Leucadia National Corporation Reports FY 2010 Income of $1.9B

Leucadia National Corporation LUK today announced its operating results for the year ended December 31, 2010. On December 31, 2010, the Company recorded an adjustment that reduced the deferred tax valuation allowance and credited income tax expense by $1,157,100,000. The adjustment resulted from the Company's conclusion that it is more likely than not that it will have future taxable income sufficient to realize that portion of the net deferred tax asset. Net income attributable to Leucadia National Corporation common shareholders was $1,939,312,000 (including the $1,157,100,000 adjustment to income tax expense) or $7.85 per diluted common share for the year ended December 31, 2010 compared to net income of $550,280,000 or $2.25 per diluted common share for the year ended December 31, 2009. Net income attributable to Leucadia National Corporation common shareholders for 2010 and 2009 also included income from discontinued operations, including gain on disposal of $51,149,000 or $.19 per diluted common share and $16,621,000 or $.07 per diluted common share, respectively.