Jacksonville, Florida, May 7, 2014 – Patriot Transportation Holding, Inc. (Nasdaq GM: PATR)
announced today that it intends to separate its transportation business from its real estate
businesses. The separation will result in two independent, publicly-traded companies by means
of a tax-free spin-off of the transportation business to Patriot shareholders. The separation, which
is subject to a number of conditions including final Board approval, receipt of an opinion of tax
counsel and effectiveness of a registration statement on Form 10, is expected to be completed in
the next twelve months.
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