X0306 4 2019-01-02 0 0000023795 CONSOLIDATED TOMOKA LAND CO CTO 0001619039 Haga Christopher W 2100 MCKINNEY AVENUE 18TH FLOOR DALLAS TX 75201 1 0 0 0 Common Stock 2019-01-02 4 A 0 447 A 1322 D These shares were issued to the reporting person in lieu of his 4th quarter 2018 retainer fee of $10,000 and meeting fees of $13,500 pursuant to the Issuer's "Stock Ownership Guidelines for Directors and Executive Officers" adopted by the Issuer's board of directors on January 24, 2018. The reporting person is a partner and serves as Head of Strategic Investments at Carlson Capital, L.P. Carlson Capital, L.P. may be deemed to beneficially own 162,617 shares of Common Stock of the Issuer. The reporting person disclaims beneficial ownership of the securities of the Issuer beneficially owned by Carlson Capital, L.P. /s/ Daniel E. Smith, attorney-in-fact for Christopher W. Haga 2019-01-03