The St. Joe Company Adopts "Joe" as Stock Symbol to Reflect Company Transformation; The St. Joe Company, NYSE: SJP, Will Become NYSE: JOE on July 22

Business Wire, July 20, 1998

JACKSONVILLE, Fla.--(BUSINESS WIRE)--July 20, 1998--On the morning of July 22, 1998, The St. Joe Company will change its New York Stock Exchange symbol from "SJP" to "JOE." The new stock symbol signifies the transformation of St. Joe into a diversified real estate company.

"Our new symbol represents the new direction of the company," said Peter S. Rummell, chairman and CEO of St. Joe. "Over the last year we have completed an exciting transformation into a company that focuses on the development of master-planned communities, commercial and industrial facilities, and resort and entertainment destinations. Our current stock symbol, SJP for St. Joe Paper, reflected our past as `the paper company.' The symbol, JOE, remains true to the strength of our heritage but signals our evolution toward a new future."

The change in stock symbol follows a decision earlier this year to change the name from The St. Joe Corporation to The St. Joe Company and to introduce a new corporate graphic representation.

St. Joe, a publicly held company based in Jacksonville, is Florida's largest private land owner and is engaged in the development of master-planned communities, commercial and industrial facilities, and resorts and location-based entertainment. St. Joe also has interests in timber and transportation.

Data files of the new St. Joe logo are available to the media on diskettes or via email at info@st-joe.com.

CONTACT: The St. Joe Company, Jacksonville

Jerry M. Ray, 904/858-2707