ST JOE Co — Director's Dealing 2008

Aug 20, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ST JOE CO (JOE)
CIK: 0000745308
Period of Report: 2008-08-19

Reporting Person: CONNOLLY JANNA L (Chief Accounting Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-08-19	Common Stock	M	4000	$16.69	Acquired	24921	Direct
2008-08-19	Common Stock	S	3500	$35.00	Disposed	21421	Direct
2008-08-19	Common Stock	S	500	$35.10	Disposed	20921	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-08-19	Employee Stock Option	$16.69	M	4000	Disposed	2010-02-22	Common Stock (4000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3322.9812	Indirect

Footnotes

F1: All options are vested.