FINAL TERM SHEET FILED PURSUANT TO RULE 433 DATED SEPTEMBER 20, 2007 RELATING TO PROSPECTUS SUPPLEMENT DATED SEPTEMBER 19, 2007 TO REGISTRATION STATEMENT NO. 333-145668 LEUCADIA NATIONAL CORPORATION $500,000,000 8-1/8% SENIOR NOTES DUE 2015 ISSUER: Leucadia National Corporation PRINCIPAL AMOUNT: $500,000,000 (upsized from $350,000,000) TITLE OF SECURITIES: 8-1/8% Senior Notes due 2015 FINAL MATURITY DATE: September 15, 2015 TRADE DATE: September 20, 2007 SETTLEMENT DATE: September 25, 2007 INTEREST ACCRUES FROM: September 25, 2007 INITIAL PUBLIC OFFERING PRICE: 98.307% of the principal amount thereof GROSS PROCEEDS: $491,535,000 COUPON: 8-1/8% per annum YIELD TO MATURITY: 8.420% per annum INTEREST PAYMENT DATES: March 15 and September 15 RECORD DATES: March 1 and September 1 FIRST INTEREST PAYMENT DATE: March 15, 2008 ESTIMATED NET PROCEEDS TO ISSUER: $481,504,300 TOTAL AMOUNT OF INDEBTEDNESS AND SENIOR INDEBTEDNESS OUTSTANDING AT JUNE 30, 2007 AFTER GIVING EFFECT TO THIS OFFERING: $2,200.6 million and $1,475.5 million, respectively UNDERWRITER: Jefferies & Company, Inc. CUSIP: 527288 BD 5 ISIN: US527288BD58 THE ISSUER HAS FILED A REGISTRATION STATEMENT (INCLUDING A PROSPECTUS) WITH THE SEC FOR THE OFFERING TO WHICH THIS COMMUNICATION RELATES. BEFORE YOU INVEST, YOU SHOULD READ THE PROSPECTUS IN THAT REGISTRATION STATEMENT AND OTHER DOCUMENTS THE ISSUER HAS FILED WITH THE SEC FOR MORE COMPLETE INFORMATION ABOUT THE ISSUER AND THIS OFFERING. YOU MAY GET THESE DOCUMENTS FOR FREE BY VISITING EDGAR ON THE SEC WEB SITE AT WWW.SEC.GOV. ALTERNATIVELY, THE ISSUER OR THE UNDERWRITER WILL ARRANGE TO SEND YOU THE PROSPECTUS SUPPLEMENT RELATING TO THIS OFFERING IF YOU REQUEST IT BY CALLING JEFFERIES & COMPANY, INC. TOLL FREE 1-888-708-5831. ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.