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Business Editors

CLEARWATER, Fla.--(BUSINESS WIRE)--May 1, 2000

Arvida Realty Services, a business unit of The St. Joe Company (NYSE:JOE), announced today that it has formed a real estate alliance with van Eijsden, ter Borgh & Roos B.V., a well established brokerage company in Amsterdam, to further its residential, and commercial business interests between Florida and Netherlands.

Van Eijsden, ter Borgh & Roos B.V. which is owned and operated by Alphons Van Eijsden, Peter ter Borgh and Alexander Roos, has been in the real estate business since 1977. The company specializes in residential and commercial sales, property management and accountancy for owners' associations. All three partners are members of the Dutch Association of Real Estate Agents and the Real Estate Association of Amesterdam. In addition Alexander Roos is a member of FIABCI (International Real Estate Federation) and the National Association of Realtors International Council. He holds his CIPS (Certified International Property Specialist) Designation from NAR and will serve on the NAR International Operations Committee in the year 2001. In 1999 he was appointed by the Prime Minister of Belize as the first Honorary Consul of Belize in the Kingdom of the Netherlands.

"We are honored to have such a prestigious firm represent Arvida Realty Services in the Netherlands," said Richard W. Cope, CEO. "Their reputation in the European real estate community and with the National Association of Realtors is certainly an asset to our partnership. We are looking forward to working with van Eijsden, ter Borgh & Roos B.V. and anticipate that our alliance with them will help us increase property sales in Florida. One of our first co-sponsorship activities with them was our participation in the European Second Home Show, March 15 - 19," he added.

"We couldn't be more pleased with our new relationship with Arvida Realty Services. It is our intent to represent their company and properties with the highest level of integrity and professionalism," said Alexander Roos. "The Netherlands is an active investment market, and we believe our company is in the ideal position to promote Florida properties to those wishing to invest in U.S. real estate. It is because of our company's interest to expand its international activity through strategic alliances that we decided to affiliate with Arvida Realty Services. In addition, I personally look forward to working with their management group and serving on their International Council. It will be a win-win situation for both of our companies," he added.

Headquartered in Clearwater, Arvida Realty Services is the state's largest independent real estate brokerage and the 5th largest in the nation with more than 100 offices located throughout the state and 3,100 licensed sales professionals and 700 employees affiliated with the company. It offers residential and commercial real estate sales, relocation services, asset and property management, title and mortgage services, annual and seasonal rentals, resort management and international real estate marketing. The company generated $6.5 billion in sales in 1999.

The St. Joe Company, a publicly held company based in Jacksonville, is Florida's largest real estate companies. It is engaged in community, commercial, industrial, hospitality, leisure and resort development, along with residential and commercial real estate services. The company also has significant interests in timber.

For more information about Arvida Realty Services, see the company's web site at www.ArvidaRealty.com. More information about St. Joe can be found at the St. Joe web site, www.joe.com.

The above discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Such statements are based on current expectations and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, the company's actual performance may differ materially from that indicated or suggested by any forward-looking statement contained herein.

"Arvida" is a registered trademark. "Arvida, a St. Joe Company" and the "taking flight" logo are service marks of The St. Joe Company.