Established in 1902

Consolidated-Tomoka Land Co. (“Consolidated”) celebrated its 100th year in Florida in 2002. The company has a rich history dating back to 1902 in Jacksonville. It began as Consolidated Naval Stores Company, a timber-based company, specializing in harvesting gum converted into turpentine pitch and rosin from long leaf yellow pine for the maintenance of wooden ships. It became the largest naval stores factor in the world and initially owned more than one million acres of Florida forest lands. Consolidated pioneered in pine timber conservation by improving turpentine extraction methods.

The year 1923 was one of the most significant years for Consolidated. Baker, Fentress & Company of Chicago, a closed-end investment company, purchased the Naval Stores Company. Baker Fentress became a guiding force in Consolidated’s businesses and helped launch the company as a publicly traded company in 1969 when it began trading on the NASDAQ market. In 1999, Baker Fentress divested its interest in Consolidated and distributed 5,000,000 shares of Consolidated stock to its own shareholders, increasing Consolidated’s base of shareholders tenfold.

Over the years, Consolidated expanded into Florida cattle ranching and citrus production in Highlands County, and land development, including home building and a Four-Star resort and golf course in Daytona Beach. In the early decades of the century, Consolidated was reputedly the largest land owner in Florida, holding almost two million acres. Consolidated sold much of its land in later years, but retained oil, gas, and mineral rights to 562,000 “surface acres” in twenty Florida counties.

One of the company’s major achievements was the relocation of the Ladies Professional Golf Association (“LPGA”) national headquarters to company lands in Daytona Beach in 1989. The LPGA project includes development of a new mixed-use community on approximately 4,000 acres of company land. There are two top-quality golf courses, the LPGA Champions Golf Course designed by Rees Jones and the LPGA Legends Golf Course designed by Arthur Hills, as well as a 17,000 square-foot signature clubhouse featuring a pro shop, a restaurant, locker rooms, conference room and banquet facility for groups up to 200, and a swimming pool.

Consolidated has been growing with the State of Florida since 1902. Today, the company is primarily engaged in the selective self-development of its approximately 11.500 acres of land in the Daytona Beach area. In 2000, the Company implemented a strategy of converting Company owned agricultural lands into a portfolio of income properties, such as CVS and Walgreens, which are strategically located in Florida and the Southeast, through the efficient utilization of 1031 tax-deferred exchanges.

Consolidated maintains its corporate office in Daytona Beach, and its common stock is traded on the New York Stock Exchange (NYSE AMEX) under the symbol CTO.