The St. Joe Company (JOE) Annual Shareholder Meeting May 17, 2012 11:00 a.m. ET Executives Bruce Berkowitz - Chairman Ken Borick - SVP, Counsel and Corporate Secretary Park Brady - CEO Governor Charles Crist - Director Howard Frank - Director Jeff Keil - Director Stan Martin - Director Thomas Murphy – Director Patrick Bienvenue - EVP Tom Hoyer - CFO Steve Hilliard - SVP, Operations Rhea Goff - VP, Human Resources Dave Harrelson - SVP, Timberland Jorge Gonzalez - VP, Entitlements Cliff Cohen - VP, Residential & Rural Land Sales Analysts Bob Horn – Raymond James Steve Springer - Target Capital PresentationBruce Berkowitz
Good morning ladies and gentlemen. I am Bruce Berkowitz, Chairman of the Board of The St. Joe Company. It’s my pleasure to welcome all of you. In accordance with the notice of meeting, I call to order the 2012 annual meeting of shareholders. Each of you should have registered as you entered the meeting. If anyone hasn’t registered, please do so at this time. We will conduct this meeting in accordance with the agenda you were given as you entered the meeting room this morning. Please note that after the formal meeting is adjourned, there will be an opportunity at the end of the meeting for shareholder questions and discussions. On the reverse side of the agenda there is a list of the rules of conduct for this meeting. To ensure orderly meeting, we require that all participants abide these rules.