Jefferies JEF announced today that its trading positions in the sovereign
securities of the nations of Portugal, Italy, Ireland, Greece, and Spain have
been reduced by an aggregate of approximately $1.1 billion long and $1.1
billion short. This represents a 49.5% reduction in Jefferies' gross holdings
of these securities since the close of business Friday and resulted in no
meaningful profit or loss on today's trading activity or our remaining
positions, which continue to be substantially matched by country and maturity.
Jefferies' current net exposure to these sovereign securities is currently $59
million, or 1.7% of shareholder equity, with negligible market or credit risk.
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