Leucadia National Corporation to Increase Stake in HomeFed Corporation to 65% in Exchange for Real Estate Holdings and Cash

  Leucadia National Corporation to Increase Stake in HomeFed Corporation to
  65% in Exchange for Real Estate Holdings and Cash

Business Wire

NEW YORK -- February 28, 2014

Leucadia National Corporation (NYSE:LUK)(“Leucadia”) announced today that it
has entered into a definitive agreement for HomeFed Corporation (“HomeFed”) to
acquire certain of Leucadia’s real estate subsidiaries, investments and $18.4
million in cash (subject to adjustment) in exchange for 7.5 million common
shares of HomeFed to be newly issued to Leucadia. At December 31, 2013, the
book value of Leucadia’s assets to be acquired by HomeFed (including the cash)
is approximately $178.5 million. Upon closing, Leucadia will own approximately
65% of HomeFed’s outstanding common shares; however, Leucadia has agreed to
limit its voting rights such that it will not have a majority voting interest
in HomeFed.

The transaction is expected to close in March 2014 and is subject to obtaining
certain consents and other customary closing conditions.

Richard B. Handler and Brian P. Friedman, Chief Executive Officer and
President of Leucadia, respectively, commented, “We are pleased to increase
our investment in HomeFed and believe this exchange will optimize the value of
our real estate assets. Additionally, this consolidates our real estate focus
at HomeFed and should add value for the shareholders of both companies.”

Additional details about this transaction are available in Leucadia’s current
report on Form 8-K filed with the Securities and Exchange Commission.

About Leucadia

Leucadia National Corporation (NYSE:LUK) is a diversified holding company
engaged through its consolidated subsidiaries in a variety of businesses,
including investment banking and capital markets, beef processing,
manufacturing, energy projects, asset management and real estate. The Company
also owns equity interests in operating businesses that are accounted for
under the equity method of accounting, including a commercial mortgage banking
and servicing business, automobile dealerships and telecommunications services
in Italy.

Contact:

Leucadia National Corporation
Laura Ulbrandt, 212-460-1900
 
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