Leucadia Confirms Spin-Off Dividend of Crimson Wine

The Board of Directors of Leucadia National Corporation

(“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.