<SEC-DOCUMENT>0000891092-14-000479.txt : 20140124
<SEC-HEADER>0000891092-14-000479.hdr.sgml : 20140124
<ACCEPTANCE-DATETIME>20140124160608
ACCESSION NUMBER:		0000891092-14-000479
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20140228
FILED AS OF DATE:		20140124
DATE AS OF CHANGE:		20140124
EFFECTIVENESS DATE:		20140124

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALICO INC
		CENTRAL INDEX KEY:			0000003545
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE PRODUCTION - CROPS [0100]
		IRS NUMBER:				590906081
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-00261
		FILM NUMBER:		14546121

	BUSINESS ADDRESS:	
		STREET 1:		10070 DANIELS INTERSTATE COURT STE. 100
		CITY:			FT. MYERS,
		STATE:			FL
		ZIP:			33913
		BUSINESS PHONE:		239-226-2000

	MAIL ADDRESS:	
		STREET 1:		10070 DANIELS INTERSTATE COURT STE. 100
		CITY:			FT. MYERS,
		STATE:			FL
		ZIP:			33913

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALICO LAND DEVELOPMENT CO
		DATE OF NAME CHANGE:	19740219
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e57062_def14a.htm
<DESCRIPTION>NOTICE & PROXY STATEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: center"><B>UNITED STATES</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: center"><B>Proxy Statement Pursuant to Section&nbsp;14(a)
of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&#254;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&#168;</FONT></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; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="width: 6%; padding-right: 0.8pt; text-align: center; font-size: 10pt"><font style="font: 10pt Wingdings">&#168;</font></td>
    <td style="width: 94%; padding-right: 0.8pt; font-size: 10pt"><font style="font-size: 10pt">Preliminary Proxy Statement</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td style="padding-right: 1.8pt; font-size: 5pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: center; font-size: 10pt"><font style="font: 10pt Wingdings">&#168;</font></td>
    <td style="padding-right: 1.8pt; font-size: 10pt"><font style="font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 1.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td style="padding-right: 0.8pt; font-size: 5pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 1.8pt; text-align: center; font-size: 10pt"><font style="font: 10pt Wingdings">&#254;</font></td>
    <td style="padding-right: 0.8pt; font-size: 10pt"><font style="font-size: 10pt">Definitive Proxy Statement</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td style="padding-right: 0.8pt; font-size: 5pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: center; font-size: 10pt"><font style="font: 10pt Wingdings">&#168;</font></td>
    <td style="padding-right: 0.8pt; font-size: 10pt"><font style="font-size: 10pt">Definitive Additional Materials</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td style="padding-right: 0.8pt; font-size: 5pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: center; font-size: 10pt"><font style="font: 10pt Wingdings">&#168;</font></td>
    <td style="padding-right: 0.8pt; font-size: 10pt"><font style="font-size: 10pt">Soliciting Material Pursuant to &sect;240.14a-12</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center; border-top: black 0.5pt solid">&nbsp;<B>(Name
of Registrant as Specified In Its Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">N/A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center; border-top: black 0.5pt solid">&nbsp;<B>(Name
of Person(s) Filing Proxy Statement, if other than the Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0 13.5pt">Payment of Filing Fee (Check the appropriate box):</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: center"><font style="font: 10pt Wingdings">&#254;</font></td>
    <td colspan="2" style="padding-right: 0.8pt"><font style="font-size: 10pt">No fee required.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td colspan="2" style="padding-right: 0.8pt; font-size: 5pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: center"><font style="font: 10pt Wingdings">&#168;</font></td>
    <td colspan="2" style="padding-right: 0.8pt"><font style="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i) (4) and 0-11.</font></td></tr>
<tr>
    <td style="width: 6%; padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td style="vertical-align: top; width: 6%; padding-right: 0.8pt; font-size: 5pt">&nbsp;</td>
    <td style="vertical-align: top; width: 88%; padding-right: 0.8pt; font-size: 5pt">&nbsp;</td></tr>
<tr>
    <td style="padding-right: 0.8pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: center"><font style="font-size: 10pt">(1)</font></td>
    <td style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0.8pt"><font style="font-size: 10pt">Title of each class of securities to which transaction applies:</font></td></tr>
<tr>
    <td style="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; font-size: 5pt">&nbsp;</td></tr>
<tr>
    <td style="padding-right: 0.8pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: center"><font style="font-size: 10pt">(2)</font></td>
    <td style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0.8pt"><font style="font-size: 10pt">Aggregate number of securities to which transaction applies:</font></td></tr>
<tr>
    <td style="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; font-size: 5pt">&nbsp;</td></tr>
<tr>
    <td style="padding-right: 0.8pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: center"><font style="font-size: 10pt">(3)</font></td>
    <td style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0.8pt"><font style="font-size: 10pt">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):</font></td></tr>
<tr>
    <td style="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; font-size: 5pt">&nbsp;</td></tr>
<tr>
    <td style="padding-right: 0.8pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: center"><font style="font-size: 10pt">(4)</font></td>
    <td style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0.8pt"><font style="font-size: 10pt">Proposed maximum aggregate value of transaction:</font></td></tr>
<tr>
    <td style="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; font-size: 5pt">&nbsp;</td></tr>
<tr>
    <td style="padding-right: 0.8pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: center"><font style="font-size: 10pt">(5)</font></td>
    <td style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0.8pt"><font style="font-size: 10pt">Total fee paid:</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td colspan="2" style="padding-right: 0.8pt; font-size: 5pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: center"><font style="font: 10pt Wingdings">&#168;</font></td>
    <td colspan="2" style="padding-right: 0.8pt"><font style="font-size: 10pt">Fee paid previously with preliminary materials.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td colspan="2" style="padding-right: 0.8pt; font-size: 5pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: center"><font style="font: 10pt Wingdings">&#168;</font></td>
    <td colspan="2" style="padding-right: 0.8pt"><font style="font-size: 10pt">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.</font></td></tr>
<tr>
    <td style="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; font-size: 5pt">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; font-size: 5pt">&nbsp;</td></tr>
<tr>
    <td style="padding-right: 0.8pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: center"><font style="font-size: 10pt">(1)</font></td>
    <td style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0.8pt"><font style="font-size: 10pt">Amount Previously Paid:</font></td></tr>
<tr>
    <td style="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; font-size: 5pt">&nbsp;</td></tr>
<tr>
    <td style="padding-right: 0.8pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: center"><font style="font-size: 10pt">(2)</font></td>
    <td style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0.8pt"><font style="font-size: 10pt">Form, Schedule or Registration Statement No.:</font></td></tr>
<tr>
    <td style="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; font-size: 5pt">&nbsp;</td></tr>
<tr>
    <td style="padding-right: 0.8pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: center"><font style="font-size: 10pt">(3)</font></td>
    <td style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0.8pt"><font style="font-size: 10pt">Filing Party:</font></td></tr>
<tr>
    <td style="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; font-size: 5pt">&nbsp;</td></tr>
<tr>
    <td style="padding-right: 0.8pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: center"><font style="font-size: 10pt">(4)</font></td>
    <td style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0.8pt"><font style="font-size: 10pt">Date Filed:</font></td></tr>
<tr>
    <td colspan="3" style="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: right; color: Red"><B><IMG SRC="image_028.jpg" ALT=""> </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>10070 Daniels Interstate Court</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Suite 100</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Fort Myers, FL 33913</B></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: 4.5pt 0 0 4.5pt; text-align: center"><B>Notice of Annual Meeting of
Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>To be held February 28, 2014</B></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: 2.5pt 0 0 2.5pt; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="vertical-align: bottom; width: 11px; padding-right: 0.8pt">&nbsp;</td>
    <td style="width: 283px; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">&nbsp;January&nbsp;28, 2014</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 0.8pt"><font style="font-size: 10pt">Alico, Inc. Shareholders:</font></td>
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt; text-align: right">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Annual Meeting of Shareholders (the &ldquo;Annual
Meeting&rdquo;) of Alico, Inc. (the &ldquo;Company&rdquo; or &ldquo;Alico&rdquo; or referred to as &ldquo;we&rdquo;, &ldquo;us&rdquo;,
or &ldquo;our&rdquo; in this Notice and Proxy Statement) will be held at Florida Gulf Coast University, 10501 FGCU Blvd. South,
Fort Myers, Florida 33965, Alico Arena, on February 28, 2014, at 10:00 a.m. Eastern Standard Time, for the following purposes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.59in; text-align: right"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="width: 16pt"></TD><TD><FONT STYLE="font-size: 10pt">To elect the nine nominees named in the attached Proxy
Statement as directors to serve on our Board of Directors. These nine directors will serve until the next Annual Meeting or until
their respective successors have been elected and qualified.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.59in; text-align: right"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="width: 16pt"></TD><TD><FONT STYLE="font-size: 10pt">To ratify the Audit Committee&rsquo;s appointment
of McGladrey, LLP as the Company&rsquo;s Independent Registered Public Accounting Firm for fiscal year 2014.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.59in; text-align: right"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="width: 16pt"></TD><TD><FONT STYLE="font-size: 10pt">To request advisory approval of the compensation of
the Company&rsquo;s Named Executive Officers.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.59in; text-align: right"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="width: 16pt"></TD><TD><FONT STYLE="font-size: 10pt">To transact any other business as may properly come
before the Annual Meeting or any and all adjournments thereof.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Board of Directors has fixed the close
of business on December 31, 2013, as the record date for determination of the shareholders entitled to notice of, and to vote at,
the Annual Meeting. Only shareholders of record who own stock on the record date are entitled to receive notices about the Annual
Meeting and to vote at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0 9pt; text-align: justify; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 238.5pt; text-align: justify">For the Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 238.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 202.5pt; text-align: justify; text-indent: 0.5in"><I>A. Denise
Plair</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 238.5pt; text-align: justify">Corporate Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 238.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Your vote is very important to us. You are
invited to attend the meeting in person. If you need directions to the meeting location, you may contact the Corporate Secretary
by phone at (239) 226-2000 or by mail at the address above. Whether or not you plan to attend and no matter how many shares you
own, please mark your vote on the enclosed proxy card, sign and date it and mail it in the enclosed envelope. If you attend the
Annual Meeting you may vote in person, if you wish, even if you have previously submitted a proxy. You may revoke your proxy at
any time before the vote is taken by delivering to the Corporate Secretary a written revocation or a proxy with a later date or
by voting your shares in person at the Annual Meeting in which case your proxy will be disregarded.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Important Notice Regarding the Availability
of Proxy Materials for the Annual Meeting of Shareholders to be held on February 28, 2014:&nbsp; </B>This Notice, the attached
2014 Proxy Statement, along with our Annual Report on Form 10-K for fiscal year 2013, are available at http://www.alicoinc.com.</P>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="width: 88%; padding-right: 0.8pt">&nbsp;</td>
    <td style="width: 6%; padding-right: 0.8pt">&nbsp;</td>
    <td style="width: 6%; padding-right: 0.8pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt"><b><u>Page</u></b></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_001"><font style="font-size: 10pt">Proxy Statement and Annual Meeting Information</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">1</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_002"><font style="font-size: 10pt">Recent Change in Control Transaction</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">5</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_003"><font style="font-size: 10pt">Security Ownership of Certain Beneficial Owners and Management</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">7</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_004"><font style="font-size: 10pt">Section&nbsp;16(a) Beneficial Ownership Reporting Compliance</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">9</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_005"><font style="font-size: 10pt">Proposal 1: Election of Directors</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">10</font></td></tr>
<tr style="vertical-align: top">
    <td><A HREF="#a_006"><font style="font-size: 10pt">Corporate Governance Matters</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">16</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 27pt; text-indent: -10pt"><A HREF="#a_007"><font style="font-size: 10pt">Directors Independence</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">16</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 27pt; text-indent: -10pt"><A HREF="#a_008"><font style="font-size: 10pt">Right to Designate Directors</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">16</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 27pt; text-indent: -10pt"><A HREF="#a_009"><font style="font-size: 10pt">Board Leadership Structure and Role in Risk Oversight</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">16</font></td></tr>
<tr style="vertical-align: top">
    <td><A HREF="#a_010"><font style="font-size: 10pt">Committees of the Board</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">17</font></td></tr>
<tr style="vertical-align: top">
    <td><A HREF="#a_011"><font style="font-size: 10pt">Directors Compensation</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">20</font></td></tr>
<tr style="vertical-align: top">
    <td><A HREF="#a_012"><font style="font-size: 10pt">Independence of Directors</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">23</font></td></tr>
<tr style="vertical-align: top">
    <td><A HREF="#a_013"><font style="font-size: 10pt">Compensation Committee Report</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">23</font></td></tr>
<tr style="vertical-align: top">
    <td><A HREF="#a_014"><font style="font-size: 10pt">Compensation Discussion and Analysis</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">23</font></td></tr>
<tr style="vertical-align: top">
    <td><A HREF="#a_015"><font style="font-size: 10pt">Executive Officers</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">31</font></td></tr>
<tr style="vertical-align: top">
    <td><A HREF="#a_016"><font style="font-size: 10pt">Executive Compensation</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">32</font></td></tr>
<tr style="vertical-align: top">
    <td><A HREF="#a_017"><font style="font-size: 10pt">Summary Compensation Table</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">32</font></td></tr>
<tr style="vertical-align: top">
    <td><A HREF="#a_018"><FONT STYLE="font-size: 10pt">Grants of Plan Based Awards in Fiscal Year 2013</FONT></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">34</font></td></tr>
<tr style="vertical-align: top">
    <td><A HREF="#a_019"><font style="font-size: 10pt">Outstanding Equity Plan-Based Awards at Fiscal Year End 2013</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">34</font></td></tr>
<tr style="vertical-align: top">
    <td><A HREF="#a_020"><font style="font-size: 10pt">Option Exercises and Stock Vested in Fiscal Year 2013</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">35</font></td></tr>
<tr style="vertical-align: top">
    <td><A HREF="#a_021"><font style="font-size: 10pt">Pension Benefits</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">35</font></td></tr>
<tr style="vertical-align: top">
    <td><A HREF="#a_022"><font style="font-size: 10pt">Non-Qualified Deferred Compensation</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">35</font></td></tr>
<tr style="vertical-align: top">
    <td><A HREF="#a_023"><font style="font-size: 10pt">Certain Relationships and Related Party Transactions</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">36</font></td></tr>
<tr style="vertical-align: top">
    <td><A HREF="#a_024"><font style="font-size: 10pt">Audit Committee Report</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">38</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt"><A HREF="#a_025"><font style="font-size: 10pt">Proposal 2: Ratification of the Selection of McGladrey LLP as our Independent Registered Public Accounting Firm</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">39</font></td></tr>
<tr style="vertical-align: top">
    <td><A HREF="#a_026"><font style="font-size: 10pt">Proposal 3: Advisory Approval of the Compensation of the Company&rsquo;s Named Executive Officers</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">40</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_027"><font style="font-size: 10pt">Annual Report on Form 10-K</font></A></td>
    <td colspan="2" style="padding-right: 1.8pt; text-align: center"><font style="font-size: 10pt">42</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ALICO, INC.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>10070 Daniels Interstate Court</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Suite 100</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Fort Myers, FL 33913</B></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><A NAME="a_001"></A>PROXY STATEMENT</B></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Annual Meeting of Shareholders</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>February 28, 2014</B></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: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #252525"><B>Important Notice Regarding
the Availability of Proxy Materials for the<BR>
Annual Meeting of Shareholders to Be Held on February 28, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0 9pt; text-align: center"><FONT STYLE="color: #252525"><B>The
Proxy Statement and accompanying Annual Report to the shareholders are available at</B></FONT><BR>
<B><I>www.alicoinc.com</I> <FONT STYLE="color: #252525">or at</FONT> <I>https://materials.proxyvote.com/016230</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0 9pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525">Our Board of Directors seeks your proxy for use
in voting at the Annual Meeting of Shareholders to be held on Friday, February 28, 2014 at 10:00 a.m. Eastern Standard Time in
Fort Myers, Florida. This Proxy Statement and proxy card were mailed on or about January 28, 2014 to all holders of common stock
entitled to vote at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525">We have enclosed with the Proxy Statement our 2013
Annual Report to Shareholders, which includes our audited financial statements. The Annual Report does not constitute any part
of the material for the solicitation of proxies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525">Holders of shares of our common stock as of the
close of business on December 31, 2013, the record date, may vote at the Annual Meeting either in person or by proxy. At the close
of business on December 31, 2013, there were 7,274,339 shares of our common stock outstanding and entitled to vote on each matter
properly brought up at the Annual Meeting. The common stock is our only authorized voting security and each share of common stock
is entitled to vote at the Annual Meeting. A shareholder of record giving a proxy may revoke it at any time before the vote is
taken by delivering a written revocation or a proxy with a later date to the Corporate Secretary or by voting the shares in person
at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525">At the Annual Meeting, the shareholders will be
asked to vote on the following proposals:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #252525"><I>Proposal 1</I>: Election of nine nominees
named in this Proxy Statement to serve on our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #252525"><I>Proposal 2</I>: Ratification of the
Audit Committee&rsquo;s appointment of McGladrey, LLP as our independent registered public accounting firm for fiscal year 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #252525"><I>Proposal 3</I>: Advisory approval of
the compensation of the Company&rsquo;s Named Executive Officers.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; color: #252525"><B>Difference between holding shares as a
shareholder of record and as a beneficial owner</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in; color: #252525">If your shares are registered
directly in your name with our transfer agent, Computershare, you are considered the shareholder of record with respect to those
shares. The Proxy Statement, the enclosed proxy card and the 2013 Annual Report to Shareholders have been sent directly to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525">If your shares are held in a stock brokerage account
or by a bank or other nominee, those shares are held in &ldquo;street name&rdquo; and you are considered to be the &ldquo;beneficial
owner&rdquo; of those shares. As the beneficial owner, you have the right to instruct your broker, bank or other holder of record
how to vote your shares. The Proxy Statement, the 2013 Annual Report to Shareholders and other materials have been forwarded to
you by your broker, bank or other nominee, who is the shareholder of record. You will receive separate instructions from your broker,
bank or other holder of record describing how to vote your shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525">Each shareholder has one vote per share. If you
hold shares in your own name as a shareholder of record, you can cast your vote before the Annual Meeting by authorizing the individuals
named on the enclosed proxy card to serve as your proxy to vote your shares at the Annual Meeting in the manner you indicate. You
may do so by completing, signing and dating the enclosed proxy and returning it in the enclosed postage-paid envelope.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525">If you are a beneficial owner of shares held in
street name, your broker, bank or nominee will provide you with materials and instructions for voting your shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525">Brokers do not have discretionary authority to vote
on the proposals to elect directors or the advisory vote on executive compensation if they do not receive instructions from a beneficial
owner. Accordingly, if you are a beneficial owner, you must instruct your broker on how you want your shares to be voted on these
proposals in order for the votes to be counted. Brokers have discretionary authority to vote on the ratification of the Audit Committee&rsquo;s
selection of the auditor if they do not receive instructions from a beneficial owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Voting in person at the Annual Meeting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525">If you hold shares in your own name as a shareholder
of record, you are invited to attend the Annual Meeting and cast your vote at the meeting by properly completing and submitting
a ballot at the meeting. If you are the beneficial owner of shares held in the name of your broker, bank or other nominee, you
are invited to attend the meeting in person, but in order to vote at the meeting you must first obtain a legal proxy from your
broker, bank or other nominee giving you the right to vote those shares and submit that proxy along with a properly completed ballot
at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>How you can change or revoke your vote</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525">If you hold shares in your own name as a shareholder
of record, you may change your vote or revoke your proxy at any time before voting begins by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Giving written notice
of revocation to our Corporate Secretary at any time before the voting begins; or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Signing and delivering
a proxy that is dated after the proxy you wish to revoke; or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Attending the Annual
Meeting and voting in person by properly completing and submitting a ballot.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525">Attendance at the Annual Meeting, in and of itself,
will not cause your previously granted proxy to be revoked unless you vote at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&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-align: justify; color: #252525">We must receive your notice
of revocation or later-dated proxy at or prior to voting at the Annual Meeting for it to be effective. It should be delivered to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #252525"><B>Alico Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #252525">10070 Daniels Interstate
Court</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #252525">Suite 100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #252525">Fort Myers, FL 33913</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #252525">Attention: A. Denise
Plair</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">You may hand deliver a written
revocation notice, or a later-dated proxy, to the Corporate Secretary at the Annual Meeting before the voting begins.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">If you are the beneficial owner
of your shares held in street name and if you wish to change your vote, please check with your bank or broker and follow the procedures
your bank or broker provides.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The presence at the Annual
Meeting, in person or by proxy, of holders of 3,637,170 shares (a majority of the number of shares of common stock issued and outstanding
and entitled to vote as of the record date) is required to constitute a quorum to transact business at the meeting. Proxies marked
&ldquo;abstain&rdquo; and broker &ldquo;non-votes&rdquo; will be counted in determining the presence of a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">An abstention occurs when a
shareholder sends in a proxy with explicit instructions to decline to vote regarding a particular proposal. An abstention with
respect to any proposal for the Annual Meeting will not be counted as a vote &ldquo;cast&rdquo; for or against the proposal. Consequently,
an abstention with respect to any of the proposals scheduled for a vote at the Annual Meeting will not affect the outcome of the
vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Broker non-votes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">Broker &ldquo;non-votes&rdquo;
are shares held by brokers or nominees for whom voting instructions have not been received from the beneficial owners or the persons
entitled to vote those shares. The broker or nominee does not have discretionary voting power under rules applicable to broker-dealers,
so the broker is unable to cast those uninstructed shares. A broker &ldquo;non-vote&rdquo; with respect to a proposal will not
be counted as a vote &ldquo;cast&rdquo; for or against the proposal. Consequently, a broker &ldquo;non-vote&rdquo; will not affect
the outcome of the vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Elections of Directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">Directors are elected by a
plurality of the votes cast at the meeting, which means that nine nominees who receive the highest number of votes cast in favor
of their election as director will be elected as directors, even if those nominees do not receive a majority of the votes cast.
Any shares not voted (whether by abstention, broker &ldquo;non-vote&rdquo; or otherwise) will not be counted as votes cast and
will have no effect on the outcome of the vote. Shareholders may not cumulate votes in the election of the directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left; color: #252525"><I>&nbsp;Ratification
of Independent Registered Public Accounting Firm</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">To ratify the appointment of
our independent registered public accounting firm, the &ldquo;for&rdquo; votes cast in favor of the matter must exceed the &ldquo;against&rdquo;
votes cast against the matter. Any shares not voted (whether by abstention, broker &ldquo;non-votes&rdquo; or otherwise) will not
be counted as votes cast and will not have an effect on the outcome of the vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Advisory Approval of the
Company&rsquo;s Executive Compensation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">To approve the non-binding
resolution regarding approval of the executive compensation, the &ldquo;for&rdquo; votes cast in favor of the matter must exceed
the &ldquo;against&rdquo; votes cast against the matter. Any shares not voted (whether by abstention, broker &ldquo;non-votes&rdquo;
or otherwise) will not be counted as votes cast and will not have an effect on the outcome of the vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Proxy Solicitation &mdash; Counting the Votes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">We are soliciting your proxy
for the Annual Meeting and will pay all costs related to the proxy solicitation process. The cost of preparing, assembling, and
mailing the Notice of Meeting, this Proxy Statement, and the enclosed proxy ballot will be paid by the Company. Following the mailing
of this Proxy Statement, directors, officers, and regular employees of the Company may solicit proxies by mail, telephone, e-mail,
or in person; such persons will receive no additional compensation for such services. We will request brokerage houses, bankers
and other custodians, nominees and fiduciaries to forward solicitation material to the beneficial owners of our common stock. We
will reimburse them for reasonable out-of-pocket expenses they incur for the solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">A representative of our transfer
agent, Computershare, will tabulate the votes and act as inspector of election to certify the results.</P>

<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 10pt"><A NAME="a_002"></A><B>Recent Change in Control Transaction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">On November 19, 2013, 734 Agriculture,
LLC (&ldquo;734 Agriculture&rdquo;) and its affiliates, including 734 Investors, LLC (&ldquo;734 Investors&rdquo;), completed the
previously announced purchase from Alico Holding, LLC, a company wholly owned by Atlantic Blue Group, Inc. (&ldquo;Atlanticblue&rdquo;),
of 3,725,457 shares of our common stock (the &ldquo;Share Purchase&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The common stock acquired by
734 Agriculture and its affiliates, including 734 Investors, represents approximately 51% of the Company&rsquo;s outstanding voting
securities. On November 15, 2013, 734 Investors amended and restated its LLC operating agreement (the &ldquo;LLC Agreement&rdquo;)
to admit new members and to designate 734 Agriculture as the managing member, with authority to administer the affairs of 734 Investors,
including the voting and disposition of shares of common stock, subject to certain restrictions set forth therein. As a result,
upon the consummation of the Share Purchase, 734 Agriculture and its affiliates, including 734 Investors, acquired the voting power
to control the election of the Company&rsquo;s Directors and any other matter requiring the affirmative vote or consent of the
Company&rsquo;s shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The LLC Agreement also provides
that 734 Investors and 734 Agriculture will cause one of the Directors of the Company so elected (or two, if the Board of Directors
is comprised of 11 or more members) to be an individual or individuals nominated by an affiliate of Arlon Group, so long as such
nominee(s) satisfies certain conditions set forth in the LLC Agreement, including compliance with director independence and other
criteria of the Company, the NASDAQ Global Select Stock Market (&ldquo;NASDAQ&rdquo;) and the Securities and Exchange Commission
(&ldquo;SEC&rdquo;) and applicable provisions of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;), and qualification
to serve as a director under the laws of the State of Florida.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Company is not a party
to the LLC Agreement or the other agreements related to the Share Purchase. The information contained in this Proxy Statement concerning
the LLC Agreement and the other agreements related to the Share Purchase has been furnished to the Company by 734 Investors and
734 Agriculture, and the Company assumes no responsibility for the accuracy of any such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Appointment of Directors;
Resignation of Directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">With the Closing of the Share
Purchase, the previously announced election of the following individuals to the Board of Directors became effective: Mr. George
R. Brokaw, Member of 734 Agriculture; Remy W. Trafelet, Manager of 734 Agriculture; W. Andrew Krusen, Jr., Chairman and CEO of
Dominion Financial Group; Benjamin D. Fishman, Managing Principal of Arlon Group; Henry R. Slack, former Chairman of the Board
of Terra Industries, Inc. and Senior Partner of Quarterwatch, LLC; Clayton G. Wilson, former CEO of 734 Citrus Holdings, LLC d/b/a
Silver Nip Citrus (&ldquo;Silver Nip&rdquo;) and Chairman of the Board of Latt Maxcy Corporation; and R. Greg Eisner, Head of Strategy
of Dubin &amp; Company, LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">Ramon A. Rodriguez remained
on the Board of Directors and continues to serve as a member of the Board of Directors. In addition, Adam D. Compton, who previously
resigned subject to and effective upon the Closing of the Share Purchase, was re-elected to the Board of Directors on November
22, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">Upon the Closing of the Share
Purchase, the following individuals ceased to be Directors of the Company pursuant to their previously disclosed resignations:
JD Alexander, Dykes Everett, Thomas H. McAuley, Charles L. Palmer, John D. Rood, and Gordon Walker, PhD. Mr. Robert J. Viguet,
Jr. resigned from the Board on November 21, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">In connection with the change
in the membership of the Board:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol; color: #252525">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Mr. Slack was appointed
to serve as Chairman of the Board;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol; color: #252525">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Messrs. Trafelet (Chair),
Brokaw, Fishman and Slack were appointed to serve as members of the Executive Committee of the Board;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol; color: #252525">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Messrs. Rodriguez (Chair),
Compton and Krusen were appointed to serve as members of the Audit Committee of the Board;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol; color: #252525">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Messrs. Eisner (Chair),
Brokaw and Krusen were appointed to serve as members of the Compensation Committee of the Board; and</FONT></TD>
</TR></TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol; color: #252525">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Messrs. Brokaw (Chair),
Compton, Eisner and Fishman were appointed to serve as members of the Nominating and Governance Committee of the Board.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Appointment of Mr. Wilson
as the Company&rsquo;s Chief Executive Officer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">Upon the Closing of the Share
Purchase, Mr. Alexander ceased to be the Company&rsquo;s CEO pursuant to his previously disclosed resignation. On November 22,
2013, the Board appointed Mr. Wilson to serve as the Company&rsquo;s Chief Executive Officer, effective immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&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"><B><A NAME="a_003"></A>Security Ownership of Certain Beneficial Owners and Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The following table sets forth
the beneficial ownership of our common stock as of December 31, 2013, by (i)&nbsp;each person known to us to be the beneficial
owner of more than five percent of the outstanding shares of our common stock, (ii) each Director and Director nominee, (iii) our
Named Executive Officers, and (iv)&nbsp;all of our Directors and Executive Officers as a group. Unless otherwise indicated, the
persons listed in this table have sole voting and investing power with respect to all shares shown as beneficially owned, subject
to community property laws where applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman; width: 100%">



<TR STYLE="font-size: 1pt">

   <TD STYLE="text-align: center; width: 57%; font-size: 1pt"></TD>

    <TD STYLE="width: 1%; font-size: 1pt">&nbsp;</TD>
   <TD STYLE="text-align: center; width: 16%; font-size: 1pt"></TD>

    <TD STYLE="width: 1%; font-size: 1pt">&nbsp;</TD>
   <TD STYLE="text-align: center; width: 10%; font-size: 1pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: center">&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-indent: 5.8pt; border-bottom: #000000 1px solid; text-align: center"><B>Shares Beneficially Owned (1)</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 96pt; border-bottom: Black 1pt solid; text-align: center"><B>Name and Address of Beneficial Owners</B></TD>

    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 0.25; padding-left: 0.25"><B>Amount and</B><BR><B>Nature of</B><BR><B>Beneficial</B><BR><B>Ownership</B></TD>

    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Percent of Class</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left; background-color: #b6dde8"><B><I>5% Shareholders</I></B></TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.64pt; text-align: left">734 Investors, LLC</TD>

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

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

<TR vAlign=bottom>

   <TD STYLE="text-indent: 16.86pt; text-align: left">590 Madison Avenue</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">3,725,457<SUP>(2)</SUP></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">51.2%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 16.86pt; text-align: left">New York, NY 10022</TD>

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

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

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.64pt; text-align: left; background-color: #b6dde8">734 Agriculture, LLC</TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 16.86pt; text-align: left; background-color: #b6dde8">590 Madison Avenue</TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: center; background-color: #b6dde8">3,725,457<SUP>(2)</SUP></TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: center; background-color: #b6dde8">51.2%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 16.86pt; text-align: left; background-color: #b6dde8">New York, NY 10022</TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.64pt; text-align: left">Thomas E. Claugus</TD>

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

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

<TR vAlign=bottom>

   <TD STYLE="text-indent: 16.86pt; text-align: left">2100 Riveredge Parkway, Suite 840</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">596,581<SUP>(5)</SUP></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">8.2%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 16.86pt; text-align: left">Atlanta, GA 30328</TD>

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

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

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.64pt; text-align: left; background-color: #b6dde8">GMT Capital Corp.</TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 16.86pt; text-align: left; background-color: #b6dde8">2100 Riveredge Parkway, Suite 840</TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: center; background-color: #b6dde8">577,481<SUP>(5)</SUP></TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: center; background-color: #b6dde8">7.9%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 16.86pt; text-align: left; background-color: #b6dde8">Atlanta, GA 30328</TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.64pt; text-align: left">Bruce S. Sherman</TD>

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

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


<TR vAlign=bottom>

   <TD STYLE="text-indent: 16.86pt; text-align: left">c/o M4 Capital LLC</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">366,681<SUP>(6)</SUP></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">5.0%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 16.86pt; text-align: left">5150 Tamiami Trail N., Suite 505</TD>

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

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

<TR vAlign=bottom>

   <TD STYLE="text-indent: 16.86pt; text-align: left">Naples, FL 34103</TD>

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

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

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B><I>Directors and Executive Officers </I></B><SUP>(7)</SUP></TD>

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

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

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.22pt; text-align: left; background-color: #b6dde8">George R. Brokaw</TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: center; background-color: #b6dde8">3,725,457<SUP>(2)(3)</SUP></TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: center; background-color: #b6dde8">51.2%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.22pt; text-align: left">Adam D. Compton</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">2,456<SUP>(5)(8)</SUP></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">*</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.22pt; text-align: left; background-color: #b6dde8">R. Greg Eisner</TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: center; background-color: #b6dde8">&mdash;</TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: center; background-color: #b6dde8">*</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.22pt; text-align: left">Benjamin D. Fishman</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&mdash;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">*</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.22pt; text-align: left; background-color: #b6dde8">W. Andrew Krusen, Jr.</TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: center; background-color: #b6dde8">1,000<SUP>(11)</SUP></TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: center; background-color: #b6dde8">*</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.22pt; text-align: left">Ramon A. Rodriguez</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">14,726<SUP>(9)</SUP></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">*</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.22pt; text-align: left; background-color: #b6dde8">Henry R. Slack</TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: center; background-color: #b6dde8">&mdash;</TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: center; background-color: #b6dde8">*</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.22pt; text-align: left">Remy W. Trafelet</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">3,725,457<SUP>(2)(4)</SUP></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">51.2%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.22pt; text-align: left; background-color: #b6dde8">Clayton G. Wilson</TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: center; background-color: #b6dde8">&mdash;</TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: center; background-color: #b6dde8">*</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.22pt; text-align: left">Kenneth Smith, Ph.D.</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">30,966<SUP>(10)</SUP></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">*</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.22pt; text-align: left; background-color: #b6dde8">W. Mark Humphrey, CPA</TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: center; background-color: #b6dde8">18,250<SUP>(10)</SUP></TD>

    <TD STYLE="text-align: left; background-color: #b6dde8">&nbsp;</TD>
   <TD STYLE="text-align: center; background-color: #b6dde8">*</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.22pt; text-align: left">Steven C. Lewis, CPA</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">9,394<SUP>(10)</SUP></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">*</TD></TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.64pt; text-align: left">All executive officers, directors and director nominees as a group (12 persons)</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">3,802,249</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">52.3%</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt">* Less than one percent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(1)</TD><TD>Beneficial ownership is determined in accordance with the
rules of the SEC that deem shares to be beneficially owned by any person who has or shares voting and/or investment power with
respect to such shares. There were no outstanding options for any of the parties included in the table above.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(2)</TD><TD>The beneficial ownership numbers for Messrs. Brokaw and Trafelet
include 3,705,457 shares acquired by 734 Investors and 20,000 shares acquired by Mr. Brokaw in his capacity as 734 Investors&rsquo;
designee, in each </TD>
</TR></TABLE>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">case from an affiliate of Atlanticblue, on November 19, 2013, as reported on the Schedule 13D filed November
29, 2013 by 734 Investors, 734 Agriculture and Messrs. Brokaw and Trafelet. Pursuant to the Designee Agreement, Mr. Brokaw agreed
to vote the 20,000 shares acquired by him in the Share Purchase as directed by 734 Investors and not to transfer, sell or otherwise
dispose of those shares except pro rata with 734 Investors&rsquo; disposition of its shares of common stock. Because of its position
as the sole managing members of 734 Investors, 734 Agriculture may be deemed to be the beneficial owner of the 3,705,457 shares
owned by 734 Investors and the 20,000 shares owned by Mr. Brokaw and subject to the Designee Agreement.</TD>
</TR></TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(3)</TD><TD STYLE="text-align: justify">As one of the two controlling persons of 734 Agriculture,
Mr. Brokaw may be considered to be the indirect beneficial owner of, and to have shared power to vote or to direct the vote and
to dispose of or to direct the disposition of, 3,705,457 shares of common stock held directly by 734 Investors. In addition, pursuant
to the Designee Agreement, Mr. Brokaw may be deemed to have shared power with Mr. Trafelet to vote or to direct the vote and to
dispose of or to direct the disposition of 20,000 shares held directly by Mr. Brokaw. Mr. Brokaw disclaims beneficial ownership
of the 3,705,457 shares held by 734 Investors except to the extent of his pecuniary interest therein.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(4)</TD><TD STYLE="text-align: justify">As one of the controlling persons of 734 Agriculture, Mr.
Trafelet may be considered to be the indirect beneficial owner of, and to have shared power to vote or to direct the vote and
to dispose of or to direct the disposition of, 3,725,457 shares of common stock beneficially owned by 734 Investors. Mr. Trafelet
disclaims beneficial ownership of the 3,725,457 shares held by 734 Investors and Mr. Brokaw except to the extent of his pecuniary
interest therein.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(5)</TD><TD STYLE="text-align: justify">GMT Capital Corp.&rsquo;s Form 13F filed on November 15,
2013 reflected 596,581 shares held as of September 30, 2013. This included 19,100 shares which Mr. Claugus, President of GMT Capital
Corp., holds personally and for which he holds sole voting and dispositive powers. Mr. Compton currently serves as the Managing
Director and Portfolio Manager with GMT Capital Corp. and has disclaimed beneficial ownership of the shares held by GMT Capital
Corp.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(6)</TD><TD STYLE="text-align: justify">The amount shown for Mr. Sherman is based on the number of
shares reported on Mr. Sherman&rsquo;s Schedule 13D filed with the SEC on February 4, 2013.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(7)</TD><TD STYLE="text-align: justify">Except as set forth in this table or the footnotes thereto,
the business address of each Director and NEO listed is c/o Alico, Inc., 10070 Daniels Interstate Court, Suite 100, Fort Myers,
FL 33913.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(8)</TD><TD STYLE="text-align: justify">Includes 2,156 shares received under the Directors Stock
Compensation Plan pursuant to Mr. Compton&rsquo;s election to receive shares in lieu of cash fees.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(9)</TD><TD STYLE="text-align: justify">Consists of shares received under the 2013 Incentive Equity
Plan and the Directors Stock Compensation Plan pursuant to such Director&rsquo;s election to receive shares in lieu of cash fees.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify"><FONT STYLE="font-size: 10pt">(10)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The amounts shown for Messrs.
Smith, Humphrey and Lewis represent shares that they are entitled to receive under Restricted Stock Award Agreements entered into
in 2011 that became fully vested upon the Share Purchase.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(11)</TD><TD STYLE="text-align: justify">The beneficial ownership numbers for Mr. Krusen include 1,000
shares held by Dominion Strategic Resource Partners (&ldquo;DSRP&rdquo;) of which Mr. Krusen may be considered to be the indirect
beneficial owner by virtue of his position as President of Dominion Financial Group, Inc. (&ldquo;DFG&rdquo;), the managing general
partner of DSRP which solely holds voting and dispositive powers. Mr. Krusen has investment authority over shares held by DFG
pursuant to a Consulting Agreement between Mr. Krusen and DFG.</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_004"></A><B>Section 16(a) Beneficial Ownership Reporting Compliance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">Section 16(a) of the Exchange
Act requires our Directors, Executive Officers and persons who beneficially own more than ten percent of our outstanding common
stock to file reports of ownership and changes in beneficial ownership of our common stock on Form 3, Form 4 and Form 5, as appropriate,
with the SEC and to furnish us with copies of all such Section 16(a) reports they file. Based solely on the review of copies of
such reports and amendments thereto and other information furnished to us, we believe that, during fiscal year 2013, all Executive
Officers, Directors and persons who beneficially own more than ten percent of our common stock complied in a timely manner with
all such filing requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_005"></A>PROPOSAL 1:<BR>
ELECTION OF DIRECTORS</B></P>

<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; text-align: justify; color: #252525">At the Annual Meeting, nine
Directors will be elected to hold office for the ensuing year or until their respective successors are duly elected and qualified,
unless they earlier resign or a vacancy is created due to the death or removal of any such Director, or for other cause in accordance
with the Bylaws of the Company. Unless authority is withheld on the attached form of proxy card, such proxy will be voted FOR the
election of the nominees set forth below to serve as Directors. The proxy cannot be voted for a greater number of persons than
nine. The Board of Directors has determined that all nominees are qualified to serve. All nominees, who are all currently members
of the Board of Directors, have consented to being named in this Proxy Statement and have notified management that they will serve,
if elected. Management knows of no reason why any of these nominees would be unable or unwilling to serve; but, if any of the nominees
should be unable or unwilling to serve as a Director, the persons designated as proxies reserve full discretion to cast their votes
for another person in his/her&nbsp;place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Nominees for Directors to be Elected at the 2014 Annual Meeting
of Shareholders to Serve Until 2015</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The following sets forth a
brief summary of each Director&rsquo;s principal occupation, recent professional experience and other qualifications, considered
by the Nominating and Governance Committee and the Board, and directorships at other public companies in the past five years, if
any.</P>

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

<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman; width: 100%">



<TR>

   <TD align=center width="17%"></TD>

   <TD ALIGN="CENTER" WIDTH="8%" STYLE="text-align: center"></TD>

   <TD align=center width="15%"></TD>

   <TD align=center width="59%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Nominee</B></TD>

   <TD ALIGN="CENTER" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Age</B></TD>

   <TD ALIGN="CENTER" STYLE="border-bottom: Black 1pt solid"><B>Position with the</B> <BR>
<B>Company, if any</B></TD>

   <TD ALIGN="CENTER" STYLE="border-bottom: Black 1pt solid"><B>Business Experience and Qualifications</B></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top align=left>George R. Brokaw</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" STYLE="text-align: center">46</TD>

   <TD vAlign=top align=left>&nbsp;</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" STYLE="text-indent: 0pt; text-align: justify">Mr. Brokaw, who was elected to the Board of Directors on November 19, 2013, brings to the Board extensive knowledge and experience in the areas of business, finance and capital markets. Mr.
Brokaw is a director of DISH Network Corporation. He previously served as the Managing Director of the Highbridge Growth Equity Fund at Highbridge Principal Strategies, LLC. Prior to joining Highbridge in 2012, Mr. Brokaw was a Managing Partner
and Head of Private Equity at Perry Capital, LLC. Mr. Brokaw also served as a director to several companies including: North American Energy Partners Inc., Capital Business Credit LLC, Timberstar, and Value Place Holdings LLC. Prior to
joining Perry in 2005, Mr. Brokaw was Managing Director of Lazard Fr&egrave;res &amp; Co. LLC. Mr. Brokaw received a B.A. degree from Yale University and a J.D. and M.B.A. from the University of Virginia. Mr. Brokaw is a member of the New York
Bar.</TD></TR>

<TR>

   <TD vAlign=top align=left colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top align=left>Adam D. Compton</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" STYLE="text-align: center">48</TD>

   <TD vAlign=top align=left>&nbsp;</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" STYLE="text-indent: 0pt; text-align: justify">Mr. Compton was elected to the Board of Directors on February 22, 2013. He resigned as a director effective upon closing of the Share Purchase but was re-elected to the Board of Directors on
November 22, 2013. Mr. Compton brings to the Board of Directors extensive financial and business experience. Mr. Compton currently serves as Managing Director and Portfolio Manager with GMT Capital Corporation, Atlanta, GA., joining the firm in
2008. GMT Capital Corporation owns 7.8% of Alico&rsquo;s outstanding shares. From April 2003 to September 2008, Mr. Compton was director and head of U.S. Financial Services Research with RCM Global Investors, San Francisco, CA. Previously,
Mr. Compton was an equity research analyst covering U.S. banking companies at Keefe Bruyette &amp; Woods, Morgan Stanley and Montgomery Securities, as well as spending three years as a bank regulator for the State of Florida. He has served as a
Director on the Board of First National Bank of the Gulf Coast in Naples, FL since April 2011.</TD></TR></TABLE>

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


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   <TD align=center width="21%"></TD>

   <TD ALIGN="CENTER" WIDTH="8%" STYLE="text-align: center"></TD>

   <TD align=center width="18%"></TD>

   <TD align=center width="53%"></TD></TR>

<TR vAlign=bottom>

   <TD ALIGN="CENTER" WIDTH="21%" STYLE="text-indent: 30.29pt; border-bottom: Black 1pt solid"><B>Nominee</B></TD>

   <TD ALIGN="CENTER" WIDTH="8%" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Age</B></TD>

   <TD ALIGN="CENTER" WIDTH="18%" STYLE="border-bottom: Black 1pt solid"><B>Position with the<BR>
</B> <B>Company, if any</B></TD>

   <TD ALIGN="CENTER" WIDTH="53%" STYLE="border-bottom: Black 1pt solid"><B>Business Experience and Qualifications</B></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top align=left width="21%">R. Greg Eisner</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="8%" STYLE="text-align: center">31</TD>

   <TD vAlign=top align=left width="18%">&nbsp;</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="53%" STYLE="text-indent: 0pt; text-align: justify">Mr. Eisner, who was elected to the Board of Directors on November 19, 2013, brings to the Board extensive knowledge and experience in the areas of finance and investments. Mr.
Eisner is the Head of Strategy of Dubin &amp; Company, LLC, an investment firm managed on behalf of Glenn Dubin and his family interests. Prior to joining Dubin &amp; Company in 2013, Mr. Eisner was a Managing Director and the Chief Operating
Officer of Hedge Fund Strategies for J.P. Morgan Asset Management. Prior to joining J.P. Morgan, Mr. Eisner spent seven years at Highbridge Capital Management. While at Highbridge, Mr. Eisner held various positions, including Chief
Operating Officer of Business Development, Chief Strategy Officer of G&aacute;vea Investimentos and Head of Corporate Strategy. He was a member of the Highbridge Operating Committee, the Chairman of the Highbridge New Product Committee and, in
2010, led J.P. Morgan and Highbridge&rsquo;s purchase of a majority interest in G&aacute;vea Investimentos. Mr. Eisner also served on the board of directors of Louis Dreyfus Highbridge Energy LLC, an integrated merchant energy business and
portfolio company of Highbridge. Prior to joining Highbridge in 2005, Mr. Eisner was an investment banker in Mergers and Acquisitions at The Blackstone Group and in Energy and Power at Banc of America Securities. Mr. Eisner earned his B.S.
degree in Economics and B.A. degree in Philosophy, <I>magna cum laude</I>, from the Wharton School at the University of Pennsylvania, where he was a Joseph Wharton and Benjamin Franklin Scholar.</TD></TR>

<TR>

   <TD vAlign=top align=left width="100%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top align=left width="21%">Benjamin D. Fishman</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="8%" STYLE="text-align: center">37</TD>

   <TD vAlign=top align=left width="18%">&nbsp;</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="53%" STYLE="text-indent: 0pt; text-align: justify">Mr. Fishman, who was elected to the Board of Directors on November 19, 2013, brings to the Board extensive knowledge and experience in the agriculture industry. Benjamin D.
Fishman is a Managing Principal of Arlon Group, the investment arm of Continental Grain Company, and is focused on the activities of the Arlon food and agriculture investment program, which targets investments across the food and agriculture
value chain and seeks to provide long-term growth capital for companies. Mr. Fishman began his career at Continental Grain Company in 1998. He left Continental Grain Company to co-found The Grow Network in 2000, which was sold to
the McGraw-Hill Companies in 2004. In 2005, Mr. Fishman was a National Finalist for the White House Fellowship, and currently, Mr. Fishman is a board member of Excelline Food Products, LLC, Grandpoint Capital, Inc., K-Mac Holdings Corp., and
Rose Displays Ltd., and a Member of the Alumni Council of Collegiate School in New York City. Mr. Fishman received his B.A. degree, cum laude, from Princeton University.</TD></TR></TABLE>

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

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<TR>

   <TD align=center width="19%"></TD>

   <TD ALIGN="CENTER" WIDTH="6%" STYLE="text-align: center"></TD>

   <TD align=center width="15%"></TD>

   <TD align=center width="59%"></TD></TR>

<TR vAlign=bottom>

   <TD ALIGN="CENTER" WIDTH="19%" STYLE="text-indent: 30.29pt; border-bottom: Black 1pt solid"><B>Nominee</B></TD>

   <TD ALIGN="CENTER" WIDTH="6%" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Age</B></TD>

   <TD ALIGN="CENTER" WIDTH="15%" STYLE="border-bottom: Black 1pt solid"><B>Position with the<BR>
</B> <B>Company, if any</B></TD>

   <TD ALIGN="CENTER" WIDTH="59%" STYLE="border-bottom: Black 1pt solid"><B>Business Experience and Qualifications</B></TD></TR>


<TR vAlign=bottom>

   <TD vAlign=top align=left width="19%">W. Andrew Krusen, Jr.</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="6%" STYLE="text-align: center">65</TD>

   <TD vAlign=top align=left width="15%">&nbsp;</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="59%" STYLE="text-align: justify">Mr. Krusen, who was elected to the Board of Directors on November 19, 2013, brings to the Board extensive knowledge and experience in the areas of business leadership, finance and capital markets. Mr.
Krusen is Chairman and Chief Executive Officer of Dominion Financial Group, Inc., a merchant banking organization that provides investment capital to the natural resources, communications and manufacturing and distribution sectors. He is also
the managing member of Gulf Standard Energy, LLC, an oil and gas concern, and the managing member of Krusen-Douglas, LLC, a large landowner in the Tampa, Florida area. Mr. Krusen serves as a director of publicly traded Canada Fluorspar Inc., a
Canadian fluorspar and industrial minerals company and Lucas Energy, Inc., an independent oil and gas company. He is also a director of Raymond James Trust Company, a subsidiary of Raymond James Financial, Inc., as well as numerous
privately held companies, including Beall&rsquo;s Inc. and Romark Laboratories, L.C. He is currently a director and chairman of Florida Capital Group, Inc. &ndash; a Florida bank holding company, as well as Florida Capital Bank, N.A. its
wholly owned subsidiary. Mr. Krusen is a former member of the Young Presidents&rsquo; Organization, and is currently a member of the World President&rsquo;s Organization. He is past Chairman of Tampa's Museum of Science and Industry. Mr.
Krusen holds a Bachelor of Arts degree in Geology from Princeton University (1970).</TD></TR>

<TR>

   <TD vAlign=top align=left width="99%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top align=left width="19%">Ramon A. Rodriguez</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="6%" STYLE="text-align: center">68</TD>

   <TD vAlign=top align=left width="15%">&nbsp;</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="59%" STYLE="text-indent: 0pt; text-align: justify">Mr. Rodriguez has been a Director of Alico, Inc. since June 2009. He brings to the Board considerable experience in finance and accounting, and the Board has determined that he
is an audit committee financial expert. He is a past Chairman of the Florida Board of Accountancy and was also President of the Florida Institute of Certified Public Accountants. Mr. Rodriguez was an Executive with Crowe Horwath from 2006 to
2008 after selling his CPA firm Madsen Sapp Mena Rodriguez &amp; Co. to them. He was a CPA with Madsen Sapp Mena Rodriguez &amp; Co. from 1971 through 2006 and its Chairman and CEO from 1985 through 2006. Mr. Rodriguez was also
the Secretary/Treasurer of DME Corporation, a company involved in manufacturing aerospace and defense products from 1975 until its sale in 2009. He has been a member of the Board of Directors of Republic Services, Inc., a solid waste company
(NYSE: RSG) since 1999. Mr. Rodriguez also serves on a number of civic boards and has been a member of the Board of Directors of WPBT Channel 2, a not-for-profit television station since 2004, the Broward Center for the Performing Arts since
2001 and of Holy Cross Hospital since 2004.</TD></TR></TABLE>

<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; text-align: center"><B></B></P>

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<TR>

   <TD align=center width="21%"></TD>

   <TD ALIGN="CENTER" WIDTH="11%" STYLE="text-align: center"></TD>

   <TD align=center width="19%"></TD>

   <TD align=center width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD ALIGN="CENTER" WIDTH="21%" STYLE="text-indent: 30.29pt; border-bottom: Black 1pt solid"><B>Nominee</B></TD>

   <TD ALIGN="CENTER" WIDTH="11%" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Age</B></TD>

   <TD ALIGN="CENTER" WIDTH="19%" STYLE="border-bottom: Black 1pt solid"><B>Position with the<BR>
</B> <B>Company, if any</B></TD>

   <TD ALIGN="CENTER" WIDTH="49%" STYLE="border-bottom: Black 1pt solid"><B>Business Experience and Qualifications</B></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top align=left width="21%">Henry R. Slack</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="11%" STYLE="text-align: center">63</TD>

   <TD vAlign=top align=left width="19%">&nbsp;</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="49%" STYLE="text-indent: 0pt; text-align: justify">Mr. Slack, who was elected to the Board of Directors on November 19, 2013, brings to the Board extensive knowledge and experience in the areas of business, finance and capital
markets. Mr. Slack served as Chairman of Terra Industries, an international nitrogen-based fertilizer company, from 2001 until 2010, and as a director of Terra Industries from 1983 to 2010. He is currently the senior partner of Quarterwatch,
LLC and a director of several other private companies that are primarily based in the United Kingdom. Additionally, Mr. Slack is Chairman of the Advisory Board of Blakeney Limited Partners. He has also served as a director of E. Oppenheimer
and Son International Limited, a private investment and holding company, since 1979 and sits on its Investment Committee. He was Chief Executive Officer of Minorco SA, an international mining company, from 1991 until 1999, when that company
merged with Anglo American Corporation to form Anglo American plc. In addition, he served as Chairman of First Africa Group, a private investment banking firm, from 2006 until its acquisition in 2009, and was Chairman of Task (USA) Inc., a
private investment firm, from September 1999 to June 2002. Mr. Slack was a member of the board of directors and the executive committee of Anglo American Corporation, an international mining company, from 1981 until 1999. He has also served on
the board of directors of Salomon Brothers Inc., a provider of investment-banking, securities underwriting, and foreign exchange trading services, from 1982 to 1988, SAB Miller plc., one of the world&rsquo;s largest brewers, from 1998 to 2002,
and for more than 20 years on the board of Engelhard Corporation, a supplier of catalysts used in the petroleum, chemical and food industries, until its acquisition in 2006. He is currently a member of the Advisory Council of the Willow
School, and a trustee of the Raritan Headquarters Association in New Jersey. Mr. Slack holds a B.A. degree in History from Princeton University.</TD></TR>

<TR>

   <TD vAlign=top align=left width="100%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" vAlign=top align=left width="21%">Remy W. Trafelet</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="11%" STYLE="text-align: center">43</TD>

   <TD vAlign=top align=left width="19%">&nbsp;</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="49%" STYLE="text-indent: 0.02pt; text-align: justify">Mr. Trafelet, who was elected to the Board of Directors on November 19, 2013, brings to the Board extensive knowledge and experience in the areas of finance and capital markets.
Mr. Trafelet is President and Chief Executive Officer of Trafelet &amp; Company, LLC, a New York-based private investment management firm. Mr. Trafelet also serves as Managing Partner of Trafelet Capital Management, LP, Manager of 734
Agriculture, LLC and Chairman of Silver Nip Citrus, LLC, a grower of Florida citrus products. He currently serves as Chairman of HazelTree Treasury Management Solutions, which Mr. Trafelet founded in 2009. In 2000, Mr. Trafelet founded Trafelet
Delta Funds, LLC, and in 2009, he spun off the firm&rsquo;s London operations to form Habrok Capital Management. Prior to founding Trafelet Delta Funds, LLC, Mr. Trafelet was a portfolio manager at Fidelity Management and Research Company.
Mr. Trafelet is a trustee of Phillips Exeter Academy and serves as Chairman of its Investment Committee. Additionally, he is a board member of Children&rsquo;s Scholarship Fund. Mr. Trafelet is a member of the Cold Spring Harbor Research
Laboratory Investment Committee and a board member of the Boys&rsquo; Club of New York. Mr. Trafelet earned an A.B. degree from Dartmouth College, where he graduated with honors and was named a Presidential Scholar. He is also a Chartered
Financial Analyst.</TD></TR></TABLE>

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

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   <TD align=center width="17%"></TD>

   <TD ALIGN="CENTER" WIDTH="8%" STYLE="text-align: center"></TD>

   <TD align=center width="15%"></TD>

   <TD align=center width="59%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B>Nominee</B></TD>

   <TD ALIGN="CENTER" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Age</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B>Position with the<BR>
</B> <B>Company, if any</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B>Business Experience and Qualifications</B></TD></TR>


<TR vAlign=bottom>

   <TD vAlign=top align=left>Clayton G. Wilson</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" STYLE="text-align: center">52</TD>

   <TD vAlign=top align=left>Chief Executive Officer</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" STYLE="text-align: justify">Mr. Wilson is a third generation citrus grower and has been actively involved in the citrus industry for over 28 years. Prior to his appointment as our Chief Executive Officer, he was the Chief Executive Officer of 734
Citrus Holdings, LLC, d/b/a Silver Nip Citrus. Mr. Wilson is Vice President and Chairman of the Board for Latt Maxcy Corporation and also serves on the board of Citizens Bank and Trust. Mr. Wilson is also a board member of many industry
associations, including Ranch One Cooperative, Cooperative Producers, Inc. and Gulf Harvesting, Inc., and past President of Highlands County Citrus Growers Association. He currently serves as a board member and Vice President of Citrus Marketing
Services and is a past board member of the Harvesting Advisory Council for the Florida Department of Citrus. He holds a degree in commerce and Business Administration from the University of Alabama.</TD></TR></TABLE>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE &ldquo;FOR&rdquo;</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>THE ELECTION OF THE NOMINEES NAMED ABOVE FOR THEIR ELECTION AS DIRECTORS</B></FONT></P>

<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 10pt">&nbsp;</P>

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>How Nominees Are Selected</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">Typically, Board vacancies
are filled from nominees supplied by the Nominating and Governance Committee after considering nominees proposed by Board members
or who come to the attention of the Nominating and Governance Committee through their performance in areas of benefit to the Company.
In addition, the Nominating and Governance Committee will accept for consideration the names of qualified nominees submitted by
shareholders of the Company, including nomination proposals that comply with the Nominating and Governance Committee&rsquo;s formal
policy with regard to shareholder nominations as described below in the section entitled &ldquo;Committees of the Board; Nominating
and Governance Committee.&rdquo; These processes are expected to remain the same for the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Director Qualifications</I>
&mdash; The Nominating and Governance Committee determines the selection criteria of Director nominees based upon the Company&rsquo;s
needs at the time nominees are considered. In evaluating Director candidates, the Nominating and Governance Committee will consider
a candidate&rsquo;s:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol; color: #252525">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Intellect;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol; color: #252525">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Integrity;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol; color: #252525">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Broad-based experience
at the policy-making level in business, government, education or the public interest;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol; color: #252525">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Analytical ability;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol; color: #252525">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Ability to qualify as
an Independent Director;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol; color: #252525">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Ability and willingness
to devote time and energy to effectively carry out all Board responsibilities; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol; color: #252525">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Unique qualifications,
skills and experience.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Nominating and Governance
Committee reviews past performance of the Board for Directors seeking re-election. The Board&rsquo;s annual self-evaluation process
assists the Nominating and Governance Committee in this review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Nominating and Governance
Committee considers the diversity of Director candidates and seeks to enhance the overall diversity of the Board.&nbsp; Each candidate&rsquo;s
diversity in terms of race, gender, national origin and other personal characteristics is considered.&nbsp; The Nominating and
Governance Committee also assesses each candidate&rsquo;s contribution to the diversity of the Board in a broader sense, including
age, education, experience, skills and other qualifications.&nbsp; While the Nominating and Governance Committee carefully considers
diversity when evaluating Director candidates, it has not adopted a formal diversity policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Nominating and Governance
Committee recommends Director nominees to the Board to be submitted for election at the next Annual Meeting of Shareholders.&nbsp;
The Board selects Director nominees based on its assessment and consideration of various factors. These factors include the current
Board profile, the long-term interests of shareholders, the needs of the Company and the goal of creating an appropriate balance
of knowledge, experience and diversity on the Board. For the Audit Committee, committee members are selected based on their expertise
and independence in accordance with current SEC and NASDAQ rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">We believe that our Director
nominees are well qualified under the criteria described above.&nbsp; Each Director nominee brings a variety of qualifications,
skills, attributes and experience to the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">A common trait among our director
nominees is executive leadership experience. Such experience brings a variety of benefits, including an understanding of business
management, various business functions and strategic planning. Other advantages of an executive leadership background include experience
with policy making, risk management and corporate governance matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The biographical information
above identifies and highlights additional qualifications, skills, attributes and experience each Director nominee brings to the
Board.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_006"></A>Corporate Governance Matters</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><A NAME="a_007"></A><I>Directors Independence &mdash;
Alico, Inc. is a &ldquo;Controlled Company&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">734 Investors, LLC owns 51%
of our outstanding voting stock and therefore we are a &ldquo;controlled company&rdquo; under the NASDAQ corporate governance rules.
Accordingly, we are exempt from the Independent Director requirements of NASDAQ with respect to the composition of our Board and
our Compensation and Nominating and Governance Committees. Our Audit Committee, however, must be comprised of Independent Directors.
To be considered independent under NASDAQ rules a Director may not be employed by Alico or engage in certain types of business
dealings with Alico. In addition, as required by NASDAQ rules, the Board is required to make an affirmative determination that
the Director has no relationships that would interfere with the exercise of independent judgment in carrying out the responsibilities
as a Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors has determined that
there are no material relationships between the Company and each of Messrs. Compton, Eisner, Fishman, Krusen, Rodriguez and Slack,
and therefore they qualify as, and are determined to be, independent in accordance with the NASDAQ listing rules and the Sarbanes-Oxley
Act of 2002.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">It is the policy of the Board
to have separate meetings for Independent Directors at least twice a year and at other times as requested by an Independent Director.
Each meeting shall be led by a chairman chosen <I>pro tem</I> by the Independent Directors. The Company met this requirement during
the fiscal year ended September&nbsp;30, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><A NAME="a_008"></A><I>Right to Designate Directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">As the owner of 51% of our
outstanding voting stock, 734 Investors has the voting power to control the election of Directors and any other matter requiring
the affirmative vote or consent of our shareholders. There is no agreement between the Company and 734 Investors with respect to
the right to elect Directors. The operating agreement of 734 Investors does provide, however, that 734 Investors will cause one
person (or two persons, if the Board of Directors is comprised of eleven or more members) designated by an affiliate of Arlon Group
to be elected to the Board of Directors, as long as such person(s) satisfies certain conditions set forth in the operating agreement,
including Director independence criteria. Mr. Fishman is the designee of Arlon Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I><A NAME="a_009"></A>Board Leadership Structure
and Role in Risk Oversight</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The leadership structure of
the Board is based on the concept of an appropriate balance between management and the Board. The Board currently consists of nine
members. The Board&rsquo;s leadership is structured so that there is a separate Chairman of the Board and Chief Executive Officer.
The Board believes that this structure is appropriate because it provides an additional layer of oversight to management and allows
the Board to act independently of management. &nbsp;The Board also believes that its Independent Directors provide strong leadership
and complement the talents of our management team.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Board has delegated certain
duties with respect to risk oversight for the Company to the Audit Committee. Under the terms of the Board&rsquo;s Audit Committee
Charter, the Audit Committee is composed solely of Independent Directors and is charged with discussing with management our major
financial risk exposures and the steps management has taken to monitor and control such exposures, including the Company&rsquo;s
risk assessment and risk management policies. The Audit Committee provides regular reports to the Board, and the Board considers
risk assessment and risk management policies where appropriate.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_010"></A>Committees of the Board</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Company currently has the
following standing committees: an Executive Committee, an Audit Committee, a Compensation Committee and a Nominating and Governance
Committee. The descriptions set forth below provide detailed information about the activities of these Committees during the 2013
fiscal year, as well as the current composition of each Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Executive Committee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Executive Committee is
empowered to act for the Board, to the fullest extent permitted by law, for the purpose of directing the operational management
and polices of the Company, including the adoption of productivity measures, and to take other measures between regularly scheduled
meetings of the Board. The Executive Committee&rsquo;s Charter is available on the Company&rsquo;s website at http://www.alicoinc.com,
in the Corporate Governance section of the Investors webpage, and is available in printed form upon request from the Corporate
Secretary, 10070 Daniels Interstate Court Suite 100, Fort Myers, FL 33913. The Executive Committee is currently composed of the
following Directors: Remy W. Trafelet (Chairman), George R. Brokaw, Benjamin D. Fishman and Henry R. Slack.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Audit Committee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Audit Committee acts on
behalf of the Board in fulfilling the Board&rsquo;s oversight responsibilities with respect to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol; color: #252525">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">reviewing the accounting
and financial reporting processes and the annual independent audit of the financial statements;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol; color: #252525">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">maintaining the integrity
of the Company&rsquo;s financial statements and disclosures;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol; color: #252525">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">complying with legal
and regulatory requirements;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol; color: #252525">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">reviewing the retention,
qualifications, compensation, independence and performance of the Company&rsquo;s independent public accountant;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol; color: #252525">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">ensuring the Company
maintains internal audit and financial control processes; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol; color: #252525">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">providing an avenue of
communication between management and the auditors.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Audit Committee&rsquo;s
Charter is available on the Company&rsquo;s website at http://www.alicoinc.com, in the Corporate Governance section of the Investors
webpage, and is available in printed form upon request from the Corporate Secretary, 10070 Daniels Interstate Court Suite 100,
Fort Myers, FL 33913.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Audit Committee is currently
composed of three independent Directors: Ramon A. Rodriguez (Chairman), Adam D. Compton and W. Andrew Krusen, Jr. All members of
the Audit Committee are Independent Directors in accordance with the applicable NASDAQ listing standards. The Company&rsquo;s Board
of Directors has determined that Mr.&nbsp;Rodriguez is qualified to serve, and has been designated, as the Audit Committee Financial
Expert. The Audit Committee met four times in fiscal year 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Compensation Committee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Compensation Committee
is responsible for the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">determining and approving,
either as a committee or together with the other Independent Directors (as directed by the Board), the compensation of the Chief
Executive Officer;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">determining and approving
the executive officer compensation plans, policies and programs of the Company;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">establishing the compensation
philosophies, goals and objectives for the executive officers;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">making recommendations
to the Board of Directors with respect to incentive compensation and equity-based plans;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">performing an annual
review of Director compensation; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">providing oversight of
the Company&rsquo;s compensation policies, plans and benefits programs.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Compensation Committee
is governed by a written charter adopted and approved by the Board. The Compensation Committee&rsquo;s Charter is available on
the Company&rsquo;s website at http://www.alicoinc.com, in the Corporate Governance section of the Investors webpage and is available
in printed form upon request from the Corporate Secretary, 10070 Daniels Interstate Court Suite 100, Fort Myers, FL 33913.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="color: #252525">The Compensation
Committee is currently composed of three Directors: R. Greg Eisner (Chairman), George R. Brokaw and W. Andrew Krusen, Jr. The Board
of Directors has determined that Mr. Eisner and Mr. Krusen</FONT> <FONT STYLE="color: #252525">are independent under the NASDAQ
listing standards. The Compensation Committee met 14 times in fiscal year 2013.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Compensation Committee
engaged two compensation consultants, Towers Watson and Pearl Meyer &amp; Partners, at various times in fiscal year 2013 to provide
advice about proposed compensation programs and amounts and to provide market survey data regarding executive compensation. Pearl
Meyer &amp; Partners is the current compensation consultant and has been instructed to provide specific data to the Compensation
Committee on an annual basis and from time to time as requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Compensation Committee Interlocks
and Insider Participation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">None of the current members
of the Compensation Committee is an officer or employee of the Company. In addition, there are no interlocking relationships between
any of these Directors and any other current Executive Officer of the Company, and each of them is independent under the NASDAQ
listing standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Nominating and Governance
Committee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Nominating and Governance
Committee is responsible for the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reviewing annually the
performance of the Board, including its structure, size, climate and tone;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">recommending nominees
to serve on the Board to fill new positions or vacancies;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reviewing and recommending
action to be taken with respect to shareholder proposals;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reviewing performance
and qualifications of Board members before they stand for re-election; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reviewing corporate governance
guidelines to assure their relevance to and compliance with the Company&rsquo;s current situation and recommending changes to
these principles to the Board for its consideration and approval.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Nominating and Governance
Committee&rsquo;s Charter is available on the Company&rsquo;s website at&nbsp;http://www.alicoinc.com, in the Corporate Governance
section of the Investors webpage and is available in printed form upon request from the Corporate Secretary, 10070 Daniels Interstate
Court Suite 100, Fort Myers, FL 33913.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: #252525">Currently the
three members of the Nominating and Governance Committee are George R. Brokaw (Chairman), Benjamin D. Fishman and Ramon A. Rodriguez.
The Board of Directors has determined that Mr. Fishman and Mr. Rodriguez</FONT> <FONT STYLE="color: #252525">are independent under
the NASDAQ listing standards. The Nominating and Governance Committee met five&nbsp;times during fiscal year 2013.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">There were no fees or expenses
paid to a third party in fiscal year 2013 for the identification or evaluation of potential nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Nominating and Governance
Committee has adopted a formal policy with regard to the consideration of any Director candidates recommended by shareholders other
than 734 Investors, Alico&rsquo;s controlling shareholder. 734 Investors is not included in this policy because, as the controlling
shareholder of Alico, representatives of 734 Investors may serve on Alico&rsquo;s Board of Directors to express its views on corporate
strategy and policy and other matters. Subject to the foregoing, the criteria for consideration of shareholder recommendations
are as follows: (a)&nbsp;for each Annual Meeting of the Company&rsquo;s shareholders, the Nominating and Governance Committee will
accept for consideration only one recommendation from any shareholder or affiliated group of shareholders; (b)&nbsp;only candidates
who satisfy the Company&rsquo;s minimum qualifications for Directors will be considered; and (c)&nbsp;in considering shareholder
recommendations, the Nominating and Governance Committee will take into account, among other factors, the size and duration of
the recommending shareholder&rsquo;s ownership interest in the Company and whether the shareholder intends to continue holding
that interest through the Annual Meeting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">A shareholder wishing to
recommend to the Nominating and Governance Committee a candidate for election as a Director must submit the recommendation in writing
to the Nominating and Governance Committee, in care of the Company&rsquo;s Corporate Secretary at the address of the Company&rsquo;s
headquarters. Submissions by shareholders recommending candidates for election at the next Annual Meeting must comply with the
same deadline as other shareholder proposals for such meeting; that is, the recommendations must be received not later than 120
calendar days nor more than 150 calendar days prior to the first anniversary of the date of the Proxy Statement for the prior Annual
Meeting of shareholders. In the event that the date of the next Annual Meeting of shareholders is more than 30 days following the
first anniversary date of the Annual Meeting of shareholders for the prior year, the submission must be made in a reasonable time
in advance of the mailing of the Company&rsquo;s next annual Proxy Statement. Each nominating recommendation must include such
specified information concerning the group of shareholders making the recommendations as the Nominating and Governance Committee
may determine from time to time, the name of the proposed nominee, any relationships between the recommending shareholder and the
proposed nominee and the qualifications of the proposed nominee to serve as a Director. The recommendation must also be accompanied
by the consent of the proposed nominee to serve if nominated and the agreement of the nominee to be contacted by the Nominating
and Governance Committee, if the Nominating and Governance Committee decides to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Nominating and Governance
Committee at this time is proposing nine nominees for nine positions, all of whom are currently Board members. Two of the nine
Director nominees approved by the Nominating and Governance Committee for election at the 2014 Annual Meeting were Directors elected
at the 2013 Annual Meeting of Shareholders and are standing for re-election. The remaining seven nominees were designated by 734
Investors. The Board of Directors, upon recommendation of the Nominating and Governance Committee, elected 734 Investors&rsquo;
designees on October 23, 2013 subject to, and effective upon, the Closing of the Share Purchase. Under Florida law and the Company&rsquo;s
Bylaws, the Board may increase the number of Directors during the year and appoint additional Directors to fill the vacancies so
created if it chooses to do so. There is no plan to do so at the present time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Special Litigation Committee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">In addition to the standing
committees described above, on October&nbsp;31, 2008, the Board established a Special Litigation Committee to investigate a shareholder
derivative action complaint filed by Baxter Troutman against JD Alexander and John R. Alexander, which named Alico as a nominal
defendant. This litigation was dismissed in May 2012 pursuant to a settlement agreement. The Special Litigation Committee met three
times during fiscal year 2013. This Special Litigation Committee was disbanded upon the closing of the Share Purchase transaction
on November 19, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Special Committee in Connection
with Sale by Atlanticblue</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">In addition to the standing
committees described above, on January 29, 2013, the Board established a Special Committee to explore working cooperatively with
Atlanticblue in connection with Atlanticblue&rsquo;s announced intention to sell all of its Alico shares. This Special Committee
was comprised of Ramon A. Rodriguez (Chairman), Adam D. Compton, Thomas H. McAuley, Charles L. Palmer, John D. Rood, Robert J.
Viguet, Jr., and Dr. Gordon Walker. This Special Committee met 13 times during fiscal year 2013. This Special Committee was disbanded
upon the Closing of the Share Purchase transaction on November 19, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Code of Business Conduct and Ethics and Corporate Governance
Principles</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Board of Directors adopted
a Code of Business Conduct and Ethics (&ldquo;Code of Ethics&rdquo;) which is applicable to all Directors, officers and employees.
The code covers all areas of professional conduct, including conflicts of interest, unfair or unethical use of corporate opportunities,
protection of confidential information, compliance with all applicable laws and regulations, and oversight and compliance. It also
has adopted Corporate Governance Principles to guide its own operations. Both documents are available on the Company&rsquo;s website
at http://www.alicoinc.com in the Corporate Governance section of the Investors webpage and are available in printed form upon
request from the Corporate Secretary, 10070 Daniels Interstate Court Suite 100, Fort Myers, FL 33913.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">Shareholders and other interested
parties may communicate with the Board by forwarding written comments to the Board of Directors of Alico, Inc., 10070 Daniels Interstate
Court, Suite 100, Fort Myers, Florida&nbsp; 33913. Company contact information and procedures are also included on the Company&rsquo;s
website at http://www.alicoinc.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors met 15 times during
fiscal year 2013. The independent Directors met an additional five times during fiscal year 2013. Each Director attended at least
75% of the Board meetings and committee meetings held by all committees on which they served. It is the Company&rsquo;s policy
to strongly encourage its Directors to attend the Annual Meeting of shareholders, in addition to attendance at regular Board and
committee meetings. All of the Directors attended the 2013 Annual Meeting of Shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_011"></A>Director
Compensation</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Director Fees and Equity Compensation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under our director compensation arrangement
that became effective on April 1, 2013, our Directors receive an annual fee of $75,000 in cash, payable in quarterly installments.
No additional fees are payable for attendance at Board meetings. For service as a standing committee chairman, Directors are paid
$5,000 annually in quarterly installments, with the exception of the chairman of the Audit Committee, who receives $10,000 annually,
and the Chairman of the Board of Directors, who receives $50,000 annually. In 2013, members of our special committee, other than
the Special Committee established in connection with the Atlanticblue sale, received $1,000 per day of meetings attended in person
and $500 per telephonic meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Members of the Special Committee established
in connection with the Atlanticblue sale received $10,000 per month ($15,000 per month for the Chairman) but did not receive meeting
attendance fees and did not have the option of payment in the form of common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to the beginning of each calendar year,
each Director may elect to receive all or any portion of his or her Director fees, including those received for chairing any committee,
in the form of common stock with a market value at the time of such quarterly installment equal to 150% of the amount of such fees
otherwise payable in cash.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>2008 Incentive Equity Plan
</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the compensation arrangements in place
until April 1, 2013, each Director, with the exception of the Chairman of the Board, received an annual fee of $32,000 for his
or her services as a Director of the Company, payable in quarterly installments. In addition, each Director who chaired any Committee,
other than the Audit Committee, was paid additional annual compensation of $5,000 payable in quarterly installments, <I>provided</I>
that if one Director chaired more than one committee, only one such payment was made. The Chairman of the Audit Committee was paid
additional annual compensation of $10,000, payable in quarterly installments. Each Director attending a Board committee meeting
who was a member of such committee, was paid a committee attendance payment of $1,000 for such meeting, if attending in person,
and $500, if attending telephonically, by video remote conferencing or by some other remote communications means. The maximum payment
for all such committee meetings attended by a Director on the same date was $1,000, if attending in person, and $500, if attending
by telephone, video conference or other remote communications means.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our prior Chairman, John R. Alexander, served
as a Director until February 22, 2013. Under our compensation plan for Mr. Alexander, he received $32,000 as an annual retainer
and a $50,000 annual fee for service as non-executive Chairman in addition to meeting attendance fees applicable to all Board members
as described above. The compensation was paid in cash on a quarterly basis and was not eligible to be paid in shares of the Company&rsquo;s
stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Directors (other than the Chairman of the Board)
were eligible to receive Director fees payable in Company common stock or they could elect to receive such fees in cash. Each Director
was automatically compensated in common stock with a market value of 150% of the specified cash payment amount unless the Director
delivered an</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">election to receive such fees payable in cash prior to the beginning of the calendar year to which the election applied.
The election for the method of payment of fees had to be made within 45 days of their election to the Board. Once an election was
received, it was irrevocable for the calendar year to which it applied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Additional Arrangements</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company pays for or provides (or reimburses
Directors for out-of-pocket costs incurred for) transportation, hotel, food and other incidental expenses related to attending
Board and committee meetings or participating in Director education programs and other Director orientation or educational meetings.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; color: #252525"><I>&nbsp;2013 Director Compensation</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table provides information concerning
the compensation of the Company&rsquo;s Directors for the Company&rsquo;s fiscal year ending September 30, 2013. There were no
stock options outstanding for any Director as of September 30, 2013. Non-employee Directors do not presently participate in the
Company&rsquo;s pension benefit plan or in any of the Company&rsquo;s defined contribution plans. Accordingly, the columns for
such information have been omitted from the table below. For a complete understanding of the table, please read the footnotes and
the narrative disclosures that follow the table.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 1pt">
    <TD STYLE="text-align: center; font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fees Earned or <BR> Paid in Cash (1)<BR> ($)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock Awards&nbsp;(2) ($)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other Compensation ($)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total ($)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; text-align: left; text-indent: 0pt">John R. Alexander<SUP>(9)</SUP></TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">38,202</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right">$</TD><TD STYLE="width: 4%; text-align: right">-</TD><TD STYLE="width: 4%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">38,202</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left">JD Alexander<SUP>(8)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">90,778</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">90,778</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Robert E. Lee Caswell<SUP>(9)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">18,262</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">18,262</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left">Adam D. Compton<SUP>(3)(4)(7)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">72,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">64,447</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">136,947</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Dykes Everett<SUP>(3)(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">64,447</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">64,447</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left">Charles L. Palmer<SUP>(4)(5)(6)(7)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">80,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">110,370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">190,370</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ramon A. Rodriguez<SUP>(5)(7)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">120,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">145,311</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">265,311</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left">John D. Rood<SUP>(3)(5)(6)(7)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">80,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">99,860</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">179,860</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Thomas H. McAuley <SUP>(3)(4)(5)(7)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">80,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">111,179</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">191,179</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left">Robert J. Viguet, Jr.<SUP>(4)(6)(7)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">117,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">49,508</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">167,008</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gordon Walker, Ph.D.<SUP>(3)(6)(7)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">80,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">105,795</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">185,795</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(1)</TD><TD>All figures represent the dollar amount of cash paid for
Directors&rsquo; annual fees (including any fees received in connection with service as a Chairman of a committee or Chairman
of the Board of Directors), meeting attendance and participation in the Special Committee established in connection with the Atlanticblue
sale.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(2)</TD><TD>Totals represent the value of common stock received in lieu
of cash fees pursuant to each Director&rsquo;s election under the 2013 Incentive Plan and the Director Compensation Plan, as recognized
for financial statement reporting purposes with respect to fiscal year 2013, which for all grants were equal to the grant date
fair value, computed in accordance with FASB ASC Topic 718. Directors are granted shares of common stock in lieu of cash fees
on a quarterly basis each year.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(3)</TD><TD>Member, Nominating and Governance Committee.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(4)</TD><TD>Member, Audit Committee.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(5)</TD><TD>Committee Chairman.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(6)</TD><TD>Member, Compensation Committee.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(7)</TD><TD>Member, Special Committee established in connection with
the Atlanticblue sale.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(8)</TD><TD>Mr. JD Alexander received Director fees in stock awards in
lieu of cash fees in addition to his compensation as CEO. This amount is also reflected in the Summary Compensation Table and
the Grants of Plan-Based Awards.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(9)</TD><TD>Mr. John R. Alexander and Mr. Caswell served as Directors
until the 2013 Annual Meeting but did not stand for re-election at that time.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"></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"><B><A NAME="a_012"></A>Independence of Directors</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors has determined that
there are no material relationships between the Company and each of Messrs. Compton, Eisner, Fishman, Krusen, Rodriguez, Slack
and Wilson, and therefore they qualify as, and are determined to be, independent in accordance with the NASDAQ listing rules and
the Sarbanes-Oxley Act of 2002.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_013"></A>Compensation Committee Report</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Compensation Philosophy
and Framework</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The goal of Alico&rsquo;s executive compensation
program is to attract, retain and reward executives who create shareholder value, share our vision and perform in a manner that
enables the Company to achieve its strategic goals. Alico&rsquo;s compensation programs are designed to accomplish this goal by
rewarding executives for their contributions to the financial and operating performance of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Compensation Committee Report</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Compensation Committee has reviewed and
discussed with management the Compensation Discussion and Analysis that immediately follows this report. Based on this review and
discussion, the Compensation Committee has recommended to the Board of Directors that the Compensation Discussion and Analysis
be included in this Proxy Statement and incorporated by reference into the Company&rsquo;s Annual Report on Form 10-K for the year
ended September&nbsp;30, 2013.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><I>Submitted by the Compensation Committee of the Board:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">R. Greg Eisner, Chairman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">George R. Brokaw</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">W. Andrew Krusen, Jr.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.0in"><B><A NAME="a_014"></A>Compensation Discussion
and Analysis</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Introduction</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Compensation Discussion and Analysis discusses
the compensation programs provided to our Named Executive Officers (&ldquo;NEOs&rdquo;) in fiscal year 2013. It also describes
the compensation philosophy on which the fiscal year 2013 compensation was based. As a result of the Share Purchase, the Compensation
Committee was reconstituted with new members on November 22, 2013. The new Compensation Committee is currently evaluating the compensation
philosophy and programs and may implement prospective changes based on that review. This discussion should be read in conjunction
with the tables and related narratives that follow. In fiscal year 2013, our NEOs were:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">JD Alexander &mdash;
President and Chief Executive Officer</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Kenneth Smith, Ph.D.
&mdash; Executive Vice President and Chief Operating Officer</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">W. Mark Humphrey, CPA
&mdash; Senior Vice President and Chief Financial Officer</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Steven C. Lewis, CPA
&mdash; Treasurer</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s compensation philosophy
and program design is intended to support the Company&rsquo;s business strategy and align executives&rsquo; interests with those
of shareholders and employees. A significant portion of the Company&rsquo;s executive compensation opportunity is related to factors
that directly and indirectly influence shareholder value, including stock performance and operational performance. The Company
believes that as executives&rsquo; responsibilities increase, so should the proportion of his or her total pay comprised of variable
compensation, which supports and reinforces the Company&rsquo;s pay for performance orientation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Say on Pay Vote</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">At the 2013 Annual Meeting,
our shareholders expressed their support of our executive compensation programs by approving the non-binding advisory vote on
our executive compensation. More than 90% </FONT><BR></TD>
</TR></TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">of
votes cast supported our executive compensation policies and practices. We continued to review our executive compensation programs
in 2013 in conjunction with business results. The Company implemented the 2013 Incentive Plan approved at the 2013 Annual Meeting.
The plan includes a claw back provision and also prohibits stock option repricing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Compensation Committee also regularly reviews
best practices related to executive compensation to ensure alignment between the Company&rsquo;s compensation programs, business
strategy and shareholder focus. Consistent with our compensation philosophy, the following executive compensation practices were
in place for fiscal year 2013:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Total compensation levels
for executives that were generally positioned at or below the median (50th percentile) of the market.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A well-defined peer group
of comparative companies was used, along with published surveys, to provide a reference point in the evaluation of executive compensation.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A long-term incentive
plan was in place consisting of a performance share plan that required significant stock price appreciation to trigger an award
payout.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Modest perquisites for
executives.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Historical share awards
have been paid from treasury stock consistent with the anti-dilutive provisions of the Company&rsquo;s compensation plans.</FONT></TD>
</TR></TABLE>

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Our Executive Compensation
Program</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The intent of the Company&rsquo;s executive
compensation program is to attract and retain talent and to create incentives for and to reward excellent performance. To that
end, we seek to compensate our executives in a manner that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">is competitive;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">rewards performance that
creates shareholder value and recognizes individual contribution; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">encourages longer-term
value creation.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Philosophy and Peer Group</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following describes the compensation philosophy
on which the fiscal year 2013 compensation was based. As a result of the Share Purchase, the Compensation Committee was reconstituted
with new members on November 22, 2013. The new Compensation Committee is currently evaluating the compensation philosophy and programs
and may implement prospective changes based on that review. For fiscal year 2013, as a general proposition, the Compensation Committee
believed that aggregate base salaries for executives should be below the median for comparable companies and that a larger component
of total pay should be in the form of variable compensation. In developing and maintaining appropriate compensation programs and
compensation levels for our executives, the Compensation Committee performs the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A review of two sets
of comparative data prepared by our compensation consultant to evaluate the positioning of compensation levels for our executives.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The first set of market
data comes from published compensation surveys and reflects prevailing compensation practices and levels for broad-based general
industry companies.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The second set of market
data comes from compensation information publicly filed by twelve peer companies (our &ldquo;Compensation Peer Group&rdquo;).
The Compensation Committee believes that peer company data provides useful information, but few, if any, peers accurately mirror
Alico&rsquo;s operations. However, the Company utilizes the data as a reference point in its compensation determination, in conjunction
with data from published surveys. These data points create ranges of compensation values that the Compensation Committee considers
in setting executive pay levels. The benchmark data reviewed by the Compensation Committee are statistical summaries of pay practices
and are not representative of the compensation levels at any one organization.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Compensation Peer
Group adopted by the Company consists of the twelve companies listed below. All are publicly traded companies with annual revenues
between $17 million and $525 million, with the median revenue being $99 million.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Alexander&nbsp;&amp;&nbsp;Baldwin,&nbsp;Inc.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">AV Homes, Inc.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consolidated-Tomoka Land
Co.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Deltic&nbsp;Timber&nbsp;Corporation</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Forestar Group Inc.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Griffin Land &amp; Nurseries,
Inc.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Limoneira&nbsp;Company</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pope Resources&nbsp;L.P.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Potlatch Corporation</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Tejon&nbsp;Ranch&nbsp;Company</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The St. Joe Company</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Thomas Properties Group,
Inc.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Compensation Committee
annually reviews the Company&rsquo;s financial performance and evaluates the individual performance of each executive and his/her
role in influencing Company performance and the financial condition of the Company. The Compensation Committee evaluated the performance
of the NEOs based on the Compensation Committee&rsquo;s overall judgment using quantitative and qualitative factors, including
the accomplishment of initiatives, attitude and leadership. The</FONT></TD>
</TR></TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">Compensation
Committee did not directly link compensation to achievement of performance goals, but rather considered the contribution of the
NEOs in the context of relevant conditions and many factors beyond the executive&rsquo;s control, such as weather, commodity prices
and strategic opportunities, to determine if and to what extent the NEO&rsquo;s individual contribution merits discretionary compensation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Consultants</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Compensation Committee makes recommendations
to the Board for all compensation for executives, including the structure and design of the compensation programs. The Compensation
Committee is responsible for retaining and terminating compensation consultants and determining the terms and conditions of their
engagement. The Compensation Committee engaged Pearl Meyer &amp; Partners in the latter part of fiscal year 2013 to advise the
Compensation Committee with respect to the Company&rsquo;s compensation programs and to perform various related studies and projects,
including market analysis and compensation program design for fiscal year 2014. Towers Watson advised the Compensation Committee
for fiscal years 2013, 2012 and 2011. The Compensation Committee reviews the role of its compensation advisors and has concluded
that no conflicts of interest exist with either of Pearl Meyer &amp; Partners or Towers Watson and further believes that each of
Pearl Meyer &amp; Partners and Towers Watson are fully independent for purposes of providing ongoing recommendations regarding
executive compensation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Pay Mix</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As noted above, the Compensation Committee
believes that a significant portion of each executive&rsquo;s compensation opportunity should be tied to variable compensation
and value creation for shareholders. The Compensation Committee believes this mix provides an appropriate balance between the financial
security required to attract and retain qualified individuals, and the Compensation Committee&rsquo;s goal of ensuring that executive
compensation rewards performance that benefits shareholders over the long term.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Base Salaries</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Base salaries for the Company&rsquo;s NEOs
are based on their scope of responsibilities, education and training levels, leadership abilities, performance and specialized
skills. Determination of salaries is based on the current competitive market environment including overall demand for such executives
and competitive pay practices including a review of the Company&rsquo;s Peer Group and other relevant data. The Company&rsquo;s
financial performance, overall financial condition, and individual performance are evaluated in addition to the factors listed
above in order to determine whether salary increases are advisable. The Compensation Committee wishes to incentivize executives
with pay for performance. Accordingly, base salary levels of the Company are generally lower than the market median. It is the
Compensation Committee&rsquo;s philosophy to provide a significant portion of the compensation paid to each executive through its
discretionary incentive bonus program and long-term incentives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Compensation Committee made no increases
to the base salaries of the NEOs in fiscal year 2013. Annual salaries for the NEOs are summarized in the table below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NEO</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FY 2012</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FY 2013</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="width: 56%; text-align: left">JD Alexander</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">380,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">380,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Kenneth Smith, Ph.D.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">285,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">285,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left">W. Mark Humphrey, CPA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Steven C. Lewis, CPA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">175,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">175,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Annual Discretionary Cash
Bonuses</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has an annual discretionary cash
bonus (&ldquo;discretionary bonus&rdquo;) program. The Compensation Committee evaluates the Company&rsquo;s financial performance
and overall financial condition in addition to its evaluation of each of the NEOs to determine if discretionary bonuses are to
be paid for the fiscal year. The Compensation Committee generally does not establish target minimum or maximum bonus levels for
executives. If, in the Compensation Committee&rsquo;s discretion, the Company&rsquo;s performance and overall financial condition
do not warrant the payment of discretionary bonuses, no such bonuses are paid.</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">When the Compensation Committee determines
that the interests of the Company and its shareholders would be served by the payment of discretionary bonuses, the Compensation
Committee also considers the individual performance of each executive and his/her role in influencing Company performance and the
financial condition of the Company. In the case of NEOs other than the CEO, these evaluations are based in part on input from the
Company&rsquo;s CEO regarding each executive&rsquo;s performance. The Compensation Committee evaluates the executive&rsquo;s performance
based on the Compensation Committee&rsquo;s overall judgment considering a number of quantitative and qualitative factors, including
accomplishment of initiatives, attitude and leadership. All Compensation Committee actions regarding the discretionary bonuses
are subject to the review and approval of the Board.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on the Company&rsquo;s financial results
in fiscal year 2013, the Compensation Committee approved discretionary bonuses as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;<STRONG>Executive</STRONG></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Payout</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Salary</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="width: 56%; text-align: left">JD Alexander</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">240,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: center">63%</TD><TD STYLE="width: 5%; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Kenneth Smith, Ph.D.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">70%</TD><TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left">W. Mark Humphrey, CPA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">80,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">40%</TD><TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Steven C. Lewis, CPA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">55,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">31%</TD><TD STYLE="text-align: left"></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Compensation Committee believes that these
discretionary bonuses are consistent with the Company&rsquo;s fiscal year 2013 financial performance, reflect the competitive market
and are appropriate to the scope of responsibility and contribution made by each NEO.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Long-Term Incentives</I></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No long-term incentive awards were made to
the NEOs during fiscal year 2013. On May 26, 2011, the Board approved the adoption of the Long-Term Incentive Program (the &ldquo;Program&rdquo;)
as part of the Alico, Inc. 2008 Incentive Equity Plan. Pursuant to the Program, the Company entered into Restricted Stock Award
Agreements with Kenneth Smith, W. Mark Humphrey and Steven C. Lewis on May 26, 2011, and with JD Alexander on April 19, 2012.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the Restricted Stock Award Agreements,
the NEOs were entitled to receive awards of restricted common stock of the Company if the Performance Criteria or Partial Performance
Criteria (each as outlined below) were achieved. The restricted common stock awards were subject to vesting restrictions as specified.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The number of shares subject to each award
to each NEO (the &ldquo;Award Level&rdquo;) was determined based on the product of (i) the percentage of base salary represented
by the annualized value of long-term incentive compensation that ranked at the 75th percentile of the Company&rsquo;s Compensation
Peer Group at the time of the award for the comparable executive officer of Compensation Peer Group companies; (ii) multiplied
by the median base salary of the comparable executive officer at Compensation Peer Group companies; (iii) and multiplied by three
(to reflect a three-year compensation period under the Program); (iv) divided by the Base Stock Price (i.e., the 20 Day Average
Closing Price (described below) of the common stock immediately prior to the grant date of the award).</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the Restricted Stock Award Agreements,
the &ldquo;Performance Criteria&rdquo; would be achieved if, at any time during the five year period following the Award Date (the
&ldquo;Performance Period&rdquo;), the average of the closing price of Alico&rsquo;s common stock over the most recent 20 consecutive
trading day period (the &ldquo;20 Day Average Closing Price&rdquo;) exceeds (i) 200% of the Base Stock Price at any time during
the three-year period commencing on the Award Date, or (ii) 214% of the Base Stock Price during the one-year period commencing
on the third anniversary of the Award Date and ending on the fourth anniversary of the Award Date or (iii) 228% of the Base Stock
Price at any time during the one-year period commencing on the fourth anniversary of the Award Date and ending on the fifth anniversary
of the Award Date (in each case, the &ldquo;Target Average Stock Price&rdquo;). If the 20 Day Average Closing Price equals or exceeds
100% of the applicable Target Average Stock Price on any day during the Performance Period, Participants would be awarded, subject
to vesting, 100% of their respective Award Levels.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Performance Criteria was not achieved
during the Performance Period but at any time during the Performance Period, the 20 Day Average Closing Price exceeded 90% of the
applicable Target Average Stock Price, then 50% of the Award Level for each respective Participant shall be awarded, subject to
vesting, at the end of the Performance Period (&ldquo;Partial Performance Criteria&rdquo;). The Partial Performance Criteria was
achieved under the Restricted Stock Award Agreements for each of the NEOs during fiscal year 2013 as further discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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">If the Performance Criteria was achieved, the
shares of restricted common stock subject to the award would vest as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">50% of the Award Level
would immediately vest upon achievement of the Target Average Stock Price (the date of such achievement, the &ldquo;Achievement
Date&rdquo;).</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">25% of the Award Level
would vest on the first anniversary of the Achievement Date.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">25% of the Award Level
would vest on the second anniversary of the Achievement Date.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Partial Performance Criteria was achieved,
the shares of restricted common stock subject to the award would vest as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">25% of the Award Level
would vest at the end of the Performance Period.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">12.5% of the Award Level
would vest on the first anniversary of the end of the Performance Period.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">12.5% of the Award Level
would vest on the second anniversary of the end of the Performance Period.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Partial Performance Criteria was achieved
for each of the NEOs during fiscal year 2013, but no shares vested during fiscal year 2013.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Share Purchase constituted a change-in-control
as defined in the Restricted Stock Award Agreements and resulted in the vesting of the award of shares to the NEOs on November
19, 2013. The shares are to be delivered within 60 days of vesting. The vesting effectively concluded the Long-Term Incentive Program.</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: justify; color: #252525"><I>Retirement Benefits</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Executives are allowed to participate in the
Company&rsquo;s qualified employee benefit 401(k) and Profit Sharing Plan offered to all full-time employees. Under the plan, the
Company provides a matching contribution of up to 4% of a participating employee&rsquo;s eligible compensation. Additionally, annual
discretionary contributions, based on a percentage of salary determined at the Board of Directors&rsquo; sole discretion, may be
contributed pursuant to the qualified profit-sharing portion of the plan. The Company made 3%, 4% and 3% discretionary contributions
for fiscal years 2013, 2012 and 2011, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Perquisites and Other Fringe
Benefits</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s executives receive health
and insurance benefits, such as group medical and life, under plans generally available to all salaried employees. Other fringe
benefits consist of life insurance, company provided vehicles and housing allowances where appropriate, and dividends on restricted
stock awards. The Company does not own a corporate jet or helicopter nor does it pay for country club dues or other such perquisites.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Compensation Risk Assessment</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From time to time, a comprehensive assessment
is conducted to identify potential risks within the Company&rsquo;s compensation program. At the end of fiscal year 2012, this
review concluded that the Company&rsquo;s compensation program was balanced and did not promote imprudent or excessive risk taking.
The Company does not use highly leveraged short-term incentives that encourage short-term, high-risk strategies at the expense
of long-term performance and value. Furthermore, the Compensation Committee is heavily involved in making compensation decisions
that are consistent with the Company&rsquo;s business strategy. The Company&rsquo;s compensation programs promote consistent, long-term
performance by heavily weighting variable compensation so that it rewards executives for strong operating performance and favorable
financial performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Use of Tally Sheets</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To assist the Compensation Committee in making
compensation decisions, the Compensation Committee reviews compensation tally sheets that present comprehensive data on the total
compensation and benefits package for each</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">of the NEOs. These tally sheets include all obligations for present and projected future
compensation and contain comparative historical information.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Change in Control Arrangements</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March of 2013, the Company entered into
Change-in-Control Agreements with each of its NEOs (JD Alexander, Kenneth Smith, W. Mark Humphrey, and Steven C. Lewis). Pursuant
to the terms of the agreements, in the event the NEO is terminated without &ldquo;cause&rdquo; (as defined in the applicable NEO&rsquo;s
agreement) or resigns for &ldquo;good reason&rdquo; (as defined in the applicable NEO&rsquo;s agreement) within 18 months following
a change-in-control, the NEO will receive, in the case of Mr. Alexander, an amount equal to 2 times the sum of his base salary
and the average of his cash compensation other than base salary during the three-year period prior to termination, and in the cases
of Messrs. Smith, Humphrey and Lewis, an amount equal to 1 times the sum of their respective base salaries and the average of their
respective cash compensation other than base salary during the 3-year period prior to termination. Payment of the change-in-control
compensation is subject to the execution of a release in favor of the Company by the NEO. On November 6, 2013, Mr. Alexander tendered
his resignation as Chief Executive Officer and an employee of the Company subject to and effective immediately following the Closing
of the Share Purchase, thereby waiving his right to receive any payments under the Change-in-Control Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 6, 2013, the Company entered into
a Consulting and Non-Competition Agreement with Mr. Alexander under which (i) Mr. Alexander will provide consulting services to
the Company for a period of two years after the closing, (ii) Mr. Alexander will be bound by certain non-competition, non-solicitation
and non-interference covenants for a period of two years after the Closing of the Share Purchase, and (iii) the Company will pay
Mr. Alexander $2 million in 24 monthly installments after the Closing of the Share Purchase for such services and covenants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the Restricted Stock Award Agreements,
the shares subject to the awards become fully vested upon, and are to be issued to the NEOs within 60&nbsp;days following, a change-in-control.
The Share Purchase constituted a change-in-control under the Restricted Stock Award Agreements and resulted in the vesting of shares
to the NEOs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth estimates of
the amounts payable to each of the NEOs upon a change-in-control, assuming a change-in-control occurred on September&nbsp;30, 2013
and the NEO experienced a qualifying termination on that date.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 1pt">
    <TD STYLE="text-align: center; font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Named Executive Officer</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Payments Under Restricted Stock Award Agreement (1)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Potential Payments Under Change-in-Control Agreement (2)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total Payments Upon Change-in- Control</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="width: 46%; text-align: left">JD Alexander</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">3,861,458</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">$ 1,361,147</TD><TD STYLE="width: 1%; text-align: left"><SUP>(3)</SUP></TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">5,222,605</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Kenneth Smith, Ph.D.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,274,870</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">495,471</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,770,341</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left">W. Mark Humphrey, CPA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">751,353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">303,909</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,055,262</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Steven C. Lewis, CPA</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">386,751</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">248,954</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">635,705</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Total</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,274,432</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,409,481</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,683,913</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.0in"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(1)</TD><TD STYLE="text-align: justify">The amounts shown represent the estimated value of the shares
of restricted stock that would be awarded to the NEO upon a change-in-control, using the $41.17 closing price of the common stock
on September&nbsp;30, 2013.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(2)</TD><TD STYLE="text-align: justify">Under the Change-in-Control Agreements, the NEO will only
be entitled to these payments if he is terminated &ldquo;without cause&rdquo; or if he resigns for &ldquo;good reason&rdquo; within
18 months after a change-in-control.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify">(3)</TD><TD STYLE="text-align: justify">The amount shown in this column represents the payment Mr.
Alexander would have been entitled to receive under his Change-in-Control Agreement upon a qualifying termination occurring
on September&nbsp;30, 2013. Prior to the Share Purchase, Mr. Alexander waived his rights to payments under his Change-in-</TD>
</TR></TABLE>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: justify"></TD><TD STYLE="text-align: justify">Control
Agreement by tendering his resignation as an employee, subject to and effective immediately following the Closing of the Share
Purchase. Also, Mr. Alexander will receive $2,000,000, to be paid in 24 monthly installments, in consideration of consulting services
to be performed by Mr. Alexander and compliance by Mr. Alexander with certain non-competition, non-solicitation and non-interference
covenants.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Indemnification Agreements</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has entered into Indemnification
Agreements with each of its officers and Directors (each, an &ldquo;Indemnified Party&rdquo;). Pursuant to the terms of the agreements,
the Company agreed to indemnify each Indemnified Party, to the fullest extent permitted by applicable law, against all expenses,
judgments and fines incurred in connection with any legal proceeding brought against an Indemnified Party by reason of the fact
that he is or was an officer or Director of the Company or by reason of any action taken by him while acting on behalf of the Company.
The Company also agreed to maintain directors&rsquo; and officers&rsquo; liability insurance policies at existing coverage levels
for as long as an Indemnified Party continues to serve as an officer or Director of the Company and for a period of six years thereafter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Stock Ownership Guidelines
for CEO and Directors</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company believes that its CEO should have
a financially significant investment in the Company so that his or her interest and the interest of the Company&rsquo;s shareholders
are aligned. In furtherance of this goal, in January 2013 the Board adopted a CEO Stock Purchase Policy requiring the CEO to beneficially
own shares in the Company with a value equal to the higher of the market value or the price at which the CEO acquired the stock
that is equal to or greater than $250,000 or the lesser amount applicable to a phase-in period as specified below (the &ldquo;Company
CEO Target Stock Ownership Requirement&rdquo;), determined as of the end of each fiscal year. During the phase-in period, the CEO
who is phasing-in ownership must own, as of each measurement date (as described below) and at all times thereafter while he or
she is the CEO of the Company, stock with a market value at least equal to or greater than the phase-in Company CEO Target Ownership
Requirement as follows: At the end of the fiscal year during which the CEO is hired (the &ldquo;first measurement date&rdquo;),
the CEO must have ownership of $50,000 in Alico common stock, at the end of the next fiscal year after the first measurement date,
have ownership of $150,000 in Alico common stock and at the end of the second fiscal year after the first measurement date, have
ownership of $250,000 in Alico common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2005, the Board adopted, and the Company&rsquo;s
shareholders approved, a Director stock purchase policy requiring that all Directors who were not beneficial owners of Atlantic
Blue own Alico common stock with a market value (or cost, if higher) that is equal to or greater than $200,000 or such lesser amount
as is applicable to a phase-in period (the &ldquo;Company Director Target Stock Ownership Requirement&rdquo;). To provide Directors
serving on the Board as of the date of the adoption of this policy and new Directors who subsequently join the Board the opportunity
to meet this requirement over a reasonable period of time, each such Director has three years to achieve the overall Company Director
Target Stock Ownership Requirement. If the Director is elected to the Board at a time when there is less than four months remaining
in the fiscal year, then the three-year period for overall compliance with the Company Director Target Stock Ownership Requirement
would be extended until the end of the next full fiscal year. The Company Director Target Stock Ownership Requirement will be measured
at the end of the phase-in period and annually thereafter at the end of each fiscal year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525"><I>Tax Impact on Compensation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Section 162(m) of the Internal Revenue Code
(the &ldquo;Code&rdquo;) places a $1 million limit on the amount of compensation the Company may deduct for tax purposes in any
year with respect to each NEO, except that performance-based compensation that meets applicable requirements is excluded from the
$1 million limit. The Company&rsquo;s executive compensation program is intended to maximize the deductibility of compensation;
however, there can be no assurance that all long-term incentive compensation, if and when any is paid to any NEO, will ultimately
prove to be deductible to the Company under the Code and applicable U.S. Treasury Regulations. Further, when warranted due to competitive
or other factors, the Compensation Committee may decide in certain circumstances to exceed the deductibility limit under Section
162(m) or to otherwise pay nondeductible compensation.</P>

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_015"></A>Executive Officers</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth certain information
on each of the current Executive Officers of the Company.</P>

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

<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman; width: 100%">



<TR>

   <TD align=center width="21%"></TD>

   <TD ALIGN="CENTER" WIDTH="5%" STYLE="text-align: center"></TD>

   <TD align=center width="73%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B>Name</B></TD>

   <TD ALIGN="CENTER" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Age</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B>Position and Background with the Company</B></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top align=left>Clayton G. Wilson</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" STYLE="text-align: center">52</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" STYLE="text-indent: 0pt; text-align: justify">Mr. Wilson is a third generation citrus grower and has been actively involved in the citrus industry for over 28 years. Prior to his appointment as our Chief Executive Officer, he was
the Chief Executive Officer of 734 Citrus Holdings, LLC, d/b/a Silver Nip Citrus. Mr. Wilson is Vice President and Chairman of the Board for Latt Maxcy Corporation and also serves on the board of Citizens Bank and Trust. Mr. Wilson is also a
board member of many industry associations, including Ranch One Cooperative, Cooperative Producers, Inc. and Gulf Harvesting, Inc., and past President of Highlands County Citrus Growers Association. He currently serves as a board member and Vice
President of Citrus Marketing Services and is a past board member of the Harvesting Advisory Council for the Florida Department of Citrus. He holds a degree in commerce and Business Administration from the University of Alabama.</TD></TR>

<TR>

   <TD vAlign=top align=left colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top align=left>Kenneth Smith, Ph.D.</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" STYLE="text-align: center">46</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" STYLE="text-indent: 0pt; text-align: justify">Executive Vice President and Chief Operating Officer (July 1, 2010&ndash;Present). Prior to joining Alico, Dr. Smith was the Vice-President of Agriculture Operations for Atlanticblue
Group Inc. Prior to joining Atlanticblue, Dr. Smith was a private consultant for large cattle operations across the United States, including Alico, and held various management positions in technical services/research and business management with
Purina Mills, Inc. He holds a BS and MS degree in Animal Science from West Texas State University and a PhD from Texas Tech University.</TD></TR>

<TR>

   <TD vAlign=top align=left colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top align=left>W. Mark Humphrey, CPA</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" STYLE="text-align: center">42</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" STYLE="text-indent: 0pt; text-align: justify">Senior Vice President and Chief Financial Officer (June 20, 2011&ndash;Present). Prior to joining Alico, Mr. Humphrey was the Chief Financial Officer for the Compass Management Group, LLC, a
diversified company involved in the management of homeowners associations and commercial properties in Southwest Florida. Prior to his involvement with the Compass Management Group he held similar positions with Prism Microwave, Inc. and Source
Interlink Companies. Mr. Humphrey started his career with PricewaterhouseCoopers and spent two years in the firm&rsquo;s National Accounting &amp; SEC Directorate in New York City where he helped develop Sarbanes &ndash;Oxley methodology for
the firm and its clients. Mr. Humphrey holds a BS and MS degree in Accounting from the University of Florida and he has a Florida CPA designation.</TD></TR>

<TR>

   <TD vAlign=top align=left colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top align=left>Steven C. Lewis, CPA</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" STYLE="text-align: center">53</TD>

   <TD VALIGN="TOP" ALIGN="LEFT" STYLE="text-indent: 0pt; text-align: justify">Treasurer (December 2010- Present) Prior to
   joining Alico, Mr. Lewis served as Chief Financial Officer for Wilson Miller, Inc. and was the Corporate Controller of
   Miromar    Development  Corporation in Southwest Florida. Mr. Lewis also spent approximately six years in public accounting,
   principally    with Kenneth Leventhal &amp; Company in Miami, Florida. He holds a BS degree in Accounting from the University
   of Florida and    he has a  Florida CPA designation.</TD></TR></TABLE>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.0in"><B><A NAME="a_016"></A>Executive Compensation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table provides information regarding
the compensation of our Named Executive Officers for fiscal years 2013, 2012, and 2011. This table should be read in conjunction
with the Compensation Discussion and Analysis, which sets forth the objectives and other information regarding our executive compensation
program.</P>

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

<P STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_017"></A>Summary Compensation Table</B></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Name and Principal Position</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Year</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Salary (c)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Bonus (d)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock Awards (e)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other Compensation (i)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total (j)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="width: 40%; text-align: left">JD Alexander(1)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: center">2013</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">380,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">240,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">90,778</TD><TD STYLE="width: 1%; text-align: left"><SUP>(4)</SUP></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">25,211</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">735,989</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left; text-indent: 0pt">President and Chief Executive Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">2012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">285,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">300,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">299,891</TD><TD STYLE="text-align: left"><SUP>(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">35,936</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">920,827</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">2011</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">190,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">54,000</TD><TD STYLE="text-align: left"><SUP>(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">26,423</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">470,423</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left; text-indent: 0pt; background-color: White">W. Mark Humphrey, CPA(2)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: center; background-color: White">2013</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">200,000</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">80,000</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">-</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">14,059</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">294,059</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt; background-color: White">Senior Vice President and Chief Financial</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: center; background-color: White">2012</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">200,000</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">100,000</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">-</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">13,759</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">313,759</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left; text-indent: 0pt; background-color: White">Officer</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: center; background-color: White">2011</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">56,923</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">25,000</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">7,308</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">160</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">89,391</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left; text-indent: 0pt">Kenneth Smith, Ph.D.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">2013</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">285,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">24,195</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">509,195</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left; text-indent: 0pt">Executive Vice President and</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">2012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">285,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">19,305</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">504,305</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left; text-indent: 0pt">Chief Operating Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">2011</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">285,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12,379</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">37,913</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">485,292</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left; text-indent: 0pt; background-color: White">Steven C. Lewis, CPA (3)</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: center; background-color: White">2013</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">175,000</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">55,000</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">-</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">13,984</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">243,984</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt; background-color: White">Treasurer</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: center; background-color: White">2012</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">175,000</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">65,000</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">-</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">13,924</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">253,924</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: center; background-color: White">2011</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">134,615</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">30,000</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">3,703</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">843</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">$</TD><TD STYLE="text-align: right; background-color: White">169,161</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><B>&nbsp;</B></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Mr.&nbsp;JD Alexander began
serving as President and Chief Executive Officer in February 2010 on a part-time basis. Effective April 2, 2012, he began working
on a full-time basis, and his annual base salary was increased to $380,000 effective on that date.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Humphrey was appointed
as Senior Vice President and Chief Financial Officer effective June&nbsp;20, 2011. Amounts shown for fiscal year 2011 are from
June&nbsp;20, 2011 to September&nbsp;30, 2011.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Mr. Lewis began his employment
on December 20, 2010 as Treasurer. Amounts shown for fiscal year 2011 are from December 20, 2010 to September 30, 2011.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left">(4)</TD><TD STYLE="text-align: justify">Mr. JD Alexander received Director fees in stock awards in
lieu of cash fees in addition to his compensation as CEO. This amount is also reflected in the Director Compensation Table.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Columns ((f)-(h)) have been omitted as they are not applicable.</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: justify; color: #252525"><I>Salary (Column (c))</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts reported in Column (c) represent
base salaries paid to each of the Named Executive Officers for each of the last three completed fiscal years, as indicated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Bonuses (Column (d))</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts reported in Column (d) represent
bonuses paid to each of the Named Executive Officers for the last three completed fiscal years, as indicated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Stock Awards (Column (e))</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts reported in Column (e) for Mr.
Alexander include the value of stock received in lieu of cash fees for his service as a Director ($90,778 for fiscal year 2013,
$299,891 for fiscal year 2012, and $54,000 for fiscal year </P>

<!-- Field: Page; Sequence: 35; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2011). The amount reported in Column (e) for Mr. Alexander for fiscal
year 2012 also includes, and the amounts reported in Column (e) for Mr. Humphrey, Dr. Smith and Mr. Lewis for fiscal year 2011
consist of, the grant date fair value of restricted stock awards to those individuals that are subject to performance- and service-based
conditions. These awards are described in greater detail below under &ldquo;&mdash;Outstanding Equity Plan-Based Awards at Fiscal
Year End 2013.&rdquo; The Company calculated the grant date fair values of the restricted stock awards using a binomial model and
applying the following assumptions: (i) grant date stock price of $24.56 ($23.00 in the case of Mr. Alexander); (ii)&nbsp;target
stock price to achieve performance criteria of $50.40 ($46.00 in the case of Mr. Alexander); (iii) risk-free interest rate 0.25%
and (iv) expected volatility of 53.3%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No stock options or stock appreciation rights
have been granted since February 2004. There were no outstanding stock options or appreciation rights outstanding as of September&nbsp;30,
2013.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>All Other Compensation (Column
(i))</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts reported in Column (i) represent
the aggregate dollar amount for each Named Executive Officer for perquisites and other personal benefits, tax reimbursements, Company
contributions to the Company&rsquo;s 401(k) retirement plans, insurance premiums for life insurance policies and the value of dividends
on restricted stock paid during fiscal year 2013 on vested and unvested units of restricted stock granted. The following table
shows and explains the specific amounts included in Column (i) of the Summary Compensation Table for fiscal year 2013. Under SEC
Rules, the Company is required to identify by type all perquisites and other personal benefits for a Named Executive Officer if
the total value for that individual equals or exceeds $10,000, and to report and quantify each perquisite or personal benefit that
exceeds the greater of $25,000 or 10% of the total amount for that individual. For purposes of uniformity, all information regarding
perquisites has been provided for each Named Executive Officer, not just those meeting the $10,000 threshold.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 1pt">
    <TD STYLE="text-align: center; font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Perquisities and Other Personal Benefits (1)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Registrant Contributions to Retirement Plans</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Insurance Premiums (2)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value of Restricted Stock Dividends Earned During the Fiscal Year (3)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="width: 35%; text-align: left">JD Alexander</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,803</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">18,900</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">4,508</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">25,211</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">W. Mark Humphrey, CPA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">13,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">14,059</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left">Kenneth Smith, Ph.D.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">20,372</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,823</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">24,195</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Steven C. Lewis, CPA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">13,025</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">13,984</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Perquisites and other personal
benefits are valued on the basis of the aggregate incremental cost to the Company, including the cost to the Company for Company
cars used for commuting and other personal transportation. The amounts will be based on the fair lease value of the vehicle in
accordance with tables published annually by the Internal Revenue Service where applicable, and the amount of vehicle or housing
allowances paid. Executives are taxed on the imputed income attributable to personal use of Company vehicles, including commuting
mileage, and do not receive tax assistance from the Company with respect to these amounts.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left">(2)</TD><TD STYLE="text-align: justify">Represents applicable premiums paid on life insurance policies
for each of the NEOs.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left">(3)</TD><TD STYLE="text-align: justify">Dividends on shares of restricted stock are paid to participants
during the fiscal year on vested and unvested shares whenever dividends are paid to the Company&rsquo;s common shareholders.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Total Compensation (Column
(j))</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts reported in Column (j) are the
sum of Columns (c) through (i) for each of the Named Executive Officers. All compensation amounts reported in Column j include
amounts paid and amounts deferred.</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"><B><A NAME="a_018"></A>Grants of Plan-Based Awards in Fiscal Year 2013</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no grants of equity plan-based awards
to the Named Executive Officers in the fiscal year ended September&nbsp;30, 2013, other than the shares received by Mr. JD Alexander
in lieu of cash fees totaling $90,778 for his service as a Director.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 1pt">
    <TD STYLE="text-align: center; font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">GRANTS OF PLAN-BASED AWARDS</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Grant Date</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other Stock Awards: Number of Shares of Stock or Units(1)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD rowspan="4" valign="middle" STYLE="width: 28%; text-align: left">JD Alexander</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 28%; text-align: center">10/2/2012</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 28%; text-align: right">486</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1/16/2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">474</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4/2/2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">393</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">7/3/2013</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,287</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,640</TD></TR>
</TABLE>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">In connection with his service as a Director, Mr. Alexander
received 2,640&nbsp;shares of Common Stock in lieu of cash fees totaling $90,778. This amount is also reflected in the Director
Compensation Table.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_019"></A>Outstanding Equity Plan-Based Awards at Fiscal Year End 2013</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table provides information about
current holdings of grants of performance equity plan-based awards to the Named Executives Officers in the fiscal year ended September&nbsp;30,
2013. The table includes performance share grants with performance conditions that had not been satisfied as of September 30, 2013.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 1pt">
    <TD STYLE="text-align: center; font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="font-weight: bold; background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: White">&nbsp;</TD><TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; background-color: White"><B>STOCK AWARDS</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><B>Number of Shares or</B> <B>Units of Stock That Have</B> <B>Not Vested(#) (1)</B></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><B>Market Value of</B> <B>Shares or Units That</B> <B>Have Not Vested ($)</B> <B>(2)(4)</B></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><B>Equity Incentive Plan</B> <B>Awards: Number of</B> <B>Unearned Shares or</B> <B>Other Rights That</B> <B>Have Not Vested (3)</B></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><B>Equity Incentive Plan</B> <B>Awards: Market or</B> <B>Payout Value of Unearned</B> <B>Shares, Units or Other</B> <B>Rights That Have Not</B> <B>Vested ($)(2)</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="width: 40%; text-align: left">JD Alexander</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">93,793</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">3,861,458</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">46,897</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,930,729</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">W. Mark Humphrey, CPA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">751,353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,125</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">375,676</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left">Kenneth Smith, Ph.D.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,966</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,274,870</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,483</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">637,435</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Steven C. Lewis, CPA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,394</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">386,751</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,697</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">193,375</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">Vesting of these contingently restricted common shares awarded
requires both continued service and attainment of specified share price targets of the common stock with respect to each reward.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left">(2)</TD><TD STYLE="text-align: justify">If the Performance Criteria is achieved, vesting of contingently
awarded restricted shares is as follows:<BR>
(i) 50% of the Award Level will vest immediately upon the attainment of the achievement of the Performance Criteria, (ii) 25%
of the Award Level will vest on the first anniversary of the Achievement Date, and (iii) 25% of the Award Level will vest on the
second anniversary of the Achievement Date. If the Partial Performance Criteria is achieved, vesting of contingently awarded restricted
shares is as follows: (i) 25% of the Award Level will vest at the end of the Performance Period, (ii) 12.5% of the Award Level
will vest on the first anniversary of the end of the Performance Period and (iii) 12.5% of the Award Level will vest on the second
anniversary of the end of the Performance Period. NEOs must be employed by the Company through the vesting dates to receive their
stock award.</TD>
</TR></TABLE><!-- Field: Page; Sequence: 37; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left">(3)</TD><TD STYLE="text-align: justify">Threshold is met if the 20 Day Average Closing Price exceeds
90% of the applicable target average stock price of the award level subject to the vesting conditions. For the awards granted
on 4/19/2012, 90% of the target is $41.40 per share. For the awards granted on 5/26/2011, 90% of the target is $45.27 per share.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left">(4)</TD><TD STYLE="text-align: justify">Target is met if the 20 Day Average Closing Price exceeds
200% of the base stock price at any time during the three years beginning on the award date. For awards granted on 4/19/2012,
200% of the base price is $46.00 per share and for the awards granted on 5/26/2011, 200% of the base price is $50.30 per share.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_020"></A>Option Exercises and Stock Vested in Fiscal Year 2013</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No options were exercised during fiscal year
2013 by any of the Named Executive Officers and there were no stock options outstanding at September 30, 2013.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 8, 2013, the CEO&rsquo;s restricted
common stock award under the Program exceeded 90% of the applicable Target Average Stock Price meeting the Partial Performance
Criteria. Additionally, on April 3, 2013, the other NEOs&rsquo; stock awards under the Program exceeded 90% of the applicable Target
Average Stock Price. No shares were vested in fiscal year 2013.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All shares awarded became fully earned and
vested upon the Share Purchase on November 19, 2013.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525"><B><A NAME="a_021"></A>Pension Benefits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Management Security Plan
</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The management security plan (&ldquo;MSP&rdquo;)
is a nonqualified, noncontributory defined supplemental deferred retirement benefit plan for a select group of management personnel.
The MSP provides a fixed supplemental retirement benefit for 180 months certain. The MSP is frozen; no new participants are being
added and no benefit increases are being granted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">JD Alexander had an accrued vested benefit
of approximately $65,959 at September 30, 2013. The other NEOs are not participants in the MSP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #252525"><B>&nbsp;</B></P>


<P STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PENSION BENEFITS</B></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plan Name</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Years Credited Service</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Present Value of Accumulated Benefits</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Payments During Last Fiscal Year</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="width: 18%; text-align: left">JD Alexander</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: left">Management Security Plan</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; text-align: center">7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">65,959</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><A NAME="a_022"></A>Nonqualified Deferred Compensation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">None of our NEOs participate in any nonqualified
defined contribution plan.</P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_023"></A>Certain Relationships and Related Party Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>734 Investors and 734 Agriculture</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 19, 2013, 734 Agriculture and its
affiliates, including 734 Investors, acquired all of the approximately 51% of Alico&rsquo;s common stock then owned by Atlanticblue.
<FONT STYLE="color: #252525">734 Investors now beneficially owns, directly or indirectly, approximately 51% of the outstanding
shares of the Company&rsquo;s common stock and possess the voting power to control the election of the Company&rsquo;s Directors
and any other matter requiring the affirmative vote or consent of the Company&rsquo;s shareholders. 734 Agriculture is the sole
managing member of 734 Investors. </FONT>By virtue of its ownership percentage, 734 Investors and 734 Agriculture are able to elect
all of the Directors and, consequently, control Alico. <FONT STYLE="color: #252525">Messrs. Brokaw and Trafelet are the two controlling
persons of 734 Agriculture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Silver Nip</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">On November 22, 2013, the Company
entered into an employee lease agreement with Mr. Wilson and Silver Nip (the &ldquo;Silver Nip Agreement&rdquo;). Silver Nip is
owned and controlled by Messrs. Brokaw, Trafelet and Wilson.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Silver Nip Agreement provides,
subject to the terms and conditions set forth therein, for the Company to furnish Mr. Wilson&rsquo;s services to Silver Nip to
perform the functions and services that Mr. Wilson has previously performed for Silver Nip prior to his resignation as CEO of Silver
Nip. The Silver Nip Agreement provides that Mr. Wilson will spend a majority of his working time performing functions and services
for the Company and that in no event will Mr. Wilson be required to take any action that he or the Company determines could conflict
with Mr. Wilson&rsquo;s exercise of his fiduciary duties under applicable law owed to the Company or could interfere with the performance
of his duties as an executive officer of the Company. In exchange for furnishing Mr. Wilson&rsquo;s services, Silver Nip has agreed
to pay to the Company the cash salary that would have been paid to Mr. Wilson pursuant to his previous employment arrangement with
Silver Nip, had that arrangement continued to be in force.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Silver Nip Agreement provides
that it continues through December 31, 2013, but if neither the Company nor Silver Nip has provided the other with written notice
of an intention to terminate the Silver Nip Agreement at least three business days before December 31, 2013 (or any subsequent
renewal period), the Silver Nip Agreement will automatically renew for a one-month period. In addition, Silver Nip may terminate
the Silver Nip Agreement at any time upon 10 business days&rsquo; prior written notice to the Company. The description of the Silver
Nip Agreement is qualified in its entirety by reference to the complete terms and conditions of the agreement, which is listed
as an exhibit to the Company&rsquo;s Current Report on Form 8-K filed on November 25, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Atlanticblue</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to the Share Purchase transaction on
November 19, 2013, Atlanticblue owned approximately 51% of Alico&rsquo;s common stock. By virtue of its ownership percentage, Atlanticblue
was able to elect all of the Directors and, consequently, control Alico. JD Alexander resigned March 31, 2012 as the President
and Chief Executive Officer of Atlanticblue and did not stand for re-election as a Director at the June 2012 Atlanticblue shareholders
meeting. In February 2010, JD Alexander was appointed Alico&rsquo;s President and Chief Executive Officer, and he served on Alico&rsquo;s
Board of Directors. Robert J. Viguet, Jr., an Alico Director, did not stand for re-election as a Director of Atlanticblue at its
June 2012 shareholders meeting. Dykes Everett was elected to the Alico Board of Directors at Alico&rsquo;s February 2013 shareholders
meeting; he was nominated by Atlanticblue, where he serves as a Director.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Alico Fruit Company (&ldquo;Alico Fruit&rdquo;)
is currently marketing and/or purchasing citrus fruit from TRI-County Grove, LLC, a wholly owned subsidiary of Atlanticblue. During
the year ended September 30, 2013, Alico Fruit marketed 201,802 boxes of fruit, for approximately $1,907,000. During the fiscal
year ended September 30, 2012, Alico Fruit marketed 237,626 boxes of fruit, for approximately $2,900,000. Alico Fruit markets citrus
fruit for TRI-County Grove, LLC at the customary terms and rates the Company extends to third parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>JD Alexander</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 6, 2013, JD Alexander tendered
his resignation as Chief Executive Officer and as an employee of the Company, subject to and effective immediately after the Closing
of the Share Purchase transaction on November 19, </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2013. Mr. Alexander&rsquo;s resignation includes a waiver of any rights to any
payments under his Change-in-Control Agreement with the Company. At that time, the Company and Mr. Alexander entered into a Consulting
and Non-Competition Agreement under which (i)&nbsp;Mr. Alexander will provide consulting services to the Company during the two-year
period after the Closing, (ii) Mr. Alexander agreed to be bound by certain non-competition covenants relating to the Company&rsquo;s
citrus operations and non-solicitation and non-interference covenants for a period of two years after the Closing, and (iii) the
Company will pay Mr. Alexander for such services and covenants $2 million in twenty-four monthly installments. Mr. Alexander also
agreed, in a separate side letter with the Company, not to sell or transfer the shares that will be awarded pursuant to his Restricted
Stock Award Agreement (other than to a family trust) for a period of two years after the Closing. Mr. Alexander also executed a
general release in favor of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Other</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Charles Palmer, who served as a member
of the Board until his resignation became effective on November 19, 2013, leased approximately 2,300 acres from the Company for
a recreational lease in fiscal year 2013 and 2012. He pays approximately $33,000 annually at the customary terms and rates the
Company extends to third parties.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_024"></A>Audit Committee Report</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Audit Committee had primary responsibility
for interacting with the Company&rsquo;s outside auditors during the preparation of the audited financial statements for the fiscal
year ended September&nbsp;30, 2013 (the &ldquo;audited financial statements&rdquo;). The Audit Committee currently consists of
the following independent Directors: Ramon A. Rodriguez (Chairman), Adam D. Compton and W. Andrew Krusen, Jr.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ramon A. Rodriguez was designated Audit Committee
financial expert and was qualified to act in such capacity. The Audit Committee prepared the following report on its activities
with respect to the Company&rsquo;s audited financial statements for the fiscal year ended September&nbsp;30, 2013:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Audit Committee has
reviewed and discussed the audited financial statements with management of the Company.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Audit Committee has
discussed with McGladrey LLP, the Company&rsquo;s independent auditors, the matters required to be discussed by Statement on Auditing
Standards No.&nbsp;61, <I>Communication with Audit Committees</I> (SAS 61), as amended and as adopted by the Public Company Accounting
Oversight Board (&ldquo;PCAOB&rdquo;) in Rule 3200T.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Audit Committee has
received from McGladrey, LLP the written disclosures and the letter from the independent accountants required by PCAOB Ethics
and Independence Rule 3526, <I>Communication with Audit Committee Concerning Independence</I> and has discussed with McGladrey
LLP their independence.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Based on and relying
on the review and discussions described above, the Audit Committee recommended to the Board of Directors that the audited financial
statements be included in the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended September&nbsp;30, 2013, for
filing with the U.S. Securities and Exchange Commission.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><I>Audit Committee for Fiscal Year Ended September 30, 2013:</I></P>

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

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_025"></A>PROPOSAL 2:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RATIFICATION OF THE SELECTION OF MCGLADREY
LLP</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Audit Committee has selected McGladrey
LLP as the independent registered public accounting firm to audit our consolidated financial statements for the fiscal year ending
September&nbsp;30, 2014. McGladrey LLP currently serves as our independent registered public accounting firm.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Representatives of McGladrey LLP will be present
at the Annual Meeting with an opportunity to make a statement if they desire to do so and will be available to respond to appropriate
questions from shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Shareholder Ratification of the Appointment of Independent Registered
Public Accountants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are asking our shareholders to ratify the
selection of McGladrey LLP as our independent registered public accounting firm. Although ratification is not required by our articles
of incorporation, bylaws or otherwise, the Board is submitting the selection of McGladrey LLP to our shareholders for ratification
as a matter of good corporate practice. In the event the appointment is not ratified by our shareholders, the appointment will
be reconsidered by the Audit Committee and the Board. Even if the selection is ratified, the Audit Committee may, in its discretion,
select a different independent registered public accounting firm at any time during the fiscal year if it determines that such
a change would be in the best interest of the Company and our shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Independent Registered Public Accounting Firm</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fees paid to McGladrey LLP for the fiscal years
ended September 30, 2013 and 2012 were as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 1pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="width: 56%; text-align: left">Audit Fees(1)</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">223,293</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">342,864</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Audit Related Fees(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left">Tax Fees(3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,096</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,625</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">All Other Fees(4)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">288,389</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">412,489</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Audit fees include the aggregate
fees billed by McGladrey LLP for professional services and expenses rendered for the annual audit and quarterly reviews of the
Company&rsquo;s consolidated financial statements for the years ended September 30, 2013 and 2012 and assessment of the Company&rsquo;s
system of internal controls and services that are normally provided in connection with statutory and regulatory filings or engagements.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Audit-related fees billed by
McGladrey LLP for assurance and related services that were reasonably related to the performance of the audit or review of the
Company&rsquo;s consolidated financial statements.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Tax fees include fees billed
by McGladrey LLP for professional services rendered for tax compliance, advice and planning services for the fiscal years ended
September 30, 2013 and 2012.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left">(4)</TD><TD STYLE="text-align: justify">McGladrey LLP did not bill for any services other than those
listed above for the years ended September 30, 2013 and 2012.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Audit Committee Charter requires that the
Audit Committee pre-approve all services performed by the Company&rsquo;s outside auditors. To fulfill that requirement, the Company&rsquo;s
outside auditor, McGladrey LLP, provides a proposal to the Audit Committee for all services it proposes to provide and the Audit
Committee then approves the proposals as appropriate. During fiscal years 2013 and 2012, 100% of the services provided by McGladrey
LLP were pre-approved by the Audit Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE
&ldquo;FOR&rdquo; RATIFICATION OF THE <BR>
APPOINTMENT OF MCGLADREY LLP AS THE COMPANY&rsquo;S INDEPENDENT REGISTERED <BR>
PUBLIC ACCOUNTING
FIRM FOR FISCAL YEAR 2014.</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0; text-align: center"><B><A NAME="a_026"></A>PROPOSAL 3:<BR>
ADVISORY APPROVAL OF THE COMPENSATION OF THE COMPANY&rsquo;S NAMED EXECUTIVE OFFICERS </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Executive compensation is an important matter
to us and to our shareholders. We are asking our shareholders to vote to approve, on an advisory (non-binding) basis, the compensation
of our Named Executive Officers as disclosed in this Proxy Statement in accordance with the SEC&rsquo;s rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As described in detail under the heading &ldquo;Compensation
Discussion and Analysis&rdquo; our executive compensation programs are designed to attract, motivate and retain our Named Executive
Officers, who are critical to our strategic goals and success. Under our executive compensation program, our Named Executive Officers
receive compensation that encourages both near-term and long-term growth and successes through compensation linked to performance
standards aimed to increase shareholder value. Please read the Compensation Discussion and Analysis for additional details about
our executive compensation programs, including information about the fiscal year 2013 compensation of our Named Executive Officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Compensation Committee bases its executive
compensation decisions on our compensation objectives, which include the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">aligning management&rsquo;s
incentives with the interests of our shareholders;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">providing competitive
compensation to our Named Executive Officers;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">rewarding Named Executive
Officers for past performance and motivating them to excel in the future; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">rewarding superior performance
of both the Company and each individual executive and encouraging actions that promote our near-term and long-term strategic goals.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe that our existing compensation programs
have been effective at motivating our Named Executive Officers to achieve superior performance and success for us, aligning compensation
with performance measures and shareholder interests and enabling us to attract, retain and motivate talented executive officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to Section&nbsp;14A of the Exchange
Act, our shareholders are entitled to an advisory vote to approve the compensation of our Named Executive Officers. This advisory
vote is commonly known as a &ldquo;say-on-pay&rdquo; proposal. Accordingly, in compliance with these requirements and as a matter
of good corporate governance, we are asking our shareholders to approve the following resolution at our Annual Meeting:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">RESOLVED, that the shareholders of
Alico, Inc. (the &ldquo;Company&rdquo;) approve, on an advisory (non-binding) basis, the compensation of the Company&rsquo;s named
executive officers, as disclosed pursuant to SEC rules, including the Compensation Discussion and Analysis, the compensation tables,
and narrative discussion.</P>

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The say-on-pay vote is advisory, and therefore
not binding on the Company, the Compensation Committee or our Board of Directors. Our Board and our Compensation Committee value
the opinions of our shareholders, however, and will review and consider the outcome of this advisory vote when making future compensation
decisions for our Named Executive Officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This advisory vote will be approved if it receives
the affirmative vote of the majority of the shares of common stock present at the meeting, in person, or represented by proxy and
entitled to vote on this proposal that are voted &ldquo;for&rdquo; or &ldquo;against&rdquo; the matter. Abstentions and broker
&ldquo;non-votes&rdquo; will not affect the outcome of the vote on this proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7pt 0 0 7pt; text-align: center; text-indent: 23pt"><B>THE BOARD OF
DIRECTORS RECOMMENDS THAT YOU INDICATE YOUR SUPPORT FOR <BR>
THE COMPANY&rsquo;S COMPENSATION PHILOSOPHY, POLICIES AND PROCEDURES BY
VOTING <BR>
&ldquo;FOR&rdquo; THE ADVISORY APPROVAL OF THE COMPENSATION OF THE COMPANY&rsquo;S NAMED <BR>
EXECUTIVE OFFICERS.</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7pt 0 0 7pt; text-align: center"><B>OTHER BUSINESS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors is aware of no other
matter that will be presented for action at the meeting. If any other matter requiring a vote of the shareholders properly comes
before the meeting, the persons authorized under management proxies will vote and act according to their best judgment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7pt 0 0 7pt; text-align: center"><B>SHAREHOLDER PROPOSALS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholder proposals intended to be presented
at the next Annual Meeting should be sent by certified mail, return receipt requested, and must be received by the Company at its
principal executive offices (Attention: Corporate Secretary) by September&nbsp;30, 2014, for inclusion in the Proxy Statement and
the form of proxy for that meeting. Such proposals may be made only by persons who are shareholders, beneficially or of record,
on the date the proposals are submitted and who continue in such capacity through the 2015 Annual Meeting date, of at least 1%
or $2,000 in market value of securities entitled to be voted at the meeting and have held such securities for at least one year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders who otherwise wish to present
a proposal or nominate directors at the 2015 Annual Meeting of Shareholders must deliver written notice of the proposal to our
Corporate Secretary at our principal executive offices, no earlier than October 1, 2014 and no later than October 31, 2014 (provided,
however, that if the 2015 Annual Meeting is held earlier than January 29, 2015 or later than April 29, 2015, proposals must be
received no earlier than the close of business on the later of the 120th day prior to the 2015 Annual Meeting or the 10th day following
the day on which public announcement of the 2015 Annual Meeting is first made). The submission must include certain information
concerning the shareholder and the proposal, as specified in the Company&rsquo;s amended and restated bylaws. Our Amended and Restated
Bylaws are included as an exhibit to a Current Report on Form 8-K we filed with the SEC on January 25, 2013, which you may access
through the SEC&rsquo;s electronic data system called EDGAR at www.sec.gov. You may also request a copy of our amended and restated
bylaws by contacting our Corporate Secretary at our principal executive offices.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7pt 0 0 7pt; text-align: center"><B><A NAME="a_027"></A>ANNUAL REPORT ON FORM 10-K</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A copy of the Annual Report on Form 10-K for
the fiscal year ended September&nbsp;30, 2013, as filed with the Securities and Exchange Commission may be obtained upon request
and without charge, by writing:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">10070 Daniels Interstate Court</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Suite 100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Fort Myers, FL 33913</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Attention: Denise Plair, Corporate Secretary</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0 3.5in">By Order of the Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0 3.5in"><U>/s/ Denise Plair</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">Denise Plair</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in"><I>Corporate Secretary</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Important Notice Regarding the Availability
of Proxy Materials for the Annual Meeting of Shareholders to be held on February 28, 2014:</B> &nbsp;The Company&rsquo;s Proxy
Statement and our Annual Report on Form 10-K for the fiscal year ended September&nbsp;30, 2013 are available on our website at&nbsp;<I>http://www.alicoinc.com</I>.
In addition, you may access these materials at <I>https://www.materials.proxyvote.com/016230</I>.</P>

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



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

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<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="image_001.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 68.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="4" CELLSPACING="0" STYLE="border-collapse: collapse; width: 40%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: center; vertical-align: middle; border: Black 1pt solid"><P STYLE="font: 7pt Arial Bold Italic; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IMPORTANT
ANNUAL MEETING INFORMATION</FONT></P></TD></TR>
</TABLE>





<P STYLE="font: 7pt Arial Bold Italic; margin: 0 0 0 371.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 7pt Arial Bold Italic; margin: 0 0 0 371.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial Narrow Bold; margin: 6.6pt 0 0 260pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Electronic
Voting Instructions</B></FONT></P>

<P STYLE="font: 10pt Arial Narrow Bold; margin: 2.1pt 0 0 260pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Available
24 hours a day, 7 days a week!</B></FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 2.6pt 46.75pt 0 260pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Instead
of mailing your proxy, you may choose one of the voting methods outlined below to vote your proxy.</FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 3.85pt 0 0 260pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">VALIDATION
DETAILS ARE LOCATED BELOW IN THE TITLE BAR.</FONT></P>

<P STYLE="font: 8pt Arial Narrow Bold; margin: 3pt 19.75pt 0 260pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Proxies
submitted by the Internet or telephone must be received by 1:00 a.m., Eastern Time, on February 28, 2014.</B></FONT></P>

<P STYLE="font: 10pt Arial Narrow Bold; margin: 1.95pt 0 0 320pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 11%"><IMG SRC="img1.gif" ALT=""></TD>
    <TD STYLE="width: 42%"><P STYLE="font: 10pt Arial Narrow Bold; margin-top: 1.95pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Vote
by Internet</B></FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 2.4pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;
Go to <B>www.investorvote.com/ALCO</B> </FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin-top: 2.8pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;
Or scan the QR code with your smartphone</FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin-top: 2.8pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;
Follow the steps outlined on the secure website</FONT></P>

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

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0 0 0 371.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow Bold; margin: 1.4pt 0 0 260pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Vote
by telephone</B></FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0.1pt 23pt 0 260pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;
Call toll free 1-800-652-VOTE (8683) within the USA, US territories &amp; Canada on a touch tone telephone</FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 2.85pt 0 0 260pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;
Follow the instructions provided by the recorded message</FONT></P>



<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 6.7pt 7.5pt 0 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Using
a <B><U>black ink</U></B> pen, mark your votes with an X as shown in </FONT><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">this
example. Please do not write outside the designated areas. <FONT STYLE="font-size: 12pt">|X|</FONT></FONT></P>

<P STYLE="font: 14pt Arial Narrow Bold; margin: 14pt 0 0 0pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Annual
Meeting Proxy Card</B></FONT></P>

<P STYLE="font: 14pt Arial Narrow Bold; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 7.5pt Arial Narrow Bold; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&#9660;
IF YOU HAVE NOT VOTED VIA THE INTERNET <U>OR</U> TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION
IN THE ENCLOSED ENVELOPE.</B> &#9660;</FONT></P>

<P STYLE="font: 7.5pt Arial Narrow Bold; margin: 0 0 0 26.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 5.4pt 0 6pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>|A| Proposals &mdash; The Board of
Directors recommends a vote <U>FOR</U> all the nominees listed and <U>FOR</U> Proposals 2 and 3.</B> </FONT></P>

<P STYLE="font: 8pt Arial Narrow Bold; margin: 3.1pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1.
    ELECTION OF DIRECTORS:</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>For</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Withhold</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>For</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Withhold</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>For</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Withhold</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 9%; text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">01 - George R. Brokaw</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">02 - Adam D. Compton</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">03 - R. Greg Eisner</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 16pt">&nbsp;&nbsp;<B><FONT STYLE="font-family: Wingdings 2">&Ecirc;</FONT></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">04 - Benjamin D. Fishman</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">05 - W. Andrew Krusen</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">06 - Ramon A. Rodriguez</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">07 - Henry R. Slack</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">08 - Remy W. Trafelet</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">09
    - Clayton G. Wilson</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial Narrow Bold; margin: 3.1pt 0 0 0pt"></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0 0 0 0pt">&nbsp;</P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0 0 0 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 3%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 25%"></TD>
    <TD STYLE="width: 6%; text-align: center; vertical-align: top"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>For</B></FONT></TD>
    <TD STYLE="width: 8%; text-align: center; vertical-align: top"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Against</B></FONT></TD>
    <TD STYLE="width: 8%; text-align: center; vertical-align: top"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Abstain</B></FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 26%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 6%; text-align: center; vertical-align: top"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>For</B></FONT></TD>
    <TD STYLE="width: 7%; text-align: center; vertical-align: top"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Against</B></FONT></TD>
    <TD STYLE="width: 8%; text-align: center; vertical-align: top"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Abstain</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2.</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>RATIFICATION OF THE AUDIT COMMITTEE&rsquo;S SELECTION OF MCGLADREY LLP AS THE COMPANY&rsquo;S INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM:</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3.</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>THE ADVISORY APPROVAL OF THE COMPENSATION OF THE NAMED EXECUTIVE OFFICERS AS DISCLOSED IN
THE COMPANY&rsquo;S PROXY STATEMENT: </B></FONT></B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4.</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>IN THEIR DISCRETION, THE PROXY OR PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY AND ALL ADJOURNMENTS THEREOF.</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B></B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B></B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings"></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings"></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings"></FONT></TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial Narrow Bold; margin: 1.1pt 0 0 24.9pt; text-indent: 201.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> &#9; </FONT></P>

<P STYLE="font: 8pt Arial Narrow Bold; margin: 2.7pt 0 0 24.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9;</FONT></P>

<P STYLE="font: 8pt Arial Narrow Bold; margin: 0 0 0 24.9pt; text-indent: 301.2pt"></P>

<P STYLE="font: 8pt Arial Narrow Bold; margin: 3.65pt 0 0 24.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> &#9;</FONT></P>

<P STYLE="font: 8pt Arial Narrow Bold; margin: 3.65pt 0 0 24.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial Narrow Bold; margin: 3.65pt 0 0 24.9pt"></P>

<P STYLE="margin: 6.75pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>|B| Non-Voting Items</B> </FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 1.4pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Change
of Address</B> &mdash; Please print new address below.</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 1.4pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="10" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; border: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="margin: 3.4pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica"><B>|C| &#9;Authorized Signatures &mdash; This section
must be completed for your vote to be counted. &mdash; Date and Sign Below</B> </FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 2.4pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Executors,
Administrators, Trustees, Guardians, etc. will so indicate when signing.)</FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 2.3pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9;&#9;</FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 2.3pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 2.3pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD NOWRAP STYLE="width: 20%; padding-bottom: 3"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Date (mm/dd/yyyy) &mdash; Please print
    date below.</FONT></TD>
    <TD NOWRAP STYLE="width: 20%; padding-bottom: 3"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 20%; padding-bottom: 3"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Signature 1 &mdash; Please keep signature
    within the box.</FONT></TD>
    <TD NOWRAP STYLE="width: 20%; padding-bottom: 3"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 20%; padding-bottom: 3"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Signature 2 &mdash; Please keep signature
    within the box.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-top: 6; padding-bottom: 6; text-align: center; vertical-align: bottom; border: Black 1pt solid">/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
    <TD STYLE="padding-top: 6; padding-bottom: 6; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6; padding-bottom: 6; text-align: center; vertical-align: bottom; border: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-top: 6; padding-bottom: 6; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6; padding-bottom: 6; text-align: center; vertical-align: bottom; border: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 2.3pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 2.3pt 0 0 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 8pt Arial Narrow,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 36%"><FONT STYLE="font-size: 20pt"><B>&#9632;</B></FONT><B><FONT STYLE="font-size: 12pt">&nbsp;</FONT></B></TD>
    <TD STYLE="width: 31%; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 12pt"><B>92A V</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: right"><FONT STYLE="font-size: 16pt">&nbsp;&nbsp;<B><FONT STYLE="font-family: Wingdings 2">&Ecirc;</FONT></B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 2.3pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>


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<P STYLE="font: 10pt Arial Narrow Bold; margin: 11.2pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Important
Notice Regarding the Availability of Proxy Materials for the Shareholders Meeting to be held on February 28, 2014:</B></FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0.1pt 34.75pt 0 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
Company&rsquo;s Proxy Statement and our Annual Report on Form 10-K for the fiscal year ended September 30, 2013 are available
on our website at <U>http://www.alicoinc.com</U>. In addition, you may access these materials at <U>https://materials.proxyvote.com/016230</U>.</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 7.5pt Arial Narrow Bold; margin: 0.35pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&#9660; IF
YOU HAVE NOT VOTED VIA THE INTERNET <U>OR</U> TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE
ENCLOSED ENVELOPE. &#9660;</B></FONT></P>

<P STYLE="font: 7.5pt Arial Narrow Bold; margin: 0 0 0 24.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 0pt; color: Red">&nbsp;</P>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 0pt; color: Red"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 7.5pt Arial Narrow Bold; margin: 0 0 0 24.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 14pt Arial Narrow Bold; margin: 10.6pt 0 0 0pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Proxy
&mdash; Alico, Inc.</B></FONT></P>

<P STYLE="font: 12pt Arial Narrow Bold; margin: 12.8pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>THIS
PROXY IS SOLICITED ON BEHALF OF THE COMPANY&rsquo;S BOARD OF DIRECTORS</B></FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 5.7pt 16.95pt 0 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 5.7pt 16.95pt 0 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The undersigned
shareholder(s) of Alico, Inc., a Florida corporation (the &ldquo;Company&rdquo;), hereby appoints Henry R. Slack and Clayton G.
Wilson, or either of them, the proxy or proxies of the undersigned, each with the power to appoint his substitute, and hereby authorizes
them to represent and to vote, as designated on the reverse side, all the shares of Common Stock of the Company held of record
by the undersigned on December 31, 2013, at the Annual Meeting of Shareholders of the Company to be held on Friday, February 28,
2014 and at any and all adjournments thereof, with all powers the undersigned would possess if personally present.</P>



<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 5.7pt 16.95pt 0 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 5pt 14.1pt 0 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 5pt 14.1pt 0 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The undersigned acknowledges
receipt of the Notice of Annual Meeting of Shareholders and the Proxy Statement dated January 28, 2014. This proxy card when properly
executed will be voted in the manner directed herein by the undersigned shareholder. If no direction is made, this proxy will be
voted FOR PROPOSAL 1, FOR PROPOSAL 2, FOR PROPOSAL 3 AND IN THE DISCRETION OF THE PROXY HOLDERS WITH RESPECT TO SUCH OTHER MATTERS
AS MAY PROPERLY COME BEFORE THE MEETING.</P>



<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 5pt 14.1pt 0 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Arial Narrow Italic; margin: 5.45pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(Continued
and to be signed on the other side)</I></FONT></P>

<P STYLE="font: 12pt Arial Narrow Italic; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial Narrow Italic; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

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