Jefferies Family Scholarship News
November 2007

Dear JFS Candidates, Recipients, Alumni and Supporters,

We are thrilled to announce the commencement of the Jefferies Family Scholarship application acceptance period. Now heading into its 27th year, the program is stronger than ever! This past July we granted 40 awards, with nine new scholarships, two Jefferies Awards of Merit and nearly 30 renewals. In addition, nine of our recipients received their intended degrees – what this program is all about. It is a great honor to take over the torch from John C. Shaw, Jr., who led this program for the past five years. John did a fantastic job, helping to raise additional funds, implement valuable changes to methodology and process, getting more people involved and generating more excitement than ever before.

We are so excited to have broadened our roles within the program, having both been active board members for some time now. As Co-chairs, our primary role is to assure we are getting the funds we need to support and grow the program. That means financial support from Jefferies and its employees. We are also focused on making sure that every eligible student of a Jefferies employee applies for the program so that we can allocate the maximum number of awards possible. We would like to announce updates and changes to the program we recently implemented:

Jefferies Auction: Jefferies will hold a live auction on November 8, with some great items up for bid!

New deadline: March 1st deadline will facilitate an even more thorough application review and selection process.

Shorter application: The application is now easier than ever to complete, with fewer questions. The on-line application allows applicants 24 hour access to revise a previous application or create a new one.

Laptop Giveaway: Each applicant will be entered in a drawing to win a laptop computer.

A new coast: Jefferies Family Scholarship has changed its official address to New York City. New York is the Jefferies headquarters and houses the majority of Firm employees. We are optimistic as we look to the next year. We encourage all Jefferies employees to find out if their children are eligible for an award and encourage them to apply. The more applicants we have, the more scholarships we can award and lives we can touch.

Thank you!

Jim Carmack	Paul Deninger
Co-Chairman	Co-Chairman

Q&A with our New Co-Chairs!

Why did you become involved in the program?
Jim: Having worked alongside and been a close friend of the program and Firm founder, Boyd Jefferies, I was honored to be invited into the program. Mr. Jefferies was incredibly driven and he believed deeply that people had no limits to what they could achieve. I am proud to continue his legacy.
Paul: I became involved with the program because of the focus on education. I am a huge believer in the old maxim that "teaching a person to fish is far superior to giving them a fish to eat." That's what education is all about – I believe we are making a huge difference in people's lives.

How do you complement one another as co-chairs?
Paul: Jim has been with Jefferies for twenty-three years and is Co-head of Equity Sales. He's got great insight, knows how to rally the troops and brings a lot of heart to the program.
Jim: Paul brings a new energy and fresh perspective to the program. Paul is a pillar of Jefferies' investment banking division, is a tremendous motivator, and has great instincts for identifying organizational challenges and opportunities.

What advice would you give to young scholars?
Jim: It's an extremely competitive world, school is important but it is just as important to represent yourself 100 percent of the time, both personally and professionally – education is not the end, it's just the beginning.
Paul: College is a time when young people are expected to accomplish things on their own – to accept responsibility for their own actions, performance and future. Students should explore new areas of knowledge and test their assumptions about themselves and the world they live in. Studying is extremely important, but personal growth is more important. And one should always have a 5-year plan and constantly revisit that plan.

Are you involved with similar organizations outside of the program?
Paul: I am on the board of a public charter high school serving at risk kids, called the MATCH School (matchschool.org). We take economically disadvantaged students in the city of Boston and turn them into accomplished students poised for success in college. The program is in its 7th year and has been incredibly successful.
Jim: I am also on the Board of Catholic Big Brothers Big Sisters, an organization dedicated to helping young people reach their potential through one-to-one mentoring relationships. The organization has mentored countless young people and made a tremendous difference in their lives.