<SEC-DOCUMENT>0000921895-17-002864.txt : 20171215
<SEC-HEADER>0000921895-17-002864.hdr.sgml : 20171215
<ACCEPTANCE-DATETIME>20171215172004
ACCESSION NUMBER:		0000921895-17-002864
CONFORMED SUBMISSION TYPE:	PREC14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20171215
DATE AS OF CHANGE:		20171215

SUBJECT COMPANY:	

	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:		PREC14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14706
		FILM NUMBER:		171259825

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GAMCO Asset Management Inc.
		CENTRAL INDEX KEY:			0001460612
		IRS NUMBER:				134044521
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PREC14A

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		914-921-5000

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
</SEC-HEADER>
<DOCUMENT>
<TYPE>PREC14A
<SEQUENCE>1
<FILENAME>prec14a05867022_12152017.htm
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
14A</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Rule
14a-101)</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">INFORMATION REQUIRED IN PROXY STATEMENT</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">SCHEDULE 14A INFORMATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of
The Securities Exchange Act of 1934</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No. )</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant &#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant &#9746;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Proxy Statement</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Additional Materials</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Soliciting Material Under Rule 14a-12</TD></TR></TABLE>



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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in; width: 100%; border-bottom: Black 1pt solid">INGLES MARKETS, INCORPORATED</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Registrant as Specified in Its Charter)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">GAMCO ASSET MANAGEMENT INC.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">JOHN &ldquo;JACK&rdquo; R. LOWDEN</P>



</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Persons(s) Filing Proxy Statement, if Other Than the Registrant)</P>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check the appropriate box):</P>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>No fee required.</TD></TR></TABLE>



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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD></TR></TABLE>



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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Title of each class of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Aggregate number of securities to which transaction applies:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on
which the filing fee is calculated and state how it was determined):</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Proposed maximum aggregate value of transaction:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Total fee paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee paid previously with preliminary materials:</TD></TR></TABLE>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of
its filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Amount previously paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Form, Schedule or Registration Statement No.:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Filing Party:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Date Filed:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&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>PRELIMINARY COPY
SUBJECT TO COMPLETION<BR>
DATED DECEMBER 15, 2017</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">GAMCO Asset Management
Inc., Mario J. Gabelli and certain of their affiliates (collectively, &ldquo;GAMCO&rdquo; or &ldquo;we&rdquo;) are the beneficial
owners of an aggregate of 2,330,746 shares of Class A common stock, $0.05 par value per share (the &ldquo;Class A Common Stock&rdquo;),
of Ingles Markets, Incorporated, a North Carolina corporation (the &ldquo;Company&rdquo;), representing approximately 16.5% of
the outstanding shares of Class A Common Stock. We are seeking your support at the annual meeting of stockholders scheduled to
be held at the [&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
at [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] (local time) including any adjournments or postponements
thereof and any meeting which may be called in lieu thereof (the &ldquo;Annual Meeting&rdquo;), to elect GAMCO&rsquo;s two (2)
director nominees, Justyn R. Putnam and John &ldquo;Jack&rdquo; R. Lowden (collectively, the &ldquo;Nominees&rdquo;), to the Board
of Directors of the Company (the &ldquo;Board&rdquo;) to serve until the 2018 annual meeting of stockholders and until their successors
are duly elected and qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 40.5pt">As further discussed
in the attached Proxy Statement, we believe that the Company is in urgent need of independent stockholder representatives on the
Board in light of the Ingles family&rsquo;s controlling ownership and the lack of independent directors on the Board. We believe
these factors have resulted in poor corporate governance practices and a lack of transparency for all stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Board is currently
composed of eight directors, all of whom are up for election at the Annual Meeting. 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. Through the attached Proxy Statement and enclosed <B>BLUE </B>proxy card, we are soliciting proxies to elect
our two (2) Nominees in opposition to the Company&rsquo;s two (2) nominees to be elected by a vote of the holders of the Class
A Common Stock. If elected, our Nominees will constitute a minority on the Board and there can be no guarantee that our Nominees
will be able to implement the actions that they believe are necessary to maximize stockholder value. However, we believe the election
of our Nominees is an important step in the right direction for enhancing long-term value at the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We urge you to carefully
consider the information contained in the attached Proxy Statement and then support our efforts by signing, dating and returning
the enclosed <B>BLUE </B>proxy card today. The attached Proxy Statement and the enclosed <B>BLUE </B>proxy card are first being
furnished to the stockholders on or about [ ], 201[ ].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you have already
voted for the incumbent management slate, you have every right to change your vote by signing, dating and returning a later dated
proxy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you have any
questions or require any assistance with your vote, please contact GAMCO at our address listed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font-size: 10pt; width: 40%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0in">Thank you for your support.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">/s/ William S. Selby</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">William S. Selby</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">Managing Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">GAMCO Asset Management Inc.</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-indent: 0in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<DIV STYLE="padding: 1pt; border: Black 1.5pt solid">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><I>If you have any questions,
require assistance in voting your <B>BLUE </B>proxy card, </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><I>or need additional copies
of GAMCO&rsquo;s proxy materials, </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><I>please contact GAMCO at
the phone number listed below.</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>GAMCO
Asset Management Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>One
Corporate Center</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Rye,
New York 10580</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>(800)
422-3554</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

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

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-indent: 0in">&nbsp;</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>PRELIMINARY COPY SUBJECT
TO COMPLETION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>DATED DECEMBER 15, 2017</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>2018 ANNUAL MEETING
OF STOCKHOLDERS</B><BR>
<B>OF</B><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>INGLES MARKETS, INCORPORATED</B></FONT><BR>
<B>_________________________</B><BR>
<BR>
<B>PROXY STATEMENT</B><BR>
<B>OF</B><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>GAMCO ASSET MANAGEMENT INC.</B></FONT><BR>
<B>_________________________</B><BR>
<BR>
<B>PLEASE SIGN, DATE AND MAIL THE ENCLOSED BLUE PROXY CARD TODAY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">GAMCO Asset Management
Inc. (&ldquo;GAMCO Asset Management&rdquo;), Mario J. Gabelli and certain of their affiliates (collectively, &ldquo;GAMCO&rdquo;
or &ldquo;we&rdquo;) are significant stockholders of Ingles Markets, Incorporated, a North Carolina corporation (&ldquo;Ingles
Markets&rdquo; or the &ldquo;Company&rdquo;), owning in the aggregate approximately 16.5% of the outstanding shares of Class A
common stock, $0.05 par value per share (the &ldquo;Class A Common Stock&rdquo;), of the Company. We are seeking representation
on the Board of Directors of the Company (the &ldquo;Board&rdquo;) because we believe that the Board could be improved by the addition
of independent stockholder representatives who will bring fresh perspectives and greater objectivity to exploring all opportunities
to unlock stockholder value. We are seeking your support at the annual meeting of stockholders scheduled to be held at the [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
at [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] (local time) (including any adjournments or postponements thereof
and any meeting which may be called in lieu thereof, the &ldquo;Annual Meeting&rdquo;), to elect GAMCO&rsquo;s two (2) director
nominees, Justyn R. Putnam and John &ldquo;Jack&rdquo; R. Lowden (each a &ldquo;Nominee&rdquo; and, collectively, the &ldquo;Nominees&rdquo;),
in opposition to two (2) of the Company&rsquo;s nominees, to serve until the 2018 annual meeting of stockholders and until their
successors are duly elected and qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Board is currently
composed of eight directors, all of whom are up for election at the Annual Meeting. 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, $0.05
par value per share (the &ldquo;Class B Common Stock&rdquo;), voting as a separate class. Through the attached Proxy Statement
and enclosed <B>BLUE </B>proxy card, we are soliciting proxies to elect our two (2) Nominees in opposition to the Company&rsquo;s
two (2) nominees to be elected by a vote of the holders of the Class A Common Stock. Accordingly, the enclosed <B>BLUE </B>proxy
card may only be voted for the Nominees and does not confer voting power with respect to the Company&rsquo;s nominees. If elected,
our Nominees will constitute a minority on the Board and there can be no guarantee that our Nominees will be able to implement
the actions that they believe are necessary to maximize stockholder value. However, we believe the election of our Nominees is
an important step in the right direction for enhancing long-term value at the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As of the date hereof,
GAMCO collectively owns 2,330,746 shares of Class A Common Stock, constituting approximately 16.5% of the outstanding shares of
Class A Common Stock. We intend to vote such shares of Class A Common Stock FOR the election of the Nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company has
set the close of business on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2017 as the record date for determining stockholders
entitled to notice of and to vote at the Annual Meeting (the &ldquo;Record Date&rdquo;). The mailing address of the principal executive
offices of the Company P.O. Box 6676, Asheville, North Carolina 28816. Stockholders of record at the close of business on the Record
Date will be entitled to vote at the Annual Meeting. According to the Company, as of the Record Date, there were [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
shares of Class A Common Stock outstanding and [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] of Class B Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">THIS SOLICITATION
IS BEING MADE BY GAMCO AND NOT ON BEHALF OF THE BOARD OR MANAGEMENT OF THE COMPANY. WE ARE NOT AWARE OF ANY OTHER MATTERS TO BE
BROUGHT BEFORE THE ANNUAL MEETING OTHER THAN AS SET FORTH IN THIS PROXY STATEMENT. SHOULD OTHER MATTERS, WHICH GAMCO IS NOT AWARE
OF A REASONABLE TIME BEFORE THIS SOLICITATION, BE BROUGHT BEFORE THE ANNUAL MEETING, THE PERSONS NAMED AS PROXIES IN THE ENCLOSED
<B>BLUE</B> PROXY CARD WILL VOTE ON SUCH MATTERS IN OUR DISCRETION.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">GAMCO URGES YOU
TO SIGN, DATE AND RETURN THE <B>BLUE</B> PROXY CARD IN FAVOR OF THE ELECTION OF THE NOMINEES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IF YOU HAVE ALREADY
SENT A PROXY CARD FURNISHED BY COMPANY MANAGEMENT OR THE BOARD, YOU MAY REVOKE THAT PROXY AND VOTE ON EACH OF THE PROPOSALS DESCRIBED
IN THIS PROXY STATEMENT BY SIGNING, DATING AND RETURNING THE ENCLOSED <B>BLUE</B> PROXY CARD. THE LATEST DATED PROXY IS THE ONLY
ONE THAT COUNTS. ANY PROXY MAY BE REVOKED AT ANY TIME PRIOR TO THE ANNUAL MEETING BY DELIVERING A WRITTEN NOTICE OF REVOCATION
OR A LATER DATED PROXY FOR THE ANNUAL MEETING OR BY VOTING IN PERSON AT THE ANNUAL MEETING.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Important Notice Regarding
the Availability of Proxy Materials for the Annual Meeting&mdash;This Proxy Statement and our BLUE proxy card are available at
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>Your vote is
important, no matter how few shares of Class A Common Stock you own. GAMCO urges you to sign, date, and return the enclosed BLUE
proxy card today to vote FOR the election of the Nominees. </B></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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">If your shares of Class A Common Stock are registered in your own name, please sign and date the
enclosed <B>BLUE </B>proxy card and return it to GAMCO in the enclosed postage-paid envelope today.</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">If your shares of Class A Common Stock are held in a brokerage account or bank, you are considered
the beneficial owner of the shares of Class A Common Stock, and these proxy materials, together with a <B>BLUE </B>voting form,
are being forwarded to you by your broker or bank. As a beneficial owner, you must instruct your broker, trustee or other representative
how to vote. Your broker cannot vote your shares of Class A Common Stock on your behalf without your instructions.</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Depending upon your broker or custodian, you may be able to vote either by toll-free telephone
or by the Internet. Please refer to the enclosed voting form for instructions on how to vote electronically. You may also vote
by signing, dating and returning the enclosed voting form.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Since only your
latest dated proxy card will count, we urge you not to return any proxy card you receive from the Company. Even if you return the
management proxy card marked &ldquo;withhold&rdquo; as a protest against the incumbent directors, it will revoke any proxy card
you may have previously sent to us. Remember, you can vote for our Nominees only on our <B>BLUE</B> proxy card. So please make
certain that the latest dated proxy card you return is the <B>BLUE</B> proxy card.</P>

<DIV STYLE="padding: 1pt; border: Black 1.5pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; 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"><FONT STYLE="text-transform: uppercase"><B>GAMCO
Asset Management Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>One
Corporate Center</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Rye,
New York 10580</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>(800)
422-3554</B></FONT></P>

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

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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"></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>BACKGROUND TO THE
SOLICITATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following is
a chronology of the material events leading up to this proxy solicitation.</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On October 27, 2017, GAMCO filed a Schedule 13D amendment with the Item 4 language below:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in"><I>&ldquo;In light
of the upcoming deadline to submit director nominations for consideration at the Issuer&rsquo;s 2018 Annual Meeting of Stockholders,
GAMCO, on behalf of its investment advisory clients, intends on submitting nominations of one or more individuals for election
to the Issuer&rsquo;s Board of Directors.&rdquo;</I></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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On November 10, 2017, GAMCO&rsquo;s Proxy Voting Committee sent a private letter to Ingles Markets&rsquo;
CFO/Director Ron Freeman which detailed GAMCO&rsquo;s general policies to maximize value for all stockholders with respect to the
portfolio companies in which GAMCO has an investment. The letter also described the committee&rsquo;s efforts to identify portfolio
companies where stockholders may benefit from representation in the boardroom and offered the opportunity to discuss its views
on corporate governance.</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On November 14, 2017, GAMCO filed a Schedule 13D amendment with the Item 4 language below:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in"><I>&ldquo;On November
14, 2017, GAMCO, on behalf of its investment advisory clients, sent notice to the Issuer of its intent to nominate Mr. Justyn R.
Putnam and Mr. John R. Lowden as candidates for election by Class A Stockholders to the Board of Directors of the Issuer at the
Issuer&rsquo;s 2018 Annual Meeting of Stockholders.&rdquo;</I></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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On November 22, 2017, Ingles Markets&rsquo; CFO Ron Freeman emailed GAMCO in response to our November
10<SUP>th</SUP> letter offering to speak during the week of November 27<SUP>th</SUP>. A conversation between Mr. Freeman and GAMCO
has not occurred to date.</TD></TR></TABLE>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>&nbsp;REASONS FOR
THE SOLICITATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As we state in our
Magna Carta of Stockholder Rights, we are neither <I>for</I> nor <I>against</I> management. We are <I>for</I> stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>We Believe that
Stockholder Representation in the Boardroom is Critical in light of the Company&rsquo;s Capital Structure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Holders of the Company&rsquo;s
Class A Common Stock, voting as a class, elect two (2) directors (the &ldquo;Class A Directors&rdquo;), and the holders of the
Company&rsquo;s Class B Common Stock, voting as a class, elect six (6) directors (the &ldquo;Class B Directors&rdquo;). According
to the Company&rsquo;s 2017 proxy statement, the Ingles&rsquo; family owns approximately 29.7% of the outstanding Class A Common
Stock and 91.4% of the outstanding Class B Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">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 vote as a single class with respect to other matters. In any such vote, holders of Class A Common
Stock are entitled to one (1) vote per share while holders of Class B Common Stock are entitled to ten (10) votes per share. According
to the Company&rsquo;s 2017 proxy statement, the Ingles&rsquo; family holds approximately 74.9% of the total voting power with
respect to these matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We believe that
the Company&rsquo;s capital structure demonstrates the urgent need for holders of the Class A Common Stock (the &ldquo;Class A
Common Stockholders&rdquo;) to be represented in the boardroom to ensure that the best interests of ALL stockholders are paramount
in the decision making process, including the critical decisions relating to the allocation of capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>We Are Concerned
about the Board&rsquo;s Lack of Independence</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Acknowledging the
Company is a &ldquo;controlled company&rdquo; under NASDAQ listing rules, five (5) of the Company&rsquo;s eight (8) directors seeking
election at the Annual Meeting are either insiders or affiliated with the Company. As long-term stockholders of Ingles Markets,
we have heightened concerns that the Board (with only 38% of its directors classified as &ldquo;independent&rdquo;) may lack the
objectivity and independence necessary to perform its critical oversight role and to evaluate opportunities on behalf of all stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In addition, we
note that one (1) of the three (3) &ldquo;independent&rdquo; Board members, Ms. Tudor, served as CFO of the Company and as a Director
of the Company from 1998 to 2005 (Ms. Tudor was again appointed to the Board in 2014). Ms. Tudor was originally employed by the
Company in 1984.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>We Are Concerned about
Stockholders Not Having a Voice in the Ratification of the Company&rsquo;s Auditor</B></P>

<P STYLE="font: 10pt 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: justify; text-indent: 0.5in">Given the importance of
the accuracy of a company&rsquo;s financial statements, we believe stockholders should have a say in deciding which firm audits
the Company&rsquo;s financials. The fact that the three (3) &ldquo;independent&rdquo; directors who serve on the Audit committee,
including both Class A Directors, decided not to give stockholders a voice on this fundamental issue is a cause of concern for
us.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In addition, the
Company&rsquo;s current CFO serves on the Board. We believe that the Board should be in a position to oversee the Company&rsquo;s
financial reporting and finances and the fact that the CFO serves on the Board could cause a conflict regarding this critical oversite
function.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>We are Concerned
with the Class A Board Members&rsquo; Lack of Sufficient Stock Ownership</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The two (2) members
of the Board elected by Class A Common Stockholders at the 2017 annual meeting collectively own a <I>de minimis</I> percentage
of the outstanding shares of the Company&rsquo;s Common Stock, totaling just 300 shares of Class A Common Stock. In contrast, GAMCO,
on behalf of its clients, and its affiliates collectively own 2,330,746 shares of Class A Common Stock, or approximately 16.5%
of the outstanding shares of Class A Common Stock. We are concerned that this lack of meaningful investment in the stock of the
Company by its Class A Directors creates a misalignment between the interests of the Directors and Ingles Markets&rsquo; stockholders.
We believe the Class A Directors&rsquo; minimal ownership of shares of Common Stock may compromise their ability to properly address
the challenges or properly evaluate the opportunities facing the Company with the best interests of stockholders in mind. Further,
we believe the Board should better reflect the ownership of its long-term stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>We are Concerned
with the Company&rsquo;s Lack of Engagement with Stockholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Board, in our
view, has not demonstrated the ability to communicate successfully with its stockholders. The Company has not held a live conference
call since May 2016. We believe that the Board should encourage management to engage with stockholders to highlight successes,
address concerns and provide stockholders, investors and analysts with the opportunity to ask fundamental financial questions regarding
the Company.</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>PROPOSAL NO. 1</B><BR>
<BR>
<B>ELECTION OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Board is currently
composed of eight directors, all of whom are up for election at the Annual Meeting. 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.
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 Class A Common Stockholders, 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. Through the attached Proxy Statement and enclosed <B>BLUE </B>proxy
card, we are soliciting proxies to elect our two (2) Nominees, Justyn R. Putnam and John &ldquo;Jack&rdquo; R. Lowden, in opposition
to the Company&rsquo;s two (2) nominees to be elected by a vote of the Class A Common Stockholders. Accordingly, the enclosed <B>BLUE
</B>proxy card may only be voted for the Nominees and does not confer voting power with respect to the Company&rsquo;s nominees.
If elected, our Nominees will constitute a minority on the Board and there can be no guarantee that our Nominees will be able to
implement the actions that they believe are necessary to maximize stockholder value. However, we believe the election of our Nominees
is an important step in the right direction for enhancing long-term value at the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following information
sets forth the name, age, business address, present principal occupation, and employment and material occupations, positions, offices,
or employments for the past five years of the Nominees. The nomination was made in a timely manner and in compliance with the applicable
provisions of the Company&rsquo;s governing instruments. The specific experience, qualifications, attributes and skills that led
us to conclude that the Nominees should serve directors of the Company is set forth below. This information has been furnished
to us by the Nominees. All of the Nominees are citizens of the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>Justyn R. Putnam</B>,
age 37, has been the Managing Member of the Talanta Investment Group, LLC, an asset management firm, focusing investment on smaller
publicly traded companies, utilizing intense fundamental research and a long-term investment horizon, since 2009. Prior to joining
Talanta Investment Group, LLC, Mr. Putnam was employed by GAMCO Investors, Inc. (NYSE: GBL), a provider of investment advisory
services to open and closed-end funds, institutional and private wealth management investors, and investment partnerships and a
provider of institutional research services to institutional clients and investment partnerships, as a research analyst specializing
in public company valuation from 2006 to 2009. From 2002 to 2005, Mr. Putnam was the founder and CEO of Putnam Construction Corporation,
a North Carolina real estate development company. Mr. Putnam served as a director of Stanley Furniture Company, Inc. (NASDAQ: STLY)
from January 2016 until December 2017, when Churchill Downs LLC signed an agreement to purchase the company&rsquo;s assets. Mr.
Putnam received his B.S. in Industrial Engineering from North Carolina State University and an M.B.A. in Business Administration
from Columbia University.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">GAMCO believes that
Mr. Putnam&rsquo;s qualifications to serve on the Board include his vast investing experience and his knowledge of the food retail
sector. GAMCO believes Mr. Putnam brings executive, investment and board experience and GAMCO strongly supports the nomination
of Mr. Putnam for election to the Board at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>John &ldquo;Jack&rdquo;
R. Lowden, </B>age 60, has served as the President &amp; Chief Investment Officer of NewCastle Partners, LLC, a private investment
firm founded in 2001 which acquires manufacturing and specialty distribution businesses. Prior to such period, Mr. Lowden served
as a partner of The Jordan Company, a New York based private equity firm, since 1985. Prior to that, Mr. Lowden was an investment
banker for Ferris, Baker Watts, Inc. (formerly Ferris &amp; Company), an investment banking firm, where he was engaged in mergers
and acquisitions and other capital market transactions. Mr. Lowden&rsquo;s corporate directorships have included numerous public
and private corporations. Mr. Lowden currently serves as a Chairman at Metpar Corporation and JN Industries Inc. Mr. Lowden has
been a director at Ferrellgas, Inc., the General Partner of Ferrellgas Partners LP and Ferrellgas Partners Finance Corp., since
January 2003 where he currently serves on the audit committee and the head of the compensation committee. Mr. Lowden also serves
as a Trustee of Wake Forest University, Winston-Salem, NC. During his 30 years in private equity, Mr. Lowden has been a principal
investor and participated in the acquisitions of over 40 manufacturing, retail and distribution businesses with aggregate annual
sales in excess of $2 billion. Mr. Lowden received his B.S. in Business and an M.B.A. from Wake Forest University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">GAMCO believes that
Mr. Lowden&rsquo;s qualifications to serve on the Board include his vast investing experience and extensive executive experience.
GAMCO believes Mr. Lowden brings executive, investment and board experience and GAMCO strongly supports the nomination of Mr. Lowden
for election to the Board at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The principal business
address of Mr. Putnam is 401 N. Tryon Street, 10<SUP>th</SUP> Floor, Charlotte, North Carolina 28202. The principal business address
of Mr. Lowden is 140 Greenwich Avenue, Greenwich, Connecticut 06830.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As of the date hereof,
neither of Messrs. Putnam and Lowden own beneficially or of record any securities of the Company, nor have they made any purchases
or sales of any securities of the Company in the past two years. Depending on market conditions and other factors, if elected,
Messrs. Putnam and Lowden intend to acquire shares of Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Other than as set
forth herein, there are no arrangements or understandings between GAMCO or any of its affiliates of clients and the Nominees or
any other person or persons pursuant to which the nomination of the Nominees described herein is to be made, other than the consent
by the Nominees to be named in this Proxy Statement and to serve as a director of the Company if elected as such at the Annual
Meeting. None of the Nominees is a party adverse to the Company or any of its subsidiaries or has a material interest adverse to
the Company or any of its subsidiaries in any material pending legal proceedings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">GAMCO believes,
each Nominee presently is, and if elected as a director of the Company would be, an &ldquo;independent director&rdquo; within the
meaning of (i) applicable NASDAQ listing standards applicable to board composition, including Rule 5605(a)(2), and (ii) Section
301 of the Sarbanes-Oxley Act of 2002. No Nominee is a member of the Company&rsquo;s compensation, nominating or audit committee
that is not independent under any such committee&rsquo;s applicable independence standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We do not expect that the Nominees will
be unable to stand for election, but, in the event that any Nominee is unable to serve or for good cause will not serve, the shares
of Class A Common Stock represented by the enclosed BLUE proxy card will be voted for substitute nominee(s), to the extent this
is not prohibited under the Bylaws and applicable law. In addition, we reserve the right to nominate substitute person(s) if the
Company makes or announces any changes to its Bylaws or takes or announces any other action that has, or if consummated would have,
the effect of disqualifying any Nominee, to the extent this is not prohibited under the Bylaws and applicable law. In any such
case, shares of Class A Common Stock represented by the enclosed BLUE proxy card will be voted for such substitute nominee(s).
We reserve the right to nominate additional person(s), to the extent this is not prohibited under the Bylaws and applicable law,
if the Company increases the size of the Board above its existing size or increases the number of directors whose terms expire
at the Annual Meeting. Additional nominations made pursuant to the preceding sentence are without prejudice to the position of
GAMCO that any attempt to increase the size of the current Board constitutes an unlawful manipulation of the Company&rsquo;s corporate
machinery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"><B>WE URGE YOU TO
VOTE FOR THE ELECTION OF OUR NOMINEE ON THE ENCLOSED BLUE PROXY CARD.</B></P>




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Only stockholders
of record on the Record Date will be entitled to notice of and to vote at the Annual Meeting. Stockholders who sell their shares
of Class A Common Stock or Class B Common Stock before the Record Date (or acquire them without voting rights after the Record
Date) may not vote such shares of Class A Common Stock or Class B Common Stock. Stockholders of record on the Record Date will
retain their voting rights in connection with the Annual Meeting even if they sell such shares of Class A Common Stock or Class
B Common Stock after the Record Date. Based on publicly available information, GAMCO believes that the only outstanding classes
of securities of the Company entitled to vote at the Annual Meeting are the shares of Class A Common Stock and the shares of Class
B Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Board is currently
composed of eight directors, all of whom are up for election at the Annual Meeting. 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 Class A Common Stockholders, 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. Through the attached Proxy Statement and enclosed <B>BLUE </B>proxy card, we are soliciting proxies to elect
our two (2) Nominees in opposition to the Company&rsquo;s two (2) nominees to be elected by a vote of the holders of the Class
A Common Stock. Accordingly, the enclosed <B>BLUE </B>proxy card may only be voted for the Nominees and does not confer voting
power with respect to the Company&rsquo;s nominees. If elected, our Nominees will constitute a minority on the Board and there
can be no guarantee that our Nominees will be able to implement the actions that they believe are necessary to maximize stockholder
value. However, we believe the election of our Nominees is an important step in the right direction for enhancing long-term value
at the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Shares of Class
<FONT STYLE="text-transform: uppercase">A </FONT>Common Stock represented by properly executed <B>BLUE</B> proxy cards will be
voted at the Annual Meeting as marked and, in the absence of specific instructions, will be voted <B>FOR </B>the election of the
Nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>QUORUM; BROKER NON-VOTES;
DISCRETIONARY VOTING</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Election of Directors</I>
&#9472; According to the Company&rsquo;s proxy statement, 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-align: justify; text-indent: 0.5in">In accordance with
New York Stock Exchange rules, a broker that is a member firm of that exchange does not have 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-align: justify; 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-align: center; text-indent: 0in"><B>REVOCATION OF PROXIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Stockholders of
the Company may revoke their proxies at any time prior to exercise by attending the Annual Meeting and voting in person (although
attendance at the Annual Meeting will not in and of itself constitute revocation of a proxy) or by delivering a written notice
of revocation. The delivery of a subsequently dated proxy which is properly completed will constitute a revocation of any earlier
proxy. The revocation may be delivered to GAMCO at the address set forth on the back cover of this Proxy Statement or to the Company
at P.O. Box 6676, Asheville, North Carolina 28816 or any other address provided by the Company. Although a revocation is effective
if delivered to the Company, we request that either the original or photostatic copies of all revocations be mailed to GAMCO at
the address set forth on the back cover of this Proxy Statement so that we will be aware of all revocations and can more accurately
determine if and when proxies have been received from the holders of record on the Record Date of a majority of the outstanding
shares of Class A Common Stock. Additionally, we may use this information to contact stockholders who have revoked their proxies
in order to solicit later dated proxies for the election of the Nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"><B>IF YOU WISH TO
VOTE FOR THE ELECTION OF THE NOMINEES TO THE BOARD, PLEASE SIGN, DATE AND RETURN PROMPTLY THE ENCLOSED BLUE PROXY CARD IN THE POSTAGE-PAID
ENVELOPE PROVIDED.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The solicitation
of proxies pursuant to this Proxy Statement is being made by GAMCO. It is anticipated that the participants and certain staff members
of GAMCO will participate in the solicitation of proxies in support of our Nominees set forth in this Proxy Statement. Such staff
members will receive no additional consideration if they assist in the solicitation of proxies. Solicitations of proxies may be
made in person, by telephone, by email, through the internet, by mail and by facsimile.&nbsp;&nbsp;Although no precise estimate
can be made at the present time, it is estimated that the total expenditures in furtherance of, or in connection with, the solicitation
of stockholders will not exceed $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]. The total expenditures to date in furtherance of,
or in connection with, the solicitation of stockholders is approximately $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Costs related to
this solicitation of proxies, including expenditures for attorneys, accountants, public relations and financial advisors, proxy
solicitors, advertising, printing, transportation and related expenses will be borne by GAMCO.&nbsp;&nbsp;To the extent legally
permissible, GAMCO may seek reimbursement from the Company for those expenses if any of our Nominees is elected.&nbsp;&nbsp;GAMCO
does not currently intend to submit the question of such reimbursement to a vote of the stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Nominees, GAMCO
Asset Management, and Mario Gabelli are participants in this solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The principal business
of GAMCO Asset Management, a New York corporation, is acting as an investment manager providing discretionary managed account services
for employee benefit plans, private investors, endowments, foundations and others. GAMCO Asset Manager is also an investment adviser
registered under the Investment Advisers Act of 1940, as amended. The principal occupation of Mario Gabelli is acting as the controlling
stockholder, Chief Executive Officer and a director of GGCP, Inc. (&ldquo;GGCP&rdquo;), Chairman and Chief Executive Officer of
GAMCO Investors, Inc. (&ldquo;GBL&rdquo;) and Executive Chairman of Associated Capital Group, Inc. (&ldquo;AC&rdquo;). GGCP makes
investments for its own account and is the manager and a member of GGCP Holdings which is the controlling shareholder of GBL and
AC. GBL, a public company listed on the New York Stock Exchange, is the parent company for a variety of companies engaged in the
securities business, including certain of those named below. AC, a public company listed on the New York Stock Exchange, is the
parent company for a variety of companies engaged in the securities business, including certain of those listed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The address of the
principal office of each of GAMCO Asset Management and Mr. Gabelli is One Corporate Center, Rye, New York 10580.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As of the date hereof,
GAMCO Asset Management beneficially owns directly 1,218,922 shares of Class A Common Stock. GAMCO Asset Management has dispositive
power with respect to all of these shares of Class A Common Stock, and has voting power with respect to 1,112,922 shares of Class
A Common Stock. As of the date hereof, GAMCO Asset Management&rsquo;s affiliates beneficially own an additional 1,111,824 shares
of Class A Common Stock. By virtue of his respective position with each of GAMCO Asset Management and its affiliates, Mr. Gabelli
may be deemed to be the beneficial owner of all of the shares of Common Stock held by GAMCO Asset Management and its affiliates.
As of the date hereof, GAMCO, its affiliates and Mr. Gabelli own an aggregate of 2,330,746 shares of Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The shares of Class
A Common Stock beneficially owned by each of GAMCO Asset Management and its affiliates were purchased with funds that were provided
through the accounts of certain investment advisory clients (and, in the case of some of such accounts at GAMCO Asset Management,
may be through borrowings from client margin accounts). For information regarding purchases and sales of securities of the Company
during the past two years by the participants in this solicitation, see Schedule I.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Except as set forth
in this Proxy Statement (including the Schedules hereto), (i) during the past 10 years, no participant in this solicitation has
been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); (ii) no participant in this solicitation
directly or indirectly beneficially owns any securities of the Company; (iii) no participant in this solicitation owns any securities
of the Company which are owned of record but not beneficially; (iv) no participant in this solicitation has purchased or sold any
securities of the Company during the past two years; (v) no part of the purchase price or market value of the securities of the
Company owned by any participant in this solicitation is represented by funds borrowed or otherwise obtained for the purpose of
acquiring or holding such securities; (vi) no participant in this solicitation is, or within the past year was, a party to any
contract, arrangements or understandings with any person with respect to any securities of the Company, including, but not limited
to, joint ventures, loan or option arrangements, puts or calls, guarantees against loss or guarantees of profit, division of losses
or profits, or the giving or withholding of proxies; (vii) no associate of any participant in this solicitation owns beneficially,
directly or indirectly, any securities of the Company; (viii) no participant in this solicitation owns beneficially, directly or
indirectly, any securities of any parent or subsidiary of the Company; (ix) no participant in this solicitation or any of his or
its associates was a party to any transaction, or series of similar transactions, since the beginning of the Company&rsquo;s last
fiscal year, or is a party to any currently proposed transaction, or series of similar transactions, to which the Company or any
of its subsidiaries was or is to be a party, in which the amount involved exceeds $120,000; (x) no participant in this solicitation
or any of his or its associates has any arrangement or understanding with any person with respect to any future employment by the
Company or its affiliates, or with respect to any future transactions to which the Company or any of its affiliates will or may
be a party; and (xi) no participant in this solicitation has a substantial interest, direct or indirect, by securities holdings
or otherwise in any matter to be acted on at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">There are no material
proceedings to which any participant in this solicitation or any of his or its associates is a party adverse to the Company or
any of its subsidiaries or has a material interest adverse to the Company or any of its subsidiaries. With respect to the Nominees,
none of the events enumerated in Item 401(f)(1)-(8) of Regulation S-K of the Exchange Act occurred during the past ten years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">GAMCO is unaware
of any other matters to be considered at the Annual Meeting. However, should other matters, which GAMCO is not aware of a reasonable
time before this solicitation, be brought before the Annual Meeting, the persons named as proxies on the enclosed <B>BLUE</B> proxy
card will vote on such matters in their discretion.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">According to the
Company&rsquo;s proxy statement, proposals of stockholders intended to be presented at the 2018 annual meeting of stockholders
of the Company (the &ldquo;2018 Annual Meeting&rdquo;), in order to be included in the Company&rsquo;s proxy statement and the
form of proxy for the 2018 Annual Meeting, must be made by a qualified stockholder and must be mailed by certified mail return
receipt requested to the Company&rsquo;s Corporate Secretary at Ingles Markets, Incorporated, 2913 U.S. Highway 70 West, Asheville
(Black Mountain), North Carolina 28711 and must be received by the Company&rsquo;s Corporate Secretary not later than [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Under the Bylaws
and the Charter of the Company, there are no advance notice provisions that pertain to any stockholder proposals. According to
the Company&rsquo;s proxy statement, any stockholder proposal for which the Company does not receive notice on or before [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
shall be subject to the discretionary vote of the proxy holders at the 2018 Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The information
set forth above regarding the procedures for submitting stockholder proposals for consideration at the 2018 Annual Meeting is based
on information contained in the Company&rsquo;s proxy statement. The incorporation of this information in this proxy statement
should not be construed as an admission by GAMCO that such procedures are legal, valid or binding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>INCORPORATION
BY </B></FONT><B>REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">WE
HAVE OMITTED FROM THIS PROXY STATEMENT CERTAIN DISCLOSURE REQUIRED BY APPLICABLE LAW THAT IS EXPECTED TO BE INCLUDED IN THE COMPANY&rsquo;S
PROXY STATEMENT RELATING TO THE ANNUAL MEETING. THIS DISCLOSURE IS EXPECTED TO INCLUDE, AMONG OTHER THINGS, CURRENT BIOGRAPHICAL
INFORMATION ON THE COMPANY&rsquo;S DIRECTORS, INFORMATION CONCERNING EXECUTIVE COMPENSATION, AND OTHER IMPORTANT INFORMATION. SEE
SCHEDULE II FOR INFORMATION REGARDING PERSONS WHO BENEFICIALLY OWN MORE THAN 5% OF THE SHARES AND THE OWNERSHIP OF THE SHARES BY
THE DIRECTORS AND MANAGEMENT OF THE COMPANY.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The information
concerning the Company contained in this Proxy Statement and the Schedules attached hereto has been taken from, or is based upon,
publicly available information.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><B>GAMCO ASSET MANAGEMENT INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] __, 201[&nbsp;&nbsp;]</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in; text-indent: 0in"><B>&nbsp;</B></P>




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

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<P STYLE="margin: 0; text-align: center; text-indent: 0in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B><U>SCHEDULE I</U></B><BR>
<BR>
<B>TRANSACTIONS IN SECURITIES OF <FONT STYLE="text-transform: uppercase">THE COMPANY </FONT></B><BR>
<B>DURING THE PAST TWO YEARS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-indent: 0in"><FONT STYLE="font-size: 10pt"><U>Nature of the Transaction</U></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Securities</FONT><BR>
<FONT STYLE="font-size: 10pt"><U>Purchased/(Sold)</U></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Date of</FONT><BR>
<FONT STYLE="font-size: 10pt"><U>Purchase/(Sale)</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 103.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 103.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><U>GAMCO ASSET MANAGEMENT INC.</U></B></FONT></TD></TR>
</TABLE>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 33%; padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">400</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/04/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(500)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/14/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">292 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/08/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">102 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/08/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">400 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/09/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">290 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/09/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">103 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/09/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(200)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">06/24/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(1,700)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">07/07/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(2,000)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">07/13/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(800)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">07/18/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(200)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">07/18/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(400)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">07/18/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(2,000)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/12/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(500)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/16/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(400)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/21/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(200)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/24/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(200)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/31/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(400)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/02/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(1,000)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/07/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(800)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/08/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(2,300)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/14/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(300)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/14/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(800)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/14/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(900)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/15/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(400)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/15/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(200)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/15/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(200)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/22/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(4,500)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/06/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(3,500)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/07/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(1,000)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/08/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(2,000)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/09/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(1,422)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/12/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(578)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/13/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(200)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/13/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(300)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/19/2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(400)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/19/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">200 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">02/07/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(125)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">02/23/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(875)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">02/24/2017</FONT></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 20; Options: NewSection -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt; width: 33%"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt; width: 33%"><FONT STYLE="font-size: 10pt">147 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in; width: 33%"><FONT STYLE="font-size: 10pt">02/24/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(200)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">02/27/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(1,000)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/02/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(300)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/02/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(200)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/02/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(400)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/16/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">1,000 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/28/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">200 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">04/04/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(300)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">04/26/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">500 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/22/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">4,720 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">06/16/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">2,000 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">06/22/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">1,300 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">06/29/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">300 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">06/29/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">400 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">07/07/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">1,500 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">07/07/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">500 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">07/07/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">100 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">07/14/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">300 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/09/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">500 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/14/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">500 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/16/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">500 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/21/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">500 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/22/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">500 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/23/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">1,000 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/29/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">500 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/29/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">3,000 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/29/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">1,000 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/29/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">1,000 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/30/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">1,100 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/30/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">1,000 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/30/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">1,000 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/30/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">400 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/30/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">3,000 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/30/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">600 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/30/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">200 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/31/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">1,000 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/31/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">1,000 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/31/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">800 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/31/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">1,000 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/31/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">1,000 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/31/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">2,000 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/31/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">500 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/31/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">3,000 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/31/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">1,000 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/31/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">1,000 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/31/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">400 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/31/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">1,000 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/01/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">1,000 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/01/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">500 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/01/2017</FONT></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 21 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt; width: 33%"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt; width: 33%"><FONT STYLE="font-size: 10pt">1,000 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in; width: 33%"><FONT STYLE="font-size: 10pt">09/01/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">1,500 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/06/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">500 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/06/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">274 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/07/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">100 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/07/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">582 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/07/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">205 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/07/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">147 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/07/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">345 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/08/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">500 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/08/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">500 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/08/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">500 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/08/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">500 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/08/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">2,226 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/08/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">355 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/08/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">745 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/08/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">400 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/08/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">500 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/08/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">500 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/11/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">400 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/11/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">200 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/11/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">300 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/11/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">500 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/12/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(900)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/04/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(200)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/10/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">294 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/11/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">100 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/25/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(147)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/14/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">582 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/21/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Purchase of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">205 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/21/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(3,300) </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/07/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(6,200)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/08/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(6,000)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/11/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(400)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/11/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.75pt"><FONT STYLE="font-size: 10pt">Sale of Class A Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.1pt"><FONT STYLE="font-size: 10pt">(2,000)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/12/2017</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt 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>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B><I>The following
table is reprinted from the definitive proxy statement filed by Ingles Markets, Incorporated with the Securities and Exchange Commission
on [&#9; ].</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">[To come from the Company&rsquo;s
definitive proxy statement]</P>




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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Tell your Board
what you think! Your vote is important. No matter how many shares of Class A Common Stock you own, please give GAMCO your proxy
FOR the election of the Nominees by taking three steps:</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: 0.5in"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD STYLE="text-align: justify">SIGNING the enclosed <B>BLUE </B>proxy card,</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: 0.5in"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD STYLE="text-align: justify">DATING the enclosed <B>BLUE</B> proxy card, 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: 0.5in"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD STYLE="text-align: justify">MAILING the enclosed <B>BLUE </B>proxy card TODAY in the envelope provided (no postage is required
if mailed in the United States).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>If any of your
shares of Class A Common Stock A are held in the name of a brokerage firm, bank, bank nominee or other institution, only it can
vote such shares of Class A Common Stock and only upon receipt of your specific instructions.</B> Depending upon your broker or
custodian, you may be able to vote either by toll-free telephone or by the Internet. Please refer to the enclosed voting form for
instructions on how to vote electronically. You may also vote by signing, dating and returning the enclosed <B>BLUE</B> voting
form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you have any
questions or require any additional information concerning this Proxy Statement, please contact GAMCO at its address below.</P>

<DIV STYLE="padding: 1pt; border: Black 1.5pt solid">

<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 6pt; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>GAMCO
Asset Management Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>One
Corporate Center</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Rye,
New York 10580</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>(800)
422-3554</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

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

</DIV>




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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>preliminary
copy subject to completion</B></FONT><BR>
<FONT STYLE="text-transform: uppercase"><B>dated DECEMBER 15, 2017</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>ingles
markets, incorporated</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>2018 ANNUAL MEETING
OF STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>THIS PROXY IS SOLICITED
ON BEHALF OF GAMCO ASSET MANAGEMENT INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>THE BOARD OF DIRECTORS
OF <FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">Ingles markets, incorporated</FONT></B><BR>
<B>IS NOT SOLICITING THIS PROXY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: center; text-indent: 0.5in"><B>P&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
O&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned
appoints George Maldonado and David Goldman, and each of them, as attorney and agent with full power of substitution to vote all
shares of Class A Common Stock, $0.05 par value per share, of Ingles Markets, Incorporated (the &ldquo;Company&rdquo;) which the
undersigned would be entitled to vote if personally present at the 2018 Annual Meeting of Stockholders of the Company scheduled
to be held at the [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
at [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] (local
time) (including any adjournments or postponements thereof and any meeting called in lieu thereof, the &ldquo;Annual Meeting&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned
hereby revokes any other proxy or proxies heretofore given to vote or act with respect to the shares of Class A Common Stock of
the Company held by the undersigned, and hereby ratifies and confirms all action the herein named attorneys and proxies, their
substitutes, or any of them may lawfully take by virtue hereof. If properly executed, this Proxy will be voted as directed on the
reverse and in the discretion of the herein named attorneys and proxies or their substitutes with respect to any other matters
as may properly come before the Annual Meeting that are unknown to GAMCO Asset Management Inc. (together with its affiliates, &ldquo;GAMCO&rdquo;)
a reasonable time before this solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>IF NO DIRECTION
IS INDICATED WITH RESPECT TO THE PROPOSAL ON THE REVERSE, THIS PROXY WILL BE VOTED &ldquo;FOR&rdquo; PROPOSAL 1.&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Proxy will
be valid until the completion of the Annual Meeting. This Proxy will only be valid in connection with GAMCO&rsquo;s solicitation
of proxies for the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>IMPORTANT: PLEASE
SIGN, DATE AND MAIL THIS PROXY CARD PROMPTLY!</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>CONTINUED AND TO
BE SIGNED ON REVERSE SIDE</B></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"></P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>[X] Please mark vote as in this example</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center; text-indent: 0.5in"><B>GAMCO STRONGLY
RECOMMENDS THAT STOCKHOLDERS VOTE IN FAVOR OF THE NOMINEES LISTED BELOW IN PROPOSAL 1. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1. GAMCO&rsquo;s
proposal to elect Justyn R. Putnam and John &ldquo;Jack&rdquo; R. Lowden to serve as directors of the Company until the next annual
meeting of stockholders.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 9pt"><B>FOR ALL NOMINEES</B></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 9pt"><B>WITHHOLD AUTHORITY TO VOTE FOR ALL NOMINEES</B></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 9pt"><B>FOR ALL EXCEPT NOMINEE(S)
        WRITTEN BELOW </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 9pt"><B>&nbsp;</B></P></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 0 49.5pt; text-indent: -49.5pt">Nominee:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt">Justyn R. Putnam</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt">John &ldquo;Jack&rdquo; R. Lowden</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 4.5pt">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">GAMCO does not expect
that any of the Nominees will be unable to stand for election, but, in the event that any Nominee is unable to serve or for good
cause will not serve, the shares of Class A Common Stock represented by this proxy card will be voted for substitute nominee(s),
to the extent this is not prohibited under the Bylaws and applicable law. In addition, GAMCO has reserved the right to nominate
substitute person(s) if the Company makes or announces any changes to its Bylaws or takes or announces any other action that has,
or if consummated would have, the effect of disqualifying any Nominee, to the extent this is not prohibited under the Bylaws and
applicable law. In any such case, shares of Class A Common Stock represented by this proxy card will be voted for such substitute
nominee(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Note: If you do
not wish for your shares of Class A Common Stock or Class B Common Stock to be voted &ldquo;FOR&rdquo; a particular nominee, mark
the &ldquo;FOR ALL NOMINEE(S) EXCEPT WRITTEN BELOW&rdquo; box and write the name(s) of the nominee(s) you do not support on the
line below. Your Shares will be voted for the remaining nominee(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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">______________________________________________________</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">DATED: ____________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">____________________________________<BR>
(Signature, if held jointly)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEN SHARES ARE
HELD JOINTLY, JOINT OWNERS SHOULD EACH SIGN. EXECUTORS, ADMINISTRATORS, TRUSTEES, ETC., SHOULD INDICATE THE CAPACITY IN WHICH SIGNING.
PLEASE SIGN EXACTLY AS NAME APPEARS ON THIS PROXY.</P>

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



<P STYLE="margin: 0; text-align: center; text-indent: 0in"></P>

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