On November 27, 2017, Consolidated-Tomoka Land Co. announced that it had received from Wintergreen Advisers, LLC a shareholder proposal dated November 13, 2017, and a notice of intent to nominate 3 candidates for election to Company’s board of directors dated November 24, 2017. Wintergreen Advisers has requested that the shareholder proposal and the director nominations be submitted for consideration by Company’s shareholders at the Company’s 2018 annual meeting of shareholders. The shareholder proposal requests that the Board hire an independent adviser to maximize shareholder value by evaluating all options for the Company, including a sale or liquidation of the Company. The 3 director nominees identified by Wintergreen Advisors are David J. Winters, Elizabeth N. Cohernour, and Evan H. Ho.