ST JOE Co — Director's Dealing 2007

May 16, 2007

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: ST JOE CO (JOE)
CIK: 0000745308
Period of Report: 2007-05-15

Reporting Person: CONNOLLY JANNA L (Chief Accounting Officer)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6279	Direct
Common Stock	3029.7251	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$19.38	2007-08-11	Common Stock (4107)		Direct
Employee Stock Option	$16.69	2010-02-22	Common Stock (12002)		Direct

Footnotes

F1: All options are vested.