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

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Estimated Impact of Stock Sales on Share Price to Meet Tax Obligations
($3.01)($6.02) /share Wintergreen’s Estimate of Impact on CTO Stock Price Due to Retail Investors’ Tax Sales
Estimated Impact on CTO Stock Price due to Interest Rate Risk
($9.26)($16.34) /share Wintergreen’s Estimate of the Impact of Increasing Interest Rates on CTO’s Investment Portfolio*
REITS are Generally Known to Reduce Shareholder Rights – Wintergreen’s Estimate of the Potential
Impact of Loss of Shareholder Rights
($5.00)($10.00) /share Wintergreen’s Estimate of Impact of Loss of Rights
By Maintaining the Current Board, Wintergreen’s Estimate of the Impact of Anticipated Ongoing
Excessive Compensation at CTO
($17.50) /share In 2015 CTO paid the 3 named executive officers over $6.3m. Only after Wintergreen and other shareholders objected was this reduced. We believe that in addition to the impact of the loss of shareholder rights above, this current Board will continue to reward an underperforming management team with shareholder assets following a REIT conversion. **
Estimated CFO Stock Price Impact after all REIT Factors (includes Hidden Value)
$31.06 — $36.42 /share
Average $33.74 per share
Shareholders have the ADDITIONAL POTENTIAL TO REALIZE
$56.33 – $80.92 /share
BY VOTING FOR THE WINTERGREEN PLAN

*Cap
Rate of 7.5% from FBR’s Oct 31, 2017 update, Models 2019 Est, 8.5% reflects possible 200bps uptick in interest rates

**Cap
rate of 6.5% matches CTO’s REIT World Presentation, Page 27, dated Nov 13, 2017.

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