Jefferies Financial Group Inc. — Director's Dealing 2011

Mar 1, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LEUCADIA NATIONAL CORP (LUK)
CIK: 0000096223
Period of Report: 2011-02-25

Reporting Person: CUMMING IAN M. (Director, CHAIRMAN OF THE BOARD, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-21	COMMON SHARES	G	50	—	Disposed	17936917	Direct
2011-02-25	COMMON SHARES	M	2000000	$28.515	Acquired	19936917	Direct
2011-02-25	COMMON SHARES	F	1738401	$32.806	Disposed	18198516	Direct
2011-02-25	COMMON SHARES	S	261599	$32.24	Disposed	18428689	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-25	COMMON SHARE PURCHASE WARRANTS (RIGHT TO BUY)	$28.515	M	2000000	Disposed	2011-03-05	Common Shares (2000000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
COMMON SHARES	3354654	Indirect

Footnotes

F1: Not Applicable.

F2: On February 25, 2011, the Reporting Person exercised a common share purchase warrant for 2,000,000 common shares, and common shares were withheld to pay the exercise price therefor, all in transactions exempt under Rule 16b-3 under the Securities Exchange Act of 1934 (the "Exchange Act").

F3: Includes 491,772 shares distributed from Grantor Retained Annuity Trusts of which Reporting Person is the sole trustee in a transaction exempt under Rule 16b-13 of the Exchange Act.

F4: Consists of 216,000 common shares beneficially owned by the Reporting Person's wife, and 3,306,190 common shares held in Grantor Retained Annuity Trusts.