Jefferies Financial Group Inc. — Director's Dealing 2011

May 12, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LEUCADIA NATIONAL CORP (LUK)
CIK: 0000096223
Period of Report: 2011-05-10

Reporting Person: NICHOLS JESSE CLYDE III (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-10	Common Shares	F	4202	$36.84	Disposed	159642	Direct
2011-05-10	Common Shares	M	3000	$30.78	Acquired	162642	Direct
2011-05-10	Common Shares	M	1500	$33.50	Acquired	164142	Direct
2011-05-10	Common Shares	M	500	$24.44	Acquired	164642	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-10	Option to Purchase Common Shares	$30.78	M	3000	Disposed	2011-05-16	Common Shares (3000)	Direct
2011-05-10	Option to Purchase Common Shares	$33.50	M	1500	Disposed	2012-05-15	Common Shares (1500)	Direct
2011-05-10	Option to Purchase Common Shares	$24.44	M	500	Disposed	2014-05-11	Common Shares (500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	38182	Indirect

Footnotes

F1: Consists of 23,164 shares held by the Reporting Person's wife and children and an aggregate of 15,018 shares held by irrecovable trusts for the benefit of the Reporting Person's children as to which the Reporting Person may be deemed to have beneficial ownership.

F2: The stock options were granted under the Leucadia National Corporation 1999 Stock Option Plan as Amended and Restated. Pursuant to their terms, these options become exercisable at the rate of 25% per year commencing one year after the date of grant.