Wintergreen Advisers Urges Consolidated-Tomoka Land Co. to Take Steps to Maximize Shareholder Value

Wintergreen Advisers, LLC (“Wintergreen”), today announced that it has submitted a shareholder proposal to Consolidated-Tomoka Land Company (NYSE:CTO, “CTO”) recommending that the Board of Directors of CTO retain an independent financial adviser to evaluate ways to maximize shareholder value through the sale of the company or the liquidation of its assets.

Wintergreen beneficially owns 1,543,075 shares of common stock, which constitutes 26.0% of CTO’s outstanding stock. Wintergreen has beneficially owned more than 10% of CTO common stock since May 2006.

In the proposal, Wintergreen Advisers said:

“We believe CTO management should focus on maximizing shareholder value either by selling CTO or liquidating CTO’s assets. Daytona Beach and Volusia County’s real estate values have rebounded since the financial crisis, which may present an attractive opportunity for an acquirer of CTO. Alternatively, shareholders may receive better value by receiving a cash distribution from the sale of the remainder of CTO’s land and the liquidation of the income property portfolio, before a rising interest rate environment damages these holdings’ value and reduces shareholder value. Shareholders have been waiting a long time; now is the time for CTO’s Directors to evaluate ways to maximize shareholder value.

“In his October 27, 2015 press release, CTO’s President and CEO stated: ‘our recent share price is not representative of the net asset value of the company.’ We agree.

“Over the past two years, CTO’s management aggressively increased leverage, dramatically expanded a securities portfolio of undisclosed holdings and initiated a derivatives portfolio. General and administrative expenses have soared. The alarming increase in risk and expenses has not led to a material increase in book or market value, and clearly is not recognized through stock price appreciation. We believe the simple truth is that CTO’s management team has failed, and now is the time to act.

“Therefore, we believe that the greatest value to shareholders will be realized through a thoughtful evaluation of the sale of CTO or the liquidation of CTO’s assets. We believe a vote for this shareholder proposal would benefit all shareholders.”

About Wintergreen Advisers

Established in 2005, Wintergreen is an independent global money manager that employs a research-driven value style in managing global securities. As of September 30, 2015, Wintergreen Advisers had approximately $1 billion under management on behalf of individuals and institutions through its mutual fund and other clients, and is based in Mountain Lakes, New Jersey.

For further information on Wintergreen Advisers, please call 973-263-4500 or visit www.wintergreenadvisers.com. For information, forms and documents regarding our U.S. mutual fund, please visit www.wintergreenfund.com.

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