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FAA Issues Record of Decision Approving Relocation of Panama City - Bay County International Airport; West Bay Site is on Land Owned By The St. Joe Company

Posted on: Friday, 15 September 2006, 18:00 CDT

The Federal Aviation Administration (FAA) today issued its Record of Decision (ROD) approving the relocation of the Panama City - Bay County International Airport to a site in West Bay to be donated by The St. Joe Company (NYSE:JOE).

JOE has agreed to donate 4,000 acres to the Panama City - Bay County International Airport and Industrial District (Airport Authority) when all permits and funding for relocation are in place. Significant regulatory steps remain before construction of the relocation of the airport can begin. The relocation of the airport is also dependent on adequate funding.

A complete copy of the FAA's Record of Decision will be available at http://www.pcairport.com or may be obtained by submitting a written request to the Executive Director of the Panama City-Bay County International Airport at 3173 Airport Road, Box A, Panama City, Florida 32405.

About JOE

The St. Joe Company (NYSE:JOE), a publicly held company based in Jacksonville, is one of Florida's largest real estate operating companies. We are primarily engaged in real estate development and sales, with significant interests in timber. Our mission is to create places that inspire people and make JOE's Florida an even better place to live, work and play. We're no ordinary JOE.

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 our 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 this release and in our various documents filed with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2005.

Copyright 2006, The St. Joe Company. "St. Joe,""JOE" and the "taking flight" design are service marks of The St. Joe Company.

Source: Business Wire

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