Daytona Beach, Florida – At a scheduled board meeting of Consolidated-Tomoka Land Co. (AMEX: CTO) held today, Bob D. Allen, Chairman of the Board of Directors, announced that he is retiring from the Board effective at the close of the Company’s annual meeting of shareholders to be held April 23, 2008. John C. Adams, Jr., a member of the Board since 1977, said, “Bob Allen has contributed immeasurably to the success of the Company since he was hired as CEO in 1990. We all wish him the best in his retirement.” Mr. Allen served as President and CEO from 1990-2001 and as Chairman of the Board since 1998.

The Board’s nomination of a director to replace Mr. Allen will be included in the Proxy Statement in addition to the Board’s nominations for directors in Class II, whose terms expire in 2008.

Consolidated-Tomoka Land Co. is a Florida-based company primarily engaged in converting Company owned agricultural lands into a portfolio of income properties strategically located throughout the Southeast, and development, management, and sale of targeted real estate properties. Visit our website at www.ctlc.com

Date: January 23, 2008
Contact: Bruce W. Teeters, Sr. Vice President
Phone: (386) 274-2202
Facsimile: (386) 274-1223