Contributes $250,000 to Address Critical Needs in Wake of Hurricane Ivan

      Panama City Beach, Florida – (September 17, 2004) – The St. Joe Company and The St. Joe Community Foundation today announced donations to help meet critical needs in Northwest Florida in the wake of Hurricane Ivan.

      The company and the foundation are providing a total of $250,000 for disaster relief in Northwest Florida, along with logistic support for debris removal and aircraft to transport doctors to the area from other parts of the state.

      “At a difficult time like this, it’s vitally important that we all work together to speed this region’s recovery,” said Peter S. Rummell, chairman and CEO of The St. Joe Company.  “We are deeply committed to Northwest Florida and are working to help our friends and neighbors there recover from Ivan.”

      The St. Joe Company has taken the following initial steps to assist with recovery efforts:

* Made a $100,000 contribution to the Florida Hurricane Relief Fund;

* JOE’s corporate plane has been used to transport teams of doctors from St. Vincent’s Hospital in Jacksonville to Sacred Heart Hospital in Pensacola to provide critical care for hurricane victims;

* Providing 10,000 bags of ice in two tractor trailers to Escambia County;

      In addition, The St. Joe Community Foundation has announced the following efforts to assist with recovery:

* Made a $100,000 contribution to the Central Panhandle Chapter of the American Red Cross, to help families in need in Northwest Florida;

* Made a $50,000 contribution to Bay County Emergency Services for storm relief and clean-up.

      “Recovery efforts across the region are just beginning,” said Rummell.  “We are working closely with local communities across the Panhandle to ensure a coordinated response to this natural disaster.  One thing I know – people from this region are very resilient, and working together I’m confident we’ll be able to achieve a speedy and full recovery.” 

About The St. Joe Community Foundation

      The St. Joe Company (NYSE: JOE) created The St. Joe Community Foundation (STJCF) in 1999 to invest in community initiatives that pay long-term returns on the quality of life in Bay, Franklin, Gulf, and Walton counties.

      Focused primarily on education, regional health care delivery, art and culture, parks and recreation, and community spirit, STJCF investments are based on building civic infrastructure and providing on-going improvements in the region through grants and initiatives that promote teaching and learning and create healthier communities.  To learn more about STJCF or to request a 2003 annual report, log on to www.stjcf.com or contact Pamela Selton, STJCF executive director, at 850.231.6558.

About JOE

      The St. Joe Company, a publicly held company based in Jacksonville, is one of Florida’s largest real estate operating companies.  It is engaged in town, resort, commercial and industrial development, land sales and commercial real estate services.  JOE also has significant interests in timber.

      More information about JOE can be found at our web site at http://www.joe.com.

Forward-Looking Statements

Statements in this press release that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements involve risk and uncertainty, and there can be no assurance that the results described in such statements will be realized.  Such statements are based on current expectations and we undertake no obligation to publicly update or reissue any forward-looking statements.  Risk factors that may cause the actual results to differ are described in various documents filed by the company with the U.S. Securities and Exchange Commission, including the company’s Annual Report on Form 10-K for the year ended December 31, 2003.

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Copyright 2004, The St. Joe Company. “JOE,” “St. Joe,” and the

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