<SEC-DOCUMENT>0001447572-14-000054.txt : 20141223
<SEC-HEADER>0001447572-14-000054.hdr.sgml : 20141223
<ACCEPTANCE-DATETIME>20141223161746
ACCESSION NUMBER:		0001447572-14-000054
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20150203
FILED AS OF DATE:		20141223
DATE AS OF CHANGE:		20141223
EFFECTIVENESS DATE:		20141223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INGLES MARKETS INC
		CENTRAL INDEX KEY:			0000050493
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-GROCERY STORES [5411]
		IRS NUMBER:				560846267
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			0928

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14706
		FILM NUMBER:		141307108

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 6676
		CITY:			ASHEVILLE
		STATE:			NC
		ZIP:			28816
		BUSINESS PHONE:		828-669-2941

	MAIL ADDRESS:	
		STREET 1:		P O BOX 6676
		CITY:			ASHEVILLE
		STATE:			NC
		ZIP:			28816
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e62005def14a.htm
<DESCRIPTION>NOTICE & PROXY STATEMENT
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 47px; width: 200px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>INGLES MARKETS, INCORPORATED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>P.O. BOX 6676</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>ASHEVILLE, NORTH CAROLINA
28816</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>NOTICE OF 2015 ANNUAL MEETING
OF STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>TO BE HELD ON TUESDAY,
FEBRUARY 3, 2015</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">To the Stockholders of Ingles Markets, Incorporated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">NOTICE IS HEREBY GIVEN that Ingles Markets,
Incorporated will hold its 2015 Annual Meeting of Stockholders at the Grove Park Inn, 290 Macon Avenue, Asheville, North Carolina
28804 on Tuesday, February 3, 2015, at 11:00 a.m. local time, for the following purposes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">To elect eight directors to serve until the 2016 Annual Meeting of Stockholders; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">To vote on a stockholder proposal, if properly presented at the meeting. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">These items and other matters relating
to the Annual Meeting are described in the Proxy Statement that accompanies this Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">Only stockholders of record of the Company&rsquo;s
Class A Common Stock, $0.05 par value per share, and Class B Common Stock, $0.05 par value per share, at the close of business
on December 5, 2014, are entitled to notice of and to vote at the Annual Meeting and any adjournment or postponement thereof. We
will make available at the Company&rsquo;s corporate offices a list of stockholders as of the close of business on December 5,
2014, for inspection during normal business hours during the ten-day period immediately preceding the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">Pursuant
to rules adopted by the Securities and Exchange Commission, we have
provided access to our proxy materials
over the Internet. Accordingly, we are sending a Notice of Internet Availability of
Proxy Materials, or E-proxy notice, on or about December 23, 2014 to our stockholders of record on December 5, 2014. The E-proxy
notice contains instructions for your use of this process, including how to access our proxy statement and annual report and how
to authorize your proxy to vote online. In addition, the E-proxy notice contains instructions on how you may receive
a paper copy of the proxy statement and annual
report or elect to receive your proxy statement and annual report over the Internet.<FONT STYLE="text-underline-style: double; color: blue"><B>
</B></FONT></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">It is important that your shares be represented
at the Annual Meeting. Whether or not you plan to attend the Annual Meeting, please vote by proxy as soon as possible over the
Internet as instructed in the Notice of Internet Availability of Proxy Materials, or E-proxy notice, or, if you receive paper copies
of the proxy materials by mail, you can also vote by mail by following the instructions on the proxy card. If you are a holder
of record of common stock, you may also cast your
votes in person at the Annual Meeting. If your shares are held in &ldquo;street name&rdquo; (that is, held for your account by
a broker or other nominee), you will receive instructions from your broker or other nominee as to how to vote your shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60%">&#9;By Order of the Board of Directors&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60%">&#9;<IMG SRC="image_005.gif" ALT="" STYLE="height: 50px; width: 285px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60%">&#9;Robert P. Ingle, II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60%">&#9;Chairman of the Board</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60%">&#9;Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Asheville, North Carolina</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">December 23, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><B>YOUR VOTE IS IMPORTANT.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><B>PLEASE VOTE OVER THE
INTERNET AS INSTRUCTED IN THESE MATERIALS OR COMPLETE, DATE, SIGN AND RETURN A PROXY CARD AS PROMPTLY AS POSSIBLE.</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 0; text-align: right"><B>Page</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; width: 90%; padding-bottom: 6pt">PROXY STATEMENT</td>
    <TD STYLE="vertical-align: top; text-align: right; width: 10%">1</td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Execution and Revocation of Proxies</td>
    <TD STYLE="vertical-align: top; text-align: right"><font style="text-transform: uppercase">1</font></td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Actions to Be Taken by Proxy</td>
    <TD STYLE="vertical-align: top; text-align: right"><font style="text-transform: uppercase">1</font></td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Voting Rights</td>
    <TD STYLE="vertical-align: top; text-align: right"><font style="text-transform: uppercase">2</font></td></tr>
<tr>
    <TD STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt">ELECTION OF DIRECTORS</td>
    <TD STYLE="vertical-align: top; text-align: right">3</td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Identification of Directors and Executive Officers</td>
    <TD STYLE="vertical-align: top; text-align: right"><font style="text-transform: uppercase">3</font></td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Committees of the Board of Directors</td>
    <TD STYLE="vertical-align: top; text-align: right"><font style="text-transform: uppercase">4</font></td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Compensation Committee Interlocks and Insider Participation in Compensation Decisions</td>
    <TD STYLE="vertical-align: top; text-align: right"><font style="text-transform: uppercase">5</font></td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Meetings of the Board of Directors and Committees</td>
    <TD STYLE="vertical-align: top; text-align: right"><font style="text-transform: uppercase">6</font></td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Director Nominations</td>
    <TD STYLE="vertical-align: top; text-align: right"><font style="text-transform: uppercase">6</font></td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Stockholder Communication with Board Members</td>
    <TD STYLE="vertical-align: top; text-align: right"><font style="text-transform: uppercase">7</font></td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Board Member Attendance at Annual Meetings</td>
    <TD STYLE="vertical-align: top; text-align: right"><font style="text-transform: uppercase">7</font></td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Code of Ethics</td>
    <TD STYLE="vertical-align: top; text-align: right"><font style="text-transform: uppercase">7</font></td></tr>
<tr>
    <TD STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt">AUDIT/COMPENSATION COMMITTEE REPORT</td>
    <TD STYLE="vertical-align: top; text-align: right">8</td></tr>
<tr>
    <TD STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt">EXECUTIVE COMPENSATION AND OTHER INFORMATION</td>
    <TD STYLE="vertical-align: top; text-align: right">9</td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Compensation Discussion and Analysis</td>
    <TD STYLE="vertical-align: top; text-align: right"><font style="text-transform: uppercase">9</font></td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Elements of Executive Compensation</td>
    <TD STYLE="vertical-align: top; text-align: right"><font style="text-transform: uppercase">10</font></td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Management of Compensation &ndash; Related Risk</td>
    <TD STYLE="vertical-align: top; text-align: right"><font style="text-transform: uppercase">11</font></td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Audit/Compensation Committee Report on Executive Compensation</td>
    <TD STYLE="vertical-align: top; text-align: right"><font style="text-transform: uppercase">12</font></td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Executive Compensation Summary</td>
    <TD STYLE="vertical-align: top; text-align: right"><font style="text-transform: uppercase">13</font></td></tr>
<tr>
    <TD STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt">SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN BENEFICIAL OWNERS</td>
    <TD STYLE="vertical-align: top; text-align: right">14</td></tr>
<tr>
    <TD STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt">TRANSACTIONS WITH RELATED PERSONS</td>
    <TD STYLE="vertical-align: top; text-align: right">16</td></tr>
<tr>
    <TD STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt">RELATIONSHIP WITH INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</td>
    <TD STYLE="vertical-align: top; text-align: right">17</td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in"><font style="text-transform: none">Principal Accountant Fees and Services</font></td>
    <TD STYLE="vertical-align: top; text-align: right">17</td></tr>
<tr>
    <TD STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt">STOCKHOLDER PROPOSAL ON INDEPENDENT BOARD CHAIRMAN</td>
    <TD STYLE="vertical-align: top; text-align: right">18</td></tr>
<tr>
    <TD STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt">OTHER MATTERS</td>
    <TD STYLE="vertical-align: top; text-align: right">20</td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Solicitation of Proxies</td>
    <TD STYLE="vertical-align: top; text-align: right">20</td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Stockholders&rsquo; Proposals for the 2016 Annual Meeting</td>
    <TD STYLE="vertical-align: top; text-align: right">20</td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Action on Other Matters at the 2015 Annual Meeting</td>
    <TD STYLE="vertical-align: top; text-align: right">20</td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Section 16(a) Beneficial Ownership Reporting Compliance</td>
    <TD STYLE="vertical-align: top; text-align: right">20</td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: left; padding-bottom: 6pt; padding-left: 0.5in">Availability of Form 10-K</td>
    <TD STYLE="vertical-align: top; text-align: right"><font style="text-transform: uppercase">21</font></td></tr>
</table>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>INGLES MARKETS, INCORPORATED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>P. O. BOX 6676</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>ASHEVILLE, NORTH CAROLINA
28816</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>ANNUAL STOCKHOLDERS MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>FEBRUARY 3, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>Grove Park Inn</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>290 Macon Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>Asheville, North Carolina
28804</B></P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Board of Directors (the &ldquo;Board&rdquo;)
of Ingles Markets, Incorporated (the &ldquo;Company&rdquo;) furnishes you with this Proxy Statement to solicit proxies to be voted
at the 2015 Annual Meeting of Stockholders of the Company. The meeting will be held at the Grove Park Inn, 290 Macon Avenue, Asheville,
North Carolina, on Tuesday, February 3, 2015, at 11:00 a.m. local time, for the purposes set forth in the Notice of Annual Meeting
of Stockholders that accompanies this Proxy Statement. The proxies also may be voted at any adjournments or postponements of the
meeting. Pursuant to rules adopted by the Securities
and Exchange Commission, we have provided access to our proxy materials over the Internet. Accordingly, we are sending a Notice
of Internet Availability of Proxy Materials, which is referred to herein as the &ldquo;E-proxy notice,&rdquo; on or about December
23, 2014 to each holder of record of the Company&rsquo;s Class A Common Stock, $0.05 par value per share (&ldquo;Class
A Common Stock&rdquo;) and Class B Common Stock, $0.05 par value per share (&ldquo;Class B Common Stock&rdquo;), as of December
5, 2014, the record date for the meeting (the &ldquo;Record Date&rdquo;). Class A Common Stock and Class B Common Stock are sometimes
referred to collectively in this Proxy Statement as &ldquo;Common Stock.&rdquo; The E-proxy notice and this proxy statement summarize
the information you need to know to vote by proxy or in person at the annual meeting. You do not need to attend the annual meeting
in person in order to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company&rsquo;s principal executive
offices are located at 2913 U.S. Highway 70 West, Asheville (Black Mountain), North Carolina 28711. This Proxy Statement and the
accompanying forms of proxy are first being provided to stockholders on or about December 23, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Execution and Revocation of Proxies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Shares of Common Stock properly voted
by proxy as instructed in the E-proxy notice will be voted at the Annual Meeting in accordance with the instructions on the proxy.
Proxies that are not properly executed or are not received by the Secretary at or before the Annual Meeting will not be effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A stockholder can revoke a proxy at any
time prior to the exercise of the authority granted under that proxy. A proxy may be revoked by a stockholder in any of the following
ways:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>by attending the Annual Meeting and voting the shares covered by the original proxy in person at the Annual Meeting;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>by delivering to the Secretary an instrument revoking the proxy; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>by delivering a later-dated, properly executed proxy with respect to shares covered by the original proxy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Actions to Be Taken by Proxy </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If any stockholder fails to provide instructions
on a proxy properly submitted via the Internet or mail, its proxy will be voted, as recommended by the Board of Directors, at the
Annual Meeting &ldquo;<B>FOR</B>&rdquo; the election of each of the Board nominees named under the heading &ldquo;<B>ELECTION OF
DIRECTORS &ndash; Identification Of Directors and Executive Officers</B>&rdquo;; and &ldquo;<B>AGAINST</B>&rdquo; the stockholder
proposal under the heading &ldquo;<B>STOCKHOLDER</B> <B>PROPOSAL ON INDEPENDENT BOARD CHAIRMAN</B>&rdquo;.<B> </B>As of the date
of this Proxy Statement, the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Company&rsquo;s management knows of no other matter to be brought before the Annual Meeting. Should
any other matter properly come before the Annual Meeting, all shares of Common Stock represented by effective proxies will be voted,
at their discretion, by the persons acting under such proxies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Voting Rights </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Only holders of record of shares of Class
A Common Stock or Class B Common Stock at the close of business on the Record Date are entitled to vote at the meeting or adjournments
or postponements of the meeting. At the close of business on the Record Date, there were 13,540,333 shares of Class A Common Stock
and 6,719,443 shares of Class B Common Stock issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Quorum Requirements.</I></B> The
presence in person or by proxy of holders of a majority of the outstanding shares of Class A Common Stock constitutes a quorum
for purposes of the election of directors by the holders of Class A Common Stock. The presence in person or by proxy of holders
of a majority of the outstanding shares of Class B Common Stock constitutes a quorum for purposes of the election of directors
by the holders of Class B Common Stock. If holders of shares possessing a majority of the aggregate votes represented by the Class
A Common Stock and Class B Common Stock, taking into account the ten votes per share attributable to the Class B Common Stock,
are present at the Annual Meeting in person or by proxy, a quorum will be present for purposes of any other matter that may be
presented at the Annual Meeting. Abstentions with respect to a proposal and broker non-votes are counted for purposes of establishing
a quorum. A broker non-vote occurs if a broker does not receive instructions from the beneficial owner of shares held in street
name for certain types of proposals and the broker indicates it does not have authority to vote such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Election of Directors.</I></B>
If a quorum of each class is present at the Annual Meeting, the holders of Class A Common Stock, voting as a class, will elect
two directors, and the holders of Class B Common Stock, voting as a class, will elect six directors. For purposes of the election
of directors, each stockholder will have one vote for each share of Common Stock held by the stockholder as of the Record Date.
Pursuant to the North Carolina Business Corporation Act, directors will be elected by a plurality of the votes cast by the holders
of shares entitled to vote in the election. Thus, abstentions and broker non-votes will not be included in vote totals and will
not affect the outcome of the vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As a result of changes to New York Stock
Exchange rules, a broker that is a member firm of that exchange no longer has authority to vote shares held by it in &ldquo;street
name&rdquo; in the election of directors unless it is instructed by the beneficial owner of such shares as to how such shares are
to be voted in such election. Accordingly, if you hold your shares through a broker, you are urged to provide it voting instructions
in accordance with your broker&rsquo;s directions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Cumulative voting is not applicable to
the election of directors at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Other Matters.</I></B> Unless otherwise
provided in the Company&rsquo;s Articles of Incorporation or the North Carolina Business Corporation Act, holders of Class A Common
Stock and Class B Common Stock will vote as a single class with respect to any matter. In any such vote, stockholders will be entitled
to one vote for each share of Class A Common Stock held as of the Record Date and ten votes for each share of Class B Common Stock
held as of the Record Date. For purposes of any such vote, if a quorum is present, a proposal will pass if the votes cast &ldquo;for&rdquo;
the action exceed the votes cast &ldquo;against&rdquo; the action, unless otherwise provided in the Company&rsquo;s Articles of
Incorporation or the North Carolina Business Corporation Act. Shares not voted with respect to any such matters (whether by abstention
or broker non-vote) would not be included in vote totals and would not impact the vote. As of the date of this Proxy Statement,
the Company knows of no matters other than those listed on the Notice of Annual Meeting of Stockholders to be presented for action
at the Annual Meeting.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>ELECTION OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Each member of the Board is elected for
a term of one year and until his/her successor is elected and qualified or until his/her earlier death, resignation or removal
from office. The Company&rsquo;s Articles of Incorporation and Bylaws provide that the Board may from time to time fix by resolution
the number of directors that constitutes the Board, which shall be not less than five nor more than eleven. The Board has determined
by resolution that the number of directors will be fixed at eight for purposes of this election. In accordance with the Company&rsquo;s
Articles of Incorporation and Bylaws, two of the eight directors will be elected by a vote of the holders of the Class A Common
Stock, voting as a separate class, and the remaining six directors will be elected by a vote of the holders of the Class B Common
Stock, voting as a separate class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Identification of Directors and Executive
Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>The Board has nominated, and recommends
a vote FOR, Ernest E. Ferguson and Brenda S. Tudor as directors to be elected by the holders of the Class A Common Stock and Fred
D. Ayers, L. Keith Collins, Ronald B. Freeman, Robert P. Ingle, II, James W. Lanning, and Laura Ingle Sharp as directors to be
elected by the holders of the Class B Common Stock. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Mr. Charles E. Russell, former Director
and Chairman of the Audit/Compensation Committee, died during 2014. Mr. John O. Pollard resigned from the Board and the Audit/Compensation
Committee effective December 9, 2014 for health reasons. Mr. Ferguson and Ms. Tudor were elected to the Board of Directors on December
9, 2014 by the remaining members of the Board following the death of Mr. Russell and the resignation of Mr. Pollard. All other
nominees have been directors for a number of years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Proxies received by the Board will be
voted &ldquo;<B>For</B>&rdquo; the election of all of the nominees unless stockholders specify a contrary choice in their proxy.
We expect each director nominee to be able to serve if elected. If any director nominee is not able to serve, proxies will be voted
&ldquo;for&rdquo; the remainder of those nominated and may be voted for substitute nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The biographical information set forth
below was furnished by each named director and executive officer of the Company. Except as otherwise indicated, each such person
has been engaged in his or her most recent occupation or employment for more than five years.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-decoration: underline; text-indent: 0in"><u>DIRECTORS AND EXECUTIVE OFFICERS</u></td>
    <TD STYLE="width: 5%; padding-right: -11.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0.6pt">&nbsp;</td>
    <TD STYLE="width: 55%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">Robert P. Ingle, II</td>
    <TD STYLE="padding-right: -11.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0.6pt">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">Robert P. Ingle, II has been a
    member of the Board of Directors since February 1997, has served as Chairman of the Board since May 2004, and has served as
    Chief Executive Officer since March 2011.&nbsp;He has been employed by the Company in a variety of positions since 1985.
    Mr.&nbsp;Ingle is&nbsp;46.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">James W. Lanning</td>
    <TD STYLE="padding-right: -11.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0.6pt">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">Mr. Lanning has served as a
    director of the Company since May<b> </b>2003 and has served as President and Chief Operating Officer since March 2003. He
    has been employed by the Company in a variety of positions since 1975. Mr.&nbsp;Lanning is&nbsp;55. </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">Ronald B. Freeman</td>
    <TD STYLE="padding-right: -11.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0.6pt">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">Mr. Freeman has served as a director of the Company since May 2005 and has served as Chief Financial Officer of the Company since April 2005. Mr.&nbsp;Freeman is 57.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">L. Keith Collins</td>
    <TD STYLE="padding-right: -11.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0.6pt">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">Mr. Collins has served as a director since December 2011. In September 2011, Mr. Collins was elected President of Milkco, Inc., a subsidiary of the Company that processes, </td></tr>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in; width: 40%">&nbsp;</td>
    <TD STYLE="padding-right: -11.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0.6pt; width: 5%">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in; width: 55%">packages and
    distributes milk, fruit juices and spring water. Mr.&nbsp;Collins was previously Vice President of Milkco from 2004 to
    2011. He has been continuously employed by Milkco since 1990. Mr.&nbsp;Collins is&nbsp;57.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">Fred D. Ayers</td>
    <TD STYLE="padding-right: -11.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0.6pt">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">Mr. Ayers has served as a director of the Company since February 2006.&nbsp;&nbsp;Mr. Ayers retired in 2002 as a senior officer of Wachovia Bank.&nbsp;&nbsp;He has served on numerous boards and remains active in the Asheville Community.&nbsp;&nbsp;Mr. Ayers is 72.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">Ernest E. Ferguson</td>
    <TD STYLE="padding-right: -11.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0.6pt">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">Mr. Ferguson was elected as a director of the Company on December 9, 2014. Mr.&nbsp;Ferguson retired in 2007 as a senior vice president and commercial sales director of Wachovia Bank (now Wells Fargo). He has continued to serve on numerous boards and remains active in the Asheville community. Mr.&nbsp;Ferguson is&nbsp;67.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Brenda S. Tudor</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><font style="background-color: white">&nbsp;</font></P></td>
    <TD STYLE="padding-right: -11.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0.6pt">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">Ms. Tudor was elected as a
    director of the Company on December 9, 2014. Ms.&nbsp;Tudor is a certified public accountant. She is President and Chief Financial
    Officer of Morgan-Keefe Builders, Inc. Ms.&nbsp;Tudor retired as Vice President Finance and Chief Financial Officer of
    Ingles Markets, Inc. in 2005 and was a director of the Company from 1998 to 2005. Ms.&nbsp;Tudor is&nbsp;57.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">Laura Ingle Sharp<font style="background-color: white"> </font></td>
    <TD STYLE="padding-right: -11.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0.6pt">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">Ms. Sharp has been a director
    of the Company since February 1997. She has in the past served the Company in several capacities on a full-time and
    part-time     basis. The Company&rsquo;s &ldquo;Laura Lynn&rdquo; private label products are named after Ms.&nbsp;Sharp. Ms.&nbsp;Sharp is&nbsp;57.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Messrs. Ingle, Lanning, Freeman and Collins,
and Ms. Sharp have been employees and/or directors of the Company, or its subsidiaries, for many years and, as such, are uniquely
qualified to serve on the Company&rsquo;s Board of Directors. Messrs. Ayers and Ferguson, and Ms. Tudor provide unique and diverse
qualities to our Board of Directors as a result of their backgrounds as senior banking officers, and corporate executive officer
and director, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company does not have a policy with
regard to the consideration of diversity in identifying director nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Robert P. Ingle, II and Laura Ingle Sharp
are brother and sister. There are no other family relationships among any of the directors or executive officers of the Company.
Based upon the voting power of Mr. Robert P. Ingle, II in the election of directors, the Company meets the definition of a &ldquo;Controlled
Company&rdquo; for purposes of the Nasdaq corporate governance rules and thus is exempt from certain of its corporate governance
requirements, including the requirement that a majority of the board members be &ldquo;Independent Directors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Committees of the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Board had three standing committees
during fiscal 2014: an Executive Committee, an Audit/Compensation Committee and a Human Resources Advisory Committee. The Company
did not have a separate nominating committee during fiscal 2014. As a Controlled Company under the Nasdaq corporate governance
rules, the continued listing requirements of Nasdaq do not require that the Company have a nominating committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>The Executive Committee.</I></B>
The Executive Committee can exercise the powers of the full Board between meetings of the Board, except for powers that may not
be delegated to a committee of the Board under the North Carolina Business Corporation Act. During fiscal 2014, the Executive Committee
consisted of Messrs. Robert P. Ingle, II, Ronald B. Freeman and James W. Lanning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>The Audit/Compensation Committee.
</I></B>The Board has established, through the Company&rsquo;s Bylaws, an Audit/Compensation Committee. When acting in its capacity
as Audit Committee, this committee acts under the authority of and has the responsibilities described in the Company&rsquo;s Audit
Committee Charter. The Audit Committee Charter is available on the Company&rsquo;s website at <FONT STYLE="color: Blue"><U>www.ingles-markets.com</U></FONT>.
In this capacity, the committee is responsible for, among other things, recommending the engagement of the Company&rsquo;s independent
registered public accounting firm, approving the fees and services to be provided by the independent registered public accounting
firm, overseeing the independent registered public accounting firm, reviewing and evaluating significant matters relating to the
audit and internal controls of the Company, reviewing the scope and results of audits by, and recommendations of, the Company&rsquo;s
independent registered public accounting firm and establishing and administering the Company&rsquo;s Related Party Transaction
policy. In addition, the committee reviews the audited consolidated financial statements of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Committee does not have a separate
Compensation Committee charter. When the committee is acting in its capacity as the Compensation Committee, the Board has empowered
the committee to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>approve compensation levels and increases in compensation of each executive officer and of other employees of the Company whose
annual base salary is in excess of $150,000; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>approve all incentive payments to executive officers and any incentive payments in excess of $25,000, paid in cash or property,
in any calendar year to any other employee that does not work in one of the Company&rsquo;s supermarkets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Furthermore, the Committee, when acting
as the Compensation Committee, administers the Company&rsquo;s employee benefit plans and other compensation matters where independent,
disinterested administration is required by applicable tax or securities laws and regulations. Where such laws or regulations require
that grants or awards under the Company&rsquo;s stock-based employee benefit plans be made by the full Board or by a committee
of non-employee or outside directors, the Committee or the Board, as appropriate, makes such decisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">During fiscal 2014, the Audit/Compensation
Committee consisted of Messrs. Pollard, Russell (prior to his death in August, 2014) and Ayers. Effective December 9, 2014 Mr.
Ayers was named Audit/Compensation Committee Chairman and both Mr. Ferguson and Ms. Tudor were appointed members of the Audit/Compensation
Committee. The Board has determined that each member of the committee is independent for purposes of the provisions of the Sarbanes-Oxley
Act of 2002 and the Nasdaq corporate governance rules regarding audit committees. The Board has also determined that Mr. Ayers,
an &ldquo;audit committee financial expert&rdquo; as defined under the rules of the Securities and Exchange Commission, is independent
of management of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>The Human Resources Advisory Committee.</I></B>
The Human Resources Advisory Committee was established in August 1998 to oversee certain of the Company&rsquo;s human resources
compliance policies and programs. During fiscal 2014, Ms. Sharp and Mr. Freeman served as members of this committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Compensation Committee Interlocks and
Insider Participation in Compensation Decisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">All compensation decisions made during
fiscal 2014 that were not made exclusively by the Board or the Audit/Compensation Committee were made by the Chief Executive Officer,
in certain instances in consultation with the President and Chief Operating Officer. Messrs. Pollard, Russell and Ayers, who were
the members of the Audit/Compensation Committee during fiscal 2014, were not officers or employees of the Company or its subsidiaries
during fiscal 2014 or any prior fiscal year. Messrs. Pollard, Russell and Ayers did not have any relationships with the Company
that would require disclosure under &ldquo;Transactions With Related Persons.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Meetings of the Board of Directors and
Committees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Board held four formal meetings during
fiscal 2014. The Executive Committee held no formal meetings during fiscal 2014, but met periodically on an informal basis. The
Audit/Compensation Committee held five formal meetings during fiscal 2014, and met periodically on an informal basis during Board
meetings and as required for other purposes. The Human Resources Advisory Committee held no formal meetings during fiscal 2014,
but received updates on human resource issues as needed at quarterly Board meetings. Each director attended at least 75% of all
meetings of the Board and of the committees of the Board on which he or she served during fiscal 2014, except for Mr. Pollard.<B>
</B> See &ldquo;Committees of the Board of Directors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Directors who are not officers of the
Company or any of its subsidiaries are paid an annual retainer of $15,000 plus $1,000 for each Board or Committee meeting they
attend in person. Audit/Compensation Committee members other than the Chairman are also paid an additional annual retainer of $10,000
for service on such Committee, and the Chairman of the Audit/Compensation Committee is paid an additional annual retainer of $15,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following director compensation table
sets forth, for the fiscal year ended September 27, 2014, the cash and certain other compensation paid by the Company to its outside
directors. There were no other items of compensation paid to outside directors for the fiscal year ended September 27, 2014.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><b>Name</b></td>
    <TD NOWRAP STYLE="width: 5%; text-align: center; text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><b>Fees</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><b>Earned or Paid</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><b>in Cash</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><b>($)</b></P></td>
    <TD NOWRAP STYLE="width: 5%; text-align: center; text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><b>Total</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><b>($)</b></P></td>
    <TD NOWRAP STYLE="width: 45%">&nbsp;</TD></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="text-indent: 0in">Fred D. Ayers</td>
    <TD NOWRAP STYLE="text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0in; vertical-align: bottom">30,000</td>
    <TD NOWRAP STYLE="text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0in; vertical-align: bottom">30,000</td>
    <TD NOWRAP>&nbsp;</TD></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="text-indent: 0in">John O. Pollard</td>
    <TD NOWRAP STYLE="text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0in; vertical-align: bottom">27,000</td>
    <TD NOWRAP STYLE="text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0in; vertical-align: bottom">27,000</td>
    <TD NOWRAP>&nbsp;</TD></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="text-indent: 0in">Charles E. Russell</td>
    <TD NOWRAP STYLE="text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0in; vertical-align: bottom">33,000</td>
    <TD NOWRAP STYLE="text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0in; vertical-align: bottom">33,000</td>
    <TD NOWRAP>&nbsp;</TD></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="text-indent: 0in">Laura Ingle Sharp</td>
    <TD NOWRAP STYLE="text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0in; vertical-align: bottom">14,000</td>
    <TD NOWRAP STYLE="text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0in; vertical-align: bottom">14,000</td>
    <TD NOWRAP>&nbsp;</TD></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Director Nominations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As noted above, the Company did not have
a standing nominating committee in fiscal 2014. Historically, the Board of Directors has not considered a nominating committee
necessary in that there have been few vacancies on the Company&rsquo;s Board, and vacancies have been filled through discussions
between the Chief Executive Officer and the Chief Financial Officer of the Company with input from other Board members as needed.
Under the Company&rsquo;s Articles of Incorporation, 25% of the directors of the Company are elected by the holders of Class A
Common Stock, voting as a separate class, and the remaining directors are elected by holders of the Class B Common Stock, voting
as a separate class. Mr. Ingle II, the Chief Executive Officer and Chairman of the Company, is also the majority holder of the
outstanding shares of Class B Common Stock as a result of being appointed the trustee with sole voting and dispositive power of
trusts established by his father, Robert P. Ingle, in connection with his estate plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company has not received director
candidate recommendations from its stockholders and does not have a formal policy regarding consideration of such recommendations.
However, any recommendations received from stockholders will be evaluated in the same manner that potential nominees suggested
by Board members, management or other parties are evaluated. The Company does not intend to treat stockholder recommendations in
any manner different from other recommendations. Stockholders may submit recommendations in writing to the Secretary at the Company&rsquo;s
principal office, the address of which is set forth in this Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Board has not adopted a policy with
respect to minimum qualifications for Board members. Conversely, with respect to each individual vacancy, the Board has determined
the specific qualifications and skills required to fill that vacancy and to complement the existing qualifications and skills of
the other Board members. Historically, the Company has not engaged third parties to assist in identifying and evaluating potential
nominees,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 0">but would
do so in those situations where particular qualifications are required to fill a vacancy and the Board&rsquo;s and management&rsquo;s
contacts are not sufficient to identify an appropriate candidate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Stockholder Communication with Board
Members</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company maintains contact information,
both telephone and email, on its website under the heading &ldquo;Talk to Us.&rdquo; By following the &ldquo;Talk to Us&rdquo;
link, a stockholder will be given access to the Company&rsquo;s telephone number and mailing address as well as a link for providing
email correspondence to Investor Relations. Communications sent to Investor Relations and specifically marked as a communication
for the Board will be forwarded to the Board or specific members of the Board as directed in the stockholder communication. In
addition, communications received via telephone for the Board are forwarded to the Board by an officer of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Board Member Attendance at Annual Meetings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company generally requires that all
directors attend the annual meeting of stockholders, absent extraordinary circumstances. All directors attended the annual meeting
of stockholders held in 2014, except for Mr. Pollard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Code of Ethics</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company has adopted a Code of Ethics
that applies to its senior financial officers, including without limitation, its Chief Executive Officer, Chief Financial Officer
and Controller. The full text of the Code of Ethics is published on the Company&rsquo;s website at <FONT STYLE="color: Blue"><U>www.ingles-markets.com</U></FONT> under the caption &ldquo;Corporate Information.&rdquo; In the event that the Company makes any amendments to, or grants
any waivers of, any provision of the Code of Ethics applicable to its principal executive officer, principal financial officer
or principal accounting officer, the Company intends to promptly disclose such amendment or waiver on its website.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>AUDIT/COMPENSATION
COMMITTEE REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><I>The following report
of the Audit/Compensation Committee does not constitute soliciting material and should not be deemed filed with the Securities
and Exchange Commission nor shall this report be incorporated by reference into any of our filings under the Securities Act of
1933 or the Securities Exchange Act of 1934.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Audit/Compensation Committee oversees
the Company&rsquo;s financial reporting process on behalf of the Board. Management has the primary responsibility for the Company&rsquo;s
financial statements and the financial reporting process including the systems of internal controls. The Company&rsquo;s<FONT STYLE="text-underline-style: double; color: blue"><B>
</B></FONT></U>independent registered public accounting
firm is responsible for performing an independent audit of the Company&rsquo;s consolidated financial statements and
issuing an opinion on the conformity of those audited financial statements with generally accepted accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">In
connection with the preparation and filing of the Company&rsquo;s Annual Report on Form 10-K for its fiscal year ended September
27, 2014: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(1)&#9;The
Audit/Compensation Committee reviewed and discussed
the audited consolidated financial
statements with management; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(2)&#9;
The Audit/Compensation Committee discussed with
a member of Deloitte &amp; Touche LLP, the Company&rsquo;s independent registered public accounting firm, the matters
required to be discussed by the statement
on Auditing Standards No. 61, as amended (AICPA,
<I>Professional Standards</I>, Vol. 1 AU Section 380), as adopted by the Public Company Accounting Oversight Board in Rule 3200T;
and </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(3)&#9;The
Audit/Compensation Committee received the written disclosures and the letter from Deloitte
&amp; Touche LLP required by the applicable requirements of the Public Company Accounting Oversight Board regarding the independent
accountant&rsquo;s communications with the Audit/Compensation Committee concerning
independence and has discussed with Deloitte &amp; Touche LLP its independence. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Audit/Compensation Committee discussed
with the Company&rsquo;s independent
registered public accounting firm the
overall scope and plans for their audit of the Company&rsquo;s financial statements. The Audit/Compensation Committee meets periodically
with the Company&rsquo;s
independent registered public accounting firm
to discuss the results of their examinations, their evaluations of the Company&rsquo;s internal controls and the overall quality
of the Company&rsquo;s financial reporting. The Audit/Compensation Committee held five meetings during fiscal 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Based
on the review and discussions referred to above, the Audit/Compensation Committee recommended to the Company&rsquo;s Board of Directors
(and the Board approved) that the Company&rsquo;s audited consolidated financial statements be included in the Company&rsquo;s
Annual Report on Form 10-K for the fiscal year ended September 27, 2014, for filing with the Securities and Exchange Commission.
</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 50%">&#9;SUBMITTED BY:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 50%">&#9;THE AUDIT/COMPENSATION COMMITTEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 50%">John O. Pollard&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fred D. Ayers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>EXECUTIVE COMPENSATION
AND OTHER INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Compensation Discussion and Analysis</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following discussion and analysis
is intended to provide an understanding of the actual compensation earned by each of the Company&rsquo;s named executive officers
(&ldquo;Executive Officers&rdquo;), and describes the Company&rsquo;s compensation objectives and policies as applied to these
Executive Officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Compensation Philosophy. </I></B>The
objectives of the Company&rsquo;s compensation program are to (1) attract, motivate, develop and retain top quality executives
who will drive long-term stockholder value and (2) deliver competitive total compensation packages based upon both Company and
individual performance. The Company wants its executives to balance the risks and related opportunities inherent in its industry
and in the performance of their duties and share the upside opportunity and the downside risks once actual performance is measured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">The Audit/Compensation Committee is responsible
for administering executive compensation. The duties of this committee are set forth under the heading &ldquo;<B>ELECTION OF DIRECTORS
&ndash; Committees of the Board of Directors</B> <B>&ndash;</B> <B>Audit/Compensation Committee</B>.&rdquo; To achieve the objectives
of the Company&rsquo;s compensation program, the Company&rsquo;s Chief Executive Officer and the Audit/Compensation Committee have
set forth a compensation program for its Executive Officers that is reviewed annually. It includes the following elements:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Base annual cash salary;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Annual cash incentive bonuses; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Retirement, health and other benefits.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company does not have any Employment, Change
in Control or Severance Agreements with any of its Executive Officers. The Company believes in trust, loyalty and commitment from
both the Company and the Executive Officers, and believes that such agreements are not necessary to achieve its goals and the needs
of the Executive Officers.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Factors Considered in Determining
Compensation.</I></B> The Company&rsquo;s Chief Executive Officer periodically reviews the compensation paid by the Company to
its Executive Officers and other employees. Based on the Company&rsquo;s general performance and that of the individual Executive
Officer, he makes final subjective determinations (in certain instances in consultation with the President and Chief Operating
Officer) with respect to any changes to be made to that compensation. Bonuses paid to officers of the Company&rsquo;s subsidiary,
Milkco, Inc., are based on a percentage of Milkco&rsquo;s earnings before taxes and payment of bonuses.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Neither the full Board nor the Audit/Compensation Committee generally reviews or ratifies the Chief Executive Officer&rsquo;s
decisions relating to executive compensation unless otherwise required by the Company&rsquo;s Bylaws, by resolutions adopted by
the Board, or by the North Carolina Business Corporation Act. Decisions are made by the Board or the Audit/Compensation Committee
if such decisions require the adoption of documents relating to employee benefit plans or programs. In addition, the Audit/Compensation
Committee is required by resolution of the Board of Directors to approve any increases in compensation that the Company will pay
to an employee whose base salary is in excess of $150,000, all incentive compensation that the Company will pay to Executive Officers
and any incentive payments in excess of $25,000 that the Company will pay to any other employee who does not work in one of the
Company&rsquo;s supermarkets. Certain managers that work in the Company&rsquo;s supermarkets are paid incentive compensation based
on each individual store&rsquo;s operating profit. These incentive payments may exceed $25,000 and are not approved by the Audit/Compensation
Committee.</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Internal Revenue Code generally provides
that corporate deductions will be disallowed for annual compensation in excess of $1 million paid to certain executive officers
of publicly held corporations. &ldquo;Performance-based&rdquo; compensation is excluded from the cap. Although the $1 million compensation
deduction cap would be applicable to the Executive Officers named in the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Summary
Compensation Table</B></FONT>&rdquo; their compensation levels for fiscal 2014 were below the cap. Nevertheless, the Chief Executive
Officer and the Audit/Compensation Committee, as appropriate, intend to consider the Internal Revenue Code&rsquo;s compensation
deductibility cap when they determine compensation levels and to evaluate appropriate alternatives to mitigate any adverse impact
this limitation may have on the deductibility of executive compensation paid by the Company and its subsidiaries. The Company believes
all compensation paid to Executive Officers for fiscal 2014 is deductible under the Internal Revenue Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Elements of Executive Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Base Salary. </I></B>Base salary
is used to attract and retain Executive Officers and is determined using publically available comparisons with industry competitors
and other relevant factors, including the seniority of the individual, the functional role of the position, the level of the individual&rsquo;s
responsibility, ability to replace the individual, etc. The information is used subjectively without benchmarking in the determination
of base salaries. The base salaries paid to the Executive Officers during fiscal 2014 are shown in the Summary Compensation Table
presented in this proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Cash Incentive Bonus Awards.</I></B>
Annual cash bonuses are a significant component of each Executive Officer&rsquo;s compensation, reflecting the Company&rsquo;s
belief that management&rsquo;s contribution to long-term stockholder returns comes from maximizing earnings and the potential of
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Executive Officers of the Company received
a bonus, the amounts of which were subjectively determined taking into consideration Company profitability and the Executive Officer&rsquo;s
performance for the fiscal year to which the bonus relates. This subjective determination is made by Mr. Ingle II, and the President
and Chief Operating Officer, as appropriate, and approved by the Audit/Compensation Committee. The bonus paid to Mr. Collins, President
of the Company&rsquo;s subsidiary, Milkco, Inc., is based on a percentage of Milkco&rsquo;s earnings before taxes and payment of
bonuses. Mr. Collins receives a bonus equal to a percentage of Milkco&rsquo;s earnings before taxes and payment of bonuses, up
to a maximum of $49,950 per year. Based on Milkco&rsquo;s expected financial performance, the Company anticipates Mr. Collins will
continue to receive at or near the maximum bonus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 12pt; text-indent: 0.5in"><B><I>Retirement, Health and Other
Benefits.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><I>Investment/Profit Sharing Plan.</I>
The Company maintains the Ingles Markets, Incorporated Investment/Profit Sharing Plan (the &ldquo;Profit Sharing Plan&rdquo;) to
provide retirement benefits to eligible employees, including Executive Officers. The Profit Sharing Plan includes 401(k) employee
elective contributions, discretionary employer matching contributions and discretionary profit sharing contribution features. The
assets of the Profit Sharing Plan are held in trust for participants and are distributed upon the retirement, disability, death
or other termination of employment of the participant. Quarterly, the Company, in its discretion, determines the amount of any
Company profit sharing contributions and the amount of any matching contributions to be made based on participants&rsquo; 401(k)
contributions for the quarter. During fiscal 2014, the Company matched employee contributions at a rate of $0.50 for each dollar
of employee contributions up to 3% of the employee&rsquo;s salary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Employees who participate in the Profit
Sharing Plan may contribute to their 401(k) account between one percent and fifty percent (in increments of one percent) of their
compensation by way of salary reductions that cannot exceed a maximum amount that varies annually in accordance with the Internal
Revenue Code. The Company also makes available to Profit Sharing Plan participants the ability to direct the investment of their
401(k) accounts (including the Company&rsquo;s matching contributions) in various investment funds, including a fund holding Class
A Common Stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company did not make a discretionary
profit sharing contribution to the Profit Sharing Plan for fiscal 2014.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Company discretionary employer matching
cash contributions to the Profit Sharing Plan totaled $1.4 million for fiscal 2014. These contributions were allocated to the matching
contribution accounts in each participant&rsquo;s 401(k) account. The Company&rsquo;s contributions to each of the Executive Officers
are reflected in the Summary Compensation Table. As of September 27, 2014, all of the Executive Officers who are named in the Summary
Compensation Table were 100% vested in their accounts.<B> </B>Participants&rsquo; interests in employer contributions allocated
to their accounts vest over six years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><I>Nonqualified Investment Plan.</I>
The Company maintains an Executive Nonqualified Excess Plan to provide benefits similar to the Investment/Profit Sharing Plan to
certain of the Company&rsquo;s management employees and pharmacists (in the Company&rsquo;s stores) who are otherwise limited in
their employee elective contributions under the 401(k) feature of the Profit Sharing Plan. Employees who participate in the Executive
Nonqualified Excess Plan may contribute between one percent and seventy-five percent of base pay and up to one hundred percent
of bonus pay (in increments of one percent) of their compensation by way of salary reductions. In addition, the Company may make
discretionary matching contributions. The Company&rsquo;s contributions to each of the Executive Officers are reflected in the
Summary Compensation Table. During fiscal 2014, the Company matched employee contributions at a rate of $0.25 for each dollar of
employee contributions up to 2% of the employee&rsquo;s earnings. As of September 27, 2014, all of the Executive Officers who are
named in the Summary Compensation Table were 100% vested in their accounts.<B> </B>Participants&rsquo; interests in contributions
allocated to their accounts vest over six years. Company contributions to the Plan were approximately $84,000 in fiscal 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><I>Insurance.</I> The Company currently
makes available to its Executive Officers and all employees a comprehensive health, dental, life and disability insurance program.
The health care insurance offers a variety of coverage options, at the employee&rsquo;s discretion. The Company maintains, at its
expense, for the benefit of each of its full-time employees life insurance policies in amounts up to $150,000 based on the compensation
of the employee. The premiums paid by the Company for the benefit of Executive Officers are included in the Summary Compensation
Table.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Management of Compensation &ndash; Related
Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">The Company&rsquo;s Board of Directors
has considered and determined that risks arising from the Company&rsquo;s compensation policies and practices for its employees
are not reasonably likely to have a material adverse effect on the Company.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><B>Audit/Compensation
Committee Report on Executive Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9.75pt; text-indent: 0.5in">The Audit/Compensation Committee has
reviewed and discussed with management the &ldquo;Compensation Discussion and Analysis&rdquo; set forth above in this Proxy Statement.
Based on such review, the related discussions and such other matters deemed relevant and appropriate by the Audit/Compensation
Committee, the Audit/Compensation Committee has recommended to the Board of Directors that the &ldquo;Compensation Discussion and
Analysis&rdquo; be included in this Proxy Statement and in the Company&rsquo;s Annual Report on Form 10-K for the year ended September
27, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 50%">SUBMITTED BY:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 50%">&#9;THE AUDIT/COMPENSATION COMMITTEE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 50%">&#9;John O. Pollard&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fred D. Ayers<BR>
&#9;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in"><B>Executive Compensation Summary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following tables set forth information concerning
the compensation of the Company&rsquo;s Chief Executive Officer, Chief Financial Officer and each of its other Named Executive
Officers at the end of fiscal 2014.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SUMMARY COMPENSATION TABLE</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 26%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt"><b>Name and Principal Position during 2014 </b></font></td>
    <td style="vertical-align: top; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: bottom; width: 6%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt"><b>Fiscal Year</b></font></td>
    <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Salary</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>($)</b></P></td>
    <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Bonus</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>($)</b></P></td>
    <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Non-Equity Incentive Plan Compensation</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>($)</b></P></td>
    <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>All Other Compensation</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>($) (1)</b></P></td>
    <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center; width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Total</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>($)</b></P></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">Robert P. Ingle, II </font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">2014</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">611,923</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">350,000</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">&mdash;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">68,892</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 9pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom"><font style="font-size: 10pt">1,030,815</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><font style="font-size: 9pt">Chairman and Chief Executive </font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">2013</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">576,923</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">300,000</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">&mdash;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">64,295</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 9pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom"><font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;941,218</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><font style="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Officer</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">2012</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">548,077</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">250,000</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">&mdash;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">71,863</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 9pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom"><font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;869,940</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 9pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">James W. Lanning</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">2014</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">611,923</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">350,000</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">&mdash;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">10,339</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 9pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom"><font style="font-size: 10pt">972,262</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><font style="font-size: 9pt">President and Chief Operating</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">2013</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">576,923</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">300,000</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">&mdash;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">9,677</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 9pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom"><font style="font-size: 10pt">886,600</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><font style="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Officer</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">2012</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">548,077</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">250,000</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">&mdash;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">9,345</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 9pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom"><font style="font-size: 10pt">807,422</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 9pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">Ronald B. Freeman </font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">2014</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">315,385</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">&nbsp;&nbsp;95,000</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">&mdash;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">5,781</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 9pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom"><font style="font-size: 10pt">416,166</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><font style="font-size: 9pt">Vice President Finance, </font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">2013</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">295,385</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">&nbsp;&nbsp;80,000</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">&mdash;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">5,670</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 9pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom"><font style="font-size: 10pt">381,054</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><font style="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">2012</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">282,335</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">&nbsp;&nbsp;75,000</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">&mdash;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">5,610</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 9pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom"><font style="font-size: 10pt">362,945</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 9pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">L. Keith Collins (2)</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">2014</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">196,538</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">&mdash;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">43,819</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">6,216</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 9pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom"><font style="font-size: 10pt">246,573</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><font style="font-size: 9pt">President, Milkco, Inc.</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">2013</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">182,884</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">&mdash;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">47,055</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">5,472</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 9pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom"><font style="font-size: 10pt">235,411</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">2012</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">177,379</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">&mdash;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">22,549</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">4,604</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 9pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom"><font style="font-size: 10pt">204,532</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 9pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 9pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="13" style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: -6pt"><font style="font-size: 10pt">(1)&nbsp;&nbsp;All other fiscal 2014 compensation for each of the Executive Officers consists of the following:</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</td>
    <TD COLSPAN="8" STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: center; vertical-align: bottom"><font style="font-size: 9pt"><b>Fiscal 2014</b></font></td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; width: 39%; text-align: left; font-size: 9pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; width: 8%; font-size: 9pt; text-align: left">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; width: 2%; font-size: 9pt; text-align: center">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: Black 1pt solid; font-size: 9pt; text-align: center"><font style="font-size: 9pt"><b>Robert P. <BR>
Ingle, II</b></font></td>
    <TD STYLE="vertical-align: bottom; width: 2%; border-top: Black 1pt solid; font-size: 9pt; text-align: center">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 9pt; text-align: center"><font style="font-size: 9pt"><b>James W. Lanning</b></font></td>
    <TD STYLE="vertical-align: bottom; width: 2%; border-top: Black 1pt solid; font-size: 9pt; text-align: center">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Ronald B.</b></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Freeman</b></P></td>
    <TD STYLE="vertical-align: bottom; width: 2%; border-top: Black 1pt solid; font-size: 9pt; text-align: center">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 9pt; text-align: center"><font style="font-size: 9pt"><b>L. Keith Collins</b></font></td>
    <TD STYLE="width: 1%; font-size: 12pt; vertical-align: bottom; text-align: center">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; vertical-align: bottom"><font style="font-size: 9pt">Employer Match for 401(k) Plan</font></td>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><font style="font-size: 9pt">$&nbsp;&nbsp;&nbsp;3,975</font></td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><font style="font-size: 9pt">$&nbsp;&nbsp;&nbsp;3,975</font></td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><font style="font-size: 9pt">$&nbsp;&nbsp;&nbsp;2,650</font></td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><font style="font-size: 9pt">$&nbsp;&nbsp;&nbsp;3,605</font></td>
    <TD STYLE="font-size: 12pt; vertical-align: bottom; padding-right: 18pt; text-align: right">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; vertical-align: bottom"><font style="font-size: 9pt">Employer Match for Non-Qualified Plan</font></td>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><font style="font-size: 9pt">4,810</font></td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><font style="font-size: 9pt">4,810</font></td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><font style="font-size: 9pt">1,577</font></td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><font style="font-size: 9pt">1,202</font></td>
    <TD STYLE="font-size: 12pt; vertical-align: bottom; padding-right: 18pt; text-align: right">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; vertical-align: bottom"><font style="font-size: 9pt">Life Insurance</font></td>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><font style="font-size: 9pt">198</font></td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><font style="font-size: 9pt">198</font></td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><font style="font-size: 9pt">198</font></td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><font style="font-size: 9pt">198</font></td>
    <TD STYLE="font-size: 12pt; vertical-align: bottom; padding-right: 18pt; text-align: right">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Accidental Death &amp; Dismemberment and</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Insurance and Long-Term Disability</P></td>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; text-align: right">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">1,356</P></td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; text-align: right">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: right">1,356</P></td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; text-align: right">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: right">1,356</P></td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; text-align: right">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">1,211</P></td>
    <TD STYLE="font-size: 12pt; vertical-align: bottom; padding-right: 18pt; text-align: right">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; vertical-align: bottom"><font style="font-size: 9pt">Travel Expenses </font></td>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><font style="font-size: 9pt">31,832</font></td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><font style="font-size: 10pt">&mdash;</font></td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><font style="font-size: 10pt">&mdash;</font></td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-right: 18pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><font style="font-size: 10pt">&mdash;</font></td>
    <TD STYLE="font-size: 12pt; vertical-align: bottom; padding-right: 18pt; text-align: right">&nbsp;</td></tr>
</table>
<P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: -6pt"><font style="font-size: 10pt">(2) &nbsp;Mr. Collins received a bonus equal to a percentage of Milkco&rsquo;s earnings before taxes and payment of bonuses, up to a </font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;maximum of $49,950 per year.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>SECURITY OWNERSHIP
OF MANAGEMENT AND CERTAIN BENEFICIAL OWNERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Except where indicated
in the footnotes below, the following table sets forth the number of shares of Class A Common Stock and Class B Common Stock owned
beneficially as of September 27, 2014, by each director and nominee for director, each of the executive officers of the Company
named in the Summary Compensation Table, all directors and executive officers as a group and each person known by the Company to
be a beneficial owner of more than five percent (5%) of either class of the outstanding Common Stock. The table also sets forth
the percentage of each class of Common Stock held by such stockholders. As of September 27, 2014, there were 13,540,333</FONT><FONT STYLE="font: 8pt Courier New, Courier, Monospace"><B>
</B></FONT><FONT STYLE="font-size: 10pt">shares of Class A Common Stock and 6,719,443 shares of Class B Common Stock outstanding.
Except as otherwise indicated, each beneficial owner has sole voting and investment power with respect to the Common Stock listed.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="font-size: 9.5pt; padding-left: 6pt; text-indent: -6pt">&nbsp;</td>
    <TD NOWRAP STYLE="font-size: 9.5pt">&nbsp;</td>
    <TD COLSPAN="5" NOWRAP STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Number of Shares</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Owned Beneficially</B></P>

</TD>
    <TD NOWRAP STYLE="font-size: 9.5pt">&nbsp;</td>
    <TD COLSPAN="5" NOWRAP STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Percentage of</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common Stock</B></P>

</TD>
    <TD NOWRAP STYLE="font-size: 9.5pt">&nbsp;</td>
    <TD ROWSPAN="2" COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Percentage of <BR>
Total Voting <BR>
Power</B></P>

</TD></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 6pt; text-indent: -6pt">
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></P>
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Name</b></P></td>
    <TD NOWRAP STYLE="font-size: 9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Class A<SUP>(2)</SUP></B></P>

</TD>
    <TD NOWRAP STYLE="font-size: 9.5pt; text-align: center">&nbsp;</td>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Class B</B></P>

</TD>
    <TD NOWRAP STYLE="font-size: 9.5pt; text-align: center">&nbsp;</td>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Class A<SUP>(2)</SUP></B></P>

</TD>
    <TD NOWRAP STYLE="font-size: 9.5pt; text-align: center">&nbsp;</td>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Class B</B></P>

</TD>
    <TD NOWRAP STYLE="font-size: 9.5pt">&nbsp;</td>
    </tr>
<tr>
    <TD STYLE="text-align: left; width: 53%; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt">&nbsp;</td>
    <TD STYLE="text-align: left; width: 1%; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 5%; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="width: 3%; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 5%; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="width: 3%; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 2%; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 5%; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="width: 3%; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 5%; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="width: 3%; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 2%; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 6%; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="width: 2%; text-align: left; vertical-align: bottom">&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt"><font style="font-size: 10pt">Robert P. Ingle, II<sup>(1)</sup></font></td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;6,209,420</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(3)(4)</SUP></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">6,046,992</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(3)(4)</SUP></TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">31.7%</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(3)(4)</SUP></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">90.0%</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(3)(4)</SUP></TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">75.1%</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(3)(4)</SUP></TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt">&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt"><font style="font-size: 10pt">James W. Lanning<sup>(1)</sup></font></td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">595,820</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(3)</SUP></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">423,392</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(3)</SUP></TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">4.3%</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(3)</SUP></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">6.3%</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(3)</SUP></TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">5.5%</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(3)</SUP></TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt">&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt"><font style="font-size: 10pt">Laura Ingle Sharp<sup>(1)</sup></font></td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">175,411</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(5)</SUP></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">149,725</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(5)</SUP></TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1.3%</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(5)</SUP></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;2.2%</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(5)</SUP></TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1.9%</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(5)</SUP></TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt">&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt"><font style="font-size: 10pt">Ronald B. Freeman<sup>(1)</sup></font></td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">588,418</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(3)</SUP></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">423,392</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(3)</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">4.2%</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(3)</SUP></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">6.3%</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(3)</SUP></TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">5.4%</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(3)</SUP></TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt">&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt"><font style="font-size: 10pt">Fred D. Ayers<sup>(1)</sup></font></td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">500</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">0</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 12pt"><FONT STYLE="font-size: 10pt">*</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 12pt"><font style="font-size: 10pt">*</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 12pt"><font style="font-size: 10pt">*</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt">&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt"><font style="font-size: 10pt">L. Keith Collins<sup>(1)</sup></font></td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">254</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">0</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 12pt"><font style="font-size: 10pt">*</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 12pt"><font style="font-size: 10pt">*</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 12pt"><font style="font-size: 10pt">*</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt">&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt"><font style="font-size: 10pt">Brenda S. Tudor<sup>(1)</sup></font></td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">0</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">0</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 12pt"><font style="font-size: 10pt">*</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 12pt"><font style="font-size: 10pt">*</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 12pt"><font style="font-size: 10pt">*</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt">&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt"><font style="font-size: 10pt">Ernest E. Ferguson<sup>(1)</sup></font></td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">0</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">0</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 12pt"><font style="font-size: 10pt">*</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 12pt"><font style="font-size: 10pt">*</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 12pt"><font style="font-size: 10pt">*</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt">&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt"><font style="font-size: 10pt">Mario J. Gabelli et al<sup>(6)</sup></font></td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">2,628,745</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(7)</SUP></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">0</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">19.4%</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(7)</SUP></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 12pt"><font style="font-size: 10pt">*</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">3.3%</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(7)</SUP></TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt">&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt"><font style="font-size: 10pt">Dimensional Fund Advisors, LP<sup>(8)</sup></font></td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">884,304</P></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(9)</SUP></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">0</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">6.5%</P></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(9)</SUP></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 12pt"><font style="font-size: 10pt">*</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1.1%</P></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(9)</SUP></TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt">&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt"><font style="font-size: 10pt">BlackRock, Inc.<sup>(10)</sup></font></td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">812,701</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(11)</SUP></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">0</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">6.0%</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(11)</SUP></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 12pt"><font style="font-size: 10pt">*</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1.0%</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(11)</SUP></TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt">&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt"><font style="font-size: 10pt">River Road Asset Management, LLC.<sup>(12)</sup></font></td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">721,484</P></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(13)</SUP></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">0</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5.3%</P></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(13)</SUP></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 12pt"><font style="font-size: 10pt">*</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 12pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">*</P></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt">&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt"><font style="font-size: 10pt">Ingles Investment/Profit Sharing Plan<sup>(1)</sup></font></td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">585,820</P></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">423,392</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4.2%</P></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">6.3%</font></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5.4%</P></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt">&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 6pt; text-indent: -6pt"><font style="font-size: 10pt">All Directors and Executive Officers as a group (8&nbsp;persons)</font></td>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">6,398,183</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(3)</SUP></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">6,196,717</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(3)</SUP></TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">32.4%</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(3)</SUP></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">92.2%</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(3)</SUP></TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">77.0%</FONT></td>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom"><SUP>(3)</SUP></TD></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%"><font style="font-size: 10pt">*</font></td>
    <td><font style="font-size: 10pt">Less than 1%. </font></td></tr>
</table>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%"><font style="font-size: 10pt">(1)</font></td>
    <TD STYLE="width: 96%"><font style="font-size: 10pt">The address of this beneficial owner is P.O. Box 6676, Asheville, North Carolina 28816. </font></td></tr>
</table>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%; text-align: left"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Each share of Class B Common
Stock is convertible, at any time at the option of the holder, into one share of Class A Common Stock. If the holder of any shares
of Class B Common Stock transfers the shares to anyone other than a &ldquo;qualified transferee&rdquo; as defined in the Company&rsquo;s
Articles of Incorporation, then each share of Class B Common Stock will automatically convert into a share of Class A Common Stock.
Accordingly, for each holder of Class B Common Stock the number of shares and percentage of Class A Common Stock set forth in
this table also reflect the Class A Common Stock into which such stockholder&rsquo;s shares of Class B Common Stock are convertible.
However, these converted shares are not used to calculate such percentages for any other stockholder in this table. The number
of shares and percentage of Class A Common Stock held by all</FONT></TD>
</TR>     <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">directors and executive officers as a group also reflects the conversion into Class A
                                                                                                                      Common Stock of each share of Class B Common Stock held by each director and executive officer. Because the Class B Common
                                                                                                                      Stock converts into Class A Common Stock on a one to one basis, the number of shares of Class B Common Stock noted in the
                                                                                                                      table above also represents the number of shares of Class A Common Stock each holder would beneficially own upon conversion
                                                                                                                      of the Class B Common Stock beneficially owned by them.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%"><font style="font-size: 10pt">(3)</font></td>
    <TD><font style="font-size: 10pt">Includes the 423,392 shares of Class B Common Stock and 162,428 shares of Class A Common Stock held by the Company&rsquo;s Investment/Profit Sharing Plan and Trust, of which Messrs. Ingle II, Freeman and Lanning are trustees. The trustees, by a majority vote, have sole voting power and dispositive power with respect to such shares. However, Messrs. Ingle II, Freeman and Lanning disclaim beneficial ownership of such shares. </font></td></tr>
</table>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%; font-size: 12pt"><FONT STYLE="font-size: 10pt">(4)</FONT></td>
    <td><font style="font-size: 10pt">Includes a total of 5,468,650 shares of Class B Common Stock held by trusts of which Mr. Ingle II is sole trustee with sole voting power and dispositive power with respect to such shares.&nbsp;&nbsp;Includes 24,076 shares of Class B Common Stock held by Mr. Ingle or his spouse as custodian for their minor children, with respect to which Mr. Ingle disclaims any beneficial ownership interest. </font></td></tr>
</table>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%"><font style="font-size: 10pt">(5)</font></td>
    <td><font style="font-size: 10pt">Includes 686 shares of Class A Common Stock and 2,025 shares of Class B Common Stock held by Ms. Sharp&rsquo;s minor children. </font></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%"><font style="font-size: 10pt">(6)</font></td>
    <td><font style="font-size: 10pt">The address of this beneficial owner is GAMCO Investors, Inc., One Corporate Center, Rye, New York 10580. </font></td></tr>
</table>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%"><font style="font-size: 10pt">(7)</font></td>
    <td><font style="font-size: 10pt">The information as to Mario J. Gabelli (includes entities controlled directly or indirectly by Mario Gabelli, collectively, the &ldquo;Gabelli Entities&rdquo;) with respect to the number of shares beneficially owned by the Gabelli Entities is derived from its Schedule 13F filed with the Securities and Exchange Commission on September 30, 2013. All other information regarding the Gabelli Entities is derived from a statement on Amendment No. 23 to Form 13D filed with the Securities and Exchange Commission on November 18, 2013, pursuant to Section 13(d) of the Exchange Act. Such statement discloses that (i) Mario Gabelli is the chief investment officer for most of the Gabelli Entities signing such statements and is deemed to have beneficial ownership of the shares owned by all Gabelli Entities, (ii) Mario Gabelli and the Gabelli Entities do not admit that they constitute a group within the meaning of Section 13(d) of the Exchange Act and the rules and regulations thereunder and (iii) Mario Gabelli and the Gabelli Entities have the sole power to vote or direct the vote and dispose or to direct the disposition of all the shares of which they are beneficial owners (except for 119,000 of such shares for which one of the Gabelli Entities does not have authority to vote and unless the aggregate voting interest of all Gabelli Entities exceeds 25% of the Company&rsquo;s total voting interest or other special circumstances exist, in which case the proxy voting committees of certain of the Gabelli Entities would have the sole voting power to vote certain of the shares of Class A Common Stock). The Gabelli Entities that beneficially own shares of the Company&rsquo;s Class A Common Stock are registered investment advisors and beneficially own such shares in an agent capacity.</font></td></tr>
</table>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%; font-size: 12pt"><font style="font-size: 7.5pt">&nbsp;</font><font style="font-size: 10pt">(8)</font></td>
    <td><font style="font-size: 10pt">The address for this beneficial owner is Palisades West, Building One, 6300 Bee Cave Road, Austin, TX 78746.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%"><font style="font-size: 10pt">(9)</font></td>
    <TD><font style="font-size: 10pt">The information as to the number of shares beneficially owned by Dimensional Fund Advisors, LP is derived from its Schedule 13F filed with the Securities and Exchange Commission on September 30, 2013. All other information as to Dimensional Fund Advisors, LP is derived from a report on Amendment No. 2 to Schedule 13G filed with the Securities and Exchange Commission on February 10, 2014 by Dimensional Fund Advisors LP.&nbsp;&nbsp;Dimensional Fund Advisors LP, an investment adviser registered under Section 203 of the Investment Advisors Act of 1940, furnishes investment advice to four investment companies registered under the Investment Company Act of 1940, and serves as investment manager to certain other commingled group trusts and separate accounts (such investment companies, trusts and accounts, collectively referred to as the &ldquo;Funds&rdquo;). In certain cases, subsidiaries of Dimensional Fund Advisors LP may act as an adviser or sub-adviser to certain Funds. In its role as investment advisor, sub-adviser and/or manager, Dimensional Fund Advisors LP or its subsidiaries (collectively, &ldquo;Dimensional&rdquo;) possess voting and/or investment power over the securities of the Issuer that are owned by the Funds, and may be deemed to be the beneficial owner of the shares of the Issuer held by the Funds. However, all securities reported in this schedule are owned by the Funds. &nbsp;</font></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<tr style="vertical-align: top">
    <TD STYLE="width: 4%"><font style="font-size: 10pt">(10)</font></td>
    <TD><font style="font-size: 10pt">The address for this beneficial owner is 40 East 52<sup>nd</sup> Street, New York, NY 10022.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%"><font style="font-size: 10pt">(11)</font></td>
    <td><font style="font-size: 10pt">The information as to the number of shares beneficially owned by BlackRock Institutional Trust Company, N.A. is derived from its Schedule 13F filed with the Securities and Exchange Commission on September 30, 2013. All other information as to BlackRock Institutional Trust Company, N.A. is derived from a report on Amendment No. 4 to Schedule 13G filed with the Securities and Exchange Commission on January 29, 2014 by Blackrock, Inc. (&ldquo;Blackrock&rdquo;). Blackrock is a parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G). </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%"><font style="font-size: 10pt">(12)</font></td>
    <td><font style="font-size: 10pt">The address for this beneficial owner is 462 South Fourth Street, Suite 1600, Louisville, KY 40202.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%"><font style="font-size: 10pt">(13)</font></td>
    <td><font style="font-size: 10pt">The information as to the number of shares beneficially owned by River Road Asset Management, LLC. (&ldquo;River Road&rdquo;) is derived from its Schedule 13F filed with the Securities and Exchange Commission on February 12, 2014.&nbsp;&nbsp;River Road is an investment advisor in accordance with Rule 13d-1(b)(1)(ii)(E).</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>TRANSACTIONS WITH
RELATED PERSONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company monitors certain relationships
and related party transactions by requiring each director and executive officer to notify the Company&rsquo;s Chief Financial Officer
and Executive Committee in advance of any upcoming transactions that may be considered a transaction with a related person. The
Company has adopted a formal Related Party Transactions policy to ensure compliance with the above guidelines, Nasdaq rules, and
SEC regulations. In addition, each director and executive officer completes an annual questionnaire to disclose any transactions
with related persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company will from time to time make
short-term, non-interest bearing loans to the Company&rsquo;s Investment/Profit Sharing Plan to allow the Plan to meet distribution
obligations during a time when the Plan was prohibited from selling shares of the Company&rsquo;s Class A Common Stock. During
fiscal 2014, a loan totaling $500,000 between the Company and the Investment/Profit Sharing Plan was made. At September 27, 2014
approximately $370,000 of this loan was outstanding and is expected to be repaid by the Plan to the Company during fiscal 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company will from time to time purchase
from the Plan shares of the Company&rsquo;s Class B Common Stock to meet distribution obligations of the Plan. There were no such
transactions during fiscal 2014. The per share purchase price for these transactions is equal to the closing sales price of the
Company&rsquo;s Class A Common Stock on the Nasdaq Global Select Market for the day prior to the purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In fiscal 2014, the Company approved
the repurchase of 2.5 million shares of the Company&rsquo;s Class B Common Stock from a trust that is part of the estate of Robert
P. Ingle, former CEO and Director of the Company. The aggregate purchase price for the stock was $65.0 million, equal to the fair
market value of the Company&rsquo;s publicly traded Class A Common Stock at the time of the transaction. The transaction was approved
by the Company&rsquo;s Executive Committee and Audit Committee in accordance with Company policy and regulatory guidelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company believes that the transactions
described above have been and will continue to be on terms no less favorable to the Company than those available from unaffiliated
third parties in transactions negotiated at arms-length. The Company does not intend to enter into any transactions in the future
with or involving any of its executive officers or directors or any members of their immediate family on terms that would be less
favorable to the Company than those that would be available from unaffiliated third parties in arms-length transactions.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>RELATIONSHIP WITH
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Deloitte &amp; Touche LLP has served
as the independent registered public accounting firm for the Company and its subsidiaries since February 27, 2012. The Company
had no disagreements with Deloitte &amp; Touche LLP on accounting and financial disclosures. Deloitte &amp; Touche LLP&rsquo;s
work on the Company&rsquo;s audit for fiscal year 2014 was performed by full-time, permanent employees and partners of the firm.
Representative of Deloitte &amp; Touche LLP are expected to be present at the 2015 Annual Meeting. These representatives will have
the opportunity to make a statement if they desire to do so and will respond to appropriate stockholder questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As of the date of this proxy, the Company
has not appointed an independent registered public accounting firm to audit the Company&rsquo;s fiscal 2015 financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Principal Accountant Fees and Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As reflected in the tables below, the
Company incurred fees in fiscal years 2014 and 2013 for services performed by Deloitte &amp; Touche LLP related to such periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>Deloitte &amp;
Touche LLP</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="width: 27%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><b>Year Ended</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><b>September 27, 2014</b></P></td>
    <TD NOWRAP STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="width: 27%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><b>Year Ended</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><b>September 28, 2013</b></P></td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 30pt; text-indent: 0in">Audit Fees</td>
    <TD NOWRAP STYLE="padding-right: 30pt; text-align: right; text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="padding-right: 30pt; text-align: right; text-indent: 0in">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800,000</td>
    <TD NOWRAP STYLE="padding-right: 30pt; text-align: right; text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="padding-right: 30pt; text-align: right; text-indent: 0in">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890,000</td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 30pt; text-indent: 0in">Audit-related Fees</td>
    <TD NOWRAP STYLE="padding-right: 30pt; text-align: right; text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="padding-right: 30pt; text-align: right; text-indent: 0in">&mdash;</td>
    <TD NOWRAP STYLE="padding-right: 30pt; text-align: right; text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="padding-right: 30pt; text-align: right; text-indent: 0in">&mdash;</td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 30pt; text-indent: 0in">Tax Fees</td>
    <TD NOWRAP STYLE="padding-right: 30pt; text-align: right; text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="padding-right: 30pt; text-align: right; text-indent: 0in">&mdash;</td>
    <TD NOWRAP STYLE="padding-right: 30pt; text-align: right; text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="padding-right: 30pt; text-align: right; text-indent: 0in">&mdash;</td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 30pt; text-indent: 0in">All Other Fees</td>
    <TD NOWRAP STYLE="padding-right: 30pt; text-align: right; text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="padding-right: 30pt; text-align: right; text-indent: 0in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&mdash;</td>
    <TD NOWRAP STYLE="padding-right: 30pt; text-align: right; text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="padding-right: 30pt; text-align: right; text-indent: 0in">&nbsp;&nbsp;&nbsp;198,000</td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 30pt; text-indent: 0in">Total Fees</td>
    <TD NOWRAP STYLE="padding-right: 30pt; text-align: right; text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="padding-right: 30pt; text-align: right; text-indent: 0in">$&nbsp;&nbsp;&nbsp;&nbsp;800,000</td>
    <TD NOWRAP STYLE="padding-right: 30pt; text-align: right; text-indent: 0in">&nbsp;</td>
    <TD NOWRAP STYLE="padding-right: 30pt; text-align: right; text-indent: 0in">$&nbsp;&nbsp;1,088,000</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In the above tables:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;Audit fees&rdquo; are fees billed
by the independent registered public accounting firms for professional services for the audit of the consolidated financial statements
included in the Company&rsquo;s Annual Report on Form 10-K, the audit of internal controls over financial reporting, review of
consolidated financial statements included in the Company&rsquo;s Quarterly Reports on Form 10-Q, and for services that are normally
provided by the auditors in connection with statutory and regulatory filings or engagements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;Audit-related fees&rdquo; are
fees for services performed during the respective years by the independent registered accounting firm for assurance and related
services not reported under the caption &ldquo;Audit Fees&rdquo; in the tables above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;Tax fees&rdquo; are fees for services
performed during the respective years by the independent registered public accounting firm for professional services related to
certain tax compliance, tax advice, and tax planning; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;All other fees&rdquo; are fees
for any other services performed during the respective years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company&rsquo;s Audit/Compensation
Committee pre-approved all services described above for fiscal 2014, including non-audit services, and has determined that these
fees and services are compatible with maintaining the independence of Deloitte &amp; Touche LLP. The Company&rsquo;s Audit/Compensation
Committee requires that each service provided by Deloitte &amp; Touche LLP be pre-approved by the committee. However, the Committee
has empowered the chair of the committee to grant such approval on its behalf as to matters that arise between Audit/Compensation
Committee meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>STOCKHOLDER PROPOSAL
ON INDEPENDENT BOARD CHAIRMAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following proposal and supporting
statement were submitted by a stockholder, the name and stockholdings of which will be furnished promptly to any stockholder upon
written or oral request to the Company&rsquo;s Secretary at the Company&rsquo;s executive offices, with the intention of presenting
it for vote at the Annual Meeting:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">STOCKHOLDER PROPOSAL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">Proposal 2 &ndash;
Independent Board Chairman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">RESOLVED: Shareholders request that our
Board of Directors adopt a policy that the Chairman of our Board of Directors shall be an independent director who is not a current
or former employee of our company, and whose only nontrivial professional, familial or financial connection to the corporation
of its CEO is the directorship. The policy should be implemented so as not to violate existing agreements and should allow for
departure under extraordinary circumstances such as the unexpected resignation of the chair.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">When our CEO is our board chairman, this
arrangement can hinder our board&rsquo;s ability to monitor our CEO&rsquo;s performance. Many companies already have an independent
Chairman. An independent Chairman is the prevailing practice in the United Kingdom and many international markets. This proposal
topic won 50%-plus support at 5 major U.S. companies in 2013 including 73%-support at Netflix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This is a particularly important topic
at Ingles Markets since Robert Ingle is both chairman and CEO and has 17-years long-tenure. Plus Ingles Markets is a family firm
with 82% family control. The Ingle Family shares include shares held by Chairman and CEO Robert Ingle and his sister, Laura Ingle
Sharp, a director and former employee. Plus our board of 8 directors has 4 inside directors and one inside-related director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Plus a majority of our outside directors,
Charles Russell and John Pollard, were red-flagged by GMI, an independent investment research firm, due to their involvement with
Ingles Markets when it was delisted due to a violation of exchange regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This proposal is also important because
certain shares, not owned by the general public, have super-sized voting power with 10-votes per shares compared to one-vote per
share for other shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">With stock having 10-times more voting
power Ingles Markets takes our shareholder money but does not let us have an equal voice in our company&rsquo;s management. Without
a voice, shareholders cannot hold management accountable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The danger of giving disproportionate
power to insiders is illustrated by Adelphia Communications. Adelphia&rsquo;s dual-class voting stock gave the Rigas family control
and contributed to Adelphia&rsquo;s participation in &ldquo;one of the most extensive financial frauds ever to take place at a
public company.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The SEC alleged that Adelphia fraudulently
concealed &ldquo;rampant self-dealing by the Rigas Family.&rdquo; Meanwhile, the price of Adelphia stock collapsed from $20 to
79&cent;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Returning to the core topic of this proposal
from the context of our clearly improvable corporate governance, please vote to protect shareholder value: Independent Board Chairman
&ndash; Proposal 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">STATEMENT OF OPPOSITION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>The Board recommends a vote &ldquo;AGAINST&rdquo;
the stockholder proposal, and proxies received by the Company will be so voted unless stockholders specify a contrary choice in
their proxies.</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Board has given the stockholder proposal
careful consideration and believes that it should not be implemented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Since the Company became a publicly traded company
in September 1987, the Chairman of the Board and the Chief Executive Officer positions have be filled by Robert P. Ingle, the founder
of the Company, or by Robert Ingle II. Collectively, Ingle family members have a significant financial investment in the Company
and have devoted years of service to ensuring the Company&rsquo;s success. These interests are therefore aligned with those of
all shareholders, Company employees and loyal customers. The leadership from the Ingle family has provided stability and consistency
that has contributed to 50 consecutive years of record revenues, a record achieved by very few public companies. Our independent
shareholders and our customers hold our CEO accountable every day through their decisions to invest in the Company and shop in
the Company&rsquo;s supermarkets. The Company&rsquo;s Board of Directors has an Audit/Compensation Committee made up of entirely
of independent directors to provide oversight and corporate governance in accordance with existing laws. This Committee monitors
the performance of and approves the compensation for all of the Company&rsquo;s senior management, including the CEO.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Robert P. Ingle II has informed the Company
that he, in his capacity as a stockholder, intends to vote against the stockholder proposal. Mr. Ingle II controls approximately
75% of the outstanding voting power. If Mr. Ingle II does vote against the proposal, it will not receive a sufficient number of
favorable votes to be approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>OTHER MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Solicitation of Proxies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company will solicit proxies for
the Annual Meeting and will bear the cost of internet availability of documents, voting over the internet and for all other costs
associated with assembling, printing, mailing and soliciting proxy solicitation materials. The Company&rsquo;s officers and regular
employees may also solicit proxies in person or by telephone, but they will not be specially compensated for such services. The
Company&rsquo;s regularly retained investor relations firm, Corporate Communications, Inc., may also solicit proxies by internet,
telephone and mail. The Company will not pay Corporate Communications, Inc. a separate fee for any such proxy solicitations. The
Company will reimburse brokerage firms and other nominees, custodians and fiduciaries for the reasonable out-of-pocket expenses
they incur in forwarding proxy solicitation materials to the beneficial owners of Common Stock held of record by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Stockholders&rsquo; Proposals for the
2016 Annual Meeting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company plans to hold its 2016 Annual
Meeting of Stockholders in February of 2016. Any proposal that a stockholder wants to be presented at the 2016 Annual Meeting of
Stockholders must be received by the Secretary no later than September 2, 2015 or the proposal will automatically be excluded from
proxy materials for that meeting. Such proposals must be received by the Secretary at the Company&rsquo;s principal office, the
address of which is set forth in this Proxy Statement, and must meet the requirements of the regulations of the Securities and
Exchange Commission to be eligible to be included in the proxy materials for the Company&rsquo;s 2016 Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Further, any stockholder proposal for
which the Company does not receive notice on or before November&nbsp;15, 2015 shall be subject to the discretionary vote of the
proxy holders at the 2016 Annual Meeting of Stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Action on Other Matters at the 2015
Annual Meeting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If notice of a stockholder proposal that
has not been submitted to be included in this Proxy Statement was not received by the Company on or before November 15, 2014, the
persons named in the enclosed form of proxy will have discretionary authority to vote all proxies with respect thereto in accordance
with their best judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">At this time, the Company does not know
of any matters to be presented for action at the 2015 Annual Meeting other than those listed in the Notice of Annual Meeting of
Stockholders and contained in this Proxy Statement. If any other matter comes before the Annual Meeting, it is intended that the
persons who are named in the proxies will vote the shares represented by effective proxies in their discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Section 16(a) Beneficial Ownership Reporting
Compliance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Pursuant to Section 16(a) of the Exchange
Act, the Company is required to identify any Reporting Person (as defined below) that failed to file on a timely basis with the
Securities and Exchange Commission any report that was required to be filed during fiscal 2014 with the SEC pursuant to Section
16(a) of the Exchange Act. Such required filings include a Form 3 (an initial report of beneficial ownership of Common Stock) and
a Form 4 and Form 5 (which reflect changes in beneficial ownership of Common Stock). For purposes of this Proxy Statement, a &ldquo;Reporting
Person&rdquo; is a person who at any time during fiscal year 2014 was (a) a director of the Company, (b) an executive officer of
the Company or its subsidiaries, or (c) a holder of more than 10% of the Company&rsquo;s outstanding Class A Common Stock or Class
B Common Stock. The Company believes that during fiscal year 2014, its Reporting Persons complied with all Section 16(a) filing
requirements, except that Ms. Laura Ingle Sharp inadvertently failed to report a stock sale. The reportable transaction took place
on May 13, 2014 and was reported on June 13, 2014. In making this statement, the Company has relied solely upon an examination
of the copies of Forms 3, 4 and 5, and amendments thereto, provided to the Company and the written representations of its Reporting
Persons.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Availability of Form 10-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Upon written request, the Company
will provide, without charge, to stockholders that are entitled to receive this Proxy Statement a copy of the Company&rsquo;s
Annual Report on Form 10-K for the fiscal year ended September 27, 2014, as filed with the Securities and Exchange Commission
(including the financial statements and related schedules, but not including the exhibits thereto, which will be provided upon
written request at the stockholder&rsquo;s expense). Such Annual Report is also available at <FONT STYLE="color: Blue"><U>www.ingles-markets.com</U></FONT>,
at Corporate Information, SEC Filings. Requests for copies should be directed to Investor Relations at Ingles Markets, Incorporated,
P.O. Box 6676, Asheville, North Carolina 28816, or by telephone at (828) 669-2941, ext. 223.</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>YOUR VOTE IS IMPORTANT.</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>PLEASE VOTE OVER
THE INTERNET AS INSTRUCTED IN THESE MATERIALS OR COMPLETE, DATE, SIGN AND RETURN A PROXY CARD AS PROMPTLY AS POSSIBLE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 60%">By Order of the Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 60%"><IMG SRC="image_006.gif" ALT="" STYLE="height: 50px; width: 278px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 60%">Robert P. Ingle, II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 60%">Chairman of the Board</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 60%">Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0in">&nbsp;</P>

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<BR>


<P style="text-align: center;"> <B><FONT color="#231f20" size=5 face="Cambria-Bold,Times New Roman,Times,serif">***Exercise
Your </FONT></B><B><I><FONT color="#231f20" size=5 face="Cambria-BoldItalic,Times New Roman,Times,serif">Right</FONT></I></B> <B><FONT color="#231f20" size=5 face= "Cambria-Bold,Times New Roman,Times,serif">to
Vote***</FONT></B><BR> <B><FONT color="#231f20" size=3 face="GillSansMT-Bold,Arial,Helvetica,sans-serif">Important
Notice Regarding the Availability of Proxy Materials for the</FONT></B><BR> <B><FONT color="#231f20" size=3 face="GillSansMT-Bold,Arial,Helvetica,sans-serif">Stockholder
Meeting to Be Held on February 3,2015.</FONT></B></P>


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<P STYLE="text-align: left; margin-left: 22pt">
<B><FONT color="#231f20" size=3 face="GillSansMT-Bold,Arial,Helvetica,sans-serif">INGLES MARKETS, INCORPORATED</FONT></B></P>


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</DIV><DIV style="width: 48%; float: right;">


<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%">
<TR>
     <TD STYLE="width: 39%; border-right: Black 1pt solid; border-left: Black 1pt solid"></TD>
     <TD STYLE="width: 2%; border-right: Black 1pt solid; border-left: Black 1pt solid"></TD>
     <TD STYLE="width: 11%; border-right: Black 1pt solid; border-left: Black 1pt solid"></TD>
     <TD STYLE="width: 2%; border-right: Black 1pt solid; border-left: Black 1pt solid"></TD>
     <TD STYLE="width: 45%; border-right: Black 1pt solid; border-left: Black 1pt solid"></TD></TR>
<TR valign="bottom">
	<TD COLSPAN="5" STYLE="text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font: x-small GillSansMT-Bold,Arial,Helvetica,sans-serif; color: #231f20"><B><U>Meeting
 Information</U></B></FONT></TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; border-left: Black 1pt solid">
<B><FONT color="#231f20" size=2 face="GillSansMT-Bold,Arial,Helvetica,sans-serif">Meeting Type:</FONT></B>&nbsp;</TD>
	<TD>&nbsp;
</TD>
	<TD COLSPAN="3" STYLE="text-align: left; border-right: Black 1pt solid">
<FONT color="#231f20" size=2 face="Arial,Helvetica,sans-serif">Annual Meeting</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; border-left: Black 1pt solid">
<B><FONT color="#231f20" size=2 face="GillSansMT-Bold,Arial,Helvetica,sans-serif">For holders as of:</FONT></B>&nbsp;</TD>
	<TD>&nbsp;
</TD>
	<TD COLSPAN="3" STYLE="text-align: left; text-indent: 0.23pt; border-right: Black 1pt solid">
<FONT color="#231f20" size=2 face="Arial,Helvetica,sans-serif">December 5, 2014</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD COLSPAN="3" STYLE="text-align: left; border-left: Black 1pt solid">
<B><FONT color="#231f20" size=2 face="GillSansMT-Bold,Arial,Helvetica,sans-serif">Date: </FONT></B><FONT color="#231f20" size=2 face="Arial,Helvetica,sans-serif">February 3, 2015</FONT>&nbsp;</TD>
	<TD>&nbsp;
</TD>
	<TD STYLE="text-align: left; border-right: Black 1pt solid">
<B><FONT color="#231f20" size=2 face="GillSansMT-Bold,Arial,Helvetica,sans-serif">Time: </FONT></B><FONT color="#231f20" size=2 face="Arial,Helvetica,sans-serif">11:00 AM EST</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD COLSPAN="5" STYLE="text-align: left; border-right: Black 1pt solid; border-left: Black 1pt solid">
<B><FONT color="#231f20" size=2 face="GillSansMT-Bold,Arial,Helvetica,sans-serif">Location: </FONT></B><FONT color="#231f20" size=2 face="Arial,Helvetica,sans-serif">Grove Park Inn</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD COLSPAN="5" STYLE="text-align: left; text-indent: 45.83pt; border-right: Black 1pt solid; border-left: Black 1pt solid">
<FONT color="#231f20" size=2 face="Arial,Helvetica,sans-serif">290 Macon Avenue</FONT></TD>
</TR>
<TR valign="bottom">
	<TD COLSPAN="5" STYLE="text-align: left; text-indent: 45.83pt; border-right: Black 1pt solid; border-left: Black 1pt solid">
<FONT color="#231f20" size=2 face="Arial,Helvetica,sans-serif">Asheville, NC 28804</FONT>&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom">
        <TD COLSPAN="5" STYLE="text-align: left; text-indent: 45.83pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="text-align: left; margin-left: 22pt; margin-top: 12pt">
<I><FONT color="#231f20" size=1 face="Calibri-Italic,Arial,Helvetica,sans-serif">INGLES MARKETS, INCORPORATED</FONT></I><BR>
<I><FONT color="#231f20" size=1 face="Calibri-Italic,Arial,Helvetica,sans-serif">ATTN: RONALD B. FREEMAN</FONT></I><BR>
<I><FONT color="#231f20" size=1 face="Calibri-Italic,Arial,Helvetica,sans-serif">P.O. BOX 6676</FONT></I><BR>
<I><FONT color="#231f20" size=1 face="Calibri-Italic,Arial,Helvetica,sans-serif">ASHEVILLE, NC28816</FONT></I></P>

<P STYLE="text-align: left">&nbsp;</P>

<P STYLE="text-align: left">&nbsp;</P>


<P style="MARGIN:0px"><IMG SRC="a62005proxyx1x1.jpg" BORDER="0" STYLE="width: 21px; height: 89px"></P>

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</DIV><DIV style="width: 48%; float: right;">



<P style="text-align: left;">
<FONT color="#231f20" size=2 face="Arial,Helvetica,sans-serif">You are receiving this communication because you hold shares in the company named above.</FONT></P>
<P style="text-align: left;">
<FONT color="#231f20" size=2 face="Arial,Helvetica,sans-serif">This is not a ballot. You cannot use this notice to vote these shares. This communication presents only an overview of the more complete proxy materials that are available to you
on the Internet. You may view the proxy materials online at </FONT><I><FONT color="#231f20" size=2 face="GillSansMT-Italic,Arial,Helvetica,sans-serif">www.proxyvote.com </FONT></I><FONT color="#231f20" size=2 face=
"Arial,Helvetica,sans-serif">or easily request a paper copy (see reverse side).</FONT></P>
<P style="text-align: left;">
<FONT color="#231f20" size=2 face="Arial,Helvetica,sans-serif">We encourage you to access and review all of the important information contained in the proxy materials before voting.</FONT></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%">
<TR>
     <TD width=100%></TD></TR>
<TR valign="bottom">
	<TD bgcolor="#231f20" align=left> <B><FONT color="#ffffff" size=2 face="GillSansMT-Bold,Arial,Helvetica,sans-serif">See the
 reverse side of this notice to obtain proxy materials and voting instructions.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>


<BR>
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<BR>


<P style="text-align: center;">
<B><FONT color="#231f20" size=5 face="Cambria-Bold,Times New Roman,Times,serif">Before You Vote</FONT></B><BR>
<FONT color="#231f20" size=3 face="Arial,Helvetica,sans-serif">How to Access the Proxy Materials</FONT></P>

<TABLE CELLPADDING="2" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; font: small Arial,Helvetica,sans-serif; width: 95%; border: Black 1pt solid">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%">





<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #231F20"><B>Proxy Materials Available to VIEW or RECEIVE:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3.85pt 0 6pt; color: #231F20">NOTICE AND PROXY STATEMENT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FORM 10-K</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #231F20"><B>How to View Online:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; color: rgb(35,31,32)">Have the information that is printed in the box
marked by the arrow <FONT STYLE="font: 16pt Wingdings 3,WingDings; color: rgb(35,31,32)">g</FONT> <FONT STYLE="border: Black 1pt solid; font-size: 8pt">&nbsp;XXXX XXXX XXXX XXXX&nbsp;</FONT> (located
on the following page) and visit: <I>www.proxyvote.com.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2.4pt 0 0; color: #231F20"><B>How to Request and Receive a PAPER or
E-MAIL Copy:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0; color: #231F20">If you want to receive a paper or e-mail
copy of these documents, you must request one. There is NO charge for requesting a copy. Please choose one of the following methods
to make your request:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.9pt 217.9pt 0 1.1in; color: #231F20">1) <I>BY INTERNET</I>:&#9;&nbsp;&nbsp;&nbsp;&nbsp;www.proxyvote.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.9pt 217.9pt 0 1.1in; color: #231F20">2) <I>BY TELEPHONE</I>: 1-800-579-1639</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.9pt 217.9pt 6pt 1.1in; color: #231F20">3) <I>BY E-MAIL*</I>: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sendmaterial@proxyvote.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1.85pt 0 6pt; color: rgb(35,31,32)">* If requesting materials by e-mail,
please send a blank e-mail with the information that is printed in the box marked by the arrow <FONT STYLE="font: 16pt Wingdings 3,WingDings; color: rgb(35,31,32)">g</FONT> <FONT STYLE="border: Black 1pt solid; font-size: 8pt">&nbsp;XXXX XXXX XXXX XXXX&nbsp;</FONT> (located on the following page) in the subject line.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2.9pt 0 0; color: #231F20">Requests, instructions and other inquiries
sent to this e-mail address will NOT be forwarded to your investment advisor. Please make the request as instructed above on or
before January 20, 2015 to facilitate timely delivery.</P>


</TD></TR>
</TABLE><BR STYLE="clear: both">






<P STYLE="text-align: center"><FONT STYLE="color: #231f20; font: small Arial,Helvetica,sans-serif">&nbsp;</FONT></P>
<P style="text-align: center;">
<B><FONT color="#231f20" size=5 face="Cambria-Bold,Times New Roman,Times,serif">How To Vote</FONT></B><BR>
<FONT color="#231f20" size=3 face="Arial,Helvetica,sans-serif">Please Choose One of the Following Voting Methods</FONT></P>



<TABLE CELLPADDING="2" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; font: small Arial,Helvetica,sans-serif; width: 95%; border: Black 1pt solid">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%">



<P style="text-align: left;"> <B><FONT color="#231f20" size=2 face="GillSansMT-Bold,Arial,Helvetica,sans-serif">Vote In
Person: </FONT></B><FONT color="#231f20" size=2 face="Arial,Helvetica,sans-serif">Many stockholder meetings have
attendance requirements including, but  not limited to,the possession of an attendance ticket issued by the entity holding
the meeting. Please check the meeting materials for any special requirements for meeting attendance. At the meeting, you will
need to request a ballot to vote these  shares.</FONT></P>
<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="color: rgb(35,31,32)"><B>Vote By Internet: </B>To vote now by Internet, go to <I>www.proxyvote.com.
</I>Have the information that is printed in the box marked by the arrow <FONT STYLE="font: 16pt Wingdings 3,WingDings; color: rgb(35,31,32)">g</FONT> <FONT STYLE="border: Black 1pt solid; font-size: 8pt">&nbsp;XXXX XXXX XXXX XXXX&nbsp;</FONT> (located on the following page) available
and follow the instructions.</FONT></P>
<P style="text-align: left;">
<B><FONT color="#231f20" size=2 face="GillSansMT-Bold,Arial,Helvetica,sans-serif">Vote By Mail: </FONT></B><FONT color="#231f20" size=2 face="Arial,Helvetica,sans-serif">You can vote by mail by requesting a paper copy of the materials, which
will include a proxy card.</FONT></P>


</TD></TR>
</TABLE>



<IMG src="a62005proxyx2x1.jpg" border=0>
<br style="clear:both">



<BR>



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<BR>



<TABLE BORDER="1" CELLSPACING="0" BORDERCOLOR="Black" STYLE="width: 20%; border: Black 1pt solid">
<TR valign="bottom">
	<TD STYLE="text-align: center">
<B><FONT color="#231f20" size=1 face="Arial,Helvetica,sans-serif">Voting Items</FONT></B>&nbsp;</TD>
</TR>
</TABLE>

<P style="text-align: left;">
<B><FONT color="#231f20" size=1 face="Arial,Helvetica,sans-serif">The Board of Directors recommends you vote FOR the following:</FONT></B></P>
<P STYLE="text-align: left; margin-bottom: 0pt">
<FONT color="#231f20" size=1 face="Calibri,Arial,Helvetica,sans-serif">1. Election of Directors</FONT></P>
<P STYLE="text-align: left; margin-bottom: 0pt">
&nbsp;&nbsp;<B><FONT color="#231f20" size=1 face="Arial,Helvetica,sans-serif">Nominees:</FONT></B></P>



<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%">
<TR valign="bottom">

    <TD STYLE="width: 1%">&nbsp;&nbsp;</TD><TD STYLE="text-align: left; width: 3%">
<FONT color="#231f20" size=1 face="Calibri,Arial,Helvetica,sans-serif">1)</FONT>&nbsp;</TD>
	<TD STYLE="width: 1%">&nbsp;
</TD>
	<TD STYLE="text-align: left">
<FONT color="#231f20" size=1 face="Calibri,Arial,Helvetica,sans-serif">Ernest E. Ferguson</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD>&nbsp;</TD><TD STYLE="text-align: left">
<FONT color="#231f20" size=1 face="Calibri,Arial,Helvetica,sans-serif">2)</FONT>&nbsp;</TD>
	<TD>&nbsp;
</TD>
	<TD STYLE="text-align: left">
<FONT color="#231f20" size=1 face="Calibri,Arial,Helvetica,sans-serif">Brenda S. Tudor</FONT>&nbsp;</TD>
</TR>
</TABLE>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<B><FONT color="#231f20" size=1 face="Arial,Helvetica,sans-serif">The Board of Directors recommends you vote AGAINST the following proposal:</FONT></B></P>
<P style="text-align: left;">
<FONT color="#231f20" size=1 face="Calibri,Arial,Helvetica,sans-serif">2. Stockholder proposal on independent Board Chairman.</FONT></P>

<P STYLE="text-align: left">&nbsp;</P>

<P STYLE="text-align: left"><IMG src="a62005proxyx3x1.jpg" border=0>&nbsp;</P>


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<BR>



<TABLE BORDER="1" CELLSPACING="0" BORDERCOLOR="Black" STYLE="width: 20%; border: Black 1pt solid">
<TR valign="bottom">
	<TD STYLE="text-align: center">
<B><FONT color="#231f20" size=1 face="Arial,Helvetica,sans-serif">Voting Items</FONT></B>&nbsp;</TD>
</TR>
</TABLE>

<P style="text-align: left;">
<B><FONT color="#231f20" size=1 face="Arial,Helvetica,sans-serif">The Board of Directors recommends you vote FOR the following:</FONT></B></P>
<P STYLE="text-align: left; margin-bottom: 0pt">
<FONT color="#231f20" size=1 face="Calibri,Arial,Helvetica,sans-serif">1. Election of Directors</FONT></P>
<P STYLE="text-align: left; margin-bottom: 0pt">
&nbsp;&nbsp;<B><FONT color="#231f20" size=1 face="Arial,Helvetica,sans-serif">Nominees:</FONT></B></P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%">
<TR valign="bottom">

    <TD STYLE="width: 1%">&nbsp;&nbsp;</TD><TD STYLE="text-align: left; width: 3%">
<FONT color="#231f20" size=1 face="Calibri,Arial,Helvetica,sans-serif">1)</FONT>&nbsp;</TD>
	<TD STYLE="width: 1%">&nbsp;
</TD>
	<TD STYLE="text-align: left">
<FONT color="#231f20" size=1 face="Calibri,Arial,Helvetica,sans-serif">Fred D. Ayers</FONT>&nbsp;</TD>
	<TD>&nbsp;
</TD>
	<TD STYLE="text-align: left; width: 3%">
<FONT color="#231f20" size=1 face="Calibri,Arial,Helvetica,sans-serif">4)</FONT>&nbsp;</TD>
	<TD STYLE="width: 1%">&nbsp;
</TD>
	<TD STYLE="text-align: left">
<FONT color="#231f20" size=1 face="Calibri,Arial,Helvetica,sans-serif">Robert P. Ingle, II</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD>&nbsp;</TD><TD STYLE="text-align: left">
<FONT color="#231f20" size=1 face="Calibri,Arial,Helvetica,sans-serif">2)</FONT>&nbsp;</TD>
	<TD>&nbsp;
</TD>
	<TD STYLE="text-align: left">
<FONT color="#231f20" size=1 face="Calibri,Arial,Helvetica,sans-serif">L. Keith Collins</FONT>&nbsp;</TD>
	<TD>&nbsp;
</TD>
	<TD STYLE="text-align: left">
<FONT color="#231f20" size=1 face="Calibri,Arial,Helvetica,sans-serif">5)</FONT>&nbsp;</TD>
	<TD>&nbsp;
</TD>
	<TD STYLE="text-align: left">
<FONT color="#231f20" size=1 face="Calibri,Arial,Helvetica,sans-serif">James W. Lanning</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD>&nbsp;</TD><TD STYLE="text-align: left">
<FONT color="#231f20" size=1 face="Calibri,Arial,Helvetica,sans-serif">3)</FONT>&nbsp;</TD>
	<TD>&nbsp;
</TD>
	<TD STYLE="text-align: left">
<FONT color="#231f20" size=1 face="Calibri,Arial,Helvetica,sans-serif">Ronald B. Freeman</FONT>&nbsp;</TD>
	<TD>&nbsp;
</TD>
	<TD STYLE="text-align: left">
<FONT color="#231f20" size=1 face="Calibri,Arial,Helvetica,sans-serif">6)</FONT>&nbsp;</TD>
	<TD>&nbsp;
</TD>
	<TD STYLE="text-align: left">
<FONT color="#231f20" size=1 face="Calibri,Arial,Helvetica,sans-serif">Laura Ingle Sharp</FONT>&nbsp;</TD>
</TR>
</TABLE>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<B><FONT color="#231f20" size=1 face="Arial,Helvetica,sans-serif">The Board of Directors recommends you vote AGAINST the following proposal:</FONT></B></P>
<P STYLE="text-align: left">
<FONT color="#231f20" size=1 face="Calibri,Arial,Helvetica,sans-serif">2. Stockholder proposal on independent Board Chairman.</FONT></P>

<P STYLE="text-align: left">&nbsp;</P>


<IMG src="a62005proxyx4x1.jpg" border=0>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
