Patriot Transportation Holding, Inc.

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PATRIOT TRANSPORTATION HOLDING, INC. ANNOUNCES REPURCHASE OF SHARES OF ITS COMMON STOCK.

Jacksonville, Florida: December 10, 2002 -Patriot Transportation Holding, Inc. (NASDQ-PATR) reported that on December 9, 2002 it repurchased 111,300 shares of its common stock for $2,485,334 or $22.33 per share in a negotiated block purchase.

Patriot's Board of Directors previously authorized the repurchase of the Company's common stock as opportunities arise. Approximately $1,143,000 remains available for repurchase under this authorization.

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.