Interest Reset Dates shall not be adjusted for non -
Business Days.

M inim um I nt e re st Ra t e
0.00% per annum during the Floating Interest Rate Period.

M a x im um I nt e re st Ra t e
10.00% per annum during the Floating Interest Rate Period.

Da y -c ount Conve nt ion:
30/360 (ISDA). Please see "The Notes" below.

Re de m pt ion:
Not applicable

Spe c ifie d Curre nc y:
U.S. dollars

CU SI P/I SI N :
47233JBJ6 / US47233JBJ60

Book -e nt ry or Ce rt ific a t e d N ot e :
Book-entry

Busine ss Da y:
New York

Age nt :
Jefferies LLC, a wholly -owned subsidiary of Jefferies Group LLC and an affiliate of Jefferies Group Capital Finance Inc. See "Supplemental
Plan of Distribution."

Ca lc ula t ion Age nt :
Jefferies Financial Services Inc., a wholly owned subsidiary of Jefferies Group LLC and an affiliate of Jefferies Group Capital Finance Inc.

T rust e e :
The Bank of New York Mellon

Est im a t e d va lue on t he la t e st pric ing da t e
$906.47 per Note.

U se of Proc e e ds:
General corporate purposes

List ing:
None

Conflic t of I nt e re st :
Jefferies LLC, the broker-dealer subsidiary of Jefferies Group LLC, is a member of FINRA and will participate in the distribution of the notes
being offered hereby. Accordingly, the offering is subject to the provisions of FINRA Rule 5121 relating to conflicts of interest and will be
conducted in accordance with the requirements of Rule 5121. See "Conflict of Interest."
The Notes will be our senior unsecured obligations and will rank equally with our other senior unsecured indebtedness.
I nve st ing in t he N ot e s involve s risk s t ha t a re de sc ribe d in t he "Risk Fa c t ors " se c t ion be ginning on pa ge PS-8 of t his pric ing supple m e nt .

PER N OT E

T OT AL

Public Offering Price

At variable prices
At variable prices
Underwriting Discounts and Commissions

$
32.50
$
812,500
Proceeds to Jefferies Group LLC (Before Expenses)

$
967.50
$
24,187,500
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
de t e rm ine d if t his pric ing supple m e nt or t he a c c om pa nying prospe c t us or e it he r prospe c t us supple m e nt is t rut hful or c om ple t e . Any re pre se nt a t ion
t o t he c ont ra ry is a c rim ina l offe nse .
We will deliver the Notes in book-entry form only through The Depository Trust Company on or about February 28, 2018 against payment in immediately available funds.
J e ffe rie s
Pricing supplement dated February 23, 2018.
Y ou should re a d t his doc um e nt t oge t he r w it h t he re la t e d prospe c t us a nd prospe c t us supple m e nt ,
e a c h of w hic h c a n be a c c e sse d via t he hype rlink s be low , be fore you de c ide t o inve st .

Prospectus supplement dated February 4, 2016

Prospectus dated February 4, 2016
Table of Contents
T ABLE OF CON T EN T S

PAGE
PRI CI N G SU PPLEM EN T

SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS
PS-ii
THE NOTES
PS-1
HOW THE NOTES WORK
PS-5
HISTORICAL 30CMS RATES
PS-6
RISK FACTORS
PS-8
HEDGING
PS-11
MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES
PS-12
SUPPLEMENTAL PLAN OF DISTRIBUTION
PS-13
SUPPLEMENTAL CERTAIN ERISA CONSIDERATIONS
PS-15
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CONFLICT OF INTEREST
PS-16
LEGAL MATTERS
PS-17
EXPERTS
PS-18

Y ou should re ly only on t he inform a t ion c ont a ine d in or inc orpora t e d by re fe re nc e in t his pric ing supple m e nt a nd
t he a c c om pa nying prospe c t us a nd prospe c t us supple m e nt . We ha ve not a ut horize d a nyone t o provide you w it h
diffe re nt inform a t ion. We a re not m a k ing a n offe r of t he se se c urit ie s in a ny st a t e w he re t he offe r is not pe rm it t e d.
Y ou should not a ssum e t ha t t he inform a t ion c ont a ine d in t his pric ing supple m e nt or t he a c c om pa nying
prospe c t us or prospe c t us supple m e nt is a c c ura t e a s of a ny da t e la t e r t ha n t he da t e on t he front of t his pric ing
supple m e nt .

PS-i
Table of Contents
SPECI AL N OT E ON FORWARD-LOOK I N G ST AT EM EN T S
This pricing supplement and the accompanying prospectus and prospectus supplement contain or incorporate by reference "forward-
looking statements" within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Securities Act") and
Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are not statements of historical fact and represent
only our belief as of the date such statements are made. There are a variety of factors, many of which are beyond our control, which affect
our operations, performance, business strategy and results and could cause actual reported results and performance to differ materially
from the performance and expectations expressed in these forward-looking statements. These factors include, but are not limited to,
financial market volatility, actions and initiatives by current and future competitors, general economic conditions, controls and procedures
relating to the close of the quarter, the effects of current, pending and future legislation or rulemaking by regulatory or self-regulatory
bodies, regulatory actions, and the other risks and uncertainties that are outlined in our Annual Report on Form 10-K for the fiscal year
ended November 30, 2017 filed with the U.S. Securities and Exchange Commission, or the SEC, on January 26, 2018 (the "Annual Report
on Form 10-K"). You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are
made. We do not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date
of the forward-looking statements.

PS-ii
Table of Contents
T H E N OT ES
The Notes are joint and several obligations of Jefferies Group LLC and Jefferies Group Capital Finance Inc., its wholly-owned subsidiary.
The Aggregate Principal Amount of the Notes is $25,000,000. The Notes will mature on February 28, 2038. From and including the
Original Issue Date to, but excluding, February 28, 2021, the Notes will bear interest at the fixed rate of 6.00% per annum. From and
including February 28, 2021 to, but excluding, the Maturity Date (the "Floating Interest Rate Period"), the Notes will bear interest at a per
annum floating rate equal to the CMS Reference Index plus the Floating Interest Rate Spread, subject to the Minimum Interest Rate of
0.00% per annum and the Maximum Interest Rate of 10.00% per annum. During the Floating Interest Rate Period, the interest rate will be
reset monthly on the Interest Reset Dates set forth in the "Summary of Terms" on the cover page of this pricing supplement. Interest on
the Notes will be payable on a monthly basis on the Interest Payment Dates set forth in the "Summary of Terms" on the cover page of this
pricing supplement. We describe the basic features of these Notes in the sections of the accompanying prospectus called "Description of
Securities We May Offer--Debt Securities" and the prospectus supplement called "Description of Notes", subject to and as modified by any
provisions described below and in the "Summary of Terms" on the cover page of this pricing supplement. All payments on the Notes are
subject to our credit risk.
"30CMS" means the 30-year U.S. Dollar Constant Maturity Swap Rate, expressed as a percentage, as quoted on the Reuters Screen
ICESWAP1 Page (or any successor thereto), at approximately 11:00 a.m., New York City time, on the applicable CMS Reference
Determination Date.
"30/360 (ISDA)" means the number of days in the Interest Payment Period in respect of which payment is being made divided by 360,
calculated on a formula basis as follows, as described in Section 4.16(f) of the 2006 ISDA Definitions published by the International Swaps
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and Derivatives Association, without regard to any subsequent amendments or supplements:

[360 × (Y2 Y1)] + [30 × (M2 M1)] + (D2 D1)

360

w he re :
"Y1" is the year, expressed as a number, in which the first day of the Interest Payment Period falls;
"Y2" is the year, expressed as a number, in which the day immediately following the last day included in the Interest Payment Period
falls;
"M1" is the calendar month, expressed as a number, in which the first day of the Interest Payment Period falls;
"M2" is the calendar month, expressed as a number, in which the day immediately following the last day included in the Interest
Payment Period falls;
"D1" is the first calendar day, expressed as a number, of the Interest Payment Period, unless such number would be 31, in which
case D1 will be 30; and
"D2" is the calendar day, expressed as a number, immediately following the last day included in the Interest Payment Period, unless
such number would be 31 and D1 is greater than 29, in which case D2 will be 30.
The "CMS Reference Determination Date" for each monthly Interest Reset Date during the Floating Interest Rate Period will be the second
U.S. Government Securities Business Day prior to the beginning of the applicable monthly Interest Reset Date. A "U.S. Government
Securities Business Day" means any day, other than a Saturday, Sunday or a day on which the Securities Industry and Financial Markets
Association (or any successor thereto) recommends that the fixed income departments of its members be closed for the entire day for
purposes of trading in U.S. government securities.
If, on any CMS Reference Determination Date, 30CMS is not quoted on the Reuters Screen ICESWAP1 Page, or any page substituted for
that page, then 30CMS will be a percentage determined on the basis of the mid-market semi-annual swap rate quotations provided to the
Calculation Agent by five leading swap dealers in the New York City interbank market (the "Reference Banks") chosen by the Calculation
Agent at approximately 11:00 a.m., New York City time, on that date. For this purpose, the semi-annual swap rate means the mean of the
bid and offered rates for the semi-annual fixed leg, calculated on the basis of a 360-day year consisting of twelve 30-day months, of a
fixed-for-floating U.S. dollar interest rate swap transaction with a term equal to 30 years, commencing on the applicable

PS-1
Table of Contents
date and in a representative amount with an acknowledged dealer of good credit in the swap market, where the floating leg, calculated on
the actual number of days in a 360-day year, is equivalent to USD-LIBOR-BBA, as quoted on the Reuters Screen LIBOR01 Page at 11:00
a.m., New York City time, with a designated maturity of three months. The Calculation Agent will request the principal New York City office
of each of the Reference Banks chosen by it to provide a quotation of its rate. If at least three quotations are provided, the rate for the
relevant CMS Reference Determination Date will be the arithmetic mean of the quotations, eliminating the highest quotation (or, in the
event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest). If fewer than three
quotations are provided as requested, the CMS Reference Index will be determined by the Calculation Agent in good faith and in a
commercially reasonable manner.
The Stated Principal Amount of each Note is $1,000. The Issue Price will equal 100% of the Stated Principal Amount per Note until the
initial pricing date and, thereafter, will be variable, subject to a maximum price of 100% of the Stated Principal Amount per Note. This
price includes costs associated with issuing, selling, structuring and hedging the Notes, which are borne by you, and, consequently, the
estimated value of the Notes on a pricing date is less than the corresponding Issue Price. We estimate that the value of each Note on a
pricing date is $906.47 per Note.
Payment of Additional Amounts
We will pay to the holder of any Note that is beneficially owned by a United States alien holder (as defined in the accompanying
prospectus) such additional amounts as may be necessary so that every net payment of principal of and interest on the Note, after
deduction or withholding for or on account of any present or future tax, assessment or other governmental charge imposed upon or as a
result of such payment by the United States or any taxing authority thereof or therein, will not be less than the amount provided in such
Note to be then due and payable. We will not be required, however, to make any payment of additional amounts for or on account of:

?
any tax, assessment or other governmental charge that would not have been imposed but for the existence of any present or
former connection between such holder or beneficial owner of such Note (or between a fiduciary, settlor, beneficiary of, member
or shareholder of, or possessor of a power over, such holder or beneficial owner, if such holder or beneficial owner is an estate,

trust, partnership or corporation) and the United States, including, without limitation, such holder or beneficial owner (or such
fiduciary, settlor, beneficiary, member, shareholder or possessor), being or having been a citizen or resident or treated as a
resident of the United States or being or having been engaged in trade or business or present in the United States or having or
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424B2
having had a permanent establishment in the United States;

?
any tax, assessment or other governmental charge that would not have been imposed but for the presentation by the holder of

the Note for payment on a date more than 10 days after the date on which such payment became due and payable or the date
on which payment thereof is duly provided for, whichever occurs later;

?
any estate, inheritance, gift, sales, transfer, excise, personal property or similar tax, assessment or other governmental charge;

?
any tax, assessment or other governmental charge imposed by reason of such holder's or beneficial owner's past or present
status as a passive foreign investment company, a controlled foreign corporation, a personal holding company or foreign personal

holding company with respect to the United States, or as a corporation which accumulates earnings to avoid United States
federal income tax;

?
any tax, assessment or other governmental charge which is payable otherwise than by withholding from payment of principal of,

or interest on, such Note;

?
any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal of,

or interest on, any Note if such payment can be made without withholding by any other paying agent;

?
any tax, assessment or other governmental charge that is imposed by reason of a holder's or beneficial owner's present or former

status as (i) the actual or constructive owner of 10% or more of the total combined voting power of Leucadia National Corporation
stock, as determined for purposes of

PS-2
Table of Contents
Section 871(h)(3)(B) of the Internal Revenue Code of 1986, as amended (the "Code"), (or any successor provision) or (ii) a

controlled foreign corporation that is related to us, as determined for purposes of Section 881(c)(3)(C) of the Code (or any
successor provision);

?
any tax, assessment or other governmental charge (i) in the nature of a backup withholding tax, (ii) as a result of the failure to
comply with information reporting requirements or (iii) imposed or required pursuant to Sections 1471 through 1474 of the Code
and the U.S. Treasury Regulations promulgated thereunder (commonly referred to as "FATCA"), or imposed under any

substantially similar successor legislation, any current or future regulations or official interpretations thereof, any agreement
entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to
any intergovernmental agreement entered into in connection therewith;

?
any tax, assessment or other governmental charge imposed solely because the holder or the beneficial owner of such Note (1) is
a bank purchasing such Note in the ordinary course of its lending business or (2) is a bank that is neither (A) buying such Note

for investment purposes nor (B) buying such Note for resale to a third party that either is not a bank or holding such Note for
investment purposes only;

?
any tax, assessment or other governmental charge imposed in whole or in part by reason of such holder's or beneficial owner's

past or present status as a corporation that accumulates earnings to avoid U.S. federal income tax or as a private foundation, a
foreign private foundation or other tax-exempt organization; or

?
any combinations of items identified in the bullet points above.
In addition, we will not be required to pay any additional amounts to any holder or beneficial owner that is a fiduciary or partnership or
other than the sole beneficial owner of such Note to the extent that a beneficiary or settlor with respect to such fiduciary, or a member of
such partnership or a beneficial owner thereof would not have been entitled to the payment of such additional amounts had such
beneficiary, settlor, member or beneficial owner been the holder of the Note. In addition, if withholding of tax is required on Notes linked to
U.S. equities or equity indices under Treasury regulations promulgated under Section 871(m) of the Code, we will not be required to pay
any additional amounts with respect to amounts withheld.
Valuation of the Notes
Jefferies LLC calculated the estimated value of the Notes set forth on the cover page of this pricing supplement based on its proprietary
pricing models at that time. Jefferies LLC's proprietary pricing models generated an estimated value for the Notes by estimating the value
of a hypothetical package of financial instruments that would replicate the payout on the Notes, which consists of a fixed-income bond (the
"bond component") and one or more derivative instruments underlying the economic terms of the Notes (the "derivative component").
Jefferies LLC calculated the estimated value of the bond component using a discount rate based on our internal funding rate. Jefferies
LLC calculated the estimated value of the derivative component based on a proprietary derivative-pricing model, which generated a
theoretical price for the instruments that constitute the derivative component based on various inputs, including the factors described under
"Risk Factors--The price at which the Notes may be resold prior to maturity will depend on a number of factors and may be substantially
less than the amount for which they were originally purchased." below, but not including our creditworthiness. These inputs may be
market-observable or may be based on assumptions made by Jefferies LLC in its discretionary judgment.
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The estimated value of the Notes is a function of the terms of the Notes and the inputs to Jefferies LLC's proprietary pricing models.
Since the estimated value of the Notes is a function of the underlying assumptions and construction of Jefferies LLC's proprietary
derivative-pricing model, modification to this model will impact the estimated value calculation. Jefferies LLC's proprietary models are
subject to ongoing review and modification, and Jefferies LLC may change them at any time and for a variety of reasons. In the event of a
model change, prior descriptions of the model and computations based on the older model will be superseded, and calculations of
estimated value under the new model may differ significantly from those under the older model. Further, model changes may cause a
larger impact on the estimated value of a note with a particular return formula than on a similar note with a different return formula. For
example, to the extent a return formula contains leverage, model changes may cause a larger impact on the estimated value of that note
than on a similar note without such leverage.

PS-3
Table of Contents
The relationship between the estimated value on a pricing date and the secondary market price of the Notes
The price at which Jefferies LLC purchases the Notes in the secondary market, absent changes in market conditions, including those
related to interest rates and the CMS Reference Index, may vary from, and be lower than, the estimated value on the Pricing Date,
because the secondary market price takes into account our secondary market credit spread as well as the bid-offer spread that Jefferies
LLC would charge in a secondary market transaction of this type, the costs of unwinding the related hedging transactions and other
factors.
Jefferies LLC may, but is not obligated to, make a market in the Notes and, if it once chooses to make a market, may cease doing so at
any time.

PS-4
Table of Contents
H OW T H E N OT ES WORK
How to calculate the interest payments during the Floating Interest Rate Period.
The table below presents examples of hypothetical interest that would accrue on the Notes during any month in the Floating Interest Rate
Period. The examples below are for purposes of illustration only. The examples of the hypothetical floating interest rate that would accrue
on the Notes are based on both the level of the CMS Reference Index on the applicable CMS Reference Determination Date.
The actual interest payment amounts during the Floating Interest Rate Period will depend on the actual level of the CMS Reference Index
on each CMS Reference Determination Date. The applicable Interest Rate for each monthly Interest Payment Period will be determined on
a per-annum basis but will apply only to that Interest Payment Period. The table assumes that the Interest Payment Period contains 30
calendar days. The examples below are for purposes of illustration only and would provide different results if different assumptions were
made.

CM S REFEREN CE I N DEX
PLU S FLOAT I N G I N T EREST H Y POT H ET I CAL M ON T H LY
CM S REFEREN CE I N DEX
RAT E SPREAD*

I N T EREST PAY M EN T
-1.00%

0.00%

$0.00
-1.00%

0.00%

$0.00
-0.50%

0.25%

$0.21
0.00%

0.75%

$0.63
0.50%

1.25%

$1.04
1.00%

1.75%

$1.46
1.50%

2.25%

$1.88
2.00%

2.75%

$2.29
2.50%

3.25%

$2.71
3.00%

3.75%

$3.13
3.50%

4.25%

$3.54
4.00%

4.75%

$3.96
4.50%

5.25%

$4.38
5.00%

5.75%

$4.79
5.50%

6.25%

$5.21
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6.00%

6.75%

$5.63
6.50%

7.25%

$6.04
7.00%

7.75%

$6.46
7.50%

8.25%

$6.88
8.00%

8.75%

$7.29
8.50%

9.25%

$7.71
9.00%

9.75%

$8.13
9.50%

10.00%

$8.33
10.00%

10.00%

$8.33
10.50%

10.00%

$8.33
11.00%

10.00%

$8.33
*Subject to the minimum interest rate of 0% and maximum interest rate of 10%.

PS-5
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H I ST ORI CAL 3 0 CM S RAT ES
30CMS is a "constant maturity swap rate" that measures the fixed rate of interest payable on a hypothetical fixed-for-floating U.S. dollar
interest rate swap transaction with a maturity of 30 years. In such a hypothetical swap transaction, the fixed rate of interest, payable semi-
annually on the basis of a 360-day year consisting of twelve 30-day months, is exchangeable for a floating 3-month LIBOR-based
payment stream that is payable quarterly on the basis of the actual number of days elapsed during a quarterly period in a 360-day year.
"LIBOR" is the London Interbank Offered Rate and is a common rate of interest used in the swaps industry.
In this pricing supplement, when we refer to 30CMS, we mean the rate as it appears on Reuters page ICESWAP1 (or any successor page)
under the heading 30-year index maturity for rates at approximately 11:00 a.m. New York time, on each CMS Reference Determination
Date. The rate reported on Reuters page "ICESWAP1" (or any successor page thereto) is calculated by ICE Benchmark Administration
Limited based on tradeable quotes for the related interest rate swap of the relevant tenor that is sourced from electronic trading venues.
This rate is one of the market-accepted indicators of medium to longer-term interest rates. On the CMS Reference Determination Date, if
30CMS cannot be determined by reference to Reuters Screen ICESWAP1 Page (or any successor page), then the Calculation Agent will
determine 30CMS in accordance with the procedures set forth above.
The level of 30CMS has fluctuated in the past and may, in the future, experience significant fluctuations. Any historical upward or
downward trend in the level of 30CMS during any period shown below is not an indication that 30CMS is more or less likely to increase or
decrease at any time during the life of your Notes.
Y ou should not t a k e t he hist oric a l le ve l of t he 3 0 CM S a s a n indic a t ion of t he fut ure le ve l of 3 0 CM S. We cannot give
you any assurance that the future level of 30CMS will result in your receiving a return on your Notes that is greater than the return you
would have realized if you invested in a debt security of comparable maturity that bears interest at a prevailing market rate.
In light of current market conditions, the trend reflected in the historical level of 30CMS may be less likely to be indicative of the level of
30CMS during the Floating Interest Rate Period.
Neither we nor any of our affiliates make any representation to you as to the performance of 30CMS during the Floating Interest Rate
Period. The actual level of 30CMS during the Floating Interest Rate Period may bear little relation to the historical level of 30CMS shown
below.

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The graph below shows the historical performance of 30CMS from January 1, 2002 through February 5, 2018. We obtained the information
in the graph below from Bloomberg, without independent verification. The rates displayed in the graph below are for illustrative purposes
only.

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RI SK FACT ORS
In addition to the other information contained and incorporated by reference in this pricing supplement and the accompanying prospectus
and prospectus supplement including the section entitled "Risk Factors" in our Annual Report on Form 10-K, you should consider carefully
the following factors before deciding to purchase the Notes.
Risk s Assoc ia t e d w it h t he Offe ring
The historical level of 30CMS is not an indication of the future level of 30CMS.
In the past, the level of 30CMS has experienced significant fluctuations. You should note that historical levels, fluctuations and trends of
30CMS is not necessarily indicative of future levels. Changes in the level of 30CMS will affect the trading price of the Notes, but it is
impossible to predict whether such level will rise or fall. There can be no assurance that the CMS Reference Index level will be positive on
any CMS Reference Determination Date during the Floating Interest Rate Period. Furthermore, the historical performance of the CMS
Reference Index does not reflect the return the Notes would have had because they do not take into account the Floating Interest Rate
Spread or the Maximum Interest Rate.
The estimated value of the Notes on a pricing date, based on Jefferies LLC proprietary pricing models at that time and our
internal funding rate, will be less than the corresponding Issue Price.
The difference is attributable to certain costs associated with selling, structuring and hedging the Notes that are included in the Issue
Price. These costs include (i) the selling concessions paid in connection with the offering of the Notes, (ii) hedging and other costs
incurred by us and our affiliates in connection with the offering of the Notes and (iii) the expected profit (which may be more or less than
actual profit) to Jefferies LLC or other of our affiliates in connection with hedging our obligations under the Notes. These costs adversely
affect the economic terms of the Notes because, if they were lower, the economic terms of the Notes would be more favorable to you. The
economic terms of the Notes are also likely to be adversely affected by the use of our internal funding rate, rather than our secondary
market rate, to price the Notes. See "The estimated value of the Notes would be lower if it were calculated based on our secondary
market rate" below.
The estimated value of the Notes was determined for us by our affiliate using proprietary pricing models.
Jefferies LLC derived the estimated value disclosed on the cover page of this pricing supplement from its proprietary pricing models at that
time. In doing so, it may have made discretionary judgments about the inputs to its models, such as the volatility of the CMS Reference
Index and interest rates. Jefferies LLC's views on these inputs and assumptions may differ from your or others' views, and as an agent in
this offering, Jefferies LLC's interests may conflict with yours. Both the models and the inputs to the models may prove to be wrong and
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therefore not an accurate reflection of the value of the Notes. Moreover, the estimated value of the Notes set forth on the cover page of
this pricing supplement may differ from the value that we or our affiliates may determine for the Notes for other purposes, including for
accounting purposes. You should not invest in the Notes because of the estimated value of the Notes. Instead, you should be willing to
hold the Notes to maturity irrespective of the initial estimated value.
Since the estimated value of the Notes is a function of the underlying assumptions and construction of Jefferies LLC's proprietary
derivative-pricing model, modifications to this model will impact the estimated value calculation. Jefferies LLC's proprietary models are
subject to ongoing review and modification, and Jefferies LLC may change them at any time and for a variety of reasons. In the event of a
model change, prior descriptions of the model and computations based on the older model will be superseded, and calculations of
estimated value under the new model may differ significantly from those under the older model. Further, model changes may cause a
larger impact on the estimated value of a note with a particular return formula than on a similar note with a different return formula. For
example, to the extent a return formula contains leverage, model changes may cause a larger impact on the estimated value of that note
than on a similar note without such leverage.
The estimated value of the Notes would be lower if it were calculated based on our secondary market rate.
The estimated value of the Notes included in this pricing supplement is calculated based on our internal funding rate, which is the rate at
which we are willing to borrow funds through the issuance of the Notes. Our internal funding rate is generally lower than our secondary
market rate, which is the rate that Jefferies LLC will use in

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determining the value of the Notes for purposes of any purchases of the Notes from you in the secondary market. If the estimated value
included in this pricing supplement were based on our secondary market rate, rather than our internal funding rate, it would likely be lower.
We determine our internal funding rate based on factors such as the costs associated with the Notes, which are generally higher than the
costs associated with conventional debt securities, and our liquidity needs and preferences. Our internal funding rate is not the same as
the interest that is payable on the Notes.
Because there is not an active market for traded instruments referencing our outstanding debt obligations, Jefferies LLC determines our
secondary market rate based on the market price of traded instruments referencing our debt obligations, but subject to adjustments that
Jefferies LLC makes in its sole discretion. As a result, our secondary market rate is not a market-determined measure of our
creditworthiness, but rather reflects the market's perception of our creditworthiness as adjusted for discretionary factors such as Jefferies
LLC's preferences with respect to purchasing the Notes prior to maturity.
The estimated value of the Notes is not an indication of the price, if any, at which Jefferies LLC or any other person may be
willing to buy the Notes from you in the secondary market.
Any such secondary market price will fluctuate over the term of the Notes based on the market and other factors described in the next risk
factor. Moreover, unlike the estimated value included in this pricing supplement, any value of the Notes determined for purposes of a
secondary market transaction will be based on our secondary market rate, which will likely result in a lower value for the Notes than if our
internal funding rate were used. In addition, any secondary market price for the Notes will be reduced by a bid-ask spread, which may
vary depending on the aggregate stated principal amount of the Notes to be purchased in the secondary market transaction, and the
expected cost of unwinding related hedging transactions. As a result, it is likely that any secondary market price for the Notes will be less
than the Issue Price.
The price at which the Notes may be resold prior to maturity will depend on a number of factors and may be substantially less
than the amount for which they were originally purchased.
Some of these factors include, but are not limited to: (i) changes in the level of 30CMS, (ii) volatility of 30CMS, (iii) changes in interest and
yield rates, (iv) any actual or anticipated changes in our credit ratings or credit spreads and (v) time remaining to maturity. Generally, the
longer the time remaining to maturity and the more tailored the exposure, the more the market price of the Notes will be affected by the
other factors described in the preceding sentence. In addition, as indicated above, the proprietary derivative-pricing model we employ to
value the Notes may change, which could have a significant impact on valuation of the Notes. Each of these factors can lead to significant
adverse changes in the market price of securities like the Notes.
The amount of interest payable on the Notes in any month is capped.
The Interest Rate on the Notes for each monthly Interest Payment Period during the Floating Interest Rate Period is capped for that
month at the Maximum Interest Rate of 10.00% per annum, and you will not get the benefit of any increase in the CMS Reference Index
level above a level of 9.25% on any CMS Reference Determination Date. Therefore, the maximum monthly interest payment you can
receive during the Floating Interest Rate Period (assuming an Interest Payment Period of 30 calendar days) will be $8.33 for each $1,000
stated principal amount of notes. Accordingly, you could receive less than 10.00% per annum interest for any given full year in the Floating
Interest Rate Period even when the CMS Reference Index level is much greater than 9.25% on the CMS Reference Determination Date
for one monthly Interest Payment Period during that year if the CMS Reference Index level on the CMS Reference Determination Date
with respect to any other month is below 9.25%.
You must rely on your own evaluation of the merits of an investment linked to 30CMS.
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In the ordinary course of their businesses, we or our affiliates may have expressed views on expected movements in 30CMS and related
interest rates, and may do so in the future. These views or reports may be communicated to our clients and clients of our affiliates.
However, these views are subject to change from time to time. Moreover, other professionals who deal in markets relating to 30CMS may
at any time have views that are significantly different from ours or those of our affiliates. For these reasons, you should consult information
about 30CMS and related interest rates from multiple sources, and you should not rely on the views expressed by us or our affiliates.
Neither the offering of the Notes nor any views which we or our affiliates from time to time may express in the ordinary course of their
businesses constitutes a recommendation as to the merits of an investment in the Notes.

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Regulatory investigations regarding possible manipulation of ISDAFIX may adversely affect your Notes.
Certain U.S. and non-U.S. regulators are investigating possible manipulation of ISDAFIX. If such manipulation occurred, it may have
resulted in 30CMS being artificially lower (or higher) than it would otherwise have been. Any changes or reforms affecting the
determination or supervision of ISDAFIX in light of these investigations could result in a sudden or prolonged decrease in reported
ISDAFIX, which may have an adverse impact on the trading market for ISDAFIX-benchmarked securities, such as your Notes, the market
value of your Notes and the payments on your Notes during the Floating Interest Rate Period.
30CMS Rates and the manner in which it is calculated may change in the future.
There can be no assurance that the method by which 30CMS rates is calculated will continue in its current form. Any changes in the
method of calculation could reduce 30CMS and thus have a negative impact on the payments on the Notes and on the value of the Notes
in the secondary market.
30CMS is based on a hypothetical interest rate swap referencing 3-month U.S. dollar LIBOR; uncertainty and changes with
respect to LIBOR may adversely affect 30CMS, the CMS Reference Index and the value of your Notes.
30CMS represents the fixed rate of interest payable on a hypothetical interest rate swap with a floating leg based on 3-month U.S. dollar
LIBOR. On July 27, 2017, the Chief Executive of the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced that
it intends to stop persuading or compelling banks to submit rates for the calculation of LIBOR to the administrator of LIBOR after 2021.
The announcement indicates that the continuation of LIBOR on the current basis cannot and will not be guaranteed after 2021. We cannot
predict whether and to what extent banks will continue to provide LIBOR submissions to the administrator of LIBOR or whether any
additional reforms to LIBOR may be enacted in the United Kingdom or elsewhere. At this time, no consensus exists as to what rate or
rates may become accepted alternatives to LIBOR, and it is impossible to predict the effect of any such alternatives on the value of 3-
month U.S. dollar LIBOR, and the value of, and the method of calculating, 30CMS. Uncertainty as to the nature of alternative reference
rates to LIBOR and as to potential changes or other reforms to LIBOR may adversely affect 3-month U.S. dollar LIBOR rates and the
30CMS during the term of the Notes, which may adversely affect the value of the Notes.
In the event that a published 3-month U.S. dollar LIBOR rate is unavailable after 2021, it is possible that the 30CMS would also be
unpublished, and in such case an alternative determination method, as set forth under "The Notes" above, will be used to determine the
CMS Reference Index.
We may sell an additional aggregate face amount of the Notes at a different issue price.
At our sole option, we may decide to sell additional aggregate face amounts of the Notes subsequently to the date of this pricing
supplement. The issue price of the Notes in the subsequent sale may differ substantially (higher or lower) from the Issue Price you paid.
There is no stated limit on of the additional face amounts of the Notes we may sell.
The Notes will be treated as variable rate debt instruments for U.S. federal income tax purposes.
The Notes will be treated as variable rate debt instruments for U.S. federal income tax purposes. Please see "Material United States
Federal Income Tax Consequences" below for a more detailed discussion. Please also consult your tax advisor concerning the U.S.
federal income tax and any other applicable tax consequences to you of owning your Notes in your particular circumstances.
Our trading and hedging activities may create conflicts of interest with you.
We or one or more of our affiliates, including Jefferies LLC, may engage in trading activities related to the Notes that are not for your
account or on your behalf. We expect to enter into arrangements to hedge the market risks associated with our obligation to pay the
amounts due under the Notes. We may seek competitive terms in entering into the hedging arrangements for the Notes, but are not
required to do so, and we may enter into such hedging arrangements with one of our subsidiaries or affiliates. This hedging activity is
expected to result in a profit to those engaging in the hedging activity, which could be more or less than initially expected, but which could
also result in a loss for the hedging counterparty. These trading and hedging activities may present a conflict of interest between your
interest as a holder of the Notes and the interests we and our affiliates may have in our proprietary accounts, in facilitating transactions for
our customers, and in accounts under our management.

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