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Press Release: The St. Joe Company
May 20, 2004
JACKSONVILLE, FL -- The St. Joe Company (NYSE:JOE) announced yesterday that Arvida, the company's community development
arm, will be renamed St. Joe Towns & Resorts. St. Joe Towns & Resorts will continue to operate as a separate
business unit, performing the same functions.
"This decision is part of the natural evolution of our business, reflecting the reality of the company we
have become," said JOE chairman and CEO, Peter S. Rummell. "This transition unifies our name and face
to the world, gives us the ability to clarify our identity in the marketplace and helps to achieve operating efficiencies."
"Only the name will be changing," said Britt Greene, president of St. Joe Towns & Resorts. "The
creativity, customer focus and exacting standards we bring to every community remain the same. Our goal is to create
authentic, original places people are proud to call home."
"With Arvida as its community development arm, JOE has established a track record of developing memorable
places of exceptional quality," said Rummell. "Over the last seven years, the JOE brand has been transformed
to represent thoughtful planning, high quality place-making and environmental stewardship. Going forward, the spirit
and passion for excellence that grew from Arvida will live on in St. Joe Towns & Resorts."
The St. Joe Company acquired assets in Arvida, one of Florida's most successful master-planned developers, in 1997.
Arthur Vining Davis founded Arvida in 1958, and over the years the company has created more than 60 planned communities
with more than 40,000 new homes and 30 golf courses in Florida, Georgia, Texas, California, South Carolina and
North Carolina.
About St. 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. 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.
Copyright 2004, The St. Joe Company. "St. Joe," "JOE," "Arvida" 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
jray@joe.com
or
Investor Contact: Steve Swartz, 904/301-4347
sswartz@joe.com
Source: The St. Joe Company