On January 25, 2018, Wintergreen Advisers, LLC announced that it has received 2 unsolicited indications of interest in Consolidated-Tomoka Land Co. Wintergreen stated that it has referred both parties to the Company’s Board of Directors. Wintergreen Advisers expressed its view that these indications of interest, along with recent changes to Federal Tax Law, and the possibility of upcoming interest rate hikes, show that this is an ideal time for the Company to immediately pursue these opportunities and any others that present themselves as well as taking steps in accord with the Wintergreen Advisers proxy proposal to take steps to narrow the discount between NAV and the Company’s share price by hiring an independent adviser to maximize shareholder value by evaluating all options for the Company, including through a sale of the Company or through the liquidation of the Company’s assets, even in advance of the upcoming shareholder meeting.