WaterColor Ranked 17 Among World's Top 75 Tennis Resorts St. Joe's Panhandle Jewel Shines Among Tough Global Competition SEAGROVE BEACH, Fla., May 25 /PRNewswire/ -- With its selection as one of the world's top tennis resorts by Roger Cox's Tennis Resorts Online, The WaterColor Inn and Resort has been ushered into the ranks of such world-class properties as the Rancho Valencia Resort and The Broadmoor. In only its second year of operation, the Northwest Florida resort and community was honored with a number seventeen rating among hundreds of luxury resorts around the world. Cox's highly regarded tennis resort guide surveyed domestic and international tennis enthusiasts, to compile this annual list of global standouts, the top seventy-five. WaterColor's seventeen ranking puts it at the top among over 400 resorts featured in Cox's survey. Based on a reader survey and benchmarked against some of the world's most acclaimed resorts, WaterColor also received high ratings for its cuisine, accommodations, and professional tennis staff. "We're ecstatic," said Britt Greene, president of St. Joe's community development division. "Our resort operations team has worked very hard to make this happen. WaterColor's tennis facility is part of a truly amazing resort experience," continued Greene. "It begins with our spectacular Gulf of Mexico beaches and offers top drawer amenities including the Tom Fazio-designed Camp Creek Golf Club, the David Rockwell-designed 60-room WaterColor Inn, our extensive vacation rental program, and our new children's recreational facility, Camp WaterColor." In addition to the seventeen ranking, Water Color scored second in cuisine, ahead of the highly-praised Phoenician and Rancho Valencia Resort, as well as number two in lodging facilities, outranking longer established properties such as the Four Seasons Resort Nevis, West Indies and Meadowood in California. And last but not least, romantics will be happy to know they have a new destination to woe their loved ones; WaterColor earned a number four placement as one of the most romantic resorts in the survey. "All of our facilities at WaterColor are world-class," said John Morris, WaterColor's Director of Tennis, Fitness, and Spa Operations. "Our tennis facility features five HarTru courts, three of which are illuminated for night time play." "We have all of the amenities and services one would expect from a luxury facility, but our people and tennis programs really set us apart from our peers," added Morris. "Our pros have such enthusiasm for the sport, and guests have told me their games have improved markedly with instruction from our team." WaterColor's tennis facility boasts a high-tech infrastructure and design touches that enhance the playing experience. Its clay courts are kept constantly moist and in top performing condition with the help of a unique Hydro-Court underground watering system that keeps them in perfect balance. The complex was designed by noted New York architectural firm, Cooper Robertson and Partners, in tune with WaterColor's one-of-a-kind sensibility from the vintage weather vane to the wooden fences surrounding each court and expansive porch with rustic Adirondack chairs. The complex is nestled in an intimate setting among WaterColor's cottage home, giving it an approachable neighborhood feel. No stranger to accolades, since opening in February of 2002, WaterColor has been celebrated in Robb Report's, June 2003 Luxury Portfolio and in USA Today's 2003 Beach Guide, which included WaterColor among its best five family beaches, along with Nantucket, Hilton Head, Cedar Point and La Jolla. In 2003 the WaterColor Inn was invited to join the Small Luxury Hotels group of exclusive hotels and resorts around the world. About Roger Cox and Tennis Resorts Online Roger Cox has spent more than two decades writing about tennis travel. That long stint included a 17-year stretch for Tennis magazine, during which he visited more than 300 tennis resorts on five continents and personally participated in over 50 tennis camps-several of them more than once. His informed perspective on the entire tennis resort and tennis camp landscape underpins Tennis Resorts Online. About WaterColor WaterColor is a 499-acre Southern coastal resort and residential community in Northwest Florida, directly on the Gulf of Mexico, adjacent to the acclaimed Grayton Beach State Recreation Area along south Walton County's Scenic Highway 30A. It is being developed by The St. Joe Company's community development arm St Joe Towns & Resorts. At full build-out, the community is planned to include 1,140 residences; BeachClub; tennis club; BoatHouse; 60-room inn; commercial space; dune walkovers and boardwalks and a lakefront park. Nearly half the site is being devoted to open space and preservation areas. Master-planned by Cooper, Robertson and Partners, a New York-based architectural firm, WaterColor won one of eight community design awards bestowed by the American Institute of Architects. For more information, visit http://www.watercolorflorida.com/ The WaterColor Inn is a member of "Small Luxury Hotels and Resorts of the World" About St. Joe The St. Joe Company, a publicly held company based in Jacksonville, is one of Florida's largest real estate operating companies. It is engaged in town, community, commercial, industrial and resort development, land sales and commercial real estate services. St. Joe also has significant interests in timber. More information about St. Joe can be found online at http://www.joe.com/. "St. Joe," "WaterColor," the"WaterColor Triple Bar" and the "Taking Flight" designs are service marks of The St. Joe Company. 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. 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 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 various documents filed by the company with the U.S. Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended December 31, 2003. DATASOURCE: The WaterColor Inn and Resort CONTACT: Stacy Atkins of The WaterColor Inn and Resort +1-850-231-7775; or Shirar Mugler or Nora Brossard, +1-212-620-7100, both for The WaterColor Inn and Resort Web site: http://www.watercolorflorida.com/ http://www.joe.com/

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