Inve stor Pr e se ntation 2018 Annual Me e ting April 2018 E . - - PowerPoint PPT Presentation

Inve stor Pr e se ntation – 2018 Annual Me e ting

April 2018

E . Hyma n Ave nue & Hunte r Stre e t Do wnto wn Aspe n, Co lo ra do

(NYSE Ame r ic an: CT O)

2

Forward–Looking Statements If we refer to “we,” “us,” “our,” or “the Company,” we mean Consolidated-Tomoka Land Co. and its consolidated

• subsidiaries. Certain statements contained in this presentation (other than statements of historical fact) are forward-

looking statements. Words such as “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. Although forward-looking statements are made based upon management’s expectations and beliefs concerning future Company actions and developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include uncertainties associated with the closing of pending land transactions or other dispositions of assets, including the likelihood, timing, and final transaction terms thereof, the estimate of the cost of completing improvements affiliated with certain investments, the impact of permitting or other transactional activities on the total estimated gain for land sales, as well as the timing of the recognition of such gains, our ability to obtain necessary governmental approvals for our land transactions or to satisfy other closing conditions, the ability to execute share repurchase transactions, the completion of 1031 transactions, the ability for the Company to convert to a real estate investment trust, the costs of improvements for the Golf Operations assets, the ability to achieve certain leasing activity including the timing and terms thereof, as well as the uncertainties and risk factors discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, filed with the Securities and Exchange Commission. 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. Endnote references (A) through (H) provided in this presentation are defined on Slide 46

F

• rwa rd L
• o king Sta te me nts

3

PART I

E xe c utive Summa ry

PART II

Cre a ting Sha re ho lde r Va lue

PART III

E xe c uting Our Stra te g y

PART IV

Bo a rd & Go ve rna nc e

PART V

Winte rg re e n – Pe rfo rma nc e & I ssue s, Cla ims, a nd No mine e s

PART VI

T hird-Pa rty Pe rspe c tive s

PART VII

Co nc lusio n

APPE NDIX

Bio g ra phie s o f CT O’ s No mine e s

Disc ussio n Ag e nda

4

Winte r gr e e n is Wasting Shar e holde r ’s Mone y & Manage me nt’s T ime

E xe c utive Summa ry

Why Ar e We He r e Again Yo u Ask?

Nomine e % of Una ffilia te d (1) Vote s Ca st F

• r

Support of T

• p 50

Institutiona l Inve stors (1)(2) 2018 Nomine e

John P. Albr ight 86.1% 49

• Jo hn J. Alle n

84.6% 48

L aur a M. F r anklin 86.1% 49

• William L

. Olivar i 84.2% 49

• Howar

d C. Se r kin 79.6% 49

• T

homas P. War low, III 78.2% 49

• Case y R. Wold

86.0% 49

• E

lizabe th N. Cohe r nour

12.6%

• E

van H. Ho

12.6%

• E

d wa rd W. Po llo c k 12.6%

David J. Winte r s

12.5%

• 2017 Vo ting Re sults:

Co st to CT O’ s Sha re ho lde rs b e c a use o f Winte rg re e n

$1.6 Million

• r

$0.17 o f

e a rning s/ sha re

CT O Nomine e s Winte r gr e e n Nomine e s

Co st o f the 2017 Pro xy F ig ht:

Winte rg re e n Ha s No mina te d T

hre e o f the Sa me Dire c to r Ca ndida te s from 2017

E ve n Afte r CT O Sha re ho lde rs Ma de T he ir Vo ic e s He a rd b y Re je c ting T ho se Ca ndida te s in 2017

(1) E xc lude s Winte rg re e n sha re s vo te d a t the me e ting (2) So urc e : Da ta fro m Pro xyI nsig ht.c o m a nd its unive rse o f c o ve ra g e

Sinc e 2015 Winte rg re e n’ s Ac tio ns Ha ve Co st CT

O’ s Sha re ho lde rs Appro xima te ly $3 million o r $0.33 of e ar

nings!

5

Anothe r Indic ator

• f Winte r

gr e e n NOT L

• oking out for

All CT O Shar e holde r s

E xe c utive Summa ry

You Should Also Know About the “WINT E R- GRE E N- MAIL ”

CT O’s Boar d made a mar ke t- base d offe r to buy Winte r gr e e n’s position in CT O

Ma rc h 1, 2018

Winte rg re e n re q ue ste d a n o ffe r fro m CT O to ac quir

e all or a substantial por tion o f Winte rg re e n’ s po sitio n in CT

O

Ma rc h 9, 2018

CT O’ s Bo a rd sub mitte d a n o ffe r to a c q uire Winte rg re e n’ s sha re s a t a

7% disc ount to the 30- day volume we ighte d ave r age pr ic e – whic h a t

the time o f the o ffe r wo uld appr

• ximate $60 pe r

shar e

Ma rc h 16, 2018

Winte r gr e e n r e je c te d CT O’s offe r a s a “no nsta rte r” Winte r gr e e n’s c ounte r

• ffe r

pro po se d tha t CT

O pa y Winte rg re e n a

slight disc ount to a n assume d ne t asse t value of $86.94 – a pr e mium

• f mor

e than 40% ove r the r e c e nt mar ke t pr ic e CT O’s Boar d doe s not be lie ve paying any pr e mium to Winte r gr e e n is advisable a s it wo uld b e r e war ding Winte r gr e e n for its disr uptive antic s at the e xpe nse of all of CT O’s othe r shar e holde r s a nd the

a ppro a c h to valuation is inc onsiste nt with pr

e c e de nt tr ansac tions

invo lving simila r situa tio ns

6

CT O’s Boar d & Manage me nt – De live r ing Value for Our Shar e holde r s Sto c k Ha s Outpe rfo rme d its Pe e rs a nd its I ndic e s

De spite Winte r gr e e n ove r hang

T ra c k Re c o rd o f Outsta nding Pe rfo rma nc e

Consiste nt str ate gy sinc e 2011 that is ge ne r ating inc r e asing ope r ating inc ome and book value

E ffic ie nt Org a niza tio n a nd Re turning Ca pita l to Sha re ho lde rs

E ffic ie nt c ost str uc tur e , inc r e asing divide nds, and substantial shar e buybac ks

T he Rig ht Bo a rd – Re fre she d, E xpe rie nc e d, with Ma jo r Sha re ho lde r Re pre se nta tio n

E xpe r ie nc e inc lude s: Washington RE IT , T ishman Spe ye r , T r ize c Hahn, Car lson Capital, a nd Goldman Sac hs

Stro ng Co rpo ra te Go ve rna nc e a nd T ra nspa re nc y

Shar e holde r –fr ie ndly gove r nanc e , c ommunic ations, and tr anspar e nc y

Winte rg re e n Ha s No Cre dib le Pla n a nd its No mine e s L a c k Re le va nt E xpe rie nc e

Winte r gr e e n has no plan but many c onflic ts, nomine e s lac k public c ompany and r e al e state e xpe r ie nc e

T he Re a l I ssue : Winte rg re e n F und’ s Pe rfo rma nc e a nd I lliq uid Sta ke in CT O

Re tur ns be low pe e r s & indic e s, r apidly de c lining AUM, inability to e ffic ie ntly mone tize its ≈28% position in CT O

E xe c utive Summa ry

Situational Summar y

7

Consiste ntly E xe c ute d Sinc e 2011 Mo ne tize the Co mpa ny’ s L a nd Ho lding s (Using 1031 struc ture )

Unde r c ur r e nt manage me nt - sold ≈2,685 ac r e s of land with additional ≈6,000 ac r e s unde r c ontr ac t(A)

De plo y the Pro c e e ds fro m L a nd Sa le s into I nc o me -Pro duc ing Asse ts

Por tfolio value of >$400 million(F

) with ≈$27.5 million in NOI (C), gr

• wing fr

e e c ash flow

Gro w, I mpro ve , E nha nc e a nd Dive rsify Our I nc o me Pro pe rty Po rtfo lio

Be tte r mar ke ts, be tte r r e al e state , be tte r de mogr aphic s, be tte r te nants

Gro w Ne t Asse t Va lue & Na rro w Disc o unt o f Sto c k Pric e to NAV

Pr ude ntly mone tizing land, c onve r ting to inc ome , and inc r e asing c ash flows

Ma inta in E ffic ie nt Ove rhe a d & Co nse rva tive Ba la nc e She e t

Consiste nt le ve r age polic y of < 40% of T E V (appr

• ximate ly 33% at YE

2017(E

))

Re turn Ca pita l to Sha re ho lde rs (Buyb a c ks a nd Divide nds)

Re pur c hase d >$22 million in CT O stoc k in past 4 yr

• s. – ac c r

e tive to NAV; double d annual divide nd

Co mmitme nt to Go ve rna nc e a nd Alig nme nt with CT O Sha re ho lde rs

Aligne d c ompe nsation, annually e le c te d boar d, lar ge pe r c e ntage of NE Os’ ne t wor th in CT O stoc k

De live r ing on our T ar ge te d Str ate gy

E xe c utive Summa ry

As o f Ma rc h 29, 2018 (unle ss o the rwise no te d)

8

60% 8%

32%

(1) Pe rc e nta g e s b a se d o n va lue s de rive d o n NAV wo rkshe e t in Co mpa ny’ s YE 2017 Inve sto r De c k upda te d thro ug h Ma rc h 29, 2018(F

)

36 Pro pe rtie s

≈ 2.1 millio n Sq . F

t. Re ta il a nd Offic e NOI ≈$27.5 millio n(C)

Sub surfa c e Inte re sts

≈460,000 Ac re s

2 L

• a ns

Avg . Yie ld 9.5% $11.9mm Princ ipa l

≈8,100 Ac re s ≈ 6,000 Ac re s (74%)(A)

Unde r Co ntra c t/ T e rm She e t fo r

≈$136.9 millio n(A)

Avg . Pric e o f $23k/ a c re

% of T

• tal Value
• f Asse t

Compone nts(1)

As o f Ma rc h 29, 2018 (unle ss o the rwise no te d)

Inc ome L and Othe r

L PGA Inte rna tio na l Go lf Club

Mor e Inc ome T han L and – Re fle c ts Suc c e ssful E xe c ution of Str ate gy

Compone nts of CT O’s Value

E xe c utive Summa ry

9

Compounde d Annual Re tur ns Unde r Cur r e nt Manage me nt = 10%

5 Ye a r Re turn

(T hr

• ugh 3/ 29/ 18)
• vs. Pe e r

Gr

• up & Inde xe s
• vs. L

and Companie s (in Pe e r Gr

• up)

Consolidated-Tomoka Land Co. 2018 Peer Group MSCI REIT Index Russell 2000 62% 33% 72% 19%

Cre a ting Sha re ho lde r Va lue

Stoc k Pe r for manc e vs Pe e r s & Indic e s (1)

(1) I nc luding the re inve stme nt o f d ivid e nd s

Consolidated-Tomoka Land Co.

• St. Joe

Home Fed Tejon Ranch 62%

• 20%

72%

• 11%

10

Solid Re tur ns De spite Winte r gr e e n Ove r hang Sinc e 2015

3 Ye a r Re turn 1 Ye a r Re turn

Cre a ting Sha re ho lde r Va lue

(T hr

• ugh 3/ 29/ 18)

Consolidated-Tomoka Land Co. 2018 Peer Group MSCI REIT Index Russell 2000

Stoc k Pe r for manc e vs Pe e r s & Indic e s (1)

(1) I nc luding the re inve stme nt o f d ivid e nd s

De c 2015 – Winte rg re e n b e g ins pub lic c a mpa ig n, inc luding dispa ra g ing re ma rks a b o ut Ma na g e me nt a nd the Co mpa ny

6% 2% 27% 13%

• 4%

12%

• 6%

20%

$864 $6,279 $12,593 $20,269 $37,320 $40,269 $- $10,000 $20,000 $30,000 $40,000 $50,000

2012 2013 2014 2015 2016 2017

OPE RAT ING INCOME

11

$16,581 $26,070 $36,057 $42,998 $71,075 $91,412 $- $20,000 $40,000 $60,000 $80,000 $100,000

2012 2013 2014 2015 2016 2017

CAGR 41%

($000’ s)

Annual Ope r ating Re sults for 2012 – 2017

$19.58 $20.53 $21.83 $22.81 $25.97 $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00

2012 2013 2014 2015 2016 2017 ($000’ s)

(1) Ba sic E a rning s pe r Sha re

$0.00 $2.00 $4.00 $6.00 $8.00

2012 2013 2014 2015 2016 2017

$0.10 $0.64 $1.11 $1.44 $2.86 $3.51 $4.02

Impa c t o f a djusting de fe rre d ta x lia b ilitie s a nd ta x a sse ts fo r ne w fe de ra l inc o me ta x ra te o f 21%

$7.53 $32.98

CAGR 137% CAGR 116% CAGR 11%

T r ac k Re c or d of Suc c e ss – Re sults Matte r

E xe c uting o ur Stra te g y

T OT AL RE VE NUE S E ARNINGS PE R SHARE

(1)

BOOK VAL UE PE R SHARE

12

($000’s)

$0 $618 $2,990 $8,807 $23,946 $13,902 $47,011 $13,948 $69,700 $64,600 $2,600

$0 $20,000 $40,000 $60,000 $80,000

2011 2012 2013 2014 2015 2016 2017 YTD 2018 2018 Est. 2019 Est. 2020 Est.

2011 – YT D 2018

T

• ta l Sa le s ≈ $109.7mm

Ac re s So ld ≈ 2,685

(1) I nc lude s sa le s p ro c e e ds re pre se nting re imb urse me nt o f infra struc ture c o sts inc urre d b y CT O o f $1.4mm, $143k, a nd $1.5mm fo r 2015, 2016 a nd 2017, re sp e c tive ly (2) Do e s no t inc lud e sa le o f sub surfa c e inte re sts fo r $2.1mm (3) I nc lude s no n-b ind ing T e rm She e t fo r $15mm inve stme nt fo r 70% o f to -b e -fo rme d Mitig a tio n Ba nk Jo int Ve nture

(3) (2)

Annual L and Sale s F Y ‘11 – YT D ‘18 & Pipe line (A) as of 3/ 29/ 18

T

• tal Pipe line :

≈6,000 Acres(A)

(1) (1) (1)

Signific ant Mone tization of Our L and (w/ T

a x De fe rre d Stra te g y)

E xe c uting o ur Stra te g y

13

E xpansive Br e adth of Buye r s and T ype s of De ve lopme nt

Substantial Pipe line (A) of Pote ntial L and Sale s (as of 3/ 29/ 18)

E xe c uting o ur Stra te g y

SF –Sing le F a mily; AR –Ag e Re stric te d, MF – Multi-F a mily RV – Re c re a tio na l Ve hic le Pa rk

T

• ta l Ac re a g e E

a st o f I- 95

≈ 1,100 Ac re s

T

• ta l Ac re a g e We st o f I-95

≈ 7,000 Ac re s

1 12 2 3 4 8 9 11 10 5

No te : F

• r fo o tno te s # 1 thro ug h # 5 se e slide 46

Contract/Parcel Acres Contract Amount (rounded) Price per Acre (rounded) Timing ICI Homes (SF) 1,016 $21.0mm $21,000 ‘19 Minto (AR) 1,614 $26.5mm $16,000 Q4 ’18 Mitigation Bank 2,492 $15.0mm $6,000 Q2 ‘18 ICI (SF) – Option Parcel 146 $1.4mm $10,000 Q4 ’18 Residential (SF) 200 $3.3mm $17,000 Q4 ’18 & ‘20 Commercial (RV) 164 $1.9mm $12,000 ‘19 Auto Dealership 13 $2.0mm $154,000 Q4 ’18 Residential (MF) 45 $5.2mm $116,000 Q3 ’18 & ‘20 O’Connor 123 $29.3mm $238,000 ’18 – ‘19 North Amer. Dev Grp 35 $14.4mm $409,000 Q4 ‘18 VanTrust 26 $3.2mm $124,000 Q4 ’18 – ‘19 Commercial/Retail 8 $0.8mm $98,000 Q4 ’18 Commercial/Retail 6 $0.6mm $104,000 Q4 ’18 Specialty Grocer 9 $2.8mm $310,000 Q3 ’18 Commercial/Retail 22 $4.2mm $210,000 Q4 ’18 – ‘19 VanTrust 71 $5.0mm $70,000 ‘19 Residential 19 $0.3mm $15,000 Q4 ‘18 Totals/Average ≈6,000 ≈$136.9mm ≈$23,000

6 7 13 14 15 16 17

(1) (3) (2) (4)

11 2 3 4 5 6 7 8 10 9 12 13 14 15 16 17 1

(5)

15 DI F F E RE NTBUYE RS

74% o f Re ma ining L a nd

14

E c onomic Impac t of De ve lopme nt on L and CT O Sold (Sinc e 2011)

De ve lopme nt = F avor able Impac t on Value of Re maining L and

E xe c uting o ur Stra te g y

>$1.5 Billion in tota l c a pita l inve stme nt (ac tual- to- date & pr

• je c te d)(1)

>3,500 a dde d jobs (would re duc e une mployme nt in Volusia County by 200bps(2)) Pote ntia l for more tha n 7,500 sing le fa mily home s – 15,000 a dde d re side nts to Da ytona Na tiona l Bra nds – De stina tion Proje c ts – Ne w Bra nds for Da ytona – He lping Ke e p Public Compa nie s in Da ytona

(1) So urc e : Pub lic ly a va ila b le re p o rts fro m no te d c o mp a nie s. (2) So urc e : Bure a u o f L a b o r Sta tistic s a s o f F e b rua ry 2018

15

$0 $25,717 $39,272 $42,166 $81,734 $91,475 $79,800 $26,500 $73,500

$0 $20,000 $40,000 $60,000 $80,000 $100,000

2011 2012 2013 2014 2015 2016 2017 YTD 2018 2018 Est. ($000’s)

2011 – YT D 2018

T

• ta l Ac q uisitio ns ≈ $386.7mm

Inc ome Pr

• pe r

ty Ac quisitions F Y ‘11 – YT D ‘18 + ‘18 Guidanc e (H)

(1) Re ma ining a c q uisitio ns a t the mid-po int o f 2018 g uida nc e ra ng e (H)

(1)

Conve r ting L and Into Inc ome

E xe c uting o ur Stra te g y

As o f Ma rc h 29, 2018 2018 Guidanc e (H)

F lor ida 61% Ge or g ia 21% Nor th Ca r

• lina

18% F lor ida 31% Nor th Ca r

• lina

16% Or e g on 12% T e xa s 11% Ca lifor nia 10% Ge or g ia 5% 6 Othe r Sta te s 15%

16

Por tfolio T r ansfor mation

T r iple d NOI – Upgr ade d & Dive r sifie d the Por tfolio

Total Square Feet

589,000

Total NOI (annualized)

$9.1mm

Properties

29

Properties vacant/subleased

6

(1) As o f Aug ust 11, 2011 (2) As o f Ma rc h 29, 2018

2011(1) 2018(2)

Total Square Feet

2,092,968

Total NOI(C) (annualized)

$27.5mm

Properties

36

Properties vacant/subleased

E xe c uting o ur Stra te g y

(% = as a % of T

• tal NOI)

17

High Quality & Dive r sifie d Por tfolio

Be tte r Re al E state – Major Mar ke ts & Gr

• wth Mar

ke ts

As o f Ma rc h 29, 2018

Por tfolio Mix

43% 57%

Office Retail

70% 30%

Single-Tenant Multi-Tenant

E xe c uting o ur Stra te g y

Ra le ig h 12.5% Por tla nd 11.6% Or la ndo 9.6% Sa nta Cla r a 8.7% Ja c ksonville 7.1% Sa r a sota 5.7% Atla nta 4.6% Aspe n 4.4% Da ytona Be a c h 4.3% T a mpa 4.0% Phoe nix 3.6% F

• r

t Wor th 3.4% Houston 3.4% Cha r lotte 3.4% Da lla s 3.0% Re no 2.4% Othe r 8.3%

Annual NOI (C) ≈$27.5mm

• Wgtd. Avg. L

e ase T e r m 8.0 yr s. 13 State s Squar e F e e t ≈2.1mm

(% = as a % of T

• tal NOI)

18

Anothe r Pe r spe c tive on the Quality of CT O’s Por tfolio (vs. Pe e r s)

Be tte r De mogr aphic s = Be tte r Mar ke ts & Good L

• ng–T

e r m Re al E state

E xe c uting o ur Stra te g y

T hr e e Mile Population(1) Implie d Cap R ate (2) 3- Mile Me dian House hold Inc ome (1) 3- Mile Avg. House hold Inc ome (1) 93,960 58,917 55,798 50,932 52,430 63,800

20,000 40,000 60,000 80,000 100,000

CTO NNN O ADC VER STOR

4.8% 4.9% 4.3% 7.9% 5.0%

0.0% 5.0% 10.0%

CTO NNN O ADC VER STOR

$72,828 $59,391 $58,218 $55,055 $55,201 $55,389

$0 $20,000 $40,000 $60,000 $80,000

CTO NNN O ADC VER STOR

$91,665 $76,293 $74,990 $70,831 $71,257 $72,042

$0 $20,000 $40,000 $60,000 $80,000 $100,000

CTO NNN O ADC VER STOR

So urc e o f Pe e r De mo g ra phic Info : B. Rile y F BR (1) CT O info a s o f Ma rc h 2018 (2) Pe e r implie d c a p ra te s a s o f April 3, 2018

19

E ffic ie nt De spite the Costs Ge ne r ate d Sole ly by Winte r gr e e n’s Ac tions

F Y 2017 G&A E xpe nse vs. Our Pe e r s

(% o f T

• ta l Re ve nue s a s o f De c e mb e r 31, 2018)

(1) 2018 pe e r g ro up (2) Adjusted for ≈ $1.6 million in legal, accounting, and other expenses associated with Wintergreen activities in 2017 (3) L a nd c o mpa nie s in CT O pe e r g ro up: JOE , T RC a nd HOF D

(1) (2) (1) (1) (3)

E xe c uting o ur Stra te g y

11.22% 9.51% 12.50% 21.60% 16.11% 12.09%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 22.0% 24.0%

CTO (Reported) CTO (Adj. Basis) 2018 Peer Group Avg. Land Co. Avg. Peer Grp <$750mm TEV Peer Grp >$750mm TEV (1)

Weighted average of 12.43%

20

Cumulative Shares Purchased

Re tur ning Capital to Shar e holde r s

$0.5 $0.5 $1.4 $7.9 $15.3 $22.5 446,655 80,000 160,000 240,000 320,000 400,000 480,000 $- $5.0 $10.0 $15.0 $20.0 $25.0

2012 2013 2014 2015 2016 2017

Cumulative $ Repurchased ($ in millions) Ag g r e g a te Ave r a g e Pr ic e / Sha r e $50.39

Disc ipline d Appr

• ac h to Capital Alloc ation

E xe c uting o ur Stra te g y

$0.04 $0.06 $0.07 $0.08 $0.12 $0.18 $0.00 $0.05 $0.10 $0.15 $0.20 2012 2013 2014 2015 2016 2017 Annualized Dividend per Share

Consiste nt Approa c h – Ac c re tive to NAV Inc re a sing Divide nd – Now Qua rte rly

Shar e Buybac ks(B)(D) Divide nds(G)

% of CT O Sha r e s

• utsta nding

0.25% 0.0% 0.44% 2.03% 2.61% 2.40% Cumula tive % inc r e a se in Divide nd 50% 75% 100% 200% 350%

21

L a ur a M. F r a nklin

F

• rme r (Re tire d) E

xe c . Vic e Pre s., Ac c o unting a nd Administra tio n & Co rp. Se c re ta ry, Wa shing to n RE IT

E xpe rie nc e d Ne w Dire c to rs Orig ina lly Re c o mme nde d b y Winte rg re e n

Chr istophe r

• W. Ha g a

Pa rtne r a nd He a d o f Stra te g ic Inve stme nts, Ca rlso n Ca pita l, L .P.

Dir e c tor Sinc e 2012

John P. Albr ig ht

Pre side nt & Chie f E xe c utive Offic e r, Co nso lida te d-T

• mo ka

L a nd Co .

Dir e c tor Sinc e 2008

Willia m L . Oliva r i

Ce rtifie d Pub lic Ac c o unta nt, Co - F

• unde r a nd F
• rme r

Pa rtne r, Oliva ri & Asso c ia te s PA

Dir e c tor Sinc e 2011

Howa r d C. Se r kin

Cha irma n, He rita g e Ca pita l, Inc .

Dir e c tor Sinc e 2010

T homa s P. Wa r low, III

Cha irma n, Ge o rg e to wn E nte rprise s, Inc . Pre side nt & Cha irma n, T he Ma rtin Ande rse n- Gra c ia F

• unda tio n, Inc .

Ne wly Appointe d 2016 Ne wly Appointe d 2017

Ca se y R . Wold

F

• unde r, Ma na g ing

Pa rtne r a nd Chie f E xe c utive Offic e r, Va nde rb ilt Offic e Pro pe rtie s

Ne wly Appointe d 2017

Committe d to Str

• ng Gove r

nanc e & Valuing the Right E xpe r ie nc e

CT O’s Dir e c tor Nomine e s

Bo a rd & Go ve rna nc e

Chair man Vic e - Chair man

• Re fre she d:
• E

xpe rie nc e d:

• Ma jor Sha re holde r

Re pre se nte d on Boa rd:

Average Tenure ≈5 yrs.

Re a l E sta te , Public Co., Ca pita l Ma rke ts, F ina nc e , & Ac c ounting Ca rlson Ca pita l

22

Board Nominee

• Yrs. of Real

Estate Experience Public Co. Leadership Public Co. Board Real Estate Operations Real Estate Finance Finance & Capital Management Accounting & Tax Ho wa rd C. Se rkin 40+ T ho ma s P. Wa rlo w, II I 45+ Jo hn P. Alb rig ht 30+ Willia m L . Oliva ri 45+ L a ura M. F ra nklin 22+ Christo phe r W. Ha g a 22+ Ca se y R. Wo ld 35+

Director Since 2011 Director Since 2010 Newly Appointed 2016 Newly Appointed 2017

CT O’s Dir e c tor Nomine e s

Director Since 2008 Director Since 2012 Newly Appointed 2017

Re le vant E xpe r ie nc e & Shar e holde r Re pr e se ntation

Bo a rd & Go ve rna nc e

E xpe r ie nc e

Orig ina lly re c o mme nde d b y Winte rg re e n E xpe rie nc e d Dire c to r Ne wly a ppo inte d dire c to r within la st 2 ye a rs

23

Ac tions Spe ak L

• ude r

T han Wor ds

Cha ng e s ma de sinc e 2011:

Sta g g e re d Bo a rd T e rms E

L IMINAT E D in 2011: All dire c to rs e le c te d a nnua lly

Bo a rd Size RE

DUCE D: 11 to 7 in 2012

Bo a rd Co mpo sitio n RE

F RE SHE D: Adde d 3 ne w dire c to rs sinc e 2016, impro ve d dive rsity

Cla w-Ba c k Po lic y ADOPT

E D: E

q uity a nd Ca sh inc e ntive pla ns E xe c utive Pe rks E

L IMINAT E D: Pe nsio n, de fe rre d c o mp., c a r a llo wa nc e , c o untry c lub me mb e rships

I nve stme nt Disc ipline ST

RE NGT HE NE D: I

nve stme nt c o mmitte e I nsta lle d, fina nc ia l a utho rity ma trix upda te d Sto c k Owne rship Guide line s ADOPT

E D: Re q uire d minimum inve stme nt fo r a ll dire c to rs & NE

Os Po lic y Pro hib iting Ple dg ing o f CT O Sto c k ADOPT

E D: F

• r a ll dire c to rs & o ffic e rs

E xe c utive Co mp E

NHANCE D: Sto c k ve sting c ha ng e d to re la tive T

SR, upda te d c a sh b o nus me tric s Sha re ho lde r Outre a c h ONGOING: I n-pe rso n me e ting s (>100 mtg s.) with sha re ho lde rs sinc e 2011 Sa y-o n-Pa y Sha re ho lde r Outre a c h COMPL

E T E D in 2017: Spo ke to sha re ho lde rs with 84% o f CT

O sha re s

Commitme nt to Str

• ng Cor

por ate Gove r nanc e

Bo a rd & Go ve rna nc e

24

T

• tal Shar

e holde r Re tur n F

• c us & Inc r

e ase d T r anspar e nc y

T

• tal Compe nsation: Be nc hma rke d a g a inst ne w/ mo re c o mpre he nsive pe e r g ro up

Pe r for manc e Me tr ic s: Ado pte d o b je c tive & me a sura b le sta nda rds fo r a nnua l & lo ng -te rm pla ns Pe r for manc e Me tr ic s: Ado pte d “thre sho ld, ta rg e t, a nd ma ximum” me a sure s – g re a te r tra nspa re nc y Annual Inc e ntive Comp: Re vie we d a nnua lly, a djuste d to re fle c t c urre nt sta te o f CT

O’ s b usine ss

E quity Inc e ntive Comp: At le a st 50% a wa rde d via pe rfo rma nc e -b a se d e q uity L

• ng- T

e r m Inc e ntive Awar ds: Gra nt mo re mo de st a nnua l a wa rds L

• ng- T

e r m Inc e ntive Awar ds: Co nsisting o f a nnua l g ra nts with re la tive T

SR me tric & 3-yr. c liff ve sting

CE O Stoc k Owne r ship: I

nc re a se d to re q uire o wne rship e q ua l to 6 x a nnua l b a se sa la ry

Claw- Bac k Pr

• visions: Co ve rs b o th E

q uity a nd Ca sh I nc e ntive Co mpe nsa tio n pla ns

Change s in E xe c utive Compe nsation in 2017

Bo a rd & Go ve rna nc e

Base d on dir e c t fe e dbac k fr

• m CT

O’s shar e holde r s (r e pr e se nting 84% of shar e s outstanding) and base d on guidanc e fr

• m two nationally r

e c ognize d c onsultants

25

Substantial and Continuous Impr

• ve me nts

Disc losur e , T r anspar e nc y and Communic ations

Be for e Curre nt

Ma na g e me nt

Unde r Cur r e nt Manage me nt

Issua nc e o f Annua l Co rpo ra te / E a rning s Guid a nc e No Annua l sinc e 2014 E a rning s Ca lls No Qua rte rly sinc e Q2 2016 Inve sto r Da y No He ld in De c e mb e r 2016 Qua rte rly Inve sto r Pre se nta tio ns No Qua rte rly sinc e 2011 + Inve sto r Da y Pro vid e d E stima te o f L a nd Va lue s No In Inve sto r Pre se nta tio ns sinc e 2016 De ta ile d Co mpo ne nts o f CT O Asse t Va lue s No In Inve sto r Pre se nta tio ns sinc e 2017 Ob ta ine d E q uity Re se a rc h Co ve ra g e No Buy Ra ting Initia te d - Ja nua ry 2017

F inanc ial State me nt Pr e se ntations

Inc o me Sta te me nt: T

• ta l Re ve nue s

No t Pre se nte d in I/ S Sinc e 2012 Pre se nte d in I/ S Inc o me Sta te me nt: Inte re st E xpe nse Inc lud e d in G&A Sinc e 2012 Disc lo se d Se pa ra te ly Inc o me Sta te me nt: De pre c ia tio n E xpe nse Inc lud e d in G&A Sinc e 2012 Disc lo se d Se pa ra te ly F

• o tno te s: Inc o me Pro pe rty Po rtfo lio

No F

• o tno te

De ta ile d F

• o tno te Sinc e 2012

F

• o tno te s: L

a nd & Sub surfa c e Ho ld ing s L imite d F

• o tno te

De ta ile d F

• o tno te Sinc e 2012

F

• o tno te s: Othe r Asse ts/ Ac c rue d L

ia b ilitie s No F

• o tno te s

De ta ile d F

• o tno te s Sinc e 2012

Bo a rd & Go ve rna nc e

Re c e nt E nha nc e me nts

26

What Has Change d? – Could it be the Winte r gr e e n F und’s Challe nge s?

“CT O ha s rig hte d its ship a nd is b usy gr

• wing shar

e holde r value ”

“T he a c tio ns ta ke n b y CT O’ s ma na g e me nt te a m a nd b o a rd o ve r pa st fo ur ye a rs ha ve put the c o mpa ny in

position to be ne fit fr

• m this [Da yto na Be a c h] mar

ke t r e bound”

“Winte rg re e n’ s invo lve me nt with CT O ha s…put a str

• ng line up of dir

e c tor s o n CT

O’ s Bo a rd…the Bo a rd in turn hire d a ve ry c a pa b le ma na g e me nt te a m, whic h ha s tra nsfo rme d the Company into the pr

• fitable and

gr

• wing e nte r

pr ise it is to da y”

“..witho ut the rig ht pe o ple running the c o mpa ny, the re is little c ha nc e o f tha t a sse t va lue [re : CT O’ s la nd] e ve r a c c ruing to sha re ho lde rs…unde r

guidanc e fr

• m the ne w Boar

d, the ne w manage me nt te am...de ve lope d plans to attr ac t ne w de ve lope r s to Da yto na Be a c h”

“ T

he y [the ne w ma na g e me nt te a m] ha ve gr

• wn and dive r

sifie d the ir inc ome pr

• pe r

ty por tfolio a nd inc r e ase d outr e ac h to po te ntia l inve sto rs”

“We b e lie ve the be st is ye t to c ome fo r CT O”

In David Winte r s’ Own Wor ds

E xc e r pts F r

• m Winte r

gr e e n L e tte r to Winte r gr e e n F und Inve stor s in Mar c h 2015

Emphasis added.

Ring ing E ndo rse me nt o f CT O – b y Winte rg re e n

27

Re fr e she d Boar d With E xpe r ie nc e vs. E ntr e nc he d Boar d

CT O’s Boar d ve r sus the Winte r gr e e n F und Boar d

Ano the r Pe rspe c tive o n Go ve rna nc e

John P. Albr ight William L . Olivar i L aur a M. F r anklin Chr istophe r

• W. Haga

Case y R. Wold T homas P. War low, III Howar d C. Se r kin Cha irma n, He rita g e Ca pita l, Inc . Pre s. & Cha irman – Ma rtin Gra c ia F

• unda tio n

Re tire d F ina nc e E xe c a t Wa shing to n RE IT Pa rtne r a t Ca rlso n Ca pita l CPA, F

• unde r/ Pa rtne r
• f T

a x/ Ac c o unting F irm CT O Pre side nt & CE O Ma na g ing Ptr. & CE O o f Va nde rb ilt Offic e Pro pe rtie s Br adde n Bac ke r John Wake ly Nathan Adle r John Y. Ke ffe r <2 yr s.

≈6 yrs.

<1 yr .

≈10 yrs. ≈7 yrs. ≈8 yrs. ≈1 yr. ≈13 yrs. ≈13 yrs. ≈13 yrs. ≈13 yrs. Average Tenure ≈5 yrs.

Ave r age T e nur e = 13 yr

• s. [E

ntir e L ife of F und] Same Dir e c tor s Sinc e Inc e ption of F und F r e sh Pe r spe c tive s, Dive r sity & E xpe r ie nc e d Dir e c tor E xpe r ie nc e T e nur e Re tire d Pa rtne r o f E &Y Cha irma n, Atla ntic F und Admin. L L C Owne r o f Ang e l’ s Sha re L td. E mplo yme nt Atto rne y Dir e c tor E xpe r ie nc e T e nur e

28

$1.4B (≈ 80%) Loss of AUM – CT

O is Now WGRNX’s L ar ge st Holding (by far )

So What’s Re ally Happe ning? Winte rg re e n F

und (WGRNX) is in De c line

$1,579,652,995 $1,749,905,465 $383,202,252

2.24% 2.29% 2.42% 1.56% 1.41% 2.37% 2.56% 4.65% 9.32% 13.91% 20.40%

0.00% 4.00% 8.00% 12.00% 16.00% 20.00% 24.00% $- $500,000,000 $1,000,000,000 $1,500,000,000 $2,000,000,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 T

• tal Asse ts of WGR

NX Va lue of CT O Sha r e s as % of F und AUM

Winte rg re e n’ s Pe rfo rma nc e & I ssue s

≈80%

De c r e a se

29

CT O’s T r ac k Re c or d of Cr e ating Value is F ar Be tte r T han Winte r gr e e n’s

Re asons to Que stion Winte r gr e e n’s Ability to Cr e ate Value

Compounde d Annual Gr

• wth Rate (Pe r

iods E nde d as of De c e mbe r 31, 2017 - inc luding r e inve stme nt of divide nds)

14.0% 4.2% 5.4% 19.3% 4.6% 15.7% 21.8% 11.4% 15.8% 0% 5% 10% 15% 20% 25% 1 Year 3 Years 5 Years

WGRNX CTO S&P

Winte rg re e n’ s Pe rfo rma nc e & I ssue s

30

Winte rg re e n’ s Pe rfo rma nc e & I ssue s

If Not for CT O What Would Re tur ns Have Be e n At Winte r gr e e n F und?

107% 30%

2.4% 2.7% 2.6% 3.2% 4.7% 7.5% 9.3% 9.9% 13.9% 15.0% 20.4%

Winte r gr e e n’s Re lianc e on CT O’s Ste llar Pe r for manc e is Signific ant

5 Ye a r Re turn(1)

(T hr

• ugh 12/ 31/ 17)

(1) I nc luding the re inve stme nt o f d ivid e nd s

Jun-13 Jun-14 Jun-15 Jun-16 Jun-17

31

Who Has Issue s with Disc losur e & T r anspar e nc y?

Conside r Winte r gr e e n’s Disc losur e s & T r anspar e nc y

Can Winte r gr e e n’s Nomine e s Be E xpe c te d to Contr ibute to CT O’s Gove r nanc e & Disc losur e s?

Winte rg re e n’ s Pe rfo rma nc e & I ssue s

2017 Annual L e tte r to Shar e holde r s NO me ntio n o f CT

O’ s pe rfo rma nc e in 2017 - the F und’ s la rg e st ho lding

CT O is 20.4% of F und Asse ts at YE 2017 NO disc lo sure re g a rding a ny inve stme nt c o nc e ntra tio n pe rta ining to CT

O (o r the re a l e sta te se c to r) in the 2017 Annua l Re po rt

Inve stme nts in Affiliate d Companie s NO disc lo sure s re g a rding Winte rg re e n’ s ina b ility to se ll its po sitio n in CT

O within a re a so na b le time fra me a t a ma rke t pric e

L iquidity (1) & Illiquid Se c ur itie s (1)

T he pro spe c tus c o nta ins the fo llo wing disc lo sure s:

• F

und ma y inve st up to 15% of ne t asse ts in illiquid se c uritie s

• Ac c o rding to F

und’ s va lua tio n c o mmitte e the F

und has NO illiq uid se c uritie s

• De fine s “I

lliq uid se c uritie s” a s ina b ility to dispo se o f inve stme nt w/ in 7 days

• Sta te s tha t re duc e d liq uidity in a n inve stme nt ma y ha ve a dve rse impa c t o n

a b ility to se ll.

NO disc lo sure indic a ting Winte rg re e n’ s po sitio n in CT

O sha re s is illiq uid, e ve n tho ug h Winte rg re e n F und o wns 1,232,334 sha re s a nd the a ve ra g e tra ding vo lume o f CT O’ s sha re s pe r

day is ≈17,000 shares

Ma th to c o nside r: 1,232,334 ÷ 17,000 = 72.5 days (a t 100% o f CT O’ s da ily vo lume ) Also Co nside r: >20% of the ne t asse ts o f Winte rg re e n F und a re inve ste d in CT

O

(1) As disclosed in the Wintergreen Fund Inc, Prospectus or Statement of Additional Information dated April 28, 2017 (Latest versions available on Wintergreen Fund website)

Pe r Winte rg re e n F und’s 2017 Annua l Re port a nd its Prospe c tus & Additiona l Info Sta te me nt(1)

32

Winte r gr e e n Doe s NOT Re pr e se nt AL L Shar e holde r s

Winte r gr e e n’s Claims T he F ac ts

Winte rg re e n’ s no mine e s will b e fo c use d o n e nsuring sha re ho ld e rs ha ve “true ” re pre se nta tio n o n the CT O Bo a rd

• 2 of CT

O’s nomine e s, T homas P. War low, III and Howar d C. Se r kin, we r e or iginally r e c omme nde d by Winte r gr e e n in 2010 and 2011, r e spe c tive ly, and ar e c ur r e ntly on the Boar d

• Chr

is W. Haga, c ur r e nt dir e c tor and CT O nomine e , is a par tne r with Car lson Capital – a long- time shar e holde r

• f CT

O and one of CT O’s te n lar ge st shar e holde r s

• John P. Albr

ight, our Pr e side nt and Chie f E xe c utive Offic e r , c ur r e nt dir e c tor and CT O nomine e , is anothe r

• ne of CT

O’s te n lar ge st shar e holde r s

Winte rg re e n’ s no mine e s a re “c o mmitte d to a c ting in the b e st inte re st o f a ll sha re ho ld e rs”

• Winte r

gr e e n’s inte r e sts ar e influe nc e d he avily by the c halle nge s at the Winte r gr e e n F und r e lating to inve stme nt c onc e ntr ation and the illiquidity of its position in CT O

• Winte r

gr e e n’s Nomine e s have no e xpe r ie nc e gove r ning or r unning a public c ompany or r e al e state c ompany, or managing r e al e state asse ts

• 2 of Winte r

gr e e n’s Nomine e s ar e the pr imar y e xe c utive s for Winte r gr e e n; the thir d, E van Ho, wor ke d at Winte r gr e e n and is now one of its paid c onsultants

• Winte r

gr e e n has ac knowle dge d it may have c onflic ts and e xpe c ts shar e holde r s to tr ust that Winte r gr e e n will “manage ” those c onflic ts “fair ly”

• Can Ms. Cohe r

nour ac t inde pe nde ntly of David Winte r s and in the be st inte r e st of all shar e holde r s whe n David Winte r s is he r boss and c ontr

• ls he r

e mployme nt and c ompe nsation at Winte r gr e e n?

Winte rg re e n’ s Cla ims

Winte r gr e e n F alse Claims Ve r sus the F ac ts

33

Winte rg re e n’ s No mine e s

Board Nominee

• Yrs. of

Experience Public Co. Leadership Public Co. Board Real Estate Operations Real Estate Finance Finance & Capital Management Accounting & Tax E liza b e th N. Co he rno ur 30+ E va n H. Ho

≈29

Da vid J. Winte rs 30+

Winte r gr e e n’s Dir e c tor Nomine e s

No Re al E state E xpe r ie nc e and No Othe r Re le vant E xpe r ie nc e

E xpe r ie nc e Ac c or ding to Glass- L e wis in 2017: “we find the ma jo rity o f the Disside nt’ s [Winte rg re e n’ s] a lle g a tio ns to b e b a se le ss, a nd we c o nside r it unlike ly tha t the re pla c e me nt o f a ny o f the c urre nt dire c to rs with the Disside nt’ s no mine e s would le a d to a n improve d outc ome, from e ithe r a va lua tion or g ove rna nc e

pe rspe c tive, for CT O sha re holde rs othe r tha n Winte rg re e n”

Emphasis added.

34

Winte r gr e e n’s Str ate gic Alte r native s = Se ll or L iquidate

Winte r gr e e n’s Claims T he F ac ts

Winte rg re e n b e lie ve s the pro pe r fo c us is ma ximizing sha re ho ld e r va lue b y e ithe r a sa le o r liq uid a tio n o f CT O

• Winte r

gr e e n is singular ly foc use d on an e xpe dite d sale or liquidation of CT O se e mingly to addr e ss issue s at Winte r gr e e n F und

• CT

O r an a full str ate gic alte r native s r e vie w pr

• c e ss in 2016 and r

e c e ive d two all- stoc k offe r s r e fle c ting a le ss than 5% pr e mium to the tr ading pr ic e – whic h r e pr e se nts a disc ount of appr

• ximate ly 26% to CT

O’s tr ading pr ic e on 3/ 29/ 18

• T

he pote ntial unive r se of buye r s for CT O ar e we ll awar e that the Boar d would c onside r any r e asonable offe r

• CT

O’s disc losur e s pr

• vide e xte nsive infor

mation r e gar ding valuation of the Company’s asse ts, inc luding a NAV wor kshe e t

• L

iquidating CT O is not a viable str ate gic alte r native give n the signific antly adve r se tax c onse que nc e s; that Winte r gr e e n c ontinue s to asse r t this alte r native as a good ide a says muc h about Winte r gr e e n and the ir lac k of unde r standing of CT O.

Winte rg re e n b e lie ve s tha t ha ving a ppro xima te ly 74% o f CT O’ s la nd und e r c o ntra c t is e ffe c tive ly the sa me thing a s ha ving so ld the la nd

• Winte r

gr e e n ignor e s that CT O’s land pipe line is subje c t to e xe c ution r isk

• Winte r

gr e e n fails to unde r stand that a buye r

• f CT

O would like ly not give full c r e dit for the tr ansac tions in the land pipe line be c ause of the inhe r e nt unc e r tainty to c lose the tr ansac tions – and fur the r that Winte r gr e e n’s disr uptive ac tivitie s only e xac e r bate that unc e r tainty.

Winte rg re e n’ s Cla ims

Winte r gr e e n F alse Claims Ve r sus the F ac ts

35

Winte rg re e n’ s Pro po sa l to Na rro w Disc o unt to NAV

Winte r gr e e n’s Misguide d F

• c us is on Sale or

L iquidation

Closing L and T r ansac tions is the Be st Way to Nar r

• w the Disc ount

CT O’ s Bo a rd ra n Stra te g ic Alte rna tive s Re vie w pro c e ss in 2016

8 Month Re vie w: c omme nc e d Nove mbe r 2015 and c onc lude d June 2016

• L

e d b y Spe c ia l Co mmitte e

• De utsc he Ba nk se rve d a s fina nc ia l a d viso r (no re ta ine r, suc c e ss fe e o nly)
• Co nsid e re d wid e ra ng e o f po te ntia l a lte rna tive s
• Ma na g e me nt pla c e d no re stric tio ns o n fo rm o f a ny pro po se d tra nsa c tio n
• T

he re we re no re q uire me nts fo r re te ntio n o r c o mpe nsa tio n fo r a ny me mb e r o f c urre nt CT O ma na g e me nt te a m

• T

he re we re no minimum o r ma ximum pric e re q uire me nts

• Re c e ive d 2 a ll-sto c k o ffe rs – pric ing wa s a t o r ne a r the n-c urre nt ma rke t pric e o f a ppro xima te ly $50/ sha re , a nd inc lud e d

sig nific a nt le ve ra g e risk

• Ma rke t ha s sub sta ntia l info rma tio n a b o ut CT

O, o ur po rtfo lio a nd a sse ts, a nd kno ws we a re o pe n to pro po sa ls

Na rro wing Disc o unt o f CT O Sto c k Pric e to E stima te d NAV

E xe c ution of Company’s str ate gy HAS nar r

• we d that gap signific antly
• On Aug ust 1, 2011, the first d a y o f Jo hn P. Alb rig ht’ s te nure a s CE

O, CT O’ s sto c k c lo se d a t $28.90

• Sinc e Aug ust 2011, CT

O ha s sold ne ar

ly 2,700 ac r e s (1) o f la nd fo r total pr

• c e e ds of $109.7 million (1) a nd inve ste d ne ar

ly $387 million (1) into inc o me -pro d uc ing pro pe rtie s

• On Ma rc h 29, 2018 CT

O’ s sto c k pric e c lo se d a t $62.85 pe r sha re (an inc r

e ase of 118% fro m Aug ust 1, 2011)

• Sinc e 2011, the g a p b e twe e n NAV a nd sha re pric e ha s nar

r

• we d by $33.95 pe r sha re
• CT

O’ s Bo a rd a nd ma na g e me nt te a m a re e xe c uting its stra te g y, a nd the d isc o unt ha s na rro we d d ra ma tic a lly

(1) As of March 29, 2018

36

Re sponsive to CT O’s Shar e holde r s & E nhanc ing Alignme nt

Winte r gr e e n’s Claims T he F ac ts

Winte rg re e n Implie s tha t CT O’ s e xe c utive c o mpe nsa tio n is no t pro pe rly a lig ne d with the a ppre c ia tio n o f CT O’ s sha re pric e

• Me mbe r

s of CT O’s Compe nsation Committe e spoke with shar e holde r s (r e pr e se nting appr

• ximate ly 84% of the total shar

e s outstanding – inc luding Winte r gr e e n) to ge t dir e c t fe e dbac k on e xe c utive c ompe nsation.

• Base d on the shar

e holde r fe e dbac k r e c e ive d, CT O intr

• duc e d signific ant modific ations to

e xe c utive c ompe nsation pr ac tic e s and str uc tur e – utilizing e xpe r t guidanc e fr

• m two

nationally r e c ognize d c ompe nsation c onsultants

• T

he major ity of e quity inc e ntive c ompe nsation gr ante d to CT O e xe c utive s is pe r for manc e - base d and is subje c t to 3- ye ar c liff ve sting; ve sting only oc c ur s if total shar e holde r r e tur n me e ts the e stablishe d c r ite r ia r e lative to CT O’s e stablishe d Pe e r Gr

• up as me asur

e d for the full 3- ye ar s.

• Pe r

for manc e me tr ic s for annual inc e ntive pr

• gr

ams ar e base d on the e xe c ution of CT O’s str ate gic plan inc luding spe c ific obje c tive c r ite r ia inc luding dollar le ve ls for land sale s, land unde r c ontr ac t and inc ome pr

• pe r

ty inve stme nts, and c ash flow. T he r e is no double c ounting.

• CT

O’s Boar d imple me nte d c law bac k polic y – for e quity inc e ntive c ompe nsation AND for c ash inc e ntive c ompe nsation.

• Imple me nting pe r

for manc e me tr ic s that diffe r e ntiate be twe e n thr e shold, tar ge t and

• utpe r

for m pr

• vide s c le ar

disc losur e of goals and e xpe c tations, thus pr

• viding gr

e ate r tr anspar e nc y to shar e holde r s:

• T

hr e shold: a minimum tha t must be me t to g e t a ny bonus

• T

ar ge t: a c le a r

me a sur e me nt indic a ting tha t e xpe c ta tions ha ve be e n me t, a nd

• Outpe r

for m: pr

• viding sig nific a nt motiva tion to be a t e xpe c ta tions/ g oals

Winte rg re e n’ s Cla ims

Winte r gr e e n F alse Claims Ve r sus the F ac ts

37

Don’t T ake Our Wor d F

• r

It – Conside r the Vie w of the Or ac le of Omaha

T hird Pa rty Pe rspe c tive s

“Whe n Da vid Winte rs, who r

uns a fund that has unde r pe r for me d by e ve r y me asur e fr

• m inc e ption, five ye a rs,
• ne ye a r, a nd who dra ws a 150 b a sis po int fe e , whe n yo u c a n

g o to Va ng ua rd a nd do it fo r 17 b a sis po ints and he c omplains

about c ompe nsation not be ing c omme nsur ate with pe r for manc e a t Co ke . And the n he ha s tha t kind o f re c o rd

himse lf, I think he ’ s a fe llow living in an all glass house.”

War r e n Buffe tt Chair man and Chie f E xe c utive Offic e r , Be r kshir e Hathaway Inc .

I nte rvie w o n CNBC Marc h 2015

Wa rre n Buffe tt on Da vid Winte rs

Emphasis added.

38

F air Obse r vation – Applic able to Conside r Now

T hird Pa rty Pe rspe c tive s

“We g e t into the pay for

pe r for manc e… I

lo o ke d a t the pe rfo rma nc e fo r the Winte rg re e n F

• unds. I

f I lo o k a t yo ur [Winte rg re e n F und] pe rfo rma nc e – 7.1% a nnua lize d re turns sinc e the inc e ptio n o f the inve sto r sha re s. I f I just inve st in the S&P o ve r tha t pe rio d o f time the re turn is a 7.8% a nnua lize d.

You [Winte r gr e e n] c har ge 185 basis points. I c an ge t that for 20 basis points e lse whe r e by just inve sting in the S&P 500.” Be c ky Quic k Co -Anc ho r

• f CNBC’s Squawk Bo x & On the Mo ne y

I nte rvie w o n CNBC No ve mb e r 2014

Be c ky Quic k inte rvie w of Da vid Winte rs

Emphasis added.

39

2017 E ndor se me nt fr

• m Chair

man of Br

• wn & Br
• wn

“…it is shocking to me that Consolidated-Tomoka’s management team and Board, both

• f which are experiencing significant

success, continue to be harassed by Wintergreen...” “The Board and management...have been extremely successful in executing its business plan...” “CTO’s Board is very strong and has the right local, state and national real estate experience…”

Hya tt Bro wn

Cha irma n, Bro wn & Bro wn I nsura nc e

NYSE : BRO

Emphasis added.

T hird Pa rty Pe rspe c tive s

40

Who Do You T r ust with Your Inve stme nt?

CT O’s Nomine e s ve r sus Winte r gr e e n’s Nomine e s

T he Diffe r e nc e : Re sults, E xpe r ie nc e , Inde pe nde nc e and Duty to All Shar e holde r s

Cate gor y Consolidate d- T

• moka Nomine e s

Winte r gr e e n Nomine e s Str ate gy

Cle a rly a rtic ula te d a nd e xe c ute d stra te g y with c o nsiste ntly impro ve d ke y o pe ra tio na l me tric s a nd tra je c to ry o f va lue c re a tio n, na rro wing d isc o unt to NAV No c re d ib le pla n o r stra te g y ha s b e e n a rtic ula te d

• the r tha n to se ll o r liq uid a te CT

O, a nd hire multiple c o nsulta nts to fig ure o ut wha t to d o

Inde pe nde nc e

6 o f 7 CT

O No mine e s a re ind e pe nd e nt, inc lud ing 2

d ire c to rs pre vio usly re c o mme nd e d b y Winte rg re e n All 3 Winte r

gr e e n No mine e s a re e mplo ye d b y,

ha ve b e e n e mplo ye d b y, o r a re c o nsulta nts to Winte rg re e n

E xpe r ie nc e

All 7 CT

O No mine e s ha ve e xte nsive re le va nt

e xpe rie nc e a nd pro ve n kno wle d g e — in re a l e sta te , c a pita l ma rke ts, pub lic c o mpa nie s, a nd fina nc e , a c c o unting , a nd ta x No ne o f the Winte r

gr e e n No mine e s ha ve re le va nt

re a l e sta te e xpe rie nc e . None o f the no mine e s ha ve c or

por ate or industr y e xpe r ie nc e at all Public Company Ste war dship

All 7 CT

O No mine e s ha ve e xte nsive pub lic

c o mpa ny e xpe rie nc e — ma na g e ria l/ e xe c utive a nd / o r b o a rd le ve l No ne o f the Winte r

gr e e n No mine e s ha ve pub lic

c o mpa ny e xpe rie nc e a t the ma na g e ria l/ e xe c utive o r Bo a rd le ve l

F iduc iar y Duty

All 7 CT

O No mine e s ha ve d uty to AL

L sha re ho ld e rs

Winte r gr e e n has ac knowle dge d it may have c onflic ts a nd e xpe c ts sha re ho ld e rs to trust tha t

Winte rg re e n will “ma na g e ” the m “fa irly”

Co nc lusio n

41

Cast Your Vote on the WHIT E Pr

• xy Car

d

Co nc lusio n

Shar e holde r s Should Suppor t CT O’s Boar d and its Plan to Maximize Value for All Shar e holde r s

CT O’s Boar d be lie ve s it is in the be st inte r e sts of shar e holde r s to vote for

• ur

se ve n dir e c tor nomine e s

CT O’s Boa rd a nd ma na g e me nt te a m ha ve c re a te d substa ntia l long - te rm sha re holde r va lue ,

• utpe rforming CT

O’s pe e rs a nd ma jor indic e s (a nd the Winte rg re e n F und) ove r multiple time pe riods

Winte r gr e e n has a histor y of unde r pe r for ming the S&P 500

CT O’s Boa rd nomine e s ha ve ove rse e n the stra te g ic pla n tha t ha s de live re d e xc e ptiona l re sults, inc luding re c ord E PS of $7.53 in 2017 a nd inc re a sing the NOI (C) from the inc ome prope rty portfolio by 202% sinc e 2011

Poor pe r for manc e is like ly a fac tor in the 80% de c line in the Winte r gr e e n F und’s AUM in 4 ye ar s

CT O’s Boa rd nomine e s ha ve substa ntia l re a l e sta te knowle dg e & e xpe rie nc e

Winte r gr e e n’s nomine e s DO NOT have r e le vant e xpe r ie nc e , HAVE a signific ant c onflic t, and ARE NOT inde pe nde nt of Winte r gr e e n

CT O’s Boa rd is c ommitte d to a c ting in the be st inte re sts of a ll CT O sha re holde rs a s de monstra te d by the substa ntia l improve me nts in c orpora te g ove rna nc e a nd modific a tions to e xe c utive c ompe nsa tion struc ture ove r the la st five ye a rs

Winte r gr e e n has c onsiste ntly pushe d for a sale or liquidation of CT O to addr e ss the ir unique c halle nge s

APPE NDI X

42

43

John P. Albright

President and Chief Executive Officer

• f

Consolidated-Tomoka Land Co. since August

• 2011. Mr. Albright was previously the Co-Head

and Managing Director of Archon Capital, a Goldman Sachs Company located in Irving,

• Texas. Prior to that, he was the Executive

Director, Merchant Banking-Investment Management for Morgan Stanley. Prior to Morgan Stanley, Mr. Albright was Managing Director and Officer of Crescent Real Estate Equities, a publicly traded REIT based in Fort Worth, Texas. His experience involves various aspects

• f

investment, lending, and development of commercial properties, as well as real estate investment banking.

Dire c to r No mine e s o f CT O

Director Since 2012

Laura M. Franklin

Former (Retired) Executive Vice President, Accounting and Administration and Corporate Secretary

• f

Washington Real Estate Investment Trust (Washington REIT). During her 22-year tenure at Washington REIT, she led the financial, human capital and information technology (IT) functions including Accounting, Tax, SEC Reporting, Treasury, Human Resources and IT. As an executive, she played a key role in strategic planning as well as worked closely with the chairmen

• f

the compensation and audit committees.

Appointed in 2016

Christopher W. Haga

• Mr. Haga is a partner with Carlson Capital, L.P.

(“Carlson”), based in Dallas, Texas. Carlson currently manages over $8.5 billion in assets, and through funds it manages, has been a long- term shareholder of the Company. Mr. Haga joined Carlson in 2003 and presently serves as its Head of Strategic Investments. Mr. Haga has

• ver 25 years of experience in finance and

investments, including 15 years of managing risk in traded credit and private debt and equity.

• Mr. Haga has served, and continues to serve, on

a number of public and private company boards, including as chairman of the board of directors for Barbican Group Holdings Limited, a Lloyd’s- based reinsurance group.

Newly Appointed 2017

William L. Olivari

Certified Public Accountant; formerly a Partner with Olivari & Associates PA, from 1984 until 2013, and now a Consultant with the firm. He is Chairman of the Board of the Commercial Bancorp of Volusia County, Inc., past Chairman

• f East Coast Community Bank, Inc., of Daytona

State College Foundation, the Board of Daytona Regional Chamber

• f

Commerce, the Community Foundation of Daytona Beach, the Halifax Community Health Foundation, Inc., of Halifax Community Health System, Inc., and current member of Civic League of Halifax Area.

• Mr. Olivari is a member of the AICPA.

Director Since 2008

Stro ng L ine Up o f No mine e s

Re fr e she d & E xpe r ie nc e d, Re pr e se ntative of AL L Shar e holde r s

44

Howard C. Serkin

• Mr. Serkin has served as Chairman of Heritage

Capital Group, Inc., a regional investment banking firm, since 1996, and as a principal with Business Valuation, Inc., which provides financial consulting and valuation services, since 1994. Prior to that, he served in various senior management positions with The Charter Company, a NYSE-listed conglomerate in insurance, energy and communications.

• Mr. Serkin also served as an Executive Vice

President of Koger Properties, a NYSE-listed developer,

• wner,

and manager

• f
• ver

13 million square feet

• f

suburban

• ffice

buildings and parks located throughout the southeast. He has also assisted in the reorganization and successful emergence from bankruptcy of three different companies.

Wintergreen Nominee 2011

Thomas P. Warlow, III

Chairman of Georgetown Enterprises, Inc., a Florida registered general contractor involved with development and construction in the Florida market since 1976. President and Chairman

• f

The Martin Andersen-Gracia Foundation, Inc., a charitable

• rganization

that provides grants for the purpose of public benefit in Central Florida, since 1998.

Wintergreen Nominee 2010

Dire c to r No mine e s o f CT O

Casey R. Wold

Founder, Managing Partner and Chief Executive Officer of Vanderbilt Office Properties, a real estate investment manager, since 2015. From 2004 to 2014, Mr. Wold served as Senior Managing Director at Tishman Speyer. Prior to that, Mr. Wold served as President

• f

TrizecHahn Office Properties. Mr. Wold served as Chief Investment Officer and Chief Operating Officer of Trizec Office Properties when the U.S. subsidiary went public as a real estate investment trust (REIT) in 2002. Mr. Wold has served on the boards of Trizec Office Properties and Captivate Networks, Inc.

Appointed in 2017

Stro ng L ine Up o f No mine e s

Re fr e she d & E xpe r ie nc e d, Re pr e se ntative of AL L Shar e holde r s

45

Make s Se nse to Us

E XCE RPT : Winte rg re e n L e tte r to Winte rg re e n F und I nve sto rs in Ma rc h 2015

Emphasis added.

An example of this is Consolidated‐Tomoka Land Company (“CTO”), of which the Fund owns approximately 21% of the company’s outstanding stock. When Wintergreen first invested in CTO in 2006, the company was comprised of a wonderful asset, 10,500 acres of undervalued land in Daytona Beach, Florida, as well as income‐producing properties which generated enough steady cash flow to sustain the company when land sales slowed. The company had benefitted from the long boom in Florida’s housing market, but as time went on, we felt that they were not doing enough to actively grow the value of the

• company. We engaged in many long conversations with management and

encouraged them to become more proactive in unlocking the enormous value of the company. As we continued to press our concerns, management and the board of directors seemed to dig in their heels and insist on doing things as they had always done. It became clear to us that we would have to take a more active and public role in steering the company in the right direction. Owning valuable assets, such as CTO’s land, is a great advantage for a company, but without the right people running the company, there is little chance of that asset value ever accruing to shareholders. Over the course of three years, Wintergreen Advisers, LLC, the Fund’s Investment Manager, proposed several candidates for election to the board of directors, all of whom were independent from

• Wintergreen. Four of these candidates became directors, and several of the old

guard directors were voted out or resigned. The reinvigorated board evaluated management and the company’s strategy with fresh eyes and came to the conclusion that change was needed. With the support of Wintergreen, the board appointed John Albright as CEO in 2011 and empowered him to bring in his own management team and develop plans to unlock the enormous value

• f the company’s assets. The board devised an executive compensation

plan which closely aligns their pay with long‐term value creation for shareholders. With renewed confidence in the company’s leadership at all levels, Wintergreen gave CTO time and space to revitalize the company. Under guidance from the board, the new management team developed plans to attract new developers to Daytona Beach, from national homebuilders to Trader Joe’s and Tanger Factory Outlet Centers. They have grown and diversified their income property portfolio and increased outreach to potential investors. A deal announced in November 2014, for CTO to sell 1,600 acres of land to Minto Communities is expected to bring 3,000 new households to Daytona Beach, which should further drive demand for CTO’s

• land. The real estate market in Daytona Beach is bouncing back, and the

actions taken by CTO’s management team and board over the past four years have put the company in position to benefit from this rebound. This progress at CTO has not gone unnoticed by investors. Since the board appointed John Albright as CEO in 2011, CTO shares have risen by 22% annually as of the date of this letter, far outpacing the 16% annual gain for the S&P 500. In 2014, the company sold less than 1% of its land but realized its highest per‐share earnings since 2007. That performance combined with the recent disclosure that the company is considering converting to a Real Estate Investment Trust (which has significant tax advantages for the company), has driven the shares up by more than 80% over the past twelve months. Wintergreen’s involvement with CTO has been a long and often trying experience, but it now stands as a great example of the value we can add by combining long‐term investing with our own brand of activism. Wintergreen’s actions at CTO separated the Chairman and CEO positions, gave investors an annual say‐on‐pay vote (before it became a requirement), and put a strong lineup of directors on CTO’s board. The board in turn hired a very capable management team, which has transformed the company into the profitable and growing enterprise it is today. We believe the best is yet to come for CTO.

Da vid Winte r’ s Own Wo rds

46

IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT The Company, its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from the Company’s shareholders in connection with the matters to be considered at the Company’s 2018 annual meeting of shareholders to be held on April 25, 2018. On March 12, 2018, the Company filed a definitive proxy statement (the “Proxy Statement”) with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies from the Company’s shareholders for the 2018 annual

• meeting. INVESTORS AND SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT AND ACCOMPANYING WHITE PROXY CARD WITH

RESPECT TO THE 2018 ANNUAL MEETING, AND OTHER DOCUMENTS FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY AS THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain the Proxy Statement, any amendments or supplements to the Proxy Statement and other documents filed by the Company with the SEC for no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge at the Investor Relations section of our corporate website at www.ctlc.com. End Notes references utilized in this presentation A. Certain transactions require the Company to incur the cost to provide mitigation credits necessary for applicable regulatory permits for the buyer. There can be no assurances regarding the value ultimately received for the Company’s assets, or in the case of the transactions under contract or subject to a non-binding term sheet, the likelihood that such transactions will close or the timing or final terms thereof. B. There can be no assurances regarding the likelihood or timing of future execution of the Company’s share repurchase program. C. Net operating income (“NOI”) relates to our Income Property Operations segment and is calculated based on our current portfolio as of March 29, 2018 reflecting: (i) expected estimated annualized rents and costs as of and for the twelve months ended December 31, 2018; (ii) excluding non-cash items including straight-line rent and amortization of lease intangibles and depreciation; plus (iii) annual revenue from billboard leases. D. As of the date of this presentation, the Company meets the required coverage ratio in the Credit Facility for repurchases of stock and anticipates, subject to customary restrictions on share repurchases, to be able to continue to make repurchases. E. Debt amount includes the face value of the Convertible Notes as of December 31, 2017. F. There can be no assurance that the cap rate range is the proper range for the Company’s portfolio of income properties or that such cap rate range would equate to an appropriate valuation range that the Company might achieve should the income property portfolio be sold as a portfolio, individually, or as part of more than one smaller portfolios comprising the entirety of the Company’s portfolio. G. Dividends are set by the Board of Directors and declared on a quarterly basis, there can be no assurances as to the likelihood or amount of dividends in the future. H. There can be no assurances regarding the amount of our total investment or the timing of such investment.

Additio na l I nfo & E nd No te s

Footnotes for Slide #13 1. The amount for the Mitigation Bank represents the amount set forth in the term sheet for the buyer’s acquisition of approximately 70% of a to-be-formed joint venture that would

• wn the Mitigation Bank, with the Company retaining 30%.

2. Land sales transaction that requires the Company to incur the cost to provide the mitigation credits necessary for obtaining the applicable regulatory permits for the buyer, with such costs representing either our basis in credits that we own or the incurrence of costs to acquire the credits potentially equaling 5%-10% of the contract amount noted. 3. The acres and amount include the buyer’s option to acquire 19 acres for approximately $2.0 million, in addition to the base contract of 26 acres for approximately $3.2 million 4. The acres and amount include the buyer’s option to acquire 71 acres for approximately $574,000, in addition to the base contract of 129 acres for approximately $2.75 million 5. Includes, pursuant to the contract, reimbursement of infrastructure costs incurred by CTO plus interest through December 31, 2017.

April 2018 Consolidated-Tomoka Land Co. 1140 N. Williamson Boulevard Daytona Beach, FL 32114 P: 386.274.2202 F: 386.274.1223 info@ctlc.com www.ctlc.com NYSE American: CTO

Contac t Us

F

• r a dditio na l info rma tio n, ple a se se e o ur

mo st re c e nt Annua l Re po rt o n F

• rm 10-K

, c o pie s o f whic h ma y b e o b ta ine d b y writing the c o rpo ra te se c re ta ry a t the a ddre ss a b o ve , o r a t www.c tlc .c o m.

(NYSE Ame r ic an: CT O)

Inve stor Pr e se ntation – 2018 Annual Me e ting

E . Hyma n Ave nue & Hunte r Stre e t Do wnto wn Aspe n, Co lo ra do