Consolidated-Tomoka Land Co. Names Linda Shelley to
the Company’s Board of Directors  

DAYTONA BEACH (December 1, 2008) – Consolidated-Tomoka Land Co. (NYSE Alternext US–CTO) announced today that it has named Linda Loomis Shelley to the Company’s Board of Directors.  Ms. Shelley, who qualifies as an independent director, fills a vacancy on the Board created by the retirement of Bob Allen.  She will stand for election at the Company’s 2009 Annual Meeting and serve in the class of Directors with terms expiring in 2010. 

William H. McMunn, Chairman and CEO of Consolidated-Tomoka stated, “Linda Shelley is an accomplished professional whose background and broad experience are uniquely relevant to our Company’s business.  Linda is well known and respected across the State of Florida and has extensive knowledge of growth management, environmental issues, land planning, and the legislative and regulatory process.  We are very pleased to welcome Linda as a new independent member of the Board and look forward to her contributions.”

Ms. Shelley is a shareholder in the law firm of  Fowler White Boggs PA, where she specializes in environmental and land use issues and chairs the firm’s business department.  She has extensive experience in Florida state government, having served in numerous key positions, including as General Counsel to Governor Bob Graham and as Chief of Staff to Governor Lawton Chiles.  She also served as the Secretary of the Department of Community Affairs (“DCA”).  DCA is the state’s land planning and community development agency, which ensures that new growth complies with Florida’s growth management laws. 

In addition to other professional roles and accomplishments, Ms. Shelley is a member or trustee of several community and professional associations.  Ms. Shelley earned her J.D. from the University of Florida, Levin College of Law and her B.A. from the University of Florida.  She is a resident of Tallahassee, Florida.

About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based company primarily engaged in converting Company owned agricultural lands into a portfolio of net lease income properties strategically located in the Southeast, through the efficient utilization of 1031 tax-deferred exchanges.  The Company has low long-term debt and generates over $9 million in annual before tax cash flow from its real estate portfolio.  The Company also engages in selective self-development of targeted income properties. The Company’s adopted strategy is designed to provide the financial strength and cash flow to weather difficult real estate cycles.  Visit our website at www.ctlc.com.

 

“Safe Harbor”

Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements.  The words “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.  Forward-looking statements are made based upon management’s expectations and beliefs concerning future developments and their potential effect upon the Company.  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.

The Company wishes to caution readers that the assumptions which form the basis for forward-looking statements with respect to or that may impact earnings for the year ended December 31, 2008, and thereafter include many factors that are beyond the Company’s ability to control or estimate precisely.  These risks and uncertainties include, but are not limited to, the strength of the real estate market in the City of Daytona Beach in Volusia County, Florida; our ability to successfully execute acquisition or development strategies; any loss of key management personnel; changes in local, regional and national economic conditions affecting the real estate development business and income properties; the impact of environmental and land use regulations; the impact of competitive real estate activity; variability in quarterly results due to the unpredictable timing of land sales; the loss of any major income property tenants; and the availability of capital.  Additional information concerning these and other factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the Company’s Securities and Exchange Commission filings, including, but not limited to, the Company’s Annual Report on Form 10-K. Copies of each filing may be obtained from the Company or the SEC.

While the Company periodically reassesses material trends and uncertainties affecting its results of operations and financial condition, the Company does not intend to review or revise any particular forward-looking statement referenced herein in light of future events.

 

Date: December 1, 2008
Contact: Bruce W. Teeters, Sr. Vice President
Phone: (386) 274-2202
Facsimile: (386) 274-1223