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Press Release: The St. Joe Company
July 6, 2004
JACKSONVILLE, FL -- The St. Joe Company (NYSE:JOE) announced July 2 that The Alfred I. duPont Testamentary Trust
(the Trust), and its beneficiary, The Nemours Foundation (the Foundation), respectively sold 540,742 and 1,459,258
shares of JOE common stock July 1, for a total of 2 million shares, at $39.70 per share, the closing price on June
30, 2004.
The sale was made pursuant to a shelf registration statement that was filed by JOE on behalf of the Trust on May
28, 2004. There are 10 million shares remaining under the shelf registration.
JOE will not receive any of the proceeds from the sale of the shares of common stock in this offering.
At the close of this transaction, the Trust owned 15,716,945 shares, or approximately 20.6 percent, of JOE's outstanding
common stock, and the Foundation owned no shares of JOE common stock.
About The Alfred I duPont Testamentary Trust
The Trust was established under the Last Will and Testament of Alfred I. DuPont. Mr. duPont was a descendant of
the Delaware family that founded E.I. duPont de Nemours & Company. The Trust was formed to provide testamentary
dispositions to persons named in the Will and to benefit The Nemours Foundation. The Foundation is a charitable
foundation, which provides for the care and treatment of disabled children and the elderly.
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 online 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, including statements about our beliefs, plans,
goals, expectations and intentions. 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 this press release and 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.
Copyright 2004, The St. Joe Company. "St. Joe," "JOE," and the "taking flight" design
are service marks of The St. Joe Company.
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Contact:
The St. Joe Company, Jacksonville
Media Contact:
Jerry M. Ray, 904-301-4430
or
Investor Contact:
Steve Swartz, 904-301-4347
Source: The St. Joe Company