CCA Board of Directors Authorizes Special Dividend of $675 Million

CCA Board of Directors Authorizes Special Dividend of $675 Million 
NASHVILLE, TN -- (Marketwired) -- 04/08/13 --   CCA (NYSE: CXW) (the
"Company" or "Corrections Corporation of America"), announced today
that its Board of Directors has declared a special dividend to
shareholders of $675 million, or approximately $6.63 per share of
common stock based on the number of shares currently outstanding, in
connection with the Company's previously announced plan to qualify as
a real estate investment trust (REIT) for federal income tax purposes
effective as of January 1, 2013. The special dividend will be paid in
satisfaction of requirements that the Company distribute its
previously undistributed accumulated earnings and profits
attributable to tax periods ending prior to January 1, 2013. The
Company expects to pay the special dividend on May 20, 2013 to
shareholders of record as of April 19, 2013.  
"The special dividend is an important step in completing our
conversion to a REIT," said Damon Hininger, CCA's President and CEO.
"We believe that operating as a REIT will provide additional
opportunities to create shareholder value through increases in cash
flow and dividends while continuing to provide significant earnings
growth capacity." 
Each CCA shareholder may elect to receive payment of the special
dividend either in cash, shares of CCA common stock or a combination
of cash and CCA common stock, with the total amount of cash payable
to shareholders limited to a maximum of 20% of the total value of the
special dividend, or $135 million. If the total amount of cash
elected by shareholders exceeds 20% of the total value of the special
dividend, the available cash will be prorated among those
shareholders who elect to receive cash, and the remaining portion of
the special dividend will be paid in shares of CCA common stock.
Shareholders who do not make a timely election will be deemed to have
made an election to receive payment of the special dividend in shares
of CCA common stock. The total number of shares of CCA common stock
to be distributed pursuant to the special dividend will be determined
based on shareholder elections and the average closing price per
share of CCA common stock on the New York Stock Exchange for the
three trading days after May 9, 2013, the date that election forms
are due. Election forms and materials will be mailed to registered
shareholders promptly after the record date. 
About CCA  
CCA is the nation's largest owner of partnership correction and
detention facilities and one of the largest prison operators in the
United States, behind only the federal government and three states.
We currently operate 67 facilities, including 51 facilities that we
own or control, with a total design capacity of approximately 92,500
beds in 20 states and the District of Columbia. CCA specializes in
owning, operating and managing prisons and other correctional
facilities and providing inmate residential services for governmental
agencies. In addition to providing the fundamental residential
services relating to inmates, our facilities offer a variety of
rehabilitation and educational programs, including basic education,
religious services, life skills and employment training and substance
abuse treatment.  
Forward-Looking Statements  
This press release contains statements as to the Company's beliefs
and expectations of the outcome of future events that are
forward-looking statements as defined within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from the
statements made. These include, but are not limited to, the risks and
uncertainties associated with: (i) our ability to meet and maintain
REIT qualification tests; (ii) the expected form, timing and amount
of the special distribution of our C-corporation accumulated earnings
and profits; (iii) the anticipated benefits of our conversion to a
REIT; (iv) general economic and market conditions, including the
impact governmental budgets can have on our per diem rates, occupancy
and overall utilization; (v) the availability of debt and equity
financing on terms that are favorable to us; (vi) fluctuations in our
operating results because of, among other things, changes in
occupancy levels, competition, increases in cost of operations,
fluctuations in interest rates and risks of operations; (vii) our
ability to obtain and maintain correctional facility management
contracts, including as a result of sufficient governmental
appropriations and as a result of inmate disturbances; (viii) changes
in the privatization of the corrections and detention industry, the
public acceptance of our services, the timing of the opening of and
demand for new prison facilities and the commencement of new
management contracts; (ix) the outcome of California's realignment
program and utilization of out of state private correctional
capacity; and (x) increases in costs to construct or expand
correctional facilities that exceed original estimates, or the
inability to complete such projects on schedule as a result of
various factors, many of which are beyond our control, such as
weather, labor conditions and material shortages, resulting in
increased construction costs.  
Investors and Analysts: 
Karin Demler
(615) 263-3005 
Financial Media: 
David Gutierrez
Dresner Corporate Services
(312) 780-7204 
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