Florida

(State or other jurisdiction of incorporation)

001-11350

(Commission File Number)

59-0483700

(IRS Employer Identification No.)

1140 N. Williamson Blvd.,

Suite 140

Daytona Beach, Florida

(Address of principal executive offices)

32114

(Zip Code)

Registrant’s telephone number, including area code: (386) 274-2202

Not Applicable

(Former name or former address, if changed since last report.)

(d)

Exhibits

99.1

 Investor Presentation – July 18, 2018 

BUILDING ON OUR SUCCESS NYSE American: CTO 2nd QUARTER 2018 INVESTOR PRESENTATION Hyman Ave. & Hunter St. Aspen, Colorado CVS Dallas, Texas The Beach Restaurants Daytona Beach, Florida Whole Foods Market Sarasota, Florida Lowe’s Katy, Texas 3600 Peterson Santa Clara, CA

FORWARD LOOKING STATEMENTS CONSOLIDATED TOMOKA 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,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Although forward-looking statements are made based upon management’s expectations and beliefs concerning future Company actions and developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include uncertainties associated with the closing of pending land transactions or other dispositions of assets, including the likelihood, timing, and final transaction terms thereof, the estimate of the cost of completing improvements affiliated with certain investments, the impact of permitting or other transactional activities on the total estimated gain for land sales, as well as the timing of the recognition of such gains, our ability to obtain necessary governmental approvals for our land transactions or to satisfy other closing conditions, the risks associated with development activities including potential tax ramifications, the ability to execute share repurchase transactions, the completion of 1031 transactions, the ability for the Company to convert to a real estate investment trust, the costs of improvements for the Golf Operations assets, the ability to achieve certain leasing activity including the timing and terms thereof, as well as the uncertainties and risk factors discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, filed with the Securities and Exchange Commission. There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. 2 ENDNOTE REFERENCES (A) THROUGH (J) USED THROUGHOUT THIS PRESENTATION ARE FOUND ON SLIDE 23

WHY CTO CONSOLIDATED TOMOKA As of July 16, 2018 (unless otherwise noted) Discount to NAV Organic Capital Source Portfolio Quality Trading at Meaningful Discount to NAV Land Sales Provide Organic Source of Capital Faster Income Growth (vs Peers) Focusing Portfolio Toward Net Lease Sector Strong Free Cash Flow – Growing and Building NAV Buying Back Shares & Increasing Dividends Equity Market Cap $ 327.6 million Debt (E) (1) $ 180.6 million Total Enterprise Value (“TEV”) (E) $ 508.2 million Cash (including 1031 restricted cash) (1) $ 4.3 million Net Leverage (net debt to TEV) (E) 34.7% Annual Dividend (2)(G) $0.28 Closing Price $58.93 52-Week High $67.97 52-Week Low $51.02 Shares Outstanding (1) 5.560 million Efficient Structure -14 Employees (1) As of June 30, 2018 (2) Based on Q3 2018 quarterly dividend declared 3 Income Property Portfolio Properties 36 States 13 Land Holdings Acres (all in Daytona Beach, FL) ≈5,500 % of Acres Under Contract 78% Total Value of Contracts $179.2 million (A) Income Portfolio in Stronger Markets (vs Peers) KEY TAKEAWAYS ABOUT CTO Potential REIT Conversion – Efficient Tax Structure

’12 – ’17 CAGR 40.7% ’12 – ’17 CAGR 115.6% ’12 – ’17 CAGR 137.3% ’12 – ’17 CAGR 11.0% ($000’s) TRACK RECORD OF STRONG OPERATING RESULTS CONSOLIDATED TOMOKA Annual Results for 2013 – 2017 and YTD Q2 2018 ($000’s) Consistent Growth in Key Metrics (1) Basic Earnings per Share (2) As of period end 4 Total Revenues Operating Income Book Value Per Share Earnings Per Share (1) (2) $26,070 $36,057 $42,998 $71,075 $91,412 $38,685 $- $20,000 $40,000 $60,000 $80,000 $100,000 2013 2014 2015 2016 2017 YTD Q2 2018 $6,279 $12,593 $20,269 $37,320 $40,269 $38,485 $- $10,000 $20,000 $30,000 $40,000 $50,000 2013 2014 2015 2016 2017 YTD Q2 2018 $20.53 $21.83 $22.81 $25.97 $32.98 $37.27 $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 2013 2014 2015 2016 2017 YTD Q2 2018 $0.00 $2.00 $4.00 $6.00 $8.00 2013 2014 2015 2016 2017 YTD Q2 2018 $0.64 $1.11 $1.44 $2.86 $7.53 $4.53

CASH FLOW GROWTH(1)(I) CONSOLIDATED TOMOKA Significant Free Cash Flow Growth For the Fiscal Years-Ended 5 2015 2016 2017 2018 (I) Income Property NOI(2) $14,724 $17,172 $21,323 $27,500 Interest Income from Loan Investments 2,691 2,588 2,053 Cash Flows from Golf Operations(3) (721) (773) (864) Other Cash Flows(4) 897 2,251 873 Recurring Cash Inflows $17,591 $21,238 $23,385 General & Administrative Expense(5) ($6,476) ($5,868) ($7,257) Wintergreen Costs(6) (91) (1,251) (1,558) Interest Paid (4,705) (6,779) (7,060) Income Taxes (Paid)/Refunded (1,026) (377) 624 Dividends Paid(G) (464) (682) (997) Cash Outflows ($12,762) ($14,957) ($16,248) Net Operating Cash Flows (I) $4,829 $6,281 $7,137 ≈$10,500+ 30% Growth in 2016 14% Growth in 2017 Excludes capital expenditures Segment revenue excluding non-cash items (e.g. straight-line rent, intangible amortization/accretion) less the applicable direct costs of revenue Excludes non-cash straight-line rent in 2015 and 2016 for lease with City of Daytona Beach which CTO bought out in January 2017 Includes oil lease payments & royalties, impact and mitigation credit sales, and cash flow from agriculture operations, less applicable property taxes Excludes non-cash stock compensation Wintergreen costs include investigating baseless/meritless allegations, pursuing the strategic alternatives process in 2016, and the proxy contest in 2016 ASSUMING NO SIGNIFICANT CHANGE TO OTHER ELEMENTS ($000’s)

CTO SNAPSHOT CONSOLIDATED TOMOKA A Lot More Income than Land Percentages based on values derived on NAV worksheet on Slide #7 36 Properties ≈2.1 million Sq. Ft. Retail and Office NOI $27.5 million (C) Subsurface Interests 460,000 Acres 1 Loan Yield 11% $3.0mm Principal Max Maturity – Aug 2018 5,500 Total Acres 4,300 Acres (78%)(A) Under Contract for $179.2 million(A)(1) Avg. Price of $42k/acre % of Total Value of Asset Components (1) As of July 16, 2018 (unless otherwise noted) 6 Income Land Other LPGA International Golf Club + Other Assets Components of CTO’s Value 62% 5% 33%

NAV WORKSHEET (A)(F)(I) CONSOLIDATED TOMOKA Indicative of Meaningful Discount in our Stock Price 7 Cap Rate on NOI (C) Contract amounts As of July 16, 2018 As of June 30, 2018 Excludes intangible lease liabilities (5) Excludes NOI for Grove at Winter Park Highlighted Components of NAV Basis for Value or Estimate Approx. Acres % of Total Income Properties @ 6.5% Cap Rate (F) Cap Rate on NOI (1)(5) 411,800,000 $ The Grove at Winter Park Book Value (3) 12,400,000 $ Land Pipeline Pipeline Amount (2)(A) 4,290 78% 179,200,000 $ Commercial Loans Book Value (3) 3,000,000 $ Subsurface Interests Estimated Value (A) 15,000,000 $ Golf + Mitigation /Impact Fee Credits & Other Assets Book Value (3) 9,100,000 $ Cash + 1031 Restricted Cash Book Value (3) 4,300,000 $ Total Value of Assets included in NAV 634,800,000 $ Less: Debt and Other Liabilities Debt Face Value (3)(E) (180,600,000) $ Other Liabilities (Excluding Def. Tax Liability) (4) Book Value (3) (16,200,000) $ Value of NAV Components - Excluding Available Land Holdings 438,000,000 $ 438,000,000 $ Plus: Estimated Value of Notable Available Land Parcels & Other Land Holdings E. of Williamson btwn LPGA & Strickland Estimated Value 187 100,000 $ 150,000 $ 18,700,000 $ 28,100,000 $ Williamson Crossing Estimated Value 21 225,000 $ 275,000 $ 4,700,000 $ 5,800,000 $ SW Corner - Clyde Morris & LPGA Blvd. Estimated Value 13 200,000 $ 275,000 $ 2,600,000 $ 3,600,000 $ Hand Avenue - East of Williamson Estimated Value 13 145,000 $ 215,000 $ 1,900,000 $ 2,800,000 $ Range of Value Estimates - Notable Available Land Parcels 234 4% 27,900,000 $ 40,300,000 $ Subtotal of NAV Components 465,900,000 $ 478,300,000 $ Other Land Holdings 976 18% 7,500 $ 25,000 $ 7,300,000 $ 24,400,000 $ Total Land Holdings 5,500 Net Value of NAV Components 473,200,000 $ 502,700,000 $ Current Equity Market Cap @ July 16, 2018 327,600,000 $ Estimated Range of Values per Acre (A) Value Range

MOMENTUM MONETIZING LAND CONSOLIDATED TOMOKA Monetizing Land With Tax Deferred Strategy (Land Sales in $000’s) Dramatic Acceleration Monetizing Land Annual Land Sales for 2011 – YTD Q2 2018 & Pipeline(A) as of 7/16/18 8 (1) 2011 – YTD Q2 2018 Total Sales  $126.7mm Acres Sold  5,214 (2) Total Pipeline(A) : ≈4,290 Acres Proceeds ≈$179.2mm (1) (1) (1) Includes sales proceeds representing reimbursement of infrastructure costs incurred by CTO of $1.4mm, $143k, and $1.5mm for 2015, 2016 and 2017, respectively (2) Includes proceeds of $15.3mm from the sale of 70% interest in mitigation bank joint venture ACRES 0 16.6 11.7 99.6 114.0 707.6 1,700.9 2,563 $30,957 $48,000 $78,957 1,471 975 1,841 + YTD Q2 Actual $0 $618 $2,990 $8,807 $23,946 $13,902 $47,011 $79,200 $52,000 $0 $15,000 $30,000 $45,000 $60,000 $75,000 $90,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

PIPELINE OF POTENTAL LAND SALES(A) As of July 16, 2018 SF –Single Family; AR –Age Restricted, MF – Multi-Family MOB – Medical Office Bldg. Substantial Pipeline for Continued Growth to Income CONSOLIDATED TOMOKA 9 Total Acreage East of I- 95  1,000 Acres Total Acreage West of I-95  4,500 Acres 1 12 2 3 4 8 9 11 10 5 6 7 13 14 15 16 Contract/Parcel Acres Contract Amount (rounded) Price per Acre (rounded) Timing O’Connor 850 $34.0mm $40,000 ‘19 - ‘20 O’Connor 123 $29.3mm $238,000 ‘19 Minto (AR) 1,614 $26.5mm $16,000 Q4 ’18 ICI Homes (SF) 1,016 $21.0mm $21,000 ‘19 Residential (MF) 80 $16.0mm $200,000 ’19 North Amer. Dev Grp 35 $14.4mm $409,000 Q4 ‘18 Commercial/MOB 32 $8.1mm $253,000 ‘19 - ‘20 Residential (MF) 45 $5.2mm $116,000 Q3 ’18 & ‘20 VanTrust 71 $5.0mm $70,000 ‘19 Residential (MF) 20 $4.2mm $213,000 Q4 ’18 Commercial/Retail 9 $3.3mm $367,000 Q4 ’18 – ‘19 VanTrust 26 $3.2mm $124,000 ‘18 – ‘19 Residential (SF) 200 $3.2mm $16,000 Q4 ’18 & ‘20 Auto Dealership 13 $2.0mm $154,000 Q4 ’18 Commercial/Retail 2 $1.5mm $682,000 ’19 – ‘20 ICI (SF) – Option Parcel 146 $1.4mm $10,000 ’19 Commercial/MOB 4 $0.9mm $234,000 Q4 ‘18 Totals/Average 4,290 $179.2mm $42,000 (1) (3) (2) (4) 11 2 3 4 5 6 7 8 10 9 12 13 14 15 16 17 1 14 DIFFERENT BUYERS 78% of Remaining Land Note: For footnotes #1 through #4 see slide 23 17

INCOME PROPERTY INVESTMENTS (1) Converting into Income ($000’s) Annual Acquisitions for 2011 – 2017, YTD Q2 2018 + 2018 Guidance (J) Diversified Markets Higher Quality Properties Remaining acquisitions at the mid-point of 2018 guidance range (J) Net of master tenant purchase contribution of $1.5 million 10 2011 – YTD Q2 2018 Total Acquisitions  $386.7mm (1) As of July 16, 2018 YTD 2018 + Guidance (J) (2) $26,500 $73,500 $100,000 YTD Q2 Actual $0 $25,717 $39,272 $42,166 $81,734 $91,475 $79,800 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 2011 2012 2013 2014 2015 2016 2017 2018

PORTFOLIO HIGHLIGHTS As of July 16, 2018 CONSOLIDATED TOMOKA Transitioning to Single-Tenant Over Time 11 Portfolio Mix Annual NOI (C) ≈$27.5mm Wgtd. Avg. Lease Term 8.1 yrs. 13 States Square Feet ≈2.1mm High Quality & Diversified Portfolio 43% 57% Office Retail 70% 30% Single-Tenant Multi-Tenant

PORTFOLIO HIGHLIGHTS CONSOLIDATED TOMOKA As of July 16, 2018 Total Properties Annualized NOI (1) (C) Total Square Feet (2) Weighted Average Lease Term Investment Grade Tenants (H) Different Industries in Tenant Mix States Single Tenants >10% of NOI (C) 36 $27.5 ≈2.1 8.1 43% 16 13 1 Stronger Markets Stronger Credits (1) $ in millions (2) Square feet in millions 12 Geographic Diversity by Market Portfolio Stats Raleigh 12.5% Portland 11.6% Orlando 9.6% Santa Clara 8.7% Jacksonville 7.1% Sarasota 5.7% Atlanta 4.6% Aspen 4.4% Daytona Beach 4.3% Tampa 4.0% Phoenix 3.6% Fort Worth 3.4% Houston 3.4% Charlotte 3.4% Dallas 3.0% Reno 2.4% Other 8.3%

TOP TENANTS VERSUS PEERS CONSOLIDATED TOMOKA Better Real Estate Better Credit Bigger Discount 13 CTO info as of June 30, 2018 and Discount to NAV from B Reilly FBR S&P Investment Grade ratings % per tenant is as % of NOI for CTO, as of June 30, 2018, and % of Base Rent (for Agree, VEREIT, NNN, Realty Income), Rent + Interest for Store as of March 31, 2018, and annualized rent for EPRT Source for Peers: Janney Montgomery Scott LLC as of July 13, 2018

HOW CTO’S PORTFOLIO STACKS UP CONSOLIDATED TOMOKA Stronger Demographics = Better Markets & Long-Term Real Estate 14 Three Mile Population(1)(3) Implied Cap Rate(2) 3-Mile Median Household Income(1)(3) 3-Mile Avg. Household Income(1)(3) CTO info as of July 2018 Peer implied cap rates info from Janney Montgomery Scott LLC as of July 13, 2018 Peer Demographic Info: B. Riley FBR as of Feb 2018 Another Perspective on the Quality of CTO’s Portfolio (vs. Peers) 93,515 58,917 55,798 50,932 52,430 63,800 0 20,000 40,000 60,000 80,000 100,000 CTO NNN O ADC VER STOR 5.9% 5.5% 5.3% 7.4% 6.3% 0.0% 5.0% 10.0% CTO NNN O ADC VER STOR $73,737 $59,391 $58,218 $55,055 $55,201 $55,389 $0 $20,000 $40,000 $60,000 $80,000 CTO NNN O ADC VER STOR $93,332 $76,293 $74,990 $70,831 $71,257 $72,042 $0 $20,000 $40,000 $60,000 $80,000 $100,000 CTO NNN O ADC VER STOR

GOLF OPERATIONS CONSOLIDATED TOMOKA To Grow Membership Rooftops Will Make the Difference 15 Revenue Membership $ in Millions Transition to Arcis Golf Transition to Arcis Golf 307 355 366 391 406 410 0 100 200 300 400 500 2013 2014 2015 2016 2017 YTD Q2 2018 $5.07 $5.13 $5.24 $5.19 $5.10 $2.64 $- $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 2013 2014 2015 2016 2017 YTD Q2 2018

LIQUIDITY & LEVERAGE CONSOLIDATED TOMOKA 72% of Debt at Fixed rate ≈70% Unsecured Weighted Average Rate =4.11% Average Duration 4.7 years As of June 30, 2018 Debt Schedule (E) ($ in millions) Liquidity Position ($ in 000’s) Total Commitment of Credit Facility = $150 million Amount Outstanding at face value for Convertible Notes Stated rate = 30-Day LIBOR plus 150-220 bps Maturity includes first 10 years I/O Variable Rate Mortgage Loan fixed with Interest Rate Swap and Principal Amortization (beginning during Q2 2018) Borrowing Base Capacity Amount Outstanding Rate Maturity in Years Credit Facility (1) (3) $99.1 $50.7 3.85% 3.2 Convertible Notes (2) $75.0 4.50% 1.7 CMBS Loan (4) $30.0 4.33% 16.3 Mortgage Loan (5) $24.9 3.17% 2.8 Totals/Average $99.1 $180.6 4.11% 4.7 Liquidity & Flexibility Attractive Rates Largely Unsecured 16 $- $35,000 $70,000 $105,000 $4,312 $ - $99,106 Available Credit Capacity 1031 Restricted Cash Unrestricted Cash

RETURNING CAPITAL to SHAREHOLDERS (B)(D) CONSOLIDATED TOMOKA Cumulative From 2012 Through 7/16/18 Disciplined Approach to Returning Capital 17 Cumulative Shares Purchased Cumulative $ Repurchased ($ in millions) Aggregate Avg. Price/Share $51.14 Annualized Dividend per Share Consistent Approach – Accretive to NAV Increasing Dividend – Now Paid Quarterly Share Buybacks(B)(D) Dividends(G) % of CTO Shares outstanding 0.25% 0.0% 0.44% 2.03% 2.61% 2.40% Cumulative % increase in Dividend 50% 75% 100% 200% 350% 550% $10.0 Million Left in Program Aggregate Shares 486,090 Note: YTD 2018 based on annualization of Q3 2018 dividend of $0.07 per share $0.5 $0.5 $1.4 $7.9 $15.3 $22.5 $24.9 0 80,000 160,000 240,000 320,000 400,000 480,000 $- $5.0 $10.0 $15.0 $20.0 $25.0 2012 2013 2014 2015 2016 2017 YTD 2018 $0.04 $0.06 $0.07 $0.08 $0.12 $0.18 $0.28 $0.00 $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 2012 2013 2014 2015 2016 2017 YTD 2018

YTD Q2 ‘18 ACTUALS vs FY ‘18 GUIDANCE CONSOLIDATED TOMOKA Strong Start Recycling Capital 18 YTD 2018 Guidance YTD Q2 2018 Actuals Earnings Per Share (Basic) (1) (2) $7.25 - $8.25 $4.04 Acquisition of Income-Producing Assets $80mm - $120mm $26.5mm Target Investment Yield (Initial Yield – Unlevered) 5.75% - 7.25% 4.50% Disposition of Income Properties $6mm - $18 mm $11.4mm Target Disposition Yield 7.50% - 8.50% 7.40%(3) Land Transactions (Sales Value)(4) $55mm - $70mm $31.0mm Leverage Target (as % of Total Enterprise Value) < 40% of TEV 34% Reaching full year target heavily dependent upon closing of land transactions with Minto Communities Excludes earnings impact of anticipated and actual income property dispositions. Actual results as of June 30, 3018 included earnings from income property dispositions of approximately $0.49 per share, net of tax, which have been excluded from the actual results noted in the above table. Disposition yield based on 2018 pro forma Sales value of land transactions includes the sale of a 70% interest in the Mitigation Bank joint venture, which holds approximately 2,500 acres of land held in conservation for a mitigation bank, to certain funds and accounts managed by an investment advisory subsidiary of BlackRock, Inc. for proceeds of approximately $15.3 million.

CONSOLIDATED TOMOKA 19 APPENDIX

CONSOLIDATED TOMOKA (1) Two properties Single-Tenant Portfolio (C) APPENDIX 20 100% Occupied 100% Leased As of July 16, 2018 (1) (C) Tenant/Building S&P Credit Rating Location Property Type Rentable Square Feet Remaining Lease Term % of NOI Wells Fargo A+ Portland, OR Office 211,863 7.5 11.6% Wells Fargo A+ Raleigh, NC Office 450,393 6.3 10.1% Hilton Grand Vacations BB+ Orlando, FL Office 133,914 8.4 5.8% AG Hill N/A Aspen, CO Retail 19,596 19.6 4.4% Lowe's A- Katy, TX Retail 131,644 8.6 3.4% LA Fitness B+ Brandon, FL Retail 45,000 13.8 3.1% Harris Teeter BBB Charlotte, NC Retail 45,089 9.8 2.6% CVS BBB+ Dallas, TX Retail 10,340 23.6 2.5% Reno Riverside BB Reno, NV Retail 52,474 1.4 2.4% Container Store NR Phoenix, AZ Retail 23,329 11.7 2.3% At Home B Raleigh, NC Retail 116,334 11.2 2.3% Rite Aid B Renton, WA Retail 16,280 8.1 2.0% Landshark Bar & Grill NR Daytona Beach, FL Retail 6,264 14.6 1.9% Dick's Sporting Goods NR McDonough, GA Retail 46,315 5.6 1.7% Jo-Ann Fabric B Saugus, MA Retail 22,500 10.6 1.6% Best Buy BBB- McDonough, GA Retail 30,038 2.6 1.6% Barnes & Noble NR Daytona Beach, FL Retail 28,000 0.8 1.1% Big Lots BBB Glendale, AZ Retail 34,512 4.6 1.3% Walgreens BBB Alpharetta, GA Retail 15,120 7.3 1.3% Cocina214 NR Daytona Beach, FL Retail 5,780 14.6 1.3% Big Lots BBB Germantown, MD Retail 25,589 5.6 1.3% Walgreens BBB Clermont, FL Retail 13,650 10.8 1.2% Bank of America A+ Monterey, CA Retail 32,692 2.4 1.1% Staples B- Sarasota, FL Retail 18,120 3.6 1.3% Outback BB Charlottesville, VA Retail 7,216 13.3 1.0% Outback BB Charlotte, NC Retail 6,297 13.3 0.7% Outback BB Austin, TX Retail 6,176 13.3 0.7% Carrabas BB Austin, TX Retail 6,528 13.3 0.6% Total Single Tenant 1,561,053 9.4 72.4%

CONSOLIDATED TOMOKA Multi-Tenant Portfolio APPENDIX 21 (C) As of July 16, 2018 (C) Tenant/Building Class Location Property Type Rentable Square Feet Remaining Lease Term % of NOI 3600 Peterson NR Santa Clara, CA Office 75,841 3.8 8.7% 245 Riverside Ave N/A Jacksonville, FL Office 136,856 3.8 7.1% Whole Foods Centre A+ Sarasota, FL Retail 59,341 5.1 4.4% Westcliff Shopping Center B Ft. Worth, TX Retail 136,185 4.1 3.4% Fuzzy's/World of Beer NR Brandon, FL Office 6,715 6.3 0.8% 7-11/Dallas Pharmacy AA- Dallas, TX Retail 4,685 6.3 0.5% The Grove B Winter Park, FL Retail 112,292 10.8 2.6% Total - Multi-Tenant 531,915 4.8 27.6%

APPENDIX CONSOLIDATED TOMOKA The Map 22

END NOTES CONSOLIDATED TOMOKA 23 End Notes references utilized in this presentation There can be no assurances regarding the value ultimately received for the Company’s assets, or in the case of the transactions under contract, the likelihood that such transactions will close or the timing or final terms thereof. Certain transactions require the Company to incur the cost to provide mitigation credits necessary for applicable regulatory permits for the buyer. There can be no assurances regarding the likelihood or timing of future execution of the Company’s share repurchase program. Net operating income (“NOI”) relates to our Income Property Operations segment and is calculated based on our current portfolio as of July 16, 2018 reflecting: (i) expected estimated annualized rents and costs as of and for the twelve months ending December 31, 2018; (ii) excluding non-cash items including straight-line rent and amortization of lease intangibles and depreciation; plus (iii) annual revenue from billboard leases. As of the date of this presentation, the Company meets the required coverage ratio in the Credit Facility for repurchases of stock and anticipates, subject to customary restrictions on share repurchases, to be able to continue to make repurchases. Debt amount includes the face value of the Convertible Notes as of June 30, 2018. There can be no assurance that the cap rate range is the proper range for the Company’s portfolio of income properties or that such cap rate range would equate to an appropriate valuation range that the Company might achieve should the income property portfolio be sold as a portfolio, individually, or as part of more than one smaller portfolios comprising the entirety of the Company’s portfolio. Dividends are set by the Board of Directors and declared on a quarterly basis, there can be no assurances as to the likelihood or amount of dividends in the future. Investment grade tenants are defined as tenants with a credit rating of BBB- or higher from the S&P rating agency and is based on our annualized rental revenue that is generated from income properties leased to investment grade tenants, including properties leased to subsidiaries of investment grade companies. There can be no assurances regarding the likelihood of achieving the potential net operating cash flow. There can be no assurances regarding the amount of our total investments or the timing of such investments. Footnotes for Slide #9 Land sale transaction that requires the Company to incur the cost to provide the mitigation credits necessary for obtaining the applicable regulatory permits for the buyer, with such costs representing either our basis in credits that we own or the incurrence of costs to acquire the credits potentially equaling 5%-10% of the contract amount noted. Includes, pursuant to the contract, reimbursement of infrastructure costs incurred by CTO plus interest through December 31, 2017. The acres and amount include the buyer’s option to acquire 19 acres for approximately $2.0 million, in addition to the base contract of 26 acres for approximately $3.2 million The acres and amount include the buyer’s option to acquire 71 acres for approximately $925,000, in addition to the base contract of 129 acres for approximately $2.25 million

Hyman Ave. & Hunter St. Aspen, Colorado CVS Dallas, Texas The Beach Restaurants Daytona Beach, Florida Whole Foods Market Sarasota, Florida Lowe’s Katy, Texas 3600 Peterson Santa Clara, CA Contact Us Investor Relations: Mark E. Patten P: 386.944.5643 mpatten@ctlc.com Consolidated-Tomoka Land Co. 1140 N. Williamson Boulevard, Suite 140 Daytona Beach, FL 32114 P: 386.274.2202 Info@ctlc.com www.ctlc.com NYSE American: CTO For additional information, please see our most recent Annual Report on Form 10-K, copies of which may be obtained by writing the corporate secretary at the address above, or at www.ctlc.com. BUILDING ON OUR SUCCESS NYSE American: CTO 2nd QUARTER 2018 INVESTOR PRESENTATION