After this I looked, and there was another, like a leopard, which had on its back four wings of a bird. The beast also had four heads, and dominion was given to it (Dan. Dan. 7:6). This beast appears to correspond to the belly and thighs of bronze in Nebuchadnezzars dream (Dan. Dan. 2:32, Dan. 2:39). The third beast is commonly identified as the empire of Greece. . . . On the face of it, . . . the history of Greece under Alexander the Great corresponds precisely to what is here revealed. . . . It is a well-established fact of history that Alexander had four principle successors. . . . Lysimachus, who held Thrace and Bithynia; Cassander, who held Macedonia and Greece; Seleucus, who controlled Syria, Babylonia, and territories as far east as India; and Ptolemy, who controlled Egypt, Palestine, and Ariba Petrea.1 The kingdom represented by the leopard beast follows upon the overthrow of the bear beast: when Alexander overthrew Medo-Persia [#10-#11]. The leopard beast is the fifth of seven kingdoms which oppressed Gods people through history. Dominion is taken from this beast, but its life is prolonged for a season and a time (Dan. Dan. 7:12). This is reflected in the contribution of its attributes to the final Beast who is the eighth head [#10-#16] (Rev. Rev. 13:2+). See Symbols of Kingdoms.
1 John F. Walvoord, Daniel: The Key to Prophetic Revelation (Chicago, IL: Moody Bible Institute, 1971), Dan. 7:6.