Cto Realty Growth, Inc. · NYSE:CTO

Cto Realty Growth — Consolidated Tomoka Land — Investor Presentation (February 2017)

76 slides from Cto Realty Growth's investor presentation, Feb 8, 2017

1. Slide 1: Year End 2016 Investor Presentation

   (NYSE MKT: CTO) 3600 Peterson – Santa Clara, CA Year End 2016 Investor Presentation Published: February 7, 2017 Converting CVS – Dallas, TX LandtoIncome The Grove – Winter Park, FL

2. Slide 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,” “int

3. Slide 3: CTO at a Glance

   CTO at a Glance As of December 31, 2016 (unless otherwise noted) Company Founded 1910 Shares Outstanding 5,710,238 Dividend Level $0.04/share – Quarterly Number of Employees 14 Share Price (as of February 3, 2017) $55.00 3 Earnings per Share (FY 2016)$2.86 52 week Stock Price Range (as of February 3

4. Slide 4: Snapshot

   Snapshot As of December 31, 2016 (unless otherwise noted) (1) Equity Market Cap Debt (A) $314.1 million $171.6 million Total Enterprise Value (‘TEV’) (1) (A) Cash (including 1031 restricted cash) Leverage (net debt to TEV) (1) (A) $485.7 million $ 16.0 million 32.0% LAND HOLDINGS INCOME PROPERTIES L

5. Slide 5: How Low does Stock Market Value our Land?

   (H) How Low does Stock Market As of December 31, 2016 (unless otherwise noted) Value our Land? Total Adjusted Enterprise Value (TAEV)(1) (A) Less: Income Properties (Value @ 6.5% cap rate on NOI) (F) Less: Basis in Commercial Loan Investments $543mm ($305mm) ($24mm) ($15mm) ($16mm) ($19mm) Less: Est

6. Slide 6: Focused on Shareholder Returns

   Focused on Shareholder Returns From 2012 Through 2016 (unless otherwise noted)  Monetizing Land $48.7mm in sales (≈950 acres), $51k/acre Approx. $110mm under contract (3,800 acres, 39% of land) 76.5 acres sold - 630,000 sq ft Distribution Center [500 jobs] 38.93 acres sold - 350,000 sq ft Tanger Ou

7. Slide 7: 4th Quarter Highlights – Quarter & Subsequent Events

   4th (B) Highlights – Quarter & Subsequent Events Income Property Operations  Completed $36.9 mm in acquisitions at weighted average cap rate of 7.46%  Jan ‘17 acquired income property leased to Staples - $4.1mm, cap rate 7.1% Real Estate Operations – Land Sales       Sold 604 acres, $7.5mm,

8. Slide 8: Positive Trends Annual Results for 2012 – 2016

   Positive Trends Annual Results for 2012 – 2016 Total Revenues Basic Earnings Per Share ($000’s) 2012 2013 2014 2015 2016 Operating Income ($000’s) Book Value Per Share 2012 2013 2014 2015 2016 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $16,581 $26,070 $36,057 $42,998 $71,075 $3.

9. Slide 9: G&A Expenses – Operating Efficiently

   G&A Expenses Annual Results for 2013 thru 2016 – Operating Efficiently ($’s in millions) (1) (2) (3) (4) (5) (6) Adjustments for non-cash charges and certain non-recurring expenses Non-cash charge Accelerated stock compensation for shares forfeited in 2016 related to 2015 grant Incudes non-recurring

10. Slide 10: Land Holdings

    Land Holdings J F E Mitigation Land Parcel Industrial 2,366 F Parcel F Residential 1,053 A L H H NW Quadrant - LPGA & I-95 Commercial 203 K B I Industrial Park Industrial 850 J K Parcel Across from FL Hospital SE Quadrant - LPGA & Clyde Morris Commercial Commercial/Industrial 83 102 G E L E of Wil i

11. Slide 11: Monetizing our Land

    MonetizingourLand Annual Land Sales for 2005 – 2016 & Pipeline as of 2/3/17 (B) Note: Multi-family included in residential (Land Sales in $000’s) 2012 –2016 Total Sales  $48.7mm Avg. Price/Acre  $51.3k Average Price/Acre Residential Commercial Total Avg. Price/Acre Total Acres $ 20,665 $ 140,116 $

12. Slide 12: Analysis of Price per Acre – Sales Since 2012 + Pipeline

    Analysis As of February 3, 2017 of Price per Acre – Sales Since 2012 + Pipeline West of I-95 East of I-95 East of I-95 West of I-95 Total Residential Commercial Total Implied Value based on Stock Price 12 Average Price Per Acres Sales Price Acre 481 $ 82,502 $ 171.6 4,259 $ 76,033 $ 17.9 4,739 $ 158

13. Slide 13: Pipeline of Land Sales

    Pipeline As of February 3, 2017 of Land Sales (B) acres (1) $17,000 ’17 – ‘18 (2) (1) Reflects reduction of $1mm for wetlands restoration/mitigation costs + $1.5mm for election to pay in cash (versus utilize seller financing) Approximately $109,000 per acre net of wetlands mitigation costs to be inc

14. Slide 14: Under Contract – Minto Communities West of I-95

    Under Contract – (B) Minto Communities West of I-95   1,581 Acres (Oasis Daytona) Pending Wetlands Permit www.Minto.com $27.2 million EXPECTED CLOSING – FEB. ‘17   3,400 Units ≈ 200 SF Commercial Age Restricted Residential 14 Land Holdings

15. Slide 15: Minto Communities West of I-95

    Minto Communities West ofl-95 (B) Sales Center IITOMOKA CONSOLIDATED 15

16. Slide 16: East of I-95 Under Contract – North American

    East of I-95 Under Contract – North American (B)    42 Acres Purchased/82 Acres Under Contract Pre-Leasing Underway Working on Rezoning & Site Plan Application Tomoka Town Center Acres already purchased by NADG ≈ 82 Acres under contract - $20.2mm 16 23.77 acres 57.79 acres Land Holdings

17. Slide 17: Under Contract - 35 Acres; $14mm East of I-95

    Under Contract-35 Acres; $14mm East ofl-95 (B) Commercial-Retail IITOMOKA CONSOLIDATED 1 7

18. Slide 18: Under Contract - 28 Acres; $3.2mm East of I-95

    Under Contract-28 Acres; $3.2mm East ofl-95 (B) Commercial-Distribution IITOMOKA CONSOLIDATED 18

19. Slide 19: Potential Land Absorption – West of I-95

    Potential Land Absorption – West of I-95 (B) F 1,053 Acres A B E $20k/acre C The value range is an estimate only and there can be no assurances that the value ultimately realized for this land will fall within the estimated range. U/C – Under Contract  D 19 194 Acres 146 Acres 2,366 Acres 1,581 Acr

20. Slide 20: Mitigation Bank – Analysis of Opportunity

    Mitigation Bank – Analysis of Opportunity (B) West of I-95    Gross Site Area Mitigation Credits Market Value per Credit 2,366 Acres 350-450 UMAM (1) $100k - $150k   Potential Buyer’s Investment Analysis Acquire Land from CTO ($5k - $12.5k/acre) Est. Dev. Costs Buyer’s Est. Investment Potential

21. Slide 21: Snap Shot of Progress

    Snap Shot of Progress IITOMOKA CONSOLIDATED East Side of 1-95 Taking Shape 21

22. Slide 22: Land Highlights - East of I-95

    Land Highlights - East of I-95 East of I-95 B C A D E The value ranges are estimates only and there can be no assurances that the value ultimately realized for this land will fall within the estimated range. 22 ParcelEst. Value Range/Acre A $150k-$275k B $75k-$170k C $50k-$125k D $200k-$300k E $100k

23. Slide 23: Well-Positioned Land: MOB/Retail/Multi-Family

    Well-Positioned Land: MOB/Retail/Multi-Famil The value range is an estimate only and there can be no assurances that the value ultimately realized for this land will fall within the estimated range. II Potential Value Range: $120k-$150k per Acre DATED 23

24. Slide 24: Well-Positioned Land: Industrial Parcels

    Well-Positioned Land: Industrial Parcels The value range is an estimate only and there can be no assurances that the value ultimately realized for this land will fall within the estimated range. IITOMOKA CONSOLIDATED Potential Value Range: $30k-$70k per Acre 24

25. Slide 25: Well-Positioned Land: North of LPGA

    Well-Positioned Land: North of LPGA The value range is an estimate only and there can be no assurances that the value ultimately realized for this land will fall within the estimated range. IITOMOKA CONSOLIDATED Potential Value Range: $150k-$275k per Acre 25

26. Slide 26: Well-Positioned Land: Distribution/Industrial East of I-95

    Well-Positioned Land: Distribution/Industrial East of I-95 The value range is an estimate only and there can be no assurances that the value ultimately realized for this land will fall within the estimated range. Potential Value Range : $80k - $125k per Acre 26 Land Holdings

27. Slide 27: Well-Positioned Land: Office

    Well-Positioned Land: Office IITOMOKA CONSOLIDATED Pad Ready Sites 27

28. Slide 28: Beach Parcel – Near Term Investment

    (B)(E)(I) Beach Parcel – 6.04 Expected Opening of Restaurants – Q1 2018 Acres Near Term Investment Two 6,000 SF Restaurant Properties    Investment in Land Estimated Development Costs Total Est. Investment $10.8mm $ 6.0mm $16.8mm Estimated 7%-11% Unlevered Yield 28 Land Holdings

29. Slide 29: Beach Parcel – Restaurant Renderings

    (B)(E)(I) Beach Parcel – 6.04 Expected Opening of Restaurants – Q1 2018 Acres Near Term Investment Two 6,000 SF Restaurant Properties Restaurant Renderings 29 Land Holdings

30. Slide 30: Beach Parcel – Long Term Development Opportunity

    (B)(E)(I) Long Term Development Opportunity Beach Parcel – 6.04 Acres Summary of Approved Entitlement    Up to 900 Total Units 1.2mm square feet Potential Uses      Timeshare Hotel Condominium Retail Parking CTO would Seek Developer for high-rise/vertical Opportunity Future Investment Option

31. Slide 31: Subsurface Interests (500,000 Acres)

    Subsurface Interests (500,000 Acres)   Previously under contract to monetize entire portfolio for $24 million [Contract was terminated in late 2016] CTO owns full or partial interest in approximately 500,000 subsurface acres Approximately 95% of total subsurface acres Remaining 5% of total subsurf

32. Slide 32: Income Properties – Producing Investments

    Income As of February 3, 2017 Producing Investments Total Portfolio NOI (F) as of 2/3/17 = $19.8mm (1) Based on NOI Approx. 36% NOI from Credit Tenants 32 SINGLE-TENANT 64% MULTI-TENANT 36% OFFICE 46% RETAIL 54% Portfolio Mix(1)(F) Largest Markets (1)(F) City % of NOI Raleigh 17.3% Santa Clara 11.2%

33. Slide 33: Income Property Portfolio – Single-Tenant

    Income Property Portfolio As ofFebruary 3, 2017 Single-Tenant Portfolio Rating Type Ill Wells Fargo Hilton Grand Vacations Lowe's cvs Harris Teeter Container Store At Home Rite Aid Dick's Sporting Goods AA-BB+ A BBB+ Raleigh, NC Orlando, FL Katy, TX Dallas, TX Office Office 450,393 133,914 131,644 1

34. Slide 34: Income Property Portfolio – Multi-Tenant

    Income Property As ofFebruary 3, 2017 Portfolio Multi-Tenant Portfolio Type @Centrify adesto 3600 Peterson NR Santa Clam, CA Office 75,841 5.5 I[(M WOlOGIH N-r orthwestern 245 RiVerst.de AVe N/A Jacksonville, FL Office 136,856 5.8 Mutuar WHOLE FOODS Whole Foods Centre BBB-Sarasota, FL Retail 59,341

35. Slide 35: Fastest Growing MSA’s in U.S.

    Fastest Growing MSA’s in U.S. As of August 2016 1 Orlando-Kissimmee-Sanford 4.4% 1,213 4 properties 3 San Jose – Sunnyvale – Santa Clara 3.6% 1,087 1 property 5 Denver – Aurora – Lakewood 3.2% 1,455 7 Portland – Vancouver - Hillsboro 2.9% 1,145 9 Charlotte – Concord – Gastonia 2.6% 1,133 1 property

36. Slide 36: Recent Acquisition Highlights

    Recent ($’s in millions) Acquisition Highlights Multi-Tenant Office Santa Clara, CA $30.0 7.77% 5.3 75,841 Single-Tenant Raleigh, NC $9.2 6.75% 12.7 116,334 Multi-Tenant Reno, NV $6.9 8.57% 3.0 52,474 Single-Tenant Sarasota, FL $4.1 7.10% 5.0 18,120 Single-Tenant Austin, TX $3.4 5.60% 14.8 6,176 Mul

37. Slide 37: 2017 Acquisition Staples (Sarasota, FL)

    2017 Acquisition Staples (Sarasota, FL) $4.1mm Investment      Single Tenant Retail 5.0 yrs. remaining lease term 18,120 Square Feet 1.20 Acres Rent escalation - $1/Sq Ft. at each option renewal Build-to-Suit built in 2012 Investment basis $225/Sq Ft   High Growth Market  Urban Location 37 

38. Slide 38: 2017 Acquisition Staples (Sarasota, FL)

    2017 Acquisition Staples (Sarasota, FL) $4.1mm Investment High Growth Market  Urban Infill Location 38 Income Properties

39. Slide 39: 2016 Acquisition 3600 Peterson (Santa Clara, CA)

    2016 Acquisition 3600 Peterson (Santa Clara, CA) $30.0mm Investment     Single Story - Class A Office 100% Leased Tenancy: Two tenants 5.3 year weighted avg. remaining lease term 75,841 Square Feet 5.24 Acres Complete ($14mm) renovation in 2014 3% annual rent escalations Additonal 100,000 Sq Ft

40. Slide 40: 2016 Acquisition 3600 Peterson (Santa Clara, CA)

    2016 Acquisition 3600 Peterson (Santa Clara, CA) $30.0mm Investment In June of 2016 LeEco acquired a 48.6 acre site from Yahoo for $250 MM In April of 2016 Boston Properties Purchased 3625 Peterson Way for $78 MM / $358 PSF Menlo Equites & Beacon Capital The Campus $600 PSF Well Located in Growth Ma

41. Slide 41: 2016 Acquisition Bloomin Brands NNN Sale Leaseback

    2016 Acquisition Bloomin Brands NNN Sale Leaseback (TX, NC, VA) $14.9mm Investment  Acquired all properties with new 15 year lease terms 26,217 rentable square feet S&P credit rating: BB 7.92 Acres Rent escalations 1% per yr. 3-Mile Demographics -      Huntersville, NC Charlottesville, VA Port

42. Slide 42: 2016 Acquisition At Home NNN Lease (Raleigh, NC)

    2016 Acquisition At Home NNN Lease (Raleigh, NC) $9.2mm Investment  Acquired with 13+ years of lease term remaining Basis of $79 per SF 116,334 Square Feet S&P credit rating: B 10.64 Acres Built in 1995 Rent escalations 2% per yr.       3-Mile Demographics   Population: 88,281 Avg. HH incom

43. Slide 43: 2016 Acquisition At Home NNN Lease (Raleigh, NC)

    2016 Acquisition At Home NNN Lease (Raleigh, NC) $9.2mm Investment Low Basis Low Rent 44 Income Properties

44. Slide 44: 2016 Acquisition Bank of America Ground Lease (Monterey, CA)

    2016 Acquisition Bank of America Ground Lease (Monterey, CA) $8.4mm Investment        4.0 years lease term remaining 32,692 Square Feet S&P credit rating: A 1.26 Acres Built in 1982 >$220mm in deposits Renewal rate reset based on land value (Potential to increase yield to 7%-8%) One 10yr Rene

45. Slide 45: 2016 Acquisition Bank of America Ground Lease (Monterey, CA)

    2016 Acquisition Bank of America Ground Lease (Monterey, CA) $8.4mm Investment Redevelopment Potential 46 Income Properties

46. Slide 46: 2016 Acquisition Century Theatres (Reno, NV)

    2016 Acquisition Century Theatres (Reno, NV) $6.9mm Investment  3.0 years of lease term remaining (for theatre) 52,474 Square Feet 12 screens 1.39 Acres Built in 2000 Intense redevelopment activity in the market      3-Mile Demographics   Population: 134,475 Avg. HH income: $51,821 High Grow

47. Slide 47: 2016 Acquisition Century Theatres (Reno, NV)

    2016 Acquisition Century Theatres (Reno, NV) $6.9mm Investment Rapidly Redeveloping Market 48 Income Properties

48. Slide 48: Portfolio Highlights Wells Fargo (Raleigh, NC)

    Portfolio Highlights Wells Fargo (Raleigh, NC) Single-Tenant $42.3mm Investment    Single-Tenant Class A Office Rent @ 50% below market Investment basis - $94/sq. ft. or approx. 50% below replacement cost 7.8 years remaining on lease ≈2% Rent Escalation in 2019 450,393 Square Feet Investment Grad

49. Slide 49: Portfolio Highlights Wells Fargo (Raleigh, NC)

    Portfolio Highlights Wells Fargo (Raleigh, NC) $42.3mm Investment 40 Acres - Additional Density Potential 50 Income Properties

50. Slide 50: Portfolio Highlights Riverside (Jacksonville, FL)

    Portfolio Highlights 245 Riverside (Jacksonville, FL) Multi-Tenant $25.1mm Investment   Class A Office Strong Retail/Residential development activity in area Investment basis ($185/sq ft) below replacement cost 4.5 years weighted average remaining on leases 100% Occupied 136,856 Square Feet Former

51. Slide 51: Portfolio Highlights Container Store (Glendale, AZ)

    Portfolio Highlights Container Store (Glendale, AZ) Single-Tenant $8.6mm Investment        13.4 years remaining on lease 3-mi Pop. 106,525 3-mi Avg HH income $76,173 23,329 Square Feet 2015 New Construction Single-Tenant, Triple Net Lease Outparcel to Macerich’s Arrowhead Mall (avg. sales of

52. Slide 52: Portfolio Highlights Shoppes at Sarasota Row

    Portfolio Highlights Shoppes at Sarasota Row (Sarasota, FL) Multi-Tenant $19.1mm Investment 6.9 years weighted average remaining on leases 59,341 Square Feet - 99% Occupied 3-mi Pop. 68,157 3-mi Avg. HH income $63,561 36,000 SF (61% of property) leased to free standing Whole Foods Market      

53. Slide 53: Potential Redevelopment Opportunities

    Potential Redevelopment Opportunities Bank of America Monterey, CA Bank of America Branch Two Story 1.26 Acres Up to 4 stories Beach Parcel Daytona Beach, FL Beachfront Land Vacant 900 Units 1.2mm SF 6.04 Acres Additional Value Creation 54 Wells FargoAdditional Raleigh, NC40.33 Acres450,000 SF Offic

54. Slide 54: Opportunistic Investment The Grove at Winter Park

    (B)(I) Opportunistic Investment The Grove at Winter Park (Winter Park, Approx. 112,000 sq ft 50% Leased 56,200 sq ft Leased 14.35 acres 3-mi Pop. 93,236 3-mi Avg HHI $59,994 FL) Total Estimated Investment ≈$12.5mm (1)        Active negotiations could increase occupancy to 70% Virtually Vacant

55. Slide 55: Opportunistic Investment The Grove at Winter Park

    Opportunistic Investment The Grove at Winter Park (Winter Park, FL) 24 Hour Fitness Grand Opening 56 Income Properties

56. Slide 56: 2016 Dispositions

    2016 Dispositions ($’s in millions) $74.3 million in Proceeds Remaining Lease Term 3.8 yrs 3.1 yrs 9.3 yrs 9.6 yrs 3.1 yrs 14.7 yrs 10.9 yrs Sales Price $5.2 $2.4 $3.0 $9.1 $3.0 $51.6 $74.3 Exit Cap Rate 9.55% 12.10% 7.23% 6.29% 9.53% 4.73% 5.79% Total Gain/(Loss) $0.2 ($0.2) $0.8 $0.3 ($0.9) $11.1

57. Slide 57: How CTO Stacks up

    How CTO Stacks up   Source: Analyst reports and company filings Top 3 based on NOI (F) With Diversified Triple-Net REITs Top 3 Locations Cap Rate (1) Top 3 Tenants (2) Rating Term Pref./TEV Wells Fargo Hilton Grand Vacations Lowe’s AA-BB A-North Carolina California Florida 9.4 (1) N/A 32.% Bank of

58. Slide 58: Commercial Loan Investments

    Commercial Loan As of December 31, 2016 Investments  $24.0 million invested Wtd. Avg. Rate 8.9% GLENN HOTEL DFW HYATT        $9.0mm B-Note Sarasota, FL Rate: LIBOR + 750 Maturity: June ’17 Max Maturity: June ’18       $10.0mm Mezzanine Loan Dallas, TX Rate: LIBOR + 725 Maturity: Sept.

59. Slide 59: LPGA International Golf Operations

    LPGA International Cash Payment Cap Ex Commitment Per Round Surcharge (1) Contributed Land (2) Future Sale Participation (4) In lieu of $1.7mm Remaining Lease Payments Renovate Jones course $1/round - $70k/yr. 14.28 acres - in CDD (3), $0 basis 10% of sales proceeds > $4mm $1,500,000 $300,000 $700,0

60. Slide 60: Liquidity and Leverage

    (A) Liquidity and Leverage As of December 31, 2016 80% of Debt at Fixed rate as of December 31, 2016 Liquidity Position ($ in 000’s) Debt Schedule ($ in millions) Credit Facility Convertible Notes CMBS Loan CMBS Loan Mortgage Loan Total $ 40.7 - - - - $ 34.3 75.0 30.0 7.3 25.0 2.69% 4.50% 4.33% 3.66

61. Slide 61: Share Repurchase Program

    (C)(G) Share Repurchase Program $14.8mm – Avg. Price $50.03 As of December 31, 2016 2016 Repurchase Activity Increased Pace of Buybacks 62 $ Invested Shares Purchased Qtr. Shares $ Invested Price/Sh. Q1 28,862 $1,339,613 $46.41 Q2 33,889 $1,658,922 $48.95 Q3 50,678 $2,485,760 $49.05 Q4 38,024 $1,947

62. Slide 62: 2016 Guidance – Year End Review

    2016 Guidance – Year As of December 31, 2016 End Review Acquisition of Income-Producing Assets $70mm - $85mm $86.7mm Disposition of Income Properties (2) $15mm - $25mm $22.7mm Land Transactions (sales value) $25mm - $35mm $13.8mm (1) Earnings per share guidance provided in February 2016 excluded the

63. Slide 63: 2017 Guidance

    2017 Guidance Earnings per share (Basic) (1) $2.25 - $2.45 Target Investment Yields (Initial Yield – Unlevered) 6% - 8% Land Transactions (sales value) (B) $30mm - $50mm (1) Earnings per share in 2016, excluding the gain on the Portfolio Sale, equaled $1.66 per share. Land Transactions subject to Fe

64. Slide 64: Development on our Land: Tanger Outlets

    Development on our Land Tanger Outlets as of 1.31.17 $100mm Investment – 900 Jobs 65

65. Slide 65: Development on our Land: Tanger Outlets Grand Opening

    Development on our Land Tanger Outlets Grand Opening Opened November 18, 2016 66

66. Slide 66: Development on our Land: Integra

    Development on our Land Integra as of 1.31.17 264 Unit Multi-Family Project 67

67. Slide 67: Development on our Land: TopBuild

    Development on our Land TopBuild as of 1.31.17 Opened January ‘17 68

68. Slide 68: Development on our Land: CarMax

    Development on our Land CarMax as of 1.31.17 Opened October ‘16 69

69. Slide 69: Development on our Land: Orthopedic Clinic

    Development on our Land Orthopedic Clinic as of 1.31.17 Medical Office 70

70. Slide 70: Shareholder Friendly - Corporate Governance

    Shareholder Friendly - Corporate Governance  2011 - 2015     2011 - Reduced Board of Directors from 11 to 7 (currently 8 until 2017 annual meeting) 2012 - Implemented Non-Staggered Board - Annual Election 2012 - Implemented claw-back provision for equity incentive plan 2011/2014 - Discontinued

71. Slide 71: Top Institutional Shareholders

    Top InstitutionalShareholders Shareholder Wintergreen Advisers LLC (1) Shares 1,553,075 % 27.06 BlackRock Institutional 335,095 5.84 Northern Trust Corporation 305,078 5.32 Carlson Capital LP 198,128 3.45 Vanguard Group 189,979 3.31 Dimensional Fund Advisors 186,616 3.25 Fenimore Asset Management 15

72. Slide 72: Experienced Team

    Experienced Team Started with Company • Morgan Stanley • Morgan Stanley • Cobb Cole 14 Full-Time Employees 73 John P. Albright President and CEO • Archon Capital, a Goldman Sachs Company • Crescent Real Estate Equities 2011 Mark E. Patten Senior Vice President and CFO • Simply Self Storage • CNL Hot

73. Slide 73: Board of Directors

    Board of Directors 74 Director Since John P. Albright President & Chief Executive Officer of the Company 2012 John J. Allen President of Allen Land Group, Inc. 2009 Laura M. Franklin Executive Vice President, Accounting & Administration of Washington REIT (retired) 2016 Jeffry B. Fuqua Chairman of t

74. Slide 74: Well-Positioned Land

    Well-Positioned as ofDecember 31, 2016 Land 9,800 :t ACRES (386) 274-2202 info@ctlc.com IITOMOKA CONSOLIDATED 75

75. Slide 75: Endnotes

    Endnotes A. B. Debt amount includes the face value of the Convertible Notes outstanding as of December 31, 2016 There can be no assurances regarding the likelihood or timing of the potential transaction(s) or, if any occur, the final terms including sales price There can be no assurances regarding t

76. Slide 76: Contact Us

    Contact Us Consolidated-Tomoka Land Co. 1530 Cornerstone Boulevard Daytona Beach, FL 32117 main: 386.274.2202 fax: 386.274.1223 email: info@ctlc.com web: www.ctlc.com NYSE MKT: CTO For additional information, please see our most recent Annual Report on Form 10-K, copies of which may be obtained by w

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