On January 13, 2016, Wintergreen Advisers, LLC sent the following letter to the board of Directors of Consolidated-Tomoka Land Co. to draw attention to what Wintergreen believes are continuing failures by CTO to make full disclosures to its shareholders about the financial condition of the company. The Wintergreen letter notes that CTO's recent announcement of a new share repurchase program fails to mention that the company's share count has increased since John Albright was named CEO in August 2011, depriving shareholders of the benefits typically associated with share repurchases.