Consolidated Tomoka Announces Actions Related to 2011 Annual Meeting of Shareholders

DAYTONA BEACH, Fla., Feb. 2, 2011 /PRNewswire/ -- Consolidated-Tomoka Land Co. (NYSE Amex: CTO), announced today that at a meeting of the Company's Board of Directors, held on January 26, 2011, Allen C. Harper announced his resignation from the Board of Directors. Mr. Voges, Chairman of the Board, stated, "Mr. Harper has contributed to the success of the Company since joining the Board in 2009, and he will be missed. We all wish him the best." Mr. Harper also served as Chairman of the Compensation Committee and as a member of the Governance Committee.

Howard C. Serkin, Chairman of Heritage Capital Group in Jacksonville, Florida, was appointed by the Board to fill the open position in Class III, with a term expiring in April 2012. He is well-qualified and has a background and experience in real estate and finance. Mr. Serkin was originally nominated to the Board by Wintergreen Advisers, LLC. The Board also announced that it has re-nominated William H. Davison, Jeffry B. Fuqua, William H. McMunn, and Howard C. Serkin for election to Class II, with a term expiring in 2014, and William L. Olivari for election to Class III, with a term expiring in 2012, at the 2011 annual meeting of shareholders.

The Company's annual meeting of shareholders will be held on Wednesday, April 27, 2011 at 2:00 p.m. local time, to be held in Daytona Beach, Florida. The record date for shareholders entitled to notice of and to vote at the annual meeting has been set for March 1, 2011.

After consideration of the shareholder proposal submitted by Wintergreen Advisers, LLC, the Board decided to include this proposal in the Company's 2011 proxy statement, which will provide shareholders with the opportunity to approve an amendment to the Company's Articles of Incorporation for the annual election of directors. The Board intends to recommend that shareholders vote in favor of this proposal.

"Safe Harbor"

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.

SOURCE Consolidated-Tomoka Land Co.