X0303 4 2011-02-25 0 0000096223 LEUCADIA NATIONAL CORP LUK 0001213601 CUMMING IAN M. 529 EAST SOUTH TEMPLE SALT LAKE CITY UT 84102 1 1 1 0 CHAIRMAN OF THE BOARD COMMON SHARES 2011-01-21 4 G 0 50 D 17936917 D COMMON SHARES 2011-02-25 4 M 0 2000000 28.515 A 19936917 D COMMON SHARES 2011-02-25 4 F 0 1738401 32.806 D 18198516 D COMMON SHARES 2011-02-25 4 S 0 261599 32.24 D 18428689 D COMMON SHARES 3354654 I See footnote COMMON SHARE PURCHASE WARRANTS (RIGHT TO BUY) 28.515 2011-02-25 4 M 0 2000000 0 D 2006-05-16 2011-03-05 Common Shares 2000000 0 D Not Applicable. 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"). 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. 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. /s/ Ian M. Cumming 2011-03-01