13D Filing: Fairholme (FAIRX) and St. Joe Co (JOE)

(a-e)
As of the date hereof, Fairholme may be deemed to be the beneficial owner of 26,201,385 Shares (39.5%) of the Issuer,
the Fund may be deemed to be the beneficial owner of 23,636,502 Shares (35.6%) of the Issuer and Mr. Berkowitz may be deemed
to be the beneficial owner of 26,201,385 Shares (39.5%) of the Issuer, based upon the 66,321,224 Shares outstanding as
of October 30, 2017, according to the 10-Q filed by the Issuer on November 2, 2017. Of the 23,636,502 Shares deemed to be
beneficially owned by the Fund, 23,136,502 are owned by the Fairholme Fund and 500,000 are owned by The Fairholme Allocation
Fund, each a series of the Fund.