Patriot Transportation Holding, Inc.

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PATRIOT TRANSPORTATION HOLDING, INC. ELECTS NEW BOARD MEMBER AND ANNOUNCES OTHER CORPORATE GOVERNANCE CHANGES.

Jacksonville, Florida; January 5, 2004 -- Patriot Transportation Holding, Inc. (NASDAQ-PATR) announced today that Charles E. Commander III has been elected to its Board of Directors. Mr. Commander is a partner in the Jacksonville office of the law firm of Foley & Lardner. For more than 25 years, he has counseled corporate, financial and real estate clients in various business law matters and has been recognized in Best Lawyers in America for practice excellence in real estate law. Mr. Commander also serves as a director of Alliance Capital Partners, Inc., a financial services holding company.

Commenting on Mr. Commander's election to the Board, Chairman Edward L. Baker said: "Charles Commander is an outstanding leader and counselor who brings to our Board considerable experience and expertise and sound independent judgment."

The Company also announced other changes in its Board to comply with requirements under the Sarbanes-Oxley Act and the recently adopted NASDAQ listing standards. John E. Anderson, David H. deVilliers, Jr. and Francis X. Knott have tendered their resignations from the Board of Directors effective January 1, 2004. Mr. Anderson will continue to serve as President and Chief Executive Officer, and Mr. deVilliers will continue to serve as Vice President of the Company and as President of the Company's Real Estate Group. These changes and the appointment of Mr. Commander assure that the Board has a majority of independent directors as required by the Sarbanes-Oxley Act and NASDAQ.

Investors are cautioned that statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include general business conditions, competitive factors, political, economic, regulatory, climatic, pricing, energy costs and technological contingencies. Additional information regarding these and other risk factors and uncertainties may be found in the Company's filings with the Securities and Exchange Commission.