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  <TITLE>THE ST. JOE COMPANY</TITLE>
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  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <P align="center"><FONT size="4">UNITED STATES<BR>
  SECURITIES AND EXCHANGE COMMISSION
  </FONT>
  
  <DIV align="center"><FONT size="3">Washington, D.C. 20549
  </FONT></DIV>
  <P align="center"><FONT size="5"><B>Form&nbsp;S-8</B>
  </FONT>
  
  <P align="center"><FONT size="3"><B>REGISTRATION STATEMENT<BR>
  UNDER THE SECURITIES ACT OF 1933</B>
  </FONT>
  
  <P align="center"><FONT size="6"><B>THE ST. JOE COMPANY</B>
  </FONT>
  
  <DIV align="center"><FONT size="2">(Exact Name of Registrant as Specified in its Charter)
  </FONT></DIV>
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
  <TR valign="bottom">
      <TD width="61%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="34%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2"><B>FLORIDA</B><BR>
  (State or other jurisdiction of<BR>
  incorporation or organization)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  <B>59-0432511</B><BR>
  (I.R.S. Employer<BR>
  Identification No.)</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  <P align="center"><FONT size="2">245 RIVERSIDE AVENUE, SUITE 500<BR>
  JACKSONVILLE, FLORIDA 32202<BR>
  (Address of principal executive offices) (Zip Code)
  </FONT>
  
  <P align="center"><FONT size="2"><B>THE ST. JOE COMPANY<BR>
  2001 STOCK INCENTIVE PLAN</B><BR>
  (Full title of the Plan)
  </FONT>
  
  <P align="center"><FONT size="2">CHRISTINE M. MARX<BR>
  GENERAL COUNSEL<BR>
  THE ST. JOE COMPANY<BR>
  245 RIVERSIDE DRIVE, SUITE 500<BR>
  JACKSONVILLE, FLORIDA 32202<BR>
  (Name and address of agent for service)
  </FONT>
  
  <P align="center"><FONT size="2">(904)&nbsp;301-4200<BR>
  (Telephone number, including area code, of agent for service)
  </FONT>
  
  <P align="center"><FONT size="2"><B>CALCULATION OF REGISTRATION FEE</B>
  </FONT>
  
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
  <TR valign="bottom">
      <TD width="39%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="12%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="13%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><FONT size="1"><B>Title of each</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed maximum</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed maximum</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><FONT size="1"><B>class of securities</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount to be</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>offering price</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>aggregate offering</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount of</B></FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><FONT size="1"><B>to be registered</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registered (1)</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>per share (2)</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>price (2)</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>registration fee</B></FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD colspan="3"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD colspan="3"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD colspan="3"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD colspan="3"><HR size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock</FONT></DIV></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">3,000,000</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  <TD><FONT size="2">&nbsp;</FONT></TD>
  
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">$30.76</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  
  <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">$92,280,000</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  
  <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">$7,465.45</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  <P align="left"><FONT size="2">(1)&nbsp; This Registration Statement shall also cover any additional shares of
  Common Stock which become issuable under The St. Joe Company 2001 Stock
  Incentive Plan by reason of any stock dividend, stock split, recapitalization
  or other similar transaction effected without the receipt of consideration
  which results in an increase in the number of the outstanding shares of Common
  Stock of The St. Joe Company.
  </FONT>
  <P align="left"><FONT size="2">(2)&nbsp; Calculated solely for purposes of this offering under Rule&nbsp;457(h) of the
  Securities Act of 1933, as amended (the &#147;1933 Act&#148;), on the basis of the
  average of the high and low price per share, as reported by the New York Stock
  Exchange, of Common Stock of The St. Joe Company on June&nbsp;10, 2003.
  </FONT>
  <P align="center"><FONT size="2">&nbsp;</FONT>
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  <!-- TOC -->
  <A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>
  
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  </TR>
  <TR><TD colspan="9"><A HREF="#000">PART II</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#001">ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#002">ITEM 4. DESCRIPTION OF SECURITIES</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#003">ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#004">ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#005">ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#006">ITEM 8. EXHIBITS</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#007">ITEM 9. UNDERTAKINGS</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#008">SIGNATURES</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#009">EXHIBIT INDEX</A></TD></TR>
  <TR><TD colspan="9"><A HREF="b46813sjexv5.txt">Ex-5 Opinion and consent of Senior Counsel</A></TD></TR>
  <TR><TD colspan="9"><A HREF="b46813sjexv23w1.txt">Ex-23.1 Consent of KPMG LLP</A></TD></TR>
  </TABLE>
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  <!-- link1 "PART II" -->
  <DIV align="left"><A NAME="000"></A></DIV>
  <P align="center"><FONT size="2"><B>PART II<BR>
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
  </FONT>
  
  <!-- link2 "ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE" -->
  <DIV align="left"><A NAME="001"></A></DIV>
  <P align="left"><FONT size="2">ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The St. Joe Company (the &#147;Registrant&#148;) hereby incorporates by reference
  into this Registration Statement the following documents previously filed with
  the Securities and Exchange Commission (the &#147;SEC&#148;):
  </FONT>
  
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
      <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="96%"><FONT size="2">(a) The Registrant&#146;s Annual Report on Form&nbsp;10-K for the year ended
  December&nbsp;31, 2002 and Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2003;</FONT></TD>
  </TR>
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
      <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="96%"><FONT size="2">(b) All other reports filed by the Registrant pursuant to Section&nbsp;13(a)
  or 15(d) of the Securities Exchange Act of 1934, as amended (the
  &#147;Exchange Act&#148;) since December&nbsp;31, 2002; and</FONT></TD>
  </TR>
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
      <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="96%"><FONT size="2">(c) The Registrant&#146;s Registration Statement on Form&nbsp;8-A (SEC File No.
  1-10466), filed with the SEC on March&nbsp;16, 1990, pursuant to Section&nbsp;12 of
  the Exchange Act, together with amendments thereto, in which the terms,
  rights and provisions applicable to the Registrant&#146;s outstanding Common
  Stock are described.</FONT></TD>
  </TR>
  </TABLE>
  <P align="left"><FONT size="2">All reports and definitive proxy or information statements filed pursuant to
  Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this
  Registration Statement and prior to the filing of a post-effective amendment
  which indicates that all securities offered hereby have been sold or which
  deregisters all securities then remaining unsold shall be deemed to be
  incorporated by reference into this Registration Statement and to be a part
  hereof from the date of filing of such documents.
  </FONT>
  <!-- link2 "ITEM 4. DESCRIPTION OF SECURITIES" -->
  <DIV align="left"><A NAME="002"></A></DIV>
  <P align="left"><FONT size="2">ITEM 4. DESCRIPTION OF SECURITIES
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
  </FONT>
  
  <!-- link2 "ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL" -->
  <DIV align="left"><A NAME="003"></A></DIV>
  <P align="left"><FONT size="2">ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
  </FONT>
  
  <!-- link2 "ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS" -->
  <DIV align="left"><A NAME="004"></A></DIV>
  <P align="left"><FONT size="2">ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;607.0850, Florida Statutes provides as follows:
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;A corporation shall have power to indemnify any person who was or is a
  party to any proceeding (other than an action by, or in the right of, the
  corporation), by reason of the fact that he or she is or was a director,
  officer, employee, or agent of the corporation or is or was serving at the
  request of the corporation as a director, officer, employee, or agent of
  another corporation, partnership, joint venture, trust, or other enterprise
  against liability incurred in connection with such proceeding, including any
  appeal thereof, if he or she acted in good faith and in a manner he or she
  reasonably believed to be in, or not opposed to, the best interests of the
  corporation and, with respect to any criminal action or proceeding, had no
  reasonable cause to believe his or her conduct was unlawful. The termination of
  any proceeding by judgment, order, settlement, or conviction or upon a plea of
  nolo contendere or its equivalent shall not, of itself, create a presumption
  that the person did not act in good faith and in a manner which he or she
  reasonably believed to be in, or not opposed to, the best interests of the
  corporation or, with respect to any criminal action or proceeding, had
  reasonable cause to believe that his or her conduct was unlawful.
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;A corporation shall have power to indemnify any person, who was or is
  a party to any proceeding by or in the right of the corporation to procure a
  judgment in its favor by reason of the fact that the person is or was a
  director, officer, employee, or agent of the corporation or is or was serving
  at the request of the corporation as a director, officer, employee, or agent of
  another corporation, partnership, joint venture, trust, or other enterprise,
  against expenses and amounts paid in settlement not exceeding, in
  </FONT>
  
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  <P align="left"><FONT size="2">the judgment of the board of directors, the estimated expense of
  litigating the proceeding to conclusion, actually and reasonably incurred in
  connection with the defense or settlement of such proceeding, including any
  appeal thereof. Such indemnification shall be authorized if such person acted
  in good faith and in a manner he or she reasonably believed to be in, or not
  opposed to, the best interests of the corporation, except that no
  indemnification shall be made under this subsection in respect of any claim,
  issue, or matter as to which such person shall have been adjudged to be liable
  unless, and only to the extent that, the court in which such proceeding was
  brought, or any other court of competent jurisdiction, shall determine upon
  application that, despite the adjudication of liability but in view of all
  circumstances of the case, such person is fairly and reasonably entitled to
  indemnity for such expenses which such court shall deem proper.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To the extent that a director, officer, employee, or agent of a
  corporation has been successful on the merits or otherwise in defense of any
  proceeding referred to in subsection (1)&nbsp;or subsection (2), or in defense of
  any claim, issue, or matter therein, he or she shall be indemnified against
  expenses actually and reasonably incurred by him or her in connection
  therewith.
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;Any indemnification under subsection (1)&nbsp;or subsection (2), unless
  pursuant to a determination by a court, shall be made by the corporation only
  as authorized in the specific case upon a determination that indemnification of
  the director, officer, employee, or agent is proper in the circumstances
  because he or she has met the applicable standard of conduct set forth in
  subsection (1)&nbsp;or subsection (2). Such determination shall be made:
  </FONT>
  
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      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;By the board of directors by a majority vote of a quorum
  consisting of directors who were not parties to such proceeding;</FONT></TD>
  </TR>
  </TABLE>
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="6%"></TD>
      <TD width="94%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If such a quorum is not obtainable or, even if obtainable, by
  majority vote of a committee duly designated by the board of directors
  (in which directors who are parties may participate) consisting solely of
  two or more directors not at the time parties to the proceeding;</FONT></TD>
  </TR>
  </TABLE>
  <P>
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  <TR>
      <TD width="6%"></TD>
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  </TR>
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      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;By independent legal counsel:</FONT></TD>
  </TR>
  </TABLE>
  <P>
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  <TR>
      <TD width="10%"></TD>
      <TD width="90%"></TD>
  </TR>
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      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Selected by the board of directors prescribed in paragraph
  (a)&nbsp;or the committee prescribed in paragraph (b); or</FONT></TD>
  </TR>
  </TABLE>
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="10%"></TD>
      <TD width="90%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If a quorum of the directors cannot be obtained for
  paragraph (a)&nbsp;and the committee cannot be designated under
  paragraph (b), selected by majority vote of the full board of
  directors (in which directors who are parties may participate); or</FONT></TD>
  </TR>
  </TABLE>
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="6%"></TD>
      <TD width="94%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;By the shareholders by a majority vote of a quorum consisting of
  shareholders who were not parties to such proceeding or, if no such
  quorum is obtainable, by a majority vote of shareholders who were not
  parties to such proceeding.</FONT></TD>
  </TR>
  </TABLE>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;Evaluation of the reasonableness of expenses and authorization of
  indemnification shall be made in the same manner as the determination that
  indemnification is permissible. However, if the determination of permissibility
  is made by independent legal counsel, persons specified by paragraph (4)(c)
  shall evaluate the reasonableness of expenses and may authorize
  indemnification.
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;Expenses incurred by an officer or director in defending a civil or
  criminal proceeding may be paid by the corporation in advance of the final
  disposition of such proceeding upon receipt of an undertaking by or on behalf
  of such director or officer to repay such amount if he or she is ultimately
  found not to be entitled to indemnification by the corporation pursuant to this
  section. Expenses incurred by other employees and agents may be paid in advance
  upon such terms or conditions that the board of directors deems appropriate.
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;The indemnification and advancement of expenses provided pursuant to
  this section are not exclusive, and a corporation may make any other or further
  indemnification or advancement of expenses of any of its directors, officers,
  employees, or agents, under any bylaw, agreement, vote of shareholders or
  </FONT>
  
  <P align="center"><FONT size="2">&nbsp;</FONT>
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  <P align="left"><FONT size="2">disinterested directors, or otherwise, both as to action in his or her
  official capacity and as to action in another capacity while holding such
  office. However, indemnification or advancement of expenses shall not be made
  to or on behalf of any director, officer, employee, or agent if a judgment or
  other final adjudication establishes that his or her actions, or omissions to
  act, were material to the cause of action so adjudicated and constitute:
  </FONT>
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="6%"></TD>
      <TD width="94%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;A violation of the criminal law, unless the director, officer,
  employee, or agent had reasonable cause to believe his or her conduct was
  lawful or had no reasonable cause to believe his or her conduct was
  unlawful;</FONT></TD>
  </TR>
  </TABLE>
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="6%"></TD>
      <TD width="94%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;A transaction from which the director, officer, employee, or
  agent derived an improper personal benefit;</FONT></TD>
  </TR>
  </TABLE>
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="6%"></TD>
      <TD width="94%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;In the case of a director, a circumstance under which the
  liability provisions of s. 607.0834 are applicable; or</FONT></TD>
  </TR>
  </TABLE>
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="6%"></TD>
      <TD width="94%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Willful misconduct or a conscious disregard for the best
  interests of the corporation in a proceeding by or in the right of the
  corporation to procure a judgment in its favor or in a proceeding by or
  in the right of a shareholder.</FONT></TD>
  </TR>
  </TABLE>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;Indemnification and advancement of expenses as provided in this
  section shall continue as, unless otherwise provided when authorized or
  ratified, to a person who has ceased to be a director, officer, employee, or
  agent and shall inure to the benefit of the heirs, executors, and
  administrators of such a person, unless otherwise provided when authorized or
  ratified.
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;Unless the corporation&#146;s articles of incorporation provide otherwise,
  notwithstanding the failure of a corporation to provide indemnification, and
  despite any contrary determination of the board or of the shareholders in the
  specific case, a director, officer, employee, or agent of the corporation who
  is or was a party to a proceeding may apply for indemnification or advancement
  of expenses, or both, to the court conducting the proceeding, to the circuit
  court, or to another court of competent jurisdiction. On receipt of an
  application, the court, after giving any notice that it considers necessary,
  may order indemnification and advancement of expenses, including expenses
  incurred in seeking court-ordered indemnification or advancement of expenses,
  if it determines that:
  </FONT>
  
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="6%"></TD>
      <TD width="94%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The director, officer, employee, or agent is entitled to
  mandatory indemnification under subsection (3), in which case the court
  shall also order the corporation to pay the director reasonable expenses
  incurred in obtaining court-ordered indemnification or advancement of
  expenses;</FONT></TD>
  </TR>
  </TABLE>
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="6%"></TD>
      <TD width="94%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The director, officer, employee, or agent is entitled to
  indemnification or advancement of expenses, or both, by virtue of the
  exercise by the corporation of its power pursuant to subsection (7); or</FONT></TD>
  </TR>
  </TABLE>
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="6%"></TD>
      <TD width="94%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The director, officer, employee, or agent is fairly and
  reasonably entitled to indemnification or advancement of expenses, or
  both, in view of all the relevant circumstances, regardless of whether
  such person met the standard of conduct set forth in subsection (1),
  subsection (2), or subsection (7).</FONT></TD>
  </TR>
  </TABLE>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;For purposes of this section, the term &#147;corporation&#148; includes, in
  addition to the resulting corporation, any constituent corporation (including
  any constituent of a constituent) absorbed in a consolidation or merger, so
  that any person who is or was a director, officer, employee, or agent of a
  constituent corporation, or is or was serving at the request of a constituent
  corporation as a director, officer, employee, or agent of another corporation,
  partnership, joint venture, trust, or other enterprise, is in the same position
  under this section with respect to the resulting or surviving corporation as he
  or she would have with respect to such constituent corporation if its separate
  existence had continued.
  </FONT>
  
  <P align="center"><FONT size="2">&nbsp;</FONT>
  <!-- PAGEBREAK -->
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  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;For purposes of this section:
  </FONT>
  
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="6%"></TD>
      <TD width="94%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The term &#147;other enterprises&#148; includes employee benefit plans;</FONT></TD>
  </TR>
  </TABLE>
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="6%"></TD>
      <TD width="94%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The term &#147;expenses&#148; includes counsel fees, including those for
  appeal;</FONT></TD>
  </TR>
  </TABLE>
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="6%"></TD>
      <TD width="94%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The term &#147;liability&#148; includes obligations to pay a judgment,
  settlement, penalty, fine (including an excise tax assessed with respect
  to any employee benefit plan), and expenses actually and reasonably
  incurred with respect to a proceeding;</FONT></TD>
  </TR>
  </TABLE>
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="6%"></TD>
      <TD width="94%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The term &#147;proceeding&#148; includes any threatened, pending, or
  completed action, suit, or other type of proceeding, whether civil,
  criminal, administrative, or investigative and whether formal or
  informal;</FONT></TD>
  </TR>
  </TABLE>
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="6%"></TD>
      <TD width="94%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The term &#147;agent&#148; includes a volunteer;</FONT></TD>
  </TR>
  </TABLE>
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="6%"></TD>
      <TD width="94%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The term &#147;serving at the request of the corporation&#148; includes
  any service as a director, officer, employee, or agent of the corporation
  that imposes duties on such persons, including duties relating to an
  employee benefit plan and its participants or beneficiaries; and</FONT></TD>
  </TR>
  </TABLE>
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="6%"></TD>
      <TD width="94%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The term &#147;not opposed to the best interest of the corporation&#148;
  describes the actions of a person who acts in good faith and in a manner
  he or she reasonably believes to be in the best interests of the
  participants and beneficiaries of an employee benefit plan.</FONT></TD>
  </TR>
  </TABLE>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;A corporation shall have power to purchase and maintain insurance on
  behalf of any person who is or was a director, officer, employee, or agent of
  the corporation or is or was serving at the request of the corporation as a
  director, officer, employee, or agent of another corporation, partnership,
  joint venture, trust, or other enterprise against any liability asserted
  against the person and incurred by him or her in any such capacity or arising
  out of his or her status as such, whether or not the corporation would have the
  power to indemnify the person against such liability under the provisions of
  this section.
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;III, Section&nbsp;8 of the Company&#146;s Amended and Restated By-Laws provides as follows:
  </FONT>
  
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="6%"></TD>
      <TD width="94%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&#147;The Company shall indemnify and reimburse and advance expenses for any
  Director and officer, and for any Director and officer of another
  corporation, partnership, joint venture, trust or other enterprise
  serving at the request of the Company, whether or not then in office, and
  his or her executor, administrator and heirs, and may indemnify and
  reimburse and advance expenses to employees and agents of the Company,
  against all reasonable expenses actually and necessarily incurred,
  including but not limited to, judgments, costs and counsel fees in
  connection with the defense of any litigation, civil or administrative
  action, suit or proceeding, to which he or she may have been made a party
  because he or she is or was a Director, officer, employee or agent of the
  Company or he or she was serving at the request of the Company as a
  Director or officer of another corporation, partnership, joint venture,
  trust or other enterprise.&#148;</FONT></TD>
  </TR>
  </TABLE>
  <!-- link2 "ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED" -->
  <DIV align="left"><A NAME="005"></A></DIV>
  <P align="left"><FONT size="2">ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
  </FONT>
  
  <!-- link2 "ITEM 8. EXHIBITS" -->
  <DIV align="left"><A NAME="006"></A></DIV>
  <P align="left"><FONT size="2">ITEM 8. EXHIBITS
  </FONT>
  
  <P align="center"><FONT size="2">&nbsp;</FONT>
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  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  
  
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="65%">
  <TR valign="bottom">
      <TD width="9%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="86%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><FONT size="1"><B>EXHIBIT</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><FONT size="1"><B>NUMBER</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>EXHIBIT</B></FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">4</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Instrument Defining Rights of Stockholders. Reference is made
  to Registrant&#146;s Registration Statement on Form&nbsp;8-A (SEC File No.
  1-10466), which is incorporated by reference pursuant to Item&nbsp;3(c)
  of this Registration Statement.</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">5</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Opinion and consent of Senior Counsel of Registrant.</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">23.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Consent of KPMG LLP.</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">23.2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Consent of Senior Counsel of Registrant is contained in Exhibit&nbsp;5.</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">24</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Power of Attorney. Reference is made to page II-4 of this
  Registration Statement.</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  <!-- link2 "ITEM 9. UNDERTAKINGS" -->
  <DIV align="left"><A NAME="007"></A></DIV>
  <P align="left"><FONT size="2">ITEM 9. UNDERTAKINGS
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The undersigned Registrant hereby undertakes: (1)&nbsp;to file, during any
  period in which offers or sales are being made, a post-effective amendment to
  this Registration Statement (i)&nbsp;to include any prospectus required by Section
  10(a)(3) of the 1933 Act, (ii)&nbsp;to reflect in the prospectus any facts or events
  arising after the effective date of this Registration Statement (or the most
  recent post-effective amendment thereof) which, individually or in the
  aggregate, represent a fundamental change in the information set forth in this
  Registration Statement and (iii)&nbsp;to include any material information with
  respect to the plan of distribution not previously disclosed in this
  Registration Statement or any material change to such information in this
  Registration Statement; PROVIDED, however, that clauses (1)(i) and (1)(ii)
  shall not apply if the information required to be included in a post-effective
  amendment by those paragraphs is contained in periodic reports filed by the
  Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the 1934 Act that are
  incorporated by reference into this Registration Statement; (2)&nbsp;that for the
  purpose of determining any liability under the 1933 Act each such
  post-effective amendment shall be deemed to be a new registration statement
  relating to the securities offered therein and the offering of such securities
  at that time shall be deemed to be the initial bona fide offering thereof and
  (3)&nbsp;to remove from registration by means of a post-effective amendment any of
  the securities being registered which remain unsold at the termination of the
  2001 Stock Incentive Plan under which the shares to be registered on this
  Registration
  Statement will be issued.
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The undersigned Registrant hereby undertakes that, for purposes of
  determining any liability under the 1933 Act, each filing of the Registrant&#146;s
  annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act
  that is incorporated by reference into this Registration Statement shall be
  deemed to be a new registration statement relating to the securities offered
  herein, and the offering of such securities at that time shall be deemed to be
  the initial bona fide offering thereof.
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Insofar as indemnification for liabilities arising under the 1933 Act
  may be permitted to directors, officers or controlling persons of the
  Registrant pursuant to the indemnification provisions summarized in Item&nbsp;6 or
  otherwise, the Registrant has been advised that, in the opinion of the SEC,
  such indemnification is against public policy as expressed in the 1933 Act and
  is, therefore, unenforceable. In the event that a claim for indemnification
  against such liabilities (other than the payment by the Registrant of expenses
  incurred or paid by a director, officer or controlling person of the Registrant
  in the successful defense of any action, suit or proceeding) is asserted by
  such director, officer or controlling person in connection with the securities
  being registered, the Registration will, unless in the opinion of its counsel
  the matter has been settled by controlling precedent, submit to a court of
  appropriate jurisdiction the question whether such indemnification by it is
  against public policy as expressed in the 1933 Act and will be governed by the
  final adjudication of such issue.
  </FONT>
  
  <P align="center"><FONT size="2">&nbsp;</FONT>
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  <!-- link1 "SIGNATURES" -->
  <DIV align="left"><A NAME="008"></A></DIV>
  <P align="left"><FONT size="2">SIGNATURES
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
  the Registrant certifies that it has reasonable grounds to believe that it
  meets all of the requirements for filing on Form&nbsp;S-8, and has duly caused this
  Registration Statement to be signed on its behalf by the undersigned, thereunto
  duly authorized, in the City of Jacksonville, State of Florida on this 10<sup>th</sup> day
  of June, 2003.
  </FONT>
  
  <P align="left"><FONT size="2">THE ST. JOE COMPANY
  </FONT>
  
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
  <TR valign="bottom">
      <TD width="3%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="95%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">By:</FONT></TD>
  
      <TD align="left" valign="bottom" colspan="2"><FONT size="2">/s/ Kevin M. Twomey</FONT>
  <HR align="left" size="1" width="20%" noshade>
  <FONT size="2">Kevin M. Twomey<BR>
  President Chief Operating<BR>
  Officer and Chief Financial<BR>
  Officer</FONT></TD>
  </TR>
  
  </TABLE>
  </CENTER>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That the undersigned officers and directors of The St. Joe Company, a
  Florida corporation, do hereby constitute and appoint Kevin M. Twomey as the
  lawful attorney-in-fact and agent with full power and authority to do any and
  all acts and things and to execute any and all instruments which said attorney
  and agent determines may be necessary or advisable or required to enable said
  corporations to comply with the Securities Act of 1933, as amended, and any
  rules or regulations or requirements of the Securities Exchange Commission in
  connection with this Registration Statement. Without limiting the generality of
  the foregoing power and authority, the powers granted include the power and
  authority to sign the names of the undersigned officers and directors in the
  capacities indicated below to this Registration Statement, to any and all
  amendments, both pre-effective and post-effective, and supplements to this
  Registration Statement, and to any and all instruments or documents filed as
  part of or in conjunction with this Registration Statement or amendments or
  supplements thereof, and each of the undersigned hereby ratifies and confirms
  all that said attorney and agent shall do or cause to be done by virtue hereof.
  This Power of Attorney may be signed in several counterparts.
  </FONT>
  
  <P align="left"><FONT size="2">Pursuant to the requirements of the Securities Act of 1933, as amended, this
  Registration Statement has been signed by the following persons in the
  capacities and on the 10<sup>th</sup> day of June, 2003.
  </FONT>
  
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
  <TR valign="bottom">
      <TD width="25%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="65%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ Peter S. Rummell</FONT>
  <HR size="1" width="100%" noshade>
  <FONT size="2">Peter S. Rummell</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Chairman of the Board and<BR>
  Chief Executive Officer<BR>
  (Principal Executive Officer)</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ Kevin M. Twomey</FONT>
  <HR size="1" width="100%" noshade>
  <FONT size="2">Kevin M. Twomey</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  President, Chief Operating Officer<BR>
  and Chief Financial Officer<BR>
  (Principal Financial Officer)</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ Michael N. Regan</FONT>
  <HR size="1" width="100%" noshade>
  <FONT size="2">Michael N. Regan</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Senior Vice President<BR>
  (Principal Accounting Officer)</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ Michael L. Ainslie</FONT>
  <HR size="1" width="100%" noshade>
  <FONT size="2">Michael L. Ainslie</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ Hugh M. Durden</FONT>
  <HR size="1" width="100%" noshade>
  <FONT size="2">Hugh M. Durden</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  <P align="center"><FONT size="2">&nbsp;</FONT>
  <!-- PAGEBREAK -->
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  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
  <TR valign="bottom">
      <TD width="25%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="65%">&nbsp;</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ John S. Lord</FONT>
  <HR size="1" width="100%" noshade>
  <FONT size="2">John S. Lord</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ Herbert H. Peyton</FONT>
  <HR size="1" width="100%" noshade>
  <FONT size="2">Herbert H. Peyton</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ Walter L. Revell</FONT>
  <HR size="1" width="100%" noshade>
  <FONT size="2">Walter L. Revell</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director</FONT></TD>
  </TR>
  
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      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
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      <TD valign="top"><FONT size="2">/s/ Frank S. Shaw, Jr.</FONT>
  <HR size="1" width="100%" noshade>
  <FONT size="2">Frank S. Shaw, Jr.</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
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      <TD valign="top"><FONT size="2">/s/ Winfred L. Thornton</FONT>
  <HR size="1" width="100%" noshade>
  <FONT size="2">Winfred L. Thornton</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director</FONT></TD>
  </TR>
  
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      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
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  </TR>
  
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      <TD valign="top"><FONT size="2">/s/ John D. Uible</FONT>
  <HR size="1" width="100%" noshade>
  <FONT size="2">John D. Uible</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director</FONT></TD>
  </TR>
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  Instrument Defining Rights of Stockholders. Reference is made to
  Registrant&#146;s Registration Statement on Form&nbsp;8-A (SEC File No.&nbsp;1-10466),
  which is Incorporated by reference pursuant to Item&nbsp;3(c) of this
  Registration Statement.</FONT></TD>
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      <TD valign="top"><FONT size="2">5</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
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  Opinion and consent of Senior Counsel of Registrant.</FONT></TD>
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      <TD valign="top"><FONT size="2">23.1</FONT></TD>
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  Consent of KPMG LLP.</FONT></TD>
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  Consent of Senior Counsel of Registrant is contained in Exhibit&nbsp;5.</FONT></TD>
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  Power of Attorney. Reference is made to page of this Registration Statement.</FONT></TD>
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metadata_documents: [{"type": "S-8", "sequence": "1", "filename": "b46813sjsv8.htm", "description": "THE ST. JOE COMPANY", "secsgml_size_bytes": 51529}]
metadata_filer: {"company-data": {"conformed-name": "ST JOE CO", "cik": "0000745308", "assigned-sic": "6552", "irs-number": "590432511", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-106046", "film-number": "03741834"}, "business-address": {"street1": "1650 PRUDENTIAL DR STE 400", "city": "JACKSONVILLE", "state": "FL", "zip": "32207", "phone": "9043966600"}, "mail-address": {"street1": "P O BOX 1380", "street2": "P O BOX 1380", "city": "JACKSONVILLE", "state": "FL", "zip": "32201"}, "former-company": [{"former-conformed-name": "ST JOE CORP", "date-changed": "19980430"}, {"former-conformed-name": "ST JOE PAPER CO", "date-changed": "19920703"}]}
text: THE ST. JOE COMPANY
  Table of Contents
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  Form S-8
  REGISTRATION STATEMENT
  UNDER THE SECURITIES ACT OF 1933
  THE ST. JOE COMPANY
  (Exact Name of Registrant as Specified in its Charter)
  FLORIDA
  (State or other jurisdiction of
  incorporation or organization)
  59-0432511
  (I.R.S. Employer
  Identification No.)
  245 RIVERSIDE AVENUE, SUITE 500
  JACKSONVILLE, FLORIDA 32202
  (Address of principal executive offices) (Zip Code)
  THE ST. JOE COMPANY
  2001 STOCK INCENTIVE PLAN
  (Full title of the Plan)
  CHRISTINE M. MARX
  GENERAL COUNSEL
  THE ST. JOE COMPANY
  245 RIVERSIDE DRIVE, SUITE 500
  JACKSONVILLE, FLORIDA 32202
  (Name and address of agent for service)
  (904) 301-4200
  (Telephone number, including area code, of agent for service)
  CALCULATION OF REGISTRATION FEE
  Title of each
  Proposed maximum
  Proposed maximum
  class of securities
  Amount to be
  offering price
  aggregate offering
  Amount of
  to be registered
  Registered (1)
  per share (2)
  price (2)
  registration fee
  Common Stock
  3,000,000
  $30.76
  $92,280,000
  $7,465.45
  (1)  This Registration Statement shall also cover any additional shares of
  Common Stock which become issuable under The St. Joe Company 2001 Stock
  Incentive Plan by reason of any stock dividend, stock split, recapitalization
  or other similar transaction effected without the receipt of consideration
  which results in an increase in the number of the outstanding shares of Common
  Stock of The St. Joe Company.
  (2)  Calculated solely for purposes of this offering under Rule 457(h) of the
  Securities Act of 1933, as amended (the "1933 Act"), on the basis of the
  average of the high and low price per share, as reported by the New York Stock
  Exchange, of Common Stock of The St. Joe Company on June 10, 2003.
  TABLE OF CONTENTS
  PART II
  ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE
  ITEM 4. DESCRIPTION OF SECURITIES
  ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL
  ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
  ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED
  ITEM 8. EXHIBITS
  ITEM 9. UNDERTAKINGS
  SIGNATURES
  EXHIBIT INDEX
  Ex-5 Opinion and consent of Senior Counsel
  Ex-23.1 Consent of KPMG LLP
  Table of Contents
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE
  The St. Joe Company (the "Registrant") hereby incorporates by reference
  into this Registration Statement the following documents previously filed with
  the Securities and Exchange Commission (the "SEC"):
  (a) The Registrant's Annual Report on Form 10-K for the year ended
  December 31, 2002 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2003;
  (b) All other reports filed by the Registrant pursuant to Section 13(a)
  or 15(d) of the Securities Exchange Act of 1934, as amended (the
  "Exchange Act") since December 31, 2002; and
  (c) The Registrant's Registration Statement on Form 8-A (SEC File No.
  1-10466), filed with the SEC on March 16, 1990, pursuant to Section 12 of
  the Exchange Act, together with amendments thereto, in which the terms,
  rights and provisions applicable to the Registrant's outstanding Common
  Stock are described.
  All reports and definitive proxy or information statements filed pursuant to
  Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this
  Registration Statement and prior to the filing of a post-effective amendment
  which indicates that all securities offered hereby have been sold or which
  deregisters all securities then remaining unsold shall be deemed to be
  incorporated by reference into this Registration Statement and to be a part
  hereof from the date of filing of such documents.
  ITEM 4. DESCRIPTION OF SECURITIES
  Not Applicable.
  ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL
  Not Applicable.
  ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
  Section 607.0850, Florida Statutes provides as follows:
  (1) A corporation shall have power to indemnify any person who was or is a
  party to any proceeding (other than an action by, or in the right of, the
  corporation), by reason of the fact that he or she is or was a director,
  officer, employee, or agent of the corporation or is or was serving at the
  request of the corporation as a director, officer, employee, or agent of
  another corporation, partnership, joint venture, trust, or other enterprise
  against liability incurred in connection with such proceeding, including any
  appeal thereof, if he or she acted in good faith and in a manner he or she
  reasonably believed to be in, or not opposed to, the best interests of the
  corporation and, with respect to any criminal action or proceeding, had no
  reasonable cause to believe his or her conduct was unlawful. The termination of
  any proceeding by judgment, order, settlement, or conviction or upon a plea of
  nolo contendere or its equivalent shall not, of itself, create a presumption
  that the person did not act in good faith and in a manner which he or she
  reasonably believed to be in, or not opposed to, the best interests of the
  corporation or, with respect to any criminal action or proceeding, had
  reasonable cause to believe that his or her conduct was unlawful.
  (2) A corporation shall have power to indemnify any person, who was or is
  a party to any proceeding by or in the right of the corporation to procure a
  judgment in its favor by reason of the fact that the person is or was a
  director, officer, employee, or agent of the corporation or is or was serving
  at the request of the corporation as a director, officer, employee, or agent of
  another corporation, partnership, joint venture, trust, or other enterprise,
  against expenses and amounts paid in settlement not exceeding, in
  Table of Contents
  the judgment of the board of directors, the estimated expense of
  litigating the proceeding to conclusion, actually and reasonably incurred in
  connection with the defense or settlement of such proceeding, including any
  appeal thereof. Such indemnification shall be authorized if such person acted
  in good faith and in a manner he or she reasonably believed to be in, or not
  opposed to, the best interests of the corporation, except that no
  indemnification shall be made under this subsection in respect of any claim,
  issue, or matter as to which such person shall have been adjudged to be liable
  unless, and only to the extent that, the court in which such proceeding was
  brought, or any other court of competent jurisdiction, shall determine upon
  application that, despite the adjudication of liability but in view of all
  circumstances of the case, such person is fairly and reasonably entitled to
  indemnity for such expenses which such court shall deem proper.
  (3) To the extent that a director, officer, employee, or agent of a
  corporation has been successful on the merits or otherwise in defense of any
  proceeding referred to in subsection (1) or subsection (2), or in defense of
  any claim, issue, or matter therein, he or she shall be indemnified against
  expenses actually and reasonably incurred by him or her in connection
  therewith.
  (4) Any indemnification under subsection (1) or subsection (2), unless
  pursuant to a determination by a court, shall be made by the corporation only
  as authorized in the specific case upon a determination that indemnification of
  the director, officer, employee, or agent is proper in the circumstances
  because he or she has met the applicable standard of conduct set forth in
  subsection (1) or subsection (2). Such determination shall be made:
  (a) By the board of directors by a majority vote of a quorum
  consisting of directors who were not parties to such proceeding;
  (b) If such a quorum is not obtainable or, even if obtainable, by
  majority vote of a committee duly designated by the board of directors
  (in which directors who are parties may participate) consisting solely of
  two or more directors not at the time parties to the proceeding;
  (c) By independent legal counsel:
  1. Selected by the board of directors prescribed in paragraph
  (a) or the committee prescribed in paragraph (b); or
  2. If a quorum of the directors cannot be obtained for
  paragraph (a) and the committee cannot be designated under
  paragraph (b), selected by majority vote of the full board of
  directors (in which directors who are parties may participate); or
  (d) By the shareholders by a majority vote of a quorum consisting of
  shareholders who were not parties to such proceeding or, if no such
  quorum is obtainable, by a majority vote of shareholders who were not
  parties to such proceeding.
  (5) Evaluation of the reasonableness of expenses and authorization of
  indemnification shall be made in the same manner as the determination that
  indemnification is permissible. However, if the determination of permissibility
  is made by independent legal counsel, persons specified by paragraph (4)(c)
  shall evaluate the reasonableness of expenses and may authorize
  indemnification.
  (6) Expenses incurred by an officer or director in defending a civil or
  criminal proceeding may be paid by the corporation in advance of the final
  disposition of such proceeding upon receipt of an undertaking by or on behalf
  of such director or officer to repay such amount if he or she is ultimately
  found not to be entitled to indemnification by the corporation pursuant to this
  section. Expenses incurred by other employees and agents may be paid in advance
  upon such terms or conditions that the board of directors deems appropriate.
  (7) The indemnification and advancement of expenses provided pursuant to
  this section are not exclusive, and a corporation may make any other or further
  indemnification or advancement of expenses of any of its directors, officers,
  employees, or agents, under any bylaw, agreement, vote of shareholders or
  Table of Contents
  disinterested directors, or otherwise, both as to action in his or her
  official capacity and as to action in another capacity while holding such
  office. However, indemnification or advancement of expenses shall not be made
  to or on behalf of any director, officer, employee, or agent if a judgment or
  other final adjudication establishes that his or her actions, or omissions to
  act, were material to the cause of action so adjudicated and constitute:
  (a) A violation of the criminal law, unless the director, officer,
  employee, or agent had reasonable cause to believe his or her conduct was
  lawful or had no reasonable cause to believe his or her conduct was
  unlawful;
  (b) A transaction from which the director, officer, employee, or
  agent derived an improper personal benefit;
  (c) In the case of a director, a circumstance under which the
  liability provisions of s. 607.0834 are applicable; or
  (d) Willful misconduct or a conscious disregard for the best
  interests of the corporation in a proceeding by or in the right of the
  corporation to procure a judgment in its favor or in a proceeding by or
  in the right of a shareholder.
  (8) Indemnification and advancement of expenses as provided in this
  section shall continue as, unless otherwise provided when authorized or
  ratified, to a person who has ceased to be a director, officer, employee, or
  agent and shall inure to the benefit of the heirs, executors, and
  administrators of such a person, unless otherwise provided when authorized or
  ratified.
  (9) Unless the corporation's articles of incorporation provide otherwise,
  notwithstanding the failure of a corporation to provide indemnification, and
  despite any contrary determination of the board or of the shareholders in the
  specific case, a director, officer, employee, or agent of the corporation who
  is or was a party to a proceeding may apply for indemnification or advancement
  of expenses, or both, to the court conducting the proceeding, to the circuit
  court, or to another court of competent jurisdiction. On receipt of an
  application, the court, after giving any notice that it considers necessary,
  may order indemnification and advancement of expenses, including expenses
  incurred in seeking court-ordered indemnification or advancement of expenses,
  if it determines that:
  (a) The director, officer, employee, or agent is entitled to
  mandatory indemnification under subsection (3), in which case the court
  shall also order the corporation to pay the director reasonable expenses
  incurred in obtaining court-ordered indemnification or advancement of
  expenses;
  (b) The director, officer, employee, or agent is entitled to
  indemnification or advancement of expenses, or both, by virtue of the
  exercise by the corporation of its power pursuant to subsection (7); or
  (c) The director, officer, employee, or agent is fairly and
  reasonably entitled to indemnification or advancement of expenses, or
  both, in view of all the relevant circumstances, regardless of whether
  such person met the standard of conduct set forth in subsection (1),
  subsection (2), or subsection (7).
  (10) For purposes of this section, the term "corporation" includes, in
  addition to the resulting corporation, any constituent corporation (including
  any constituent of a constituent) absorbed in a consolidation or merger, so
  that any person who is or was a director, officer, employee, or agent of a
  constituent corporation, or is or was serving at the request of a constituent
  corporation as a director, officer, employee, or agent of another corporation,
  partnership, joint venture, trust, or other enterprise, is in the same position
  under this section with respect to the resulting or surviving corporation as he
  or she would have with respect to such constituent corporation if its separate
  existence had continued.
  Table of Contents
  (11) For purposes of this section:
  (a) The term "other enterprises" includes employee benefit plans;
  (b) The term "expenses" includes counsel fees, including those for
  appeal;
  (c) The term "liability" includes obligations to pay a judgment,
  settlement, penalty, fine (including an excise tax assessed with respect
  to any employee benefit plan), and expenses actually and reasonably
  incurred with respect to a proceeding;
  (d) The term "proceeding" includes any threatened, pending, or
  completed action, suit, or other type of proceeding, whether civil,
  criminal, administrative, or investigative and whether formal or
  informal;
  (e) The term "agent" includes a volunteer;
  (f) The term "serving at the request of the corporation" includes
  any service as a director, officer, employee, or agent of the corporation
  that imposes duties on such persons, including duties relating to an
  employee benefit plan and its participants or beneficiaries; and
  (g) The term "not opposed to the best interest of the corporation"
  describes the actions of a person who acts in good faith and in a manner
  he or she reasonably believes to be in the best interests of the
  participants and beneficiaries of an employee benefit plan.
  (12) A corporation shall have power to purchase and maintain insurance on
  behalf of any person who is or was a director, officer, employee, or agent of
  the corporation or is or was serving at the request of the corporation as a
  director, officer, employee, or agent of another corporation, partnership,
  joint venture, trust, or other enterprise against any liability asserted
  against the person and incurred by him or her in any such capacity or arising
  out of his or her status as such, whether or not the corporation would have the
  power to indemnify the person against such liability under the provisions of
  this section.
  Article III, Section 8 of the Company's Amended and Restated By-Laws provides as follows:
  "The Company shall indemnify and reimburse and advance expenses for any
  Director and officer, and for any Director and officer of another
  corporation, partnership, joint venture, trust or other enterprise
  serving at the request of the Company, whether or not then in office, and
  his or her executor, administrator and heirs, and may indemnify and
  reimburse and advance expenses to employees and agents of the Company,
  against all reasonable expenses actually and necessarily incurred,
  including but not limited to, judgments, costs and counsel fees in
  connection with the defense of any litigation, civil or administrative
  action, suit or proceeding, to which he or she may have been made a party
  because he or she is or was a Director, officer, employee or agent of the
  Company or he or she was serving at the request of the Company as a
  Director or officer of another corporation, partnership, joint venture,
  trust or other enterprise."
  ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED
  Not Applicable.
  ITEM 8. EXHIBITS
  Table of Contents
  EXHIBIT
  NUMBER
  EXHIBIT
  4
  Instrument Defining Rights of Stockholders. Reference is made
  to Registrant's Registration Statement on Form 8-A (SEC File No.
  1-10466), which is incorporated by reference pursuant to Item 3(c)
  of this Registration Statement.
  5
  Opinion and consent of Senior Counsel of Registrant.
  23.1
  Consent of KPMG LLP.
  23.2
  Consent of Senior Counsel of Registrant is contained in Exhibit 5.
  24
  Power of Attorney. Reference is made to page II-4 of this
  Registration Statement.
  ITEM 9. UNDERTAKINGS
  A. The undersigned Registrant hereby undertakes: (1) to file, during any
  period in which offers or sales are being made, a post-effective amendment to
  this Registration Statement (i) to include any prospectus required by Section
  10(a)(3) of the 1933 Act, (ii) to reflect in the prospectus any facts or events
  arising after the effective date of this Registration Statement (or the most
  recent post-effective amendment thereof) which, individually or in the
  aggregate, represent a fundamental change in the information set forth in this
  Registration Statement and (iii) to include any material information with
  respect to the plan of distribution not previously disclosed in this
  Registration Statement or any material change to such information in this
  Registration Statement; PROVIDED, however, that clauses (1)(i) and (1)(ii)
  shall not apply if the information required to be included in a post-effective
  amendment by those paragraphs is contained in periodic reports filed by the
  Registrant pursuant to Section 13 or Section 15(d) of the 1934 Act that are
  incorporated by reference into this Registration Statement; (2) that for the
  purpose of determining any liability under the 1933 Act each such
  post-effective amendment shall be deemed to be a new registration statement
  relating to the securities offered therein and the offering of such securities
  at that time shall be deemed to be the initial bona fide offering thereof and
  (3) to remove from registration by means of a post-effective amendment any of
  the securities being registered which remain unsold at the termination of the
  2001 Stock Incentive Plan under which the shares to be registered on this
  Registration
  Statement will be issued.
  B. The undersigned Registrant hereby undertakes that, for purposes of
  determining any liability under the 1933 Act, each filing of the Registrant's
  annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act
  that is incorporated by reference into this Registration Statement shall be
  deemed to be a new registration statement relating to the securities offered
  herein, and the offering of such securities at that time shall be deemed to be
  the initial bona fide offering thereof.
  C. Insofar as indemnification for liabilities arising under the 1933 Act
  may be permitted to directors, officers or controlling persons of the
  Registrant pursuant to the indemnification provisions summarized in Item 6 or
  otherwise, the Registrant has been advised that, in the opinion of the SEC,
  such indemnification is against public policy as expressed in the 1933 Act and
  is, therefore, unenforceable. In the event that a claim for indemnification
  against such liabilities (other than the payment by the Registrant of expenses
  incurred or paid by a director, officer or controlling person of the Registrant
  in the successful defense of any action, suit or proceeding) is asserted by
  such director, officer or controlling person in connection with the securities
  being registered, the Registration will, unless in the opinion of its counsel
  the matter has been settled by controlling precedent, submit to a court of
  appropriate jurisdiction the question whether such indemnification by it is
  against public policy as expressed in the 1933 Act and will be governed by the
  final adjudication of such issue.
  Table of Contents
  SIGNATURES
  Pursuant to the requirements of the Securities Act of 1933, as amended,
  the Registrant certifies that it has reasonable grounds to believe that it
  meets all of the requirements for filing on Form S-8, and has duly caused this
  Registration Statement to be signed on its behalf by the undersigned, thereunto
  duly authorized, in the City of Jacksonville, State of Florida on this 10
  th
  day
  of June, 2003.
  THE ST. JOE COMPANY
  By:
  /s/ Kevin M. Twomey
  Kevin M. Twomey
  President Chief Operating
  Officer and Chief Financial
  Officer
  That the undersigned officers and directors of The St. Joe Company, a
  Florida corporation, do hereby constitute and appoint Kevin M. Twomey as the
  lawful attorney-in-fact and agent with full power and authority to do any and
  all acts and things and to execute any and all instruments which said attorney
  and agent determines may be necessary or advisable or required to enable said
  corporations to comply with the Securities Act of 1933, as amended, and any
  rules or regulations or requirements of the Securities Exchange Commission in
  connection with this Registration Statement. Without limiting the generality of
  the foregoing power and authority, the powers granted include the power and
  authority to sign the names of the undersigned officers and directors in the
  capacities indicated below to this Registration Statement, to any and all
  amendments, both pre-effective and post-effective, and supplements to this
  Registration Statement, and to any and all instruments or documents filed as
  part of or in conjunction with this Registration Statement or amendments or
  supplements thereof, and each of the undersigned hereby ratifies and confirms
  all that said attorney and agent shall do or cause to be done by virtue hereof.
  This Power of Attorney may be signed in several counterparts.
  Pursuant to the requirements of the Securities Act of 1933, as amended, this
  Registration Statement has been signed by the following persons in the
  capacities and on the 10
  th
  day of June, 2003.
  /s/ Peter S. Rummell
  Peter S. Rummell
  Chairman of the Board and
  Chief Executive Officer
  (Principal Executive Officer)
  /s/ Kevin M. Twomey
  Kevin M. Twomey
  President, Chief Operating Officer
  and Chief Financial Officer
  (Principal Financial Officer)
  /s/ Michael N. Regan
  Michael N. Regan
  Senior Vice President
  (Principal Accounting Officer)
  /s/ Michael L. Ainslie
  Michael L. Ainslie
  Director
  /s/ Hugh M. Durden
  Hugh M. Durden
  Director
  Table of Contents
  /s/ John S. Lord
  John S. Lord
  Director
  /s/ Herbert H. Peyton
  Herbert H. Peyton
  Director
  /s/ Walter L. Revell
  Walter L. Revell
  Director
  /s/ Frank S. Shaw, Jr.
  Frank S. Shaw, Jr.
  Director
  /s/ Winfred L. Thornton
  Winfred L. Thornton
  Director
  /s/ John D. Uible
  John D. Uible
  Director
  Table of Contents
  EXHIBIT INDEX
  EXHIBIT
  NUMBER
  EXHIBIT
  4
  Instrument Defining Rights of Stockholders. Reference is made to
  Registrant's Registration Statement on Form 8-A (SEC File No. 1-10466),
  which is Incorporated by reference pursuant to Item 3(c) of this
  Registration Statement.
  5
  Opinion and consent of Senior Counsel of Registrant.
  23.1
  Consent of KPMG LLP.
  23.2
  Consent of Senior Counsel of Registrant is contained in Exhibit 5.
  24
  Power of Attorney. Reference is made to page of this Registration Statement.