Patriot Transportation Holding, Inc.

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PATRIOT TRANSPORTATION HOLDING, INC. ANNOUNCES AN AGREEMENT TO PURCHASE OPERATING ASSETS OF INFINGER TRANSPORTATION COMPANY

Jacksonville, Florida: May 21, 2002 - Patriot Transportation Holding, Inc. (NASDQ-PATR) today announced that its subsidiary, Florida Rock & Tank Lines, Inc., has agreed to buy, for an undisclosed sum, substantially all of the operating assets of Infinger Transportation Company, Inc., a regional tank truck carrier based in Charleston, South Carolina, and operated by the Infinger family since 1946. Infinger Transportation Company currently operates from terminals in Charleston and North Augusta, South Carolina, Charlotte and Wilmington, North Carolina, Savannah, Georgia, Jacksonville and Tampa, Florida. Included in the assets to be purchased are 109 trailers, 57 tractors and 6 other vehicles.

The acquisition is subject to usual closing conditions, including satisfactory completion of the buyer's due diligence investigation. The transaction is expected to close by the end of this month.

Commenting on the transaction, John Mabbett, President of Florida Rock & Tank Lines, stated: "This acquisition both expands and strengthens our existing tank truck carrier business. We will gain access to new markets in the Carolinas while some of our current terminals will benefit from the addition of new volumes and resulting operating efficiencies."

Patriot Transportation Holding, Inc. is engaged in the transportation and real estate businesses. Its primary operating transportation subsidiaries are Florida Rock & Tank Lines, Inc., a Southeastern transportation company concentrating in the hauling by motor carrier of liquid and dry bulk commodities; SunBelt Transport, Inc., which serves the flatbed portion of the Southeastern trucking industry and Patriot Transportation, Inc. which concentrates on the third-party agent/owner-operator segment of the industry.

The Company's real estate subsidiaries own revenue-producing and investment properties and are engaged in real estate development and property management activities.

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.