UPDATE: Special Committee of Alico Engages Independent Financial, Legal Advisor, Considering Strategic Options

Alico, Inc. ("Alico")

, an American agribusiness and land management company, today announced that the Special Committee of its Board of Directors has engaged Deutsche Bank Securities Inc. to act as its financial advisor and Greenberg Traurig, P.A. to act as its legal counsel to assist and advise the Special Committee with respect to pursuing potential strategic and financial transaction alternatives, including merger, business combination and sale transactions involving Alico. As previously announced, Alico formed the Special Committee, composed entirely of independent directors not affiliated with Alico's majority shareholder, Atlantic Blue Group, Inc. ("Atlanticblue"), following Atlanticblue's announcement of its intention, in light of recent changes in the U.S. federal tax code, to pursue the sale of its entire equity position in Alico to a strategic or financial buyer. The Special Committee intends to work with its independent financial and legal advisors to identify and evaluate all available strategic and financial alternatives to maximize shareholder value and that are in the best interests of Alico and its shareholders. Atlanticblue has informed Alico that it intends to work cooperatively with the Special Committee with respect to this process. There can be no assurance that any such transactions will be available or be approved or recommended by the Special Committee, or that any agreement providing for any such transaction will be entered into or consummated.