ration Leucadia National's asset-management business, formed last year via the pur- chase of Topwater Capital, is starting a global-macro division. Leucadia, whose other holdings include Jefferles, has tapped an executive at the investment bank, David Zervos, to lead the effort. Zervos is chief investmen

ment firm. The platform, now named Ignition Opportunity Fund, had previously been run by Topwater Partners, before they left to run the platform for Leucadia. After studying the model from the inside, we now have an even greater understanding of the micro structure of the talent marketplace and the diffe

duated from Yale University in 1992. EFTA00505805 Appendix: Selected Publicly Traded Holding Companies (USS 000s) Berkshire Hathaway (BRK.B) Leucadia National (LUK) Harbinger Group Inc. (HRG) Steel Partners (SPLP) RCS Capital Corp (RCAP) BFC Financial Corp. (BFCF) Fiscal Year ende

m posted its second to worst year e=er (approx. 3%), SAC had EFTA_R1_01400321 EFTA02383594 only its second down year ever, Balyasny was flat= and Leucadia's Folger Hill, Blackstone's Senfina, Deimos and =ine River basically all blew up, either officially shutting down or letting it run on fumes that wi

k Equity 187,647 Equity Market Cap. 283,800 PIE 16.1x ROE 10.2x Earnings/Share 10.9 Price/Book 1.5Ix Div/Yield Institutional Ownership Leucadia National (LIAO Harbinger Group Inc. (IIRG) Steel Partners (SPEY) 12/31/201 12/31/201 12/31/201 2 2 9,194 4,500 761 288 497 10.9%