The St. Joe Company, Watermark Retirement Communities and BRW Origins, LLC Announce a Joint Venture to Bring Watersound Fountains, a Luxury Independent Living Community, to the Watersound Origins Community - Seite 2

Site development on Watersound Fountains in currently underway. The parties intend to complete construction and welcome the first residents in 2023.

Important Notice Regarding Forward-Looking Statements

This press release contains “forward-looking statements,” within the meaning of Section 21E of the Exchange Act, including statements regarding the proposed Watersound Fountains independent living community. These forward-looking statements are qualified in their entirety by cautionary statements and risk factors set forth in St. Joe’s filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2020, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and subsequent filings as well as the following: (1) the ability of the parties to complete the proposed Watersound Fountains independent living community and (2) the interest of prospective residents in an independent living facility in South Walton County, Florida.

About The St. Joe Company

The St. Joe Company is a real estate development, asset management and operating company with real estate assets and operations in Northwest Florida. The Company intends to use existing assets for residential, hospitality and commercial ventures. St. Joe has significant residential and commercial land-use entitlements. The Company actively seeks higher and better uses for its real estate assets through a range of development activities. More information about the Company can be found on its website at www.joe.com. On a regular basis, the Company releases a video showing progress on projects in development or under construction. See https://www.joe.com/video-gallery for more information.

About Watermark Retirement Communities

For three decades, Watermark Retirement Communities has created extraordinary and innovative communities where people thrive. Headquartered in Tucson, Arizona, Watermark currently manages 65 communities in 21 states, including CCRCs, standalone independent living, assisted living, and memory care communities in addition to Medicare-certified rehabilitation and skilled nursing neighborhoods. Watermark has ownership interests in many of these assets, both on its own and through its development arm, The Freshwater Group. More information can be found at www.watermarkcommunities.com.

About BRW Origins, LLC

The principals of BRW Origins LLC’s work can be seen up and down the Scenic 30A Corridor along the Emerald Coast of Northwest Florida and beyond. Their combined experience includes a diverse set of asset types in hospitality, residential and commercial development.

The St Joe Company 2021. “St. Joe”, “JOE”, the “Taking Flight” Design, “St. Joe (and Taking Flight Design) ”^, “WaterSound” and “Watersound Origins” are registered service marks of The St. Joe Company or its affiliates.

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