LEUCADIA NATL DECLARES SPINOFF DIVIDEND OF CRIMSON WINE SHARES

(The following is a reformatted version of a press release
issued by Leucadia National and received via e-mail. The release
was confirmed by the sender.) 
LEUCADIA NATIONAL CORPORATION DECLARES SPIN-OFF DIVIDEND OF
CRIMSON WINE GROUP SHARES 
February 1, 2013 
NEW YORK, New York - February 1, 2013 - The Board of Directors
of Leucadia National Corporation (NYSE: LUK) (“Leucadia”) today
declared a pro rata dividend of all of the shares of common
stock of its wholly-owned subsidiary, Crimson Wine Group, Ltd.
(“Crimson”), which holds all of Leucadia’s wine operations.  The
dividend will result in the separation of the two companies, as
required by the merger agreement between Leucadia and Jefferies
Group, Inc. 
On the distribution date, which is expected to be February 25,
2013, Leucadia shareholders of record as of 5 p.m. EST on
February 11, 2013, the record date for the distribution, will
receive one share of Crimson common stock for every 10 Leucadia
common shares they hold, with cash in lieu of fractional shares
to be distributed thereafter. 
No action or payment is required by Leucadia shareholders to
receive the shares of Crimson common stock.  For Leucadia
shareholders who own Leucadia common shares in certificated form
as of the close of business on the record date, the distribution
agent will mail to such shareholders a share certificate
representing shares of Crimson common stock that such
shareholders are entitled to receive in the distribution.  For
Leucadia shareholders who hold Leucadia common shares as of the
close of business on the record date in a brokerage account, the
Crimson common stock will be distributed in book-entry form, and
the broker will be responsible for recording the distribution of
the appropriate number of shares of Crimson common stock into
such shareholder’s brokerage account.  An Information Statement
containing details regarding the distribution of the Crimson
common stock and Crimson’s business and management following the
spin-off will be mailed to Leucadia shareholders prior to the
distribution date. 
The Crimson spin-off has been structured to qualify as a tax-free distribution to Leucadia shareholders for U.S. federal
income tax purposes.  Leucadia shareholders are urged to consult
with their tax advisors with respect to the U.S. federal, state,
local and foreign tax consequences of the Crimson spin-off.
Leucadia common shares that trade on the “regular-way” market
will trade with an entitlement to Crimson common stock
distributed pursuant to the spin-off.  Therefore, any holders of
Leucadia common shares that sell those shares in the “regular-way” market up to and including through the distribution date,
will also be selling the right to receive Crimson common stock
in the spin-off.  In addition, it is expected that an “ex-distribution” trading market for Leucadia common shares (Symbol
“LUK WI”) will commence on or prior to the record date.
Leucadia common shares traded in the “regular-way” market will
be quoted “ex-distribution” on February 26, 2013, which is the
first business day after the distribution date.  Leucadia common
shares that trade on the “ex-distribution” market will trade
without an entitlement to Crimson common stock distributed
pursuant to the spin-off.  Investors are encouraged to consult
with their financial advisers regarding the specific
implications of buying or selling Leucadia common shares on or
before the distribution date. 
Crimson common stock will not be listed on any securities
exchange.  Following the distribution, it is expected that
Crimson common stock will be quoted on OTC Link.  The CUSIP
number for the Crimson common stock will be 22662X 100.
The completion of the spin-off, including the distribution of
Crimson common stock to Leucadia shareholders as of the close of
business on the record date, is subject to the satisfaction or
waiver of certain conditions described in the Information
Statement included in the Form 10 filed with the Securities and
Exchange Commission, all of which Leucadia and Crimson
anticipate will be satisfied on or before the distribution date. 
About Leucadia
Leucadia, a New York corporation, is a diversified holding
company engaged through its consolidated subsidiaries, other
than Crimson, in a variety of businesses, including beef
processing, manufacturing, gaming entertainment, real estate
activities and medical product development. Leucadia also has a
significant equity interest in Jefferies Group, Inc., and owns
equity interests in operating businesses including a commercial
mortgage origination and servicing business. 
About Crimson
Crimson, a Delaware corporation and wholly-owned subsidiary of
Leucadia, will become a public company upon its spin-off from
Leucadia.  Crimson produces and sells premium, ultra-premium and
luxury wines.  Crimson is headquartered in Napa, California and
through its wholly-owned subsidiaries owns four wineries: Pine
Ridge Vineyards, Archery Summit, Chamisal Vineyards and Seghesio
Family Vineyards. 
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995.  These statements
address the planned spin-off of Crimson from Leucadia, which is
dependent upon future events or developments, including certain
conditions to the spin-off.  These matters are subject to risks
and uncertainties that could cause actual events (including the
planned spin-off) and results to differ materially from those
projected, anticipated or implied.  These risks and
uncertainties include uncertainties regarding the planned spin-off of Crimson, including the timing and terms of such spin-off
and whether such spin-off will be completed as it is subject to
a number of conditions.  In addition, Leucadia and Crimson are
subject to additional risks and uncertainties described in
Crimson’s registration statement on Form 10, as amended, and
Leucadia’s Form 10-K, Form 10-Q and Form 8-K reports (including
all amendments to those reports) and exhibits to those filings
and reports.  Except to the extent required by applicable law,
Leucadia and Crimson undertake no obligation to update or revise
any forward-looking statement. 
Contact:     Laura Ulbrandt 
(212) 460-1900 
(sgp) NY 
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