Alico Sells 4,020 Surplus Acres in Polk County, FL for $10.1 Million

Alico, Inc.

, a land management company, announced today the cash sale of two parcels of land totaling 4,020 acres in Polk County, FL. The sales price of the two properties is approximately $10.1 million and will result in a pre-tax gain of approximately $9.2 million to be recorded in the third quarter of fiscal 2012. The purchasers of the parcels of land are Ben Hill Griffin, III, the brother-in-law of John R. Alexander, Alico's Chairman of the Board, and Ben Hill Griffin Inc. The transactions were between related parties; as such, they were referred to and approved by the Audit Committee, which is comprised entirely of independent directors. Both parcels were considered to be surplus to our agricultural operations.