Exhibit 12

JEFFERIES GROUP LLC

Ratio of Earnings to Fixed Charges and

Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

(Dollar amounts in thousands)

				Successor									Predecessor
	Nine  Months Ended  August 31, 2016			Twelve Months Ended November 30, 2015			Twelve  Months Ended  November 30, 2014			Nine  Months  Ended November 30,  2013			Three  Months Ended February 28, 2013			Twelve  Months  Ended  November 30,  2012			Twelve Months  Ended November 30, 2011
Fixed Charges:
Interest expense on long-term indebtedness	$	175,928		$	250,101		$	250,424		$	184,954		$	79,918		$	292,987		$	280,046
Interest portion of rent expense	13,852			19,136			19,130			14,400			4,024			16,137			14,774
Total fixed charges	$	189,780		$	269,237		$	269,554		$	199,354		$	83,942		$	309,124		$	294,820
Convertible Preferred Stock Dividends	$	—		$	—		$	—		$	—		$	1,016		$	4,063		$	4,063
Earnings:
Earnings (loss) before income taxes	$	(66,557	)	$	114,227		$	303,021		$	264,295		$	139,487		$	491,795		$	419,334
Total fixed charges	189,780			269,237			269,554			199,354			83,942			309,124			294,820
Total earnings before income taxes and fixed charges	$	123,223		$	383,464		$	572,575		$	463,649		$	223,429		$	800,919		$	714,154
Ratio of Earnings to Fixed Charges (1)	0.6		x	1.4		x	2.1		x	2.3		x	2.7		x	2.6		x	2.4		x
Ratio of Earnings to Combined Fixed Charges and Convertible Preferred Stock Dividends (2)	0.6		x	1.4		x	2.1		x	2.3		x	2.6		x	2.6		x	2.4		x

(1) The ratio of earnings to fixed charges is computed by dividing (a) income from continuing operations before income taxes plus fixed charges by (b) fixed charges. Fixed charges consist of interest expense on all long-term indebtedness and the portion of operating lease rental expense that is representative of the interest factor (deemed to be one-third of operating lease rentals).

(2) The ratio of earnings to combined fixed charges and preferred dividends is computed by dividing (a) income from continuing operations before income taxes plus fixed charges by the sum of (b) fixed charges and (c) convertible preferred stock dividends. Fixed charges consist of interest expense on all long-term indebtedness and the portion of operating lease rental expense that is representative of the interest factor (deemed to be one-third of operating lease rentals.)