Arvida Realty Services, a Business Unit of The St. Joe Company - NYSE:JOE -, Purchases Assets of Angstrom Corporation Realtors in Jupiter.

Business Editors

JUPITER, Fla.--(BUSINESS WIRE)--Feb. 18, 2000

Arvida Realty Services, a business unit of The St. Joe Company (NYSE:JOE), has announced that it has purchased certain assets of Angstrom Corporation Realtors located at 6671 W. Indiantown Road.

The announcement was made by Stan Cowherd, Jr., Regional President for Arvida Realty Services' Palm Beach County Region and Angstrom Corporation Realtors' principal owner and President, Charles W. Whaley. With the addition of Angstrom Corporation Realtors, Arvida Realty Services now operates 20 offices throughout Palm Beach County.

&uot;Angstrom Corporation Realtors has been in business since 1978 and has enjoyed a solid reputation as one of the leading brokerage firms that specializes in Jupiter's luxury and executive homes market,&uot; says Cowherd. &uot;We wanted to expand our presence in the Jupiter-Tequesta area and saw an opportunity to partner with an outstanding real estate firm that shares the same professional ethics that we do. The combination of a long-established and successful reputation and an outstanding geographical location in the Gateway to Jupiter area makes Angstrom Corporation a welcome addition to the company's Palm Beach County office network.&uot;

&uot;We decided to join Arvida Realty Services for a number of reasons including the company's reputation as a quality, well-managed organization,&uot; says Whaley. &uot;Angstrom Corporation Realtors has always striven for excellent customer service and giving our agents the most effective tools possible for success. We felt that we needed to affiliate with a company that truly understands our business and could help us broaden our opportunities to better serve our clients and enhance our associates' marketing abilities. For us to grow, keep pace with technology and meet customer demands, we saw a partnership with Arvida Realty Services as the ideal solution.&uot;

Angstrom Corporation Realtors currently has 29 sales professionals affiliated with the office. Angstrom is licensed as Certified General Contractors and Real Estate Brokers. Whaley's experience in development and construction in Tallahassee led to his establishing his own company in Jupiter and concentrating on custom home building. He averaged 10 new homes a year and handled light commercial and commercial improvements. Real estate brokerage services were added to the firm in the early 80s. Since that time, general real estate has become a significant part of Angstrom Corporation business plan. In 1999, the company generated $31.5 million in sales volume and handled 180 transactions. Charles Whaley will remain with the company as Sales Director. Mikie Porfidio, Managing Broker of Arvida Realty Services' Jupiter office will oversee the Indiantown Road operation as well.

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 95 offices located throughout the state and 3,000 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 company. It is engaged in community, commercial, industrial, hospitality, leisure and resort development, along with residential and commercial real estate services. St. Joe is comprised of two real estate development arms, St. Joe Commercial and Arvida, each with a services component. 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.

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