13D Filing: Wintergreen Advisers and Consolidated Tomoka Land Co (CTO)

Page 27 of 42

Page 27 of 42 – SEC Filing

Wintergreen’s Plan
For Maximizing Shareholder Value
Estimate of CTO NAV
$456,100,000 — $509,100,100 from CTO REIT World Presentation, Page 27, dated Nov 13, 2017
$81.71 — $91.21 /share
Potential Hidden Value within CTO
$5.68 — $26.13 /share Wintergreen’s Estimate of Potential Hidden Value at CTO, using CTO’s estimated yield ranges, and other estimates.
Wintergreen’s estimate of Current NAV per share
$87.39 — $117.34/share
Average $102.37 per share
CTO’s REIT WIPEOUT
CTO’s Current Share Price
$60.15/share as of 11/21/2017
Potential Hidden Value within CTO
$5.68 — $26.13 /share Wintergreen’s Estimate of Potential Hidden Value at CTO, using CTO’s estimated yield ranges, and other estimates
5

Follow Cto Realty Growth Inc. (NYSE:CTO)

Page 27 of 42