At its annual meeting of the Board of Directors on April 27, 2011, Consolidated-Tomoka Land Co. (NYSE Amex: CTO) declared a dividend of $0.01 per share payable on May 27, 2011 to shareholders of record on May 13, 2011. William J. Voges, Chairman of the Board, stated, “The Board remains committed to paying a dividend, and it has determined that based on the Company’s current dividend level and the economic outlook, it would be more prudent to pay the dividend on a semi-annual basis rather than quarterly. There will not be a quarterly dividend paid in July and the proposed semi-annual dividend is expected to begin in October 2011. The Board will continue to review its dividend strategy and capital needs on a regular basis.”

Consolidated-Tomoka Land Co. is a Florida-based company primarily engaged in converting Company owned agricultural lands into a portfolio of net lease income properties strategically located in the Southeast, through the efficient utilization of 1031 tax-deferred exchanges. The Company has low long-term debt and currently generates over $9 million annually before tax cash flow from its income property portfolio. The Company also engages in selective self-development of targeted income properties. The Company’s adopted strategy is designed to provide the financial strength and cash flow to weather difficult real estate cycles. Visit our website at www.ctlc.com.

“Safe Harbor”

Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Forward-looking statements are made based upon management’s expectations and beliefs concerning future developments and their potential effect upon the Company. There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management.