Southwest Airlines Announces Fares and Flights to/from Northwest Florida Beaches International Airport

Southwest Will Operate Eight Daily Nonstop Flights From Panama City Beach, FL Beginning May 23, 2010

The St. Joe Company (NYSE:JOE) to Leverage Northwest Florida Connectivity

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Southwest Airlines announced today that flights go on sale today from the new Northwest Florida Beaches International Airport (ECP) in Panama City Beach, FL for the May 23, 2010, start of service.

“St. Joe intends to aggressively leverage Southwest's service at the new international airport”

Southwest and The St. Joe Company (NYSE:JOE) had previously announced a strategic alliance to promote air service to Northwest Florida's new international airport.

The Dallas-based airline will offer a total of eight daily nonstop departures:

Panama City Beach (ECP) to/from Nashville (BNA) – two daily flights
Panama City Beach (ECP) to/from Houston Hobby (HOU) – two daily flights
Panama City Beach (ECP) to/from Baltimore/Washington (BWI) – two daily flights
Panama City Beach (ECP) to/from Orlando (MCO) – two daily flights

Southwest is offering these new flights with fares as low as $49 each way to Orlando and $69 each way to Baltimore/Washington, Houston, and Nashville with a 14-day advance purchase (see fare rules at www.southwest.com).

In addition to the eight daily nonstop flights, Southwest Airlines will offer direct or connecting service to more than 58 destinations from Panama City Beach, including Dallas, Hartford, Chicago and Ft. Lauderdale, along with the New York and Boston regions.

“St. Joe intends to aggressively leverage Southwest's service at the new international airport,” said Britt Greene, president and CEO of St. Joe. “Sometimes called ‘The Southwest Effect,’ the connectivity Southwest brings is expected to stimulate economic development, job growth and real estate absorption in the company's projects across Northwest Florida. Southwest, with their renowned customer service, is a game changer for the entire region.”

The new Northwest Florida Beaches International Airport, located within St. Joe’s West Bay Sector, is scheduled to open with a 10,000-foot primary runway on May 23, 2009 with the Southwest service.

About St. Joe

The St. Joe Company (NYSE:JOE), a publicly held company based in Jacksonville, is one of Florida's largest real estate development companies and Northwest Florida's largest private landowner. We are primarily engaged in real estate development and sales, with significant interests in timber.

More information about St. Joe can be found on our web site at 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 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 press release and in various documents we have filed with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2008, and our Quarterly Reports on Form 10-Q.

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