St. Joe Signs a Letter of Intent with Enova Energy Group to Spur Job Growth in Northwest Florida

  St. Joe Signs a Letter of Intent with Enova Energy Group to Spur Job Growth
  in Northwest Florida

Business Wire

WATERSOUND, Fla. -- June 20, 2013

The St. Joe Company (NYSE: JOE) today announced that it has signed a Letter of
Intent (LOI) with Enova Energy Group (“Enova”), a full service, clean energy
development company specializing in development and operations of contracted
renewable based assets. The LOI contemplates economic development
opportunities for Florida’s Northwest region, including the potential to
bolster usage of the AN Railway and make the Port of Port St. Joe operational.

The LOI anticipates new business development opportunities to create jobs in
the region if all matters occur as contemplated in the LOI. Specifically,
Enova has expressed an interest in transporting a minimum of 1 million metric
tons per year of wood pellets using the AN Railway to the Port of Port St. Joe
for further shipment to overseas markets. Additionally, Enova expressed an
interest in using or developing Port site facilities provided that the Port is
capable of accepting vessels of adequate size for the shipment of its
commercial wood pellets.

With significant experience in related industries, Enova Energy Group is
interested in developing, constructing, owning and operating wood pellet
facilities throughout the southeastern United States. It is currently
developing three wood pellet production facilities in other parts of the
Southeastern United States and expects to make its first shipment of pellets
in the fourth quarter of 2014. Enova also expects that its biomass to
electricity plant in Plainfield, Conn., will start operations in the fourth
quarter of 2013.

The Port of Port St. Joe is well positioned for bulk cargo shipments, offering
access to rail, the U.S. Gulf Intracoastal Waterway and state and U.S.
highways. The Port also has a navigational channel that is federally
authorized to a maximum of 37 feet; however, dredging the Port’s shipping
channel to the authorized depth is necessary prior to commencing shipping
activities. The Letter of Intent between The St. Joe Company and Enova Energy
Group is contingent upon the Port of Port St. Joe receiving funding to
complete maintenance dredging of the shipping channel.

“Adequate infrastructure is paramount to bringing new business and jobs to
Northwest Florida,” said Park Brady, CEO for The St. Joe Company. “The
prospective rail improvements to the AN Railway are critical to open doors for
economic development for the Port of Port St. Joe and surrounding areas. The
last major hurdle to an operational port and new jobs is the necessary
dredging improvement to the shipping channel.”

Ben Easterlin, Senior Vice President of Development for Enova, said, “Port St.
Joe and the surrounding areas offer some excellent opportunities for the
expansion of our wood pellet export business. We look forward to a good
relationship with The St. Joe Company and the State of Florida.”

“The agreement between The St. Joe Company and Enova Energy Group is an
important step forward for Port St. Joe and the surrounding area,”says
Congressman Steve Southerland. “This is a great example of two partners of
industry and innovation coming together to seek to create jobs and expand
economic development, and I couldn’t be happier about the opportunities it
will bring to Northwest Florida.”

“This latest endeavor should be a tremendous economic boost for all of North
Florida,” says Sen. Bill Montford. “The St. Joe Company, local officials and
everyone involved are to be commended for their vision and commitment to this
area.”

“Economic development opportunities are beginning to be a realization with
this Letter of Intent with Enova Energy Group,” said Rep. Halsey Beshears. “We
will continue to push for funding to complete the dredging of the channel so
that this opportunity and other future growth can come to fruition and create
good jobs for the area.”

“We are excited and encouraged by the news of the relationship between Enova
and The St. Joe Company,” says Mel Magidson, Jr., Mayor for the City of Port
St. Joe. “The City andthe Port of Port St. Joe could see a
tremendousincrease in economic activity due to this venture. The potential
for further port improvements and job creationbodes well forthe City of Port
St. Joe, Gulf County and the entire region.”

“Gulf County is excited about the progress that is ongoing with the Port of
Port St. Joe with this announcement,” says Warren Yeager, Jr., Gulf County
Commissioner. “As a past chairman of the Port St. Joe Port Authority, I
understand the difficulties in securing business in a new port facility. The
St. Joe Company needs to be commended on its efforts and Gulf County is
pleased for this announcement. These are exciting times, not only for Port St.
Joe and Gulf County, but the entire region. Economic development has taken a
huge step forward for all of us.”

“We welcome Enova to the Port of Port St. Joe and are excited about the
opportunities they will bring to the Port,” says Leonard Costin, Chairman of
the Port St. Joe Port Authority. “The Port Authority's number one priority is
to create jobs for the region. This letter of intent with Enova is key to
helping us reach this goal.”

About The St. Joe Company

The St. Joe Company is a Florida-based real estate developer and manager. The
Company owns approximately 567,000 acres of land concentrated primarily in
Northwest Florida and has significant residential and commercial land-use
entitlements in hand or in process. The majority of land not under development
is used for the growing and selling of timber. The Company also owns various
commercial, resort and club properties. More information about the Company can
be found on its website at www.joe.com.

About Enova Energy Group, LLC

Enova Energy Group is a full-service, clean-energy power producer that
specializes in development and operations of contracted renewable assets.
Guided by a management team that boasts over 150 years of experience and over
$3 billion in transactions in related industries, Enova Energy Group is driven
by its passion for providing cleaner energy. Enova also is initiating its
vertically integrated business model centered on developing, constructing,
owning and operating wood pellet facilities throughout the southeastern United
States.

About The Port of Port St. Joe

Located in Gulf County, Florida, the Port of Port St. Joe offers a deepwater
seaport with two separate bulkheads—one featuring nearly 1,900 linear feet at
the ship channel turning basin and the other offering nearly 900 linear feet
on the Gulf County Canal. The port is well-suited for bulk and cargo
shipments, offering access to rail, the U.S. Gulf Intracoastal Waterway, and
state and U.S. highways.

One of the port’s greatest assets is the approximately 260 acres of combined
ready-to-be-leased lands adjacent to the bulkheads and the more than 5,000
acres of land in the Port environs available for immediate development. More
information can be found at www.portofportstjoe.com.

Information Concerning Forward-Looking Statements

This press release includes forward-looking statements, including statements
regarding (i) the future intentions of Enova Energy Group and The St. Joe
Company, (ii) the AN Railway and the Port of Port St. Joe becoming fully
operational, (iii) the impact of the improvements to the rail and the port on
port-related business and operations, and on the economic development in
Northwest Florida, and (iv) expectations related to Enova Energy Group’s
future operations. This information is qualified in its entirety by cautionary
statements and risk factor disclosures contained in St. Joe’s Securities and
Exchange Commission filings, including St. Joe’s annual report on Form 10-K
filed with the Commission on March 1, 2013. St. Joe wishes to caution readers
that certain important factors could cause St. Joe’s actual results to differ
materially from those expressed in any forward-looking statement made by or on
behalf of St. Joe, including, but not limited to, the ability of The St. Joe
Company and Enova Energy Group to negotiate and execute mutually satisfactory
agreements, the rail and port structures becoming successfully rehabilitated,
the ability to obtain funding and permits for the dredging of the Port of Port
St. Joe’s shipping channel, and the ability of the fully operational rail and
port facilities to attract new port-related business and economic development
in Northwest Florida.

    © 2013, The St. Joe Company. “St. Joe^®”,“JOE^®”, the “Taking Flight”
Design^®, “St. Joe (and Taking Flight Design)^®” are registered service marks
                           of The St. Joe Company.

Contact:

The St. Joe Company
Lori Elliott, 850-402-5138