Jefferies Financial Group Inc. — Director's Dealing 2011

May 17, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LEUCADIA NATIONAL CORP (LUK)
CIK: 0000096223
Period of Report: 2011-05-16

Reporting Person: CUMMING IAN M. (Director, Chairman of the Board, 10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-16	Common Share Purchase Warrant (Right to Buy)	$33.84	A	2000000	Acquired	2016-03-07	Common Shares (2000000)	Direct

Footnotes

F1: The Warrant was granted on March 7, 2011 in a transaction exempt under Rule 16b-3(d) and (e) under the Securities Exchange Act of 1934, as amended, subject to shareholder approval of the Leucadia National Corporation 2011 Senior Executive Warrant Plan. Shareholder approval of the plan was received on May 16, 2011. Pursuant to its terms, the Warrant becomes exercisable at the rate of 20% per year, with initial vesting on May 16, 2011, and subsequent vesting on March 7 of each of 2012, 2013, 2014 and 2015.