Jefferies Financial Group Inc. — Director's Dealing 2004

May 12, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LEUCADIA NATIONAL CORP (LUK)
CIK: 0000096223
Period of Report: 2004-05-11

Reporting Person: DOUGAN PAUL M (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-11	Option to Purchase Common Shares	$46.68	A	1000	Acquired	2009-05-11	Common Shares (1000)	Direct

Footnotes

F1: The stock options were granted under the Leucadia National Corporation 1999 Stock Option Plan. Pursuant to their terms, these options become exercisable at the rate of 25% per year commencing one year after the date of grant.