Notes: December 30, 2014 - FRP Holdings, Inc. (NASDAQ: FRPH) announced today that its board of directors has unanimously approved the strategic separation of its transportation business, known as Patriot Transportation Holding, Inc. from its real estate business. FRPH's real estate business will continue under the name FRP Holdings, Inc. FRPH's Board of Directors approved a dividend of New Patriot common stock on January 31, 2015, the distribution date, to FRPH common shareholders of record as of the close of business on January 9, 2015, the record date. On the distribution date, FRPH shareholders will receive one share of New Patriot common stock for every three shares of FRPH common stock held by them on the record date. Shareholders will receive cash in lieu of fractional shares of New Patriot common stock. After the distribution, New Patriot will be an independent company, and FRPH will retain no ownership interest. New Patriot has received approval for the listing of its common stock on NASDAQ and will begin trading under the symbol PATI on February 2, 2015. Until then a when-issued public trading market for New Patriot common stock will commence on January 7, 2015 under the symbol PATI. _______________ December 3, 2014 -- Patriot Transportation Holding, Inc. (NASDAQ-PATR) today announced that it has adopted a new holding company organizational structure. This reorganization is intended to facilitate the previously announced plan to separate the real estate and transportation businesses through a tax-free spin-off of the transportation group. The restructuring was accomplished through a merger to which all shareholders of Patriot Transportation Holding, Inc., at the effective time of the merger, became shareholders of the new holding company, FRP Holdings, Inc. (Holdings), and Patriot Transportation Holding, Inc. became a subsidiary of Holdings. In the merger, each share of Patriot common stock was automatically converted into one share of common stock of FRP Holdings, Inc. The business operations of Patriot Transportation Holding, Inc. have not changed as a result of the restructuring. Holdings’ common stock will continue to be listed and traded on The NASDAQ Global Select Market without interruption, but its ticker symbol will change to FRPH. The officers and directors of Patriot Transportation Holding, Inc. have also become the officers and directors of Holdings. Patriot Transportation Holding, Inc.’s shareholders were not required to take any action in connection with the corporate restructuring.