<SEC-DOCUMENT>0001206774-12-004173.txt : 20121004
<SEC-HEADER>0001206774-12-004173.hdr.sgml : 20121004
<ACCEPTANCE-DATETIME>20121004103804
ACCESSION NUMBER:		0001206774-12-004173
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20121120
FILED AS OF DATE:		20121004
DATE AS OF CHANGE:		20121004
EFFECTIVENESS DATE:		20121004

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MAYS J W INC
		CENTRAL INDEX KEY:			0000054187
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATORS OF NONRESIDENTIAL BUILDINGS [6512]
		IRS NUMBER:				111059070
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03647
		FILM NUMBER:		121128656

	BUSINESS ADDRESS:	
		STREET 1:		9 BOND ST
		CITY:			BROOKLYN
		STATE:			NY
		ZIP:			11201-5805
		BUSINESS PHONE:		7186247400

	MAIL ADDRESS:	
		STREET 1:		9 BOND STREET
		CITY:			BROOKLYN
		STATE:			NY
		ZIP:			11201-5805
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>jwmays_def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>

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<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times new roman" size=2>SCHEDULE 14A </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times new roman" size=2>(Rule 14a-101) </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times new roman" size=2>INFORMATION REQUIRED IN PROXY STATEMENT </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times new roman" size=2>SCHEDULE 14A INFORMATION </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times new roman" size=2>Proxy Statement Pursuant to Section 14(a) of the<BR>Securities Exchange
Act of 1934 (Amendment No. )</FONT><FONT style="FONT-FAMILY: Times new roman">
</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=left>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="12%" colSpan=3><FONT style="FONT-FAMILY: Times new roman" size=2>Filed by the Registrant
      [X]</FONT></TD>
    <TD vAlign=top noWrap align=left width="88%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="12%" colSpan=3><FONT style="FONT-FAMILY: Times new roman" size=2>Filed by a Party other than
      the Registrant [&nbsp;&nbsp; ]&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: Times new roman" size=2></FONT></TD>
    <TD vAlign=top noWrap align=left width="87%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="12%" colSpan=3>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="87%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="12%" colSpan=3><FONT style="FONT-FAMILY: Times new roman" size=2>Check the appropriate
      box:</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: Times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="87%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: Times new roman" size=2>[&nbsp;&nbsp; ]</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: Times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="10%"><FONT style="FONT-FAMILY: Times new roman" size=2>Preliminary Proxy
      Statement</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: Times new roman" size=2>[&nbsp;&nbsp; ]&nbsp;
    </FONT></TD>
    <TD vAlign=top noWrap align=left width="87%"><FONT style="FONT-FAMILY: Times new roman" size=2>Soliciting Material Under Rule
      14a-12</FONT></TD></TR>
  <TR style="LINE-HEIGHT: normal" vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: Times new roman" size=2>[&nbsp;&nbsp; ]</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="10%"><FONT style="FONT-FAMILY: Times new roman" size=2>Confidential, For Use of
      the<BR>Commission Only (as permitted<BR>by Rule 14a-6(e)(2))</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="87%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: Times new roman" size=2>[X]</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="10%"><FONT style="FONT-FAMILY: Times new roman" size=2>Definitive Proxy
      Statement</FONT></TD>
    <TD vAlign=top noWrap align=left width="88%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: Times new roman" size=2>[&nbsp;&nbsp; ]</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="10%"><FONT style="FONT-FAMILY: Times new roman" size=2>Definitive Additional
      Materials</FONT></TD>
    <TD noWrap align=left width="88%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="94%"><FONT style="FONT-FAMILY: Times new roman" size=2>J. W. MAYS, INC.</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" width="3%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" width="94%"><FONT style="FONT-FAMILY: Times new roman" size=2>(Name of Registrant as
      Specified In Its Charter)</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="3%">&nbsp;</TD></TR>
  <TR>
    <TD width="3%"></TD>
    <TD width="94%">&nbsp; </TD>
    <TD width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="94%"><FONT style="FONT-FAMILY: Times new roman" size=2>&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="94%">
      <DIV align=center><FONT style="FONT-FAMILY: Times new roman" size=2>(Name
      of Person(s) Filing Proxy Statement, if Other Than the
      Registrant)</FONT></DIV></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="100%" colSpan=5><FONT style="FONT-FAMILY: Times new roman" size=2>Payment of Filing Fee (Check
      the appropriate box):</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT style="FONT-FAMILY: Times new roman" size=2>[X]</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT style="FONT-FAMILY: Times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="98%" colSpan=3><FONT style="FONT-FAMILY: Times new roman" size=2>No fee required.</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%">
      <DIV><FONT style="FONT-FAMILY: Times new roman" size=2><FONT style="FONT-FAMILY: Times new roman" size=2>[&nbsp;&nbsp;
      ]</FONT></FONT></DIV></TD>
    <TD vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: Times new roman" size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=3>
      <DIV><FONT style="FONT-FAMILY: Times new roman" size=2>Fee computed on
      table below per Exchange Act Rules 14a-6(i)(4) and
0-11.</FONT></DIV></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top align=right width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top align=right width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top align=right width="1%"><FONT size=2>1)</FONT></TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top align=left width="1%">&nbsp;<FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD vAlign=top align=left width="96%"><FONT size=2>Title of each class of
      securities to which transaction applies:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: Times new roman" size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: Times new roman" size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: Times new roman" size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" vAlign=top width="96%"><FONT style="FONT-FAMILY: Times new roman" size=2>&nbsp;
      </FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"><FONT size=2>2)</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top width="96%"><FONT size=2>Aggregate number of
      securities to which transaction applies:</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="96%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"><FONT size=2>3)</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top width="96%"><FONT size=2>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 vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="96%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"><FONT size=2>4)</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top width="96%"><FONT size=2>Proposed maximum
      aggregate value of transaction:</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="96%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"><FONT size=2>5)</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top width="96%"><FONT size=2>Total fee
      paid:</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="96%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%">
      <DIV><FONT style="FONT-FAMILY: Times new roman" size=2><FONT style="FONT-FAMILY: Times new roman" size=2>[&nbsp;&nbsp;
      ]</FONT></FONT></DIV></TD>
    <TD vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: Times new roman" size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=3>
      <DIV><FONT style="FONT-FAMILY: Times new roman" size=2>Fee paid previously
      with preliminary materials:</FONT></DIV></TD></TR>
  <TR style="LINE-HEIGHT: normal">
    <TD vAlign=top align=right width="1%">
      <DIV><FONT style="FONT-FAMILY: Times new roman" size=2><FONT style="FONT-FAMILY: Times new roman" size=2>[&nbsp;&nbsp;
      ]</FONT></FONT></DIV></TD>
    <TD vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: Times new roman" size=2>&nbsp;</FONT></TD>
    <TD style="TEXT-ALIGN: left" vAlign=top width="98%" colSpan=3>
      <DIV style="TEXT-ALIGN: left"><FONT style="FONT-FAMILY: Times new roman" size=2>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></DIV></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-TOP: 4pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>1)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT style="FONT-FAMILY: Times new roman" size=2>Amount previously
    paid:</FONT></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR style="PADDING-TOP: 4pt" vAlign=bottom>
    <TD style="PADDING-TOP: 4pt" vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>2)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT style="FONT-FAMILY: Times new roman" size=2>Form, Schedule or Registration
      Statement No.:</FONT></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR style="PADDING-TOP: 4pt" vAlign=bottom>
    <TD style="PADDING-TOP: 4pt" vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>3)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT style="FONT-FAMILY: Times new roman" size=2>Filing Party:</FONT></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR style="PADDING-TOP: 4pt" vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>4)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT style="FONT-FAMILY: Times new roman" size=2>Date Filed:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="96%">&nbsp;</TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<!--main body-->
<P align=center><B><FONT face="Times New Roman">J.W. MAYS,
INC.<BR>___________________</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>NOTICE OF ANNUAL MEETING OF
SHAREHOLDERS<BR>To Be Held November 20,
2012<BR></FONT></B><STRONG>___________________</STRONG></P>
<P align=right><FONT face="Times New Roman" size=2>October 9, 2012</FONT></P>
<P align=justify><I><FONT face="Times New Roman" size=2>Dear Shareholder:</FONT></I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>You are
cordially invited to attend the Annual Meeting of Shareholders of J.W. Mays,
Inc. (the &#147;Company&#148;) on Tuesday, November 20, 2012 at 10:00 A.M., New York time,
at the offices of the Company, 9 Bond Street, Brooklyn, New York. The purpose of
the meeting will be to:</FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Fix the number of
      directors to be elected at five;</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Elect five directors
      to serve until the next Annual Meeting of Shareholders and until their
      respective successors are duly elected and qualified. The Board has
      nominated Robert L. Ecker, Mark S. Greenblatt, Dean L. Ryder, Jack
      Schwartz and Lloyd J. Shulman; all are current directors.</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>3.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Ratify the appointment
      of D&#146;Arcangelo &amp; Co., LLP, the independent registered public
      accounting firm, as the Company&#146;s independent auditors for the fiscal year
      ending July 31, 2013. D&#146;Arcangelo &amp; Co., LLP served in this same
      capacity for the fiscal year ended July 31, 2012; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>4.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Transact such other
      business as may properly come before the meeting and any adjournment
      thereof. Please note that we are not aware of any such
  business.</FONT></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The Board of
Directors has fixed the close of business September 28, 2012 as the record date
for the determination of shareholders entitled to notice of and to vote at the
2012 Annual Meeting of Shareholders or any adjournment thereof.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED AT THE ANNUAL MEETING,
REGARDLESS OF THE NUMBER YOU MAY HOLD. PLEASE COMPLETE, DATE AND SIGN THE
ENCLOSED FORM OF PROXY AND RETURN IT PROMPTLY IN THE SELF-ADDRESSED ENVELOPE
ENCLOSED WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING. THIS WILL NOT PREVENT
YOU FROM VOTING YOUR SHARES IN PERSON IF YOU ARE PRESENT.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>By order of the Board of
      Directors,</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%"><IMG src="jwmays_def14ax1x1.jpg" border=0></TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%">
      <P align=justify><FONT face="Times New Roman" size=2>S</FONT><FONT face="Times New Roman" size=1>ALVATORE</FONT><FONT face="Times New Roman" size=2> C</FONT><FONT face="Times New Roman" size=1>APPUZZO<BR></FONT><I><FONT face="Times New Roman" size=2>Secretary</FONT></I></P></TD></TR></TABLE><BR>
<P align=right>
<HR align=center width="100%" noShade SIZE=2>
</P>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman">J.W. MAYS, INC.<BR></FONT></B><B><FONT face="Times New Roman" size=2>9 Bond Street<BR>Brooklyn, New York
11201<BR></FONT></B><STRONG><FONT size=2 face="Times New Roman">__________________</FONT></STRONG></P>
<P align=center><B><FONT face="Times New Roman" size=2>PROXY
STATEMENT<BR>__________________</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>THE PROXY AND THE
SOLICITATION</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>This Proxy
Statement and accompanying form of proxy are first being sent to shareholders
commencing on or about October 9, 2012. The enclosed form of proxy is solicited
by the Board of Directors of the Company for use at the Annual Meeting of
Shareholders to be held November 20, 2012 (including any adjournment). You may
revoke your proxy and claim your right to vote up to and including the meeting
by written notice given to the Secretary of the Company. Proxies in the
accompanying form which are properly executed by shareholders, duly returned to
the Company or its agent, and not revoked, will be voted in the manner specified
thereon.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>OUTSTANDING VOTING
STOCK</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the 2,015,780 outstanding shares of common stock, par value $1
per share (the only class of voting security), of the Company (net of 162,517
shares held as treasury stock, which shares cannot be voted) held of record on
September 28, 2012, is entitled to one vote on each of the matters to be acted
upon at the meeting or any adjournment thereof.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>SECURITY OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Reference is made to the information under the caption &#147;Information
Concerning Nominees for Election as Directors&#148; for a statement of the direct
beneficial ownership of the Company&#146;s shares of common stock by its director
nominees. The address for each of such nominees and persons hereinafter
mentioned is c/o J.W. Mays, Inc., 9 Bond Street, Brooklyn, New York 11201. The
information below is given as of September 7, 2012.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the best of the Company&#146;s knowledge, the following persons were the
beneficial owners or were part of a group which was the beneficial owner of more
than 5% of the outstanding common stock of the Company, as of September 7,
2012.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><B><FONT face="Times New Roman" size=1>Amount and Nature of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><B><FONT face="Times New Roman" size=1>Beneficial</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><B><FONT face="Times New Roman" size=1>Ownership in J.W. Mays, Inc.</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="87%"><B><FONT face="Times New Roman" size=1>Name of Beneficial Owner</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="5%" colSpan=4><B><FONT face="Times New Roman" size=1>as of September 7,
      2012</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="5%" colSpan=4><B><FONT face="Times New Roman" size=1>Percent of
    Class</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Weinstein
      Enterprises, Inc.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961 Route
      52</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carmel, New
      York 10512</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><I><FONT face="Times New Roman" size=2>Subsidiaries of
      Weinstein Enterprises, Inc.:</FONT></I></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Gailoyd Enterprises
      Corp.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>670,120</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>33.24</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961 Route
      52</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carmel, New
      York 10512</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face="Times New Roman" size=2>Celwyn Company, Inc.</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>240,211</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>11.92</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      961 Route 52</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Carmel, New York 10512</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>910,331</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>45.16</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=justify><I><FONT face="Times New Roman" size=2>(Footnotes on pages 2 and 3)
</FONT></I></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Through</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Weinstein</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><B><FONT face="Times New Roman" size=1>Percent</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="83%"><B><FONT face="Times New Roman" size=1>Name of Beneficial Owner</FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Enterprises</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Direct</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Total</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=2><B><FONT face="Times New Roman" size=1>of Class</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Sylvia W. Shulman(2)
      (3) (4)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>403,536.26</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>42,201.00</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>445,737.26</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>22.11</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>Lloyd J. Shulman(2) (3) (4)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>203,689.46</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>46,098.00</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>249,787.46</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>12.39</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Shulman Trustees FBO
      Lloyd J. Shulman(3) (4)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>62,096.18</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>62,096.18</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3.08</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>Gail S. Koster(4)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>128,270.16</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>128,270.16</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>6.37</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Shulman Trustees FBO
      Gail S. Koster(4)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>52,896.74</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>52,896.74</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.62</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>Koster Family Partnership L.P. Gail
      Koster(4)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>9,285.00</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>9,285.00</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>.46</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>J. Weinstein
      Foundation, Inc.(5)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>140,568.00</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>140,568.00</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6.97</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>Sub-total</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>850,488.80</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>238,152.00</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,088,640.80</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>54.00</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Lloyd J. Shulman and
      Gail S. Koster as Co-Trustees</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FBO Linda B. Felmus
      Jessogne(6)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>36,843.62</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>36,843.62</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1.83</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>Shulman Trustees FBO Linda B. Felmus
      Jessogne(6)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>22,998.58</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>22,998.58</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1.14</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Total</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>910,331.00</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>238,152.00</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,148,483.00</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>56.97</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR></TABLE>____________________<BR><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Weinstein Enterprises,
      Inc., a Delaware corporation (&#147;Enterprises&#148;), is the beneficial owner of
      910,331 shares (45.16%) of the outstanding common stock of the Company
      through its two wholly-owned subsidiaries: (i) Gailoyd Enterprises Corp.,
      a Delaware corporation (&#147;Gailoyd&#148;), which directly owns 670,120 shares
      (33.24%) of the outstanding common stock of the Company and (ii) Celwyn
      Company, Inc., a Delaware corporation (&#147;Celwyn&#148;), which directly owns
      240,211 shares (11.92%) of the outstanding common stock of the
      Company.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Sylvia W. Shulman
      directly owns 42,201 shares of the outstanding common stock of the
      Company. She also beneficially owns 403,536.26 shares of the outstanding
      common stock of the Company through her beneficial ownership of 1,759
      shares (44.33%) of Enterprises, which includes 1,606 shares (40.47%) held
      by Sylvia W. Shulman and Lloyd J. Shulman as trustees of the trust for
      Sylvia W. Shulman and 153 shares (3.86%) held directly, for a total of
      445,737.26 shares (22.11%). (Sylvia W. Shulman is the daughter of the late
      Joe Weinstein, founder of the Company.)</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Lloyd J. Shulman
      directly owns 46,098 shares of the outstanding common stock of the
      Company. He also beneficially owns 203,689.46 shares of the outstanding
      common stock of the Company through his beneficial ownership of 887.875
      shares (22.38%) of Enterprises, and Sylvia W. Shulman and Lloyd J. Shulman
      as Co-Trustees of the trust for Lloyd J. Shulman pursuant to the will of
      the late Celia Weinstein own 62,096.18 shares (3.08%) of the outstanding
      common stock of the Company through the beneficial ownership of 270.675
      (6.82%) of Enterprises for a total of 311,883.64 shares
  (15.47%).</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>The Shulman family
      beneficially owns 948,072.80 shares (47.03%) of the outstanding common
      stock of the Company both directly and through
  Enterprises.</FONT></TD></TR></TABLE>
<P align=justify><I><FONT face="Times New Roman" size=2>(Footnotes 5 and 6 continued on page
3)</FONT></I></P>
<P align=center><FONT face="Times New Roman" size=2>2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>This total
includes:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Number
    of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>Percent</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%"><B><FONT face="Times New Roman" size=1>Shares</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>of Class</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>a)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=2>Sylvia W. Shulman owns:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>Directly</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>42,201.00</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>2.09</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Through her
      beneficial ownership of 1,759 shares (44.33%) of Enterprises</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>403,536.26</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>20.02</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=3>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>b)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=2>Lloyd J. Shulman owns:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>Directly</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>46,098.00</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>2.28</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Through his
      beneficial ownership of 887.875 shares (22.38%) of Enterprises</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>203,689.46</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.11</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=3>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>c)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=2>Shulman Trustees FBO Lloyd J. Shulman pursuant to the will of
      the late Celia</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=2>Weinstein (Sylvia Shulman and Lloyd Shulman as Co-Trustees)
      through the</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=2>beneficial ownership of 270.675 shares (6.82%) of
      Enterprises</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>62,096.18</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3.08</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="88%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>d)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Koster Family
      Partnership L.P. Gail S. Koster&#151;direct</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>9,285.00</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>.46</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>Gail S. Koster (daughter of Sylvia W.
      Shulman and the late Max L. Shulman,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>former chairman of the board) through
      the beneficial ownership of</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>559.125 shares (14.09%) of
      Enterprises</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>128,270.16</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>6.37</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=3>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>e)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=2>Sylvia W. Shulman and Lloyd J. Shulman as Co-Trustees FBO
      Gail S. Koster</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=2>pursuant to the will of the late Celia Weinstein (Sylvia
      Shulman and Lloyd Shulman</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=2>as Co-Trustees) through the beneficial ownership of 230.575
      shares (5.81%)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=2>of Enterprises</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>52,896.74</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.62</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=3><FONT face="Times New Roman" size=2>Total</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>948,072.80</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>47.03</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR></TABLE>____________________<BR><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(5)</FONT></TD>
    <TD vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>J. Weinstein
      Foundation, Inc. directly owns 140,568 shares (6.97%) of the outstanding
      common stock of the Company. Sylvia W. Shulman and Lloyd J. Shulman, as
      officers and directors of J. Weinstein Foundation, Inc., share voting
      power as to these shares and consequently may be deemed to be the
      beneficial owners thereof, although the table set forth above does not
      include such shares as beneficially owned by such persons.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(6)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>Linda B.
      Felmus Jessogne beneficially owns 59,842.20 shares (2.97%) of the
      outstanding common stock of the Company through two separate income
      trusts. This total includes:</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Lloyd J. Shulman and
      Gail S. Koster as Co-Trustees of the trust for Linda B. Felmus Jessogne
      under the will of the late Florence W. Felmus own 36,843.62 shares (1.83%)
      of the outstanding common stock of the Company through the beneficial
      ownership of 160.60 shares (4.05%) of Enterprises.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Sylvia W. Shulman and
      Lloyd J. Shulman as Co-Trustees of the trust for Linda B. Felmus Jessogne
      under the will of the late Celia Weinstein own 22,998.58 shares (1.14%) of
      the outstanding common stock of the Company through the beneficial
      ownership of 100.25 shares (2.53%) of
Enterprises.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>To the best of
the Company&#146;s knowledge, the directors and executive officers of the Company
considered as a group beneficially owned the following amount of outstanding
common stock of the Company as of September 7, 2012:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="93%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Amount and Nature of</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Beneficial Ownership in</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="93%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%"><B><FONT face="Times New Roman" size=1>J.W.
      Mays, Inc.</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face="Times New Roman" size=1>Percent
      of Class</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>All directors and executive officers of
      the Company</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      considered as a group (5 persons)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>453,876.64*</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>22.51%</FONT></TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>This total includes
      311,883.64 shares (15.47%) derived from Lloyd J. Shulman beneficial
      holdings, excluding those of Sylvia W. Shulman directly and through her
      beneficial ownership in Enterprises and Gail S. Koster; Sylvia W. Shulman
      and Lloyd J. Shulman as Co-Trustees FBO Gail S. Koster; and the Koster
      Family Partnership L.P. Gail Koster; and also includes 140,568 shares
      (6.97%) of the outstanding common stock of the Company owned directly by
      J. Weinstein Foundation, Inc. together with 1,425 shares (.07%) owned by
      other officers and directors. Moreover, the director of the Company who is
      also a director of Enterprises may, because of his power to vote his
      shares in Enterprises, be considered to be the beneficial owner of the
      910,331 shares (45.16%) of the outstanding common stock of the Company
      held by Enterprises.</FONT></TD></TR></TABLE>
<P align=justify><B><FONT face="Times New Roman" size=2>OTHER PRINCIPAL NON-AFFILIATED
HOLDERS OF COMMON STOCK</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>To the best of
the Company&#146;s knowledge, the following &#147;persons&#148; were the beneficial owners or
were part of a group which was the beneficial owner of more than 5% of the
Company&#146;s outstanding common stock, other than those set forth above, as of
September 7, 2012:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="89%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Amount and Nature of</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="89%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Beneficial Ownership in</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>J.W. Mays,
      Inc.</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Percent of
      Class</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Lillian Goldman Marital Trust</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>271,200</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>13.45</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c/o
      Simpson Thacher &amp; Bartlett</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425
      Lexington Avenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New
      York, New York 10017</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="TEXT-ALIGN: left" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap width="89%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: right" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: right" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: right" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: right" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: right" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: right" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: right" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Estate of Lillian Goldman</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>182,800</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>9.07</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640
      Fifth Avenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New
      York, New York 10019</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE>
____________________<BR>&nbsp;
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>The number of shares
      shown above has been obtained from Amendment No. 10 to Schedule 13D, the
      most recent amendment which was dated January 10, 2011, as filed with the
      U.S. Securities and Exchange Commission on behalf of each of Jane H.
      Goldman, Allan H. Goldman and Louisa Little as trustees of the Lillian
      Goldman Marital Trust.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>The number of shares
      shown above has been obtained from Amendment No. 10 to Schedule 13D, the
      most recent amendment which was dated January 10, 2011, as filed with the
      U.S. Securities and Exchange Commission on behalf of each of Jane H.
      Goldman, Allan H. Goldman, Amy P. Goldman and Diane Goldman Kemper as
      Co-Executors of the Estate of Lillian Goldman.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>CORPORATE GOVERNANCE.</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>All of the
nominees are presently directors of the Company. The five nominees will be
elected to hold office for the ensuing year or until their respective successors
are elected and qualified. Of the five nominees, Messrs. Robert L. Ecker, Dean
L. Ryder and Jack Schwartz are independent as defined in the U.S. Securities and
Exchange Commission SEC Rules and Regulations (including those contained in the
Sarbanes-Oxley Act of 2002) and NASDAQ Market Place Rules. In making such
determinations, there were no transactions, relationships or arrangements not
disclosed in our SEC filings to be considered by the Board of Directors in
determining whether the director was independent.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>BOARD LEADERSHIP STRUCTURE AND RISK
OVERSIGHT.</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Board Leadership
Structure.</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The current Board Chairman, Lloyd J. Shulman, is also the current
President and Chief Executive Officer of the Company. The Company believes that
the Company&#146;s current model of the combined Chairman/Chief Executive Officer
role is the appropriate leadership structure for the Company at this time. The
combined Chairman/Chief Executive Officer model is a leadership model that has
served our shareholders well since the inception of the Company.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company believes the combined Chairman/Chief Executive Officer
position has certain advantages over other board leadership structures, such as
having a non-executive Chairman of the Board. The Company&#146;s present structure
continues to best meet its current needs, including:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Efficient communication between management and the Board;</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Clarity for the Company&#146;s stockholders on corporate leadership and
accountability; and</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2>The Chairman
of the Board possessing the best knowledge of the Company&#146;s strategy, operations
and financial condition.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Risk Oversight.</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>A fundamental
tenet of the Company&#146;s risk management process is not only understanding the
risks the Company faces and what steps management is taking to manage those
risks, but also understanding what level of risk is appropriate for the Company.
The entire Board of Directors&#146; involvement in helping to set the Company&#146;s
business strategy is an important aspect of its assessment of management&#146;s
tolerance for risk and its determination of the appropriate level of risk for
the Company. The Board of Directors oversees investment risk facing the Company
by reviewing monthly reports from management of the Company&#146;s investments, and
at quarterly meetings or more frequently, if needed, of the Company&#146;s real
estate matters. While the Board of Directors has the ultimate oversight
responsibility for the risk management process, various committees of the Board
also have responsibility for risk management. In particular, the Audit Committee
focuses on financial risk by providing oversight of the quality and integrity of
the Company&#146;s financial reporting and internal controls (including working with
the Company&#146;s independent auditors), as well as the Company&#146;s compliance with
legal and regulatory requirements. The Company&#146;s Executive Compensation
Committee reviews the Company&#146;s compensation policies and practices to help
ensure there is a closer relationship between compensation levels, on the one
hand, and corporate performance and return to stockholders, on the other hand.
The Executive Compensation Committee and the full board have reviewed our
compensation program and have concluded that it does not encourage excessive
risk-taking.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to the Company&#146;s compensation plans and programs, the
Executive Compensation Committee structures such plans and programs to balance
risk and reward, while mitigating the incentive for excessive risk-taking by the
Company&#146;s executive officers and employees. The Executive Compensation Committee
has concluded that the Company&#146;s compensation policies and practices do not
create risks that are reasonably likely to have a material adverse effect on the
Company.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>MINIMUM
QUALIFICATIONS.</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The Nominating
Committee has adopted a set of criteria that it considers when it selects
individuals to be nominated for election to the Board of Directors. First, a
candidate must meet the eligibility requirements set forth in the Company&#146;s
By-Laws. A candidate also must meet independence requirements contained in
various rules and regulations, including the Sarbanes-Oxley Act of 2002 and
those of the NASDAQ Stock Market and FINRA.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Nominating Committee will consider the following criteria in
selecting nominees for initial election or appointment to the Board: financial,
regulatory and business experience; integrity, honesty and reputation;
dedication to the Company and its stockholders; independence; and any other
factors the Nominating Committee deems relevant, including age, diversity, size
of the Board of Directors and regulatory disclosure obligations. In its
consideration of diversity, the Nominating Committee seeks to create a Board
with a diverse set of skills and experience with respect to management and
leadership, vision and strategy, accounting and finance, investing funds,
banking, business operations and judgment, and real estate industry
knowledge.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition, prior to nominating an existing director for re-election to
the Board of Directors, the Nominating Committee will consider and review an
existing director&#146;s Board and committee attendance and performance; length of
Board service; the experience, skills and contributions that the existing
director brings to the Board; and independence.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>DIRECTOR NOMINATION
PROCESS.</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The process that the Nominating Committee follows when it identifies and
evaluates individuals to be nominated for election to the Board of Directors is
as follows:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of identifying nominees for the Board of Directors, the
Nominating Committee relies on personal contacts of, and business dealings with,
the committee members and other members of the Board of Directors. The
Nominating Committee will also consider director candidates recommended by
stockholders in accordance with the policy and procedures set forth
below.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In evaluating potential nominees, the Nominating Committee determines
whether the candidate is eligible and qualified for service on the Board of
Directors by evaluating the candidate under the selection criteria set forth
above. In addition, the Nominating Committee will review the individual&#146;s
background and will interview the candidate.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Proposal to Fix the Number of
Directors at Five</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Directors are to be elected to serve until the next Annual Meeting of
Shareholders and until the election and qualification of their respective
successors. The By-Laws provide that, prior to the election of directors at each
Annual Meeting of Shareholders, the number of directors to be elected at such
meeting for the ensuing year shall be fixed by the shareholders by a majority
vote of the shares represented at the meeting in person or by proxy within the
limits fixed by the Certificate of Incorporation which provides for a minimum of
three and a maximum of eleven. The Board of Directors recommends the election of
five directors and, except as discussed below, all proxies received pursuant to
this solicitation will be voted for that number of directors. The affirmative
vote of a majority of the shares represented in person or by proxy is required
to fix the number of directors at five.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Information Concerning Nominees for
Election as Directors</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>It is intended that proxies received pursuant to this solicitation will
be voted for the election of the following nominees, unless for any reason any
such nominee shall not be available for election, in which event the proxies
will be voted in favor of the remainder of those nominated, and may be voted for
substitute nominees in place of those who are not candidates or to reduce (but
not below three) the number of directors to be elected. Each of the nominees has
consented to serve as a director, if elected, and it is contemplated that all of
the nominees will be available for election as directors.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The following information is given as of September 7, 2012 with respect
to each nominee for election as a director. Such information has been furnished
by the nominees. The information shows their respective ages, the positions and
offices held with the Company, the period served as a director, their relevant
business experience, including their principal occupations and employment during
that period, their direct beneficial ownership and percentage of the </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>Company&#146;s outstanding shares owned
[excluding shares which may be deemed to be beneficially owned as set forth
under the caption &#147;Security Ownership of Certain Beneficial Owners and
Management&#148; (pages 1 to 3)], and other directorships in public companies.
However, none of the directors is a director of another public
company.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The name, age,
principal occupation, other business affiliations, and certain other information
concerning each nominee for election as a director of the Company is set forth
below.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Robert L. Ecker,
55</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Mr. Ecker was elected as a director of the Company in November, 2011. Mr.
Ecker is admitted to the New York and New Jersey Bars and is also licensed as a
Certified Public Accountant. Additionally, he holds a Masters of Law in Taxation
(L.L.M.). Mr. Ecker has practiced law for the past twenty-five years and has
extensive experience in business, tax and real estate matters and is a founding
partner in the law firm of Ecker, Ecker &amp; Associates, LLP, located in
Armonk, New York. Mr. Ecker is a former member of the Board of Directors of the
New York State Society of Certified Public Accountants and the Estate Planning
Council, Westchester County, as well as a past President of the Westchester
Chapter of the New York State Society of Certified Public
Accountants.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Mark S. Greenblatt,
58</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Mr. Greenblatt was elected as a director of the Company in August, 2003.
Mr. Greenblatt is licensed as a Certified Public Accountant and a member of the
American Institute of Certified Public Accountants, and has worked for the
Company for more than thirty years. Mr. Greenblatt has been the Vice President
and Treasurer of the Company since August, 2003; prior to that from August, 2000
to August, 2003, he served as a Vice President and Assistant Treasurer of the
Company; and from November, 1987 to August, 2000, he served as the Assistant
Treasurer of the Company. Mr. Greenblatt is also a Trustee of the J. W. Mays,
Inc. Retirement Plan and Trust. Mr. Greenblatt has extensive experience in the
business operations of the Company from a financial, accounting, real estate and
operations prospective. Mr. Greenblatt directly owns 202, or .01% shares, of the
Company&#146;s outstanding common stock as of September 7, 2012.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Dean L. Ryder,
66</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Mr. Ryder was elected as a director of the Company in November, 1999. He
serves as a member of the Audit Committee, the Investment Advisory Committee,
the Executive Compensation Committee and the Nominating Committee of the
Board.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition to serving on the Company&#146;s Board since 1999, Mr. Ryder
serves on the Board of Directors of Putnam County National Bank. He also serves
on the Boards of the New York State Bankers Association, the Old Rhinebeck
Aerodrome, the American Heart Association, the Town of Kent Industrial
Development Authority and Flight Safety International, Inc.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Mr. Ryder has worked in the banking industry for more than forty years.
Since 1994, he has been the President of Putnam County National Bank. His
extensive experience in many varied aspects of the banking industry, as well as
his experience in being President of a bank and serving on the board of
directors of Putnam County National Bank, the Company&#146;s Board and other
organizations, has enabled him to be an important contributor to the Board&#146;s
decision-making processes, especially in banking and financial services matters.
His understanding of various aspects of the lending business has proven
invaluable in helping the Company with its banking and borrowing
relationships.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Jack Schwartz,
90</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Mr. Schwartz was elected as a director of the Company in November, 1987.
He has served as Chairman of the Audit Committee since 1999, and is also a
member of the Executive Committee, Investment Advisory Committee, Executive
Compensation Committee and Nominating Committee of the Board.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Mr. Schwartz is a retired banker, having worked for various banks,
including the Equitable Federal Savings &amp; Loan Association and the Bowery
Savings Bank, from 1949 through 1986 (with an interruption for military service
in 1951 and 1952). Mr. Schwartz served as a Branch Manager, Vice President and
Treasurer, and Vice President for Public Relations and Community Relations
during the period from 1980 to 1986. Mr. Schwartz also served as a
Consultant-Public Relations and Community Relations, to The Brooklyn Union Gas
Company from 1986 to 1990.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Mr. Schwartz
served as a Naval Officer during World War II and the Korean War, retiring as a
Lt. Commander in 1956. Mr. Schwartz&#146;s experience during his career in dealing
with people and business as well as his ability to create a consensus among
other members of the Board are invaluable traits that he has developed over his
long and distinguished business career. Mr. Schwartz directly owns 100, or .005%
shares, of the Company&#146;s outstanding common stock as of September 7,
2012.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Lloyd J. Shulman,
70</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Mr. Shulman was elected as a director of the Company in November, 1977.
Mr. Shulman has worked for the Company since 1965. Mr. Shulman has been the
Chairman of the Board and President, Chief Executive Officer and Chief Operating
Officer since November, 1996; Co-Chairman of the Board and President, Chief
Executive Officer and Chief Operating Officer from June, 1995 to November, 1996;
President and Chief Operating Officer from November, 1978 to June, 1995; and
prior to 1978, Senior Vice President of J. W. Mays, Inc. Mr. Shulman is also a
Trustee of the J. W. Mays, Inc. Retirement Plan and Trust. Mr. Shulman has
extensive experience in leadership and real estate matters, and the operation of
the Company, having worked for the Company and in the industry for more than
forty years. Mr. Shulman directly owns 46,098, or 2.28% shares and is the
beneficial owner of 265,785.64, or 13.19% shares for a total of 311,883.64, or
15.47% shares, of the Company&#146;s outstanding common stock as of September 7,
2012.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Board of Directors Meetings and
Committees</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board of Directors of the Company holds regular quarterly meetings to
review significant developments affecting the Company and to act on matters
requiring Board approval. During fiscal 2012, the Board held four regular
meetings and one special meeting. The Company has established various Committees
including an Executive Committee, an Audit Committee, an Investment Advisory
Committee, an Executive Compensation Committee, a Disclosure Committee and a
Nominating Committee.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board has determined that all members of each of the Audit, Executive
Compensation, and Nominating Committees are independent as defined under NASDAQ
rules, and, in the case of all members of the Audit Committee, that they meet
the additional independence requirements of Rule 10A-3 under the Securities
Exchange Act of 1934.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Executive
Committee</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Committee, during fiscal 2012, consisted of Lloyd J. Shulman
(Chairman), Dean L. Ryder, and Jack Schwartz. This Committee may exercise all
the powers of the Board when it is not in session, except as otherwise provided
in a resolution, by statute or By-Law. This Committee did not meet during fiscal
2012.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Audit
Committee</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Committee, during fiscal 2012, consisted of the following
&#147;independent&#148; non-employee members of the Board: Jack Schwartz (Chairman), Dean
L. Ryder, and Robert L. Ecker. We have determined that each of Dean L. Ryder and
Robert L. Ecker qualify as an &#147;audit committee financial expert&#148; under
applicable SEC and NASDAQ rules and regulations. The Company&#146;s Board has
approved an Audit Committee Charter.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Audit Committee, which met five times during fiscal 2012, is
responsible for such matters as recommending to the Board of Directors a firm of
independent registered auditors to be retained for the ensuing year by the
Company and its subsidiaries, reviewing the scope and results of annual audits,
reviewing the auditors&#146; recommendations to management and the response of
management to such recommendations, the internal audit reports, and the adequacy
of financial and accounting control mechanisms employed by the Company. The
Committee also reviews and approves any non-audit related services rendered to
the Company and its subsidiaries by the independent registered public accounting
firm, including their fees. The Committee is prepared to meet at any time upon
request of the independent registered public accounting firm to review any
special situation arising in relation to any of the foregoing
subjects.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Investment Advisory
Committee</FONT></I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>This
Committee, during fiscal 2012, consisted of the entire Board of which Lloyd J.
Shulman is Chairman. The Committee meets as necessary on the call of the
Chairman. The Committee met twice during fiscal 2012. The Committee reviews and
makes recommendations concerning the investment choices available with safety of
principal, high yields and liquidity as the prime objectives.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Executive Compensation
Committee</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Committee, during fiscal 2012, consisted of Dean L. Ryder, Jack
Schwartz, and Robert L. Ecker, all &#147;independent&#148; non-employee directors. The
Committee recommends to the Board the establishment and modification of
executive compensation plans and programs. It considers and recommends to the
Board remuneration arrangements for the Chief Executive Officer, as well as the
compensation for the other executive officers. The Committee met once during
fiscal 2012.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each director attended 100% of the aggregate meetings of the Board and
the Committees (if a member thereof) held during fiscal 2012 except Lewis D.
Siegel who attended 50% of the meetings while he was a director.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Disclosure
Committee</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Committee was formed March 19, 2003 and consists of Lance D. Myers
(Special Counsel), Mark S. Greenblatt (Vice President and Treasurer) and Ward N.
Lyke, Jr. (Vice President and Assistant Treasurer). The Committee reviews all
financial reports and other required disclosures, assesses the materiality of
information and ensures that internal controls are sufficient before the reports
are submitted to the Audit Committee for final review prior to the filing with
the Securities and Exchange Commission. The Committee met four times during
fiscal 2012. The Company&#146;s Board has approved a Disclosure Committee
Charter.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Nominating
Committee</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Committee was formed October 12, 2004 and, during fiscal 2012,
consisted of Dean L. Ryder, Jack Schwartz, and Robert L. Ecker, all
&#147;independent&#148; non-employee directors. The Nominating Committee will assist the
Board in the selection of Board members. The Company&#146;s Board has approved a
Nominating Committee Charter.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>EXECUTIVE
COMPENSATION</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Overview</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Executive Compensation Committee of the Board of Directors is
responsible for developing and determining the Company&#146;s executive compensation
policies and administering the Company&#146;s executive compensation plans.
Additionally, the Executive Compensation Committee determines the compensation
to be paid to the principal executive officer and the principal financial
officer of the Company as well as other key employees (such executives who
served during the fiscal year ended July 31, 2012 are hereinafter referred to as
&#147;named executive officers&#148;).</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Compensation Philosophy and
Objectives</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Executive Compensation Committee considers the ultimate objective of
an executive compensation program to be in the creation of stockholder value. An
effective executive compensation program pursues this objective by (i) aligning
each executive officer&#146;s interests with those of stockholders by rewarding each
executive officer based on the Company&#146;s performance and (ii) insuring the
Company&#146;s continued ability to hire and retain superior employees in key
positions by insuring that compensation provided to such employees remains
competitive with the compensation paid to employees with similar
responsibilities and experience working for companies of comparable size,
capitalization, and complexity.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Determination of Compensation
Awards</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The Executive
Compensation Committee has the primary authority to determine the compensation
awards available to the named executive officers other than the Company&#146;s Chief
Executive Officer (with respect to whom it has sole authority). To assist the
Executive Compensation Committee in making such determinations, the Chief
Executive Officer conducts an annual performance review with each of the named
executive officers other than himself in which each such officer provides the
Chief Executive Officer with input about his or her contributions to the
Company&#146;s business during the given fiscal year. Subsequently, the Chief
Executive Officer provides compensation recommendations to the Executive
Compensation Committee regarding each of such officers.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Executive Compensation Committee conducts an annual review of the
Chief Executive Officer&#146;s performance prior to making its determination. During
this review, the Executive Compensation Committee considers the Company&#146;s
performance in the following categories: the performance of the Common Stock,
the achievement of agreed upon objectives such as increased rental revenues, and
other business performance improvements.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company&#146;s management reviews the compensation of all salaried
employees on an annual basis, taking into consideration job responsibility,
performance and the Company&#146;s success. The day-to-day design and administration
of health, welfare and paid time-off plans and policies to all employees, other
than those employees covered under a collective bargaining agreement, are
handled by the Company&#146;s management.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company does not believe that there are any risks arising from its
compensation policies and practices for its employees that are likely to have a
material adverse effect on the Company.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Base Salary</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Salary levels for the Company&#146;s executive officers are established
principally on the basis of the executive&#146;s position. In each case,
consideration is given both to the personal factors such as the individual&#146;s
record and the responsibility associated with the position, and the prevailing
conditions in the geographic area where the executive&#146;s services are
performed.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Executive Compensation Committee recognized the changing real estate
market but believes executive officers&#146; base salaries, approved by the Board,
are at or below competitive base salary levels.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Executive Compensation Committee in determining future base salary
increases will consider the Company&#146;s performance under the then existing
conditions and the then competitive conditions in the labor market.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has no incentive compensation programs or stock option
plans.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Retirement Plan</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board of Directors adopted The J. W. Mays, Inc. Retirement Plan and
Trust (&#147;Plan&#148;) effective August 1, 1991. The Board of Directors believes that
the Plan will strengthen the ability of the Company to attract and retain
employees (exclusive of those employees covered by a collective bargaining
agreement) and increase such individuals&#146; incentive to contribute to the
Company&#146;s future success.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company&#146;s contribution to the Plan is an amount equal to 15% of each
participant&#146;s compensation plus 5.7% of each participant&#146;s compensation in
excess of the contribution and benefit base in effect under Section 230 of the
Social Security Act for each year, subject to a compensation limit of
$245,000.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Other Benefits</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company provides the named executive officers with medical insurance,
life insurance and disability benefits that are generally made available to the
Company&#146;s employees to ensure that the Company&#146;s employees have access to basic
healthcare and income protection for themselves and their family
members.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>SUMMARY COMPENSATION
TABLE</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The following
table sets forth information with respect to compensation earned by the named
executive officers:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="58%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><B><FONT face="Times New Roman" size=1>Change in</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="58%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><B><FONT face="Times New Roman" size=1>Pension</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="58%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><B><FONT face="Times New Roman" size=1>Value and</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="58%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Non-Equity</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><STRONG><FONT size=1 face="Times New Roman">Non-qualified</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="58%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Incentive</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><B><FONT face="Times New Roman" size=1>Deferred</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="58%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Stock </FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><STRONG><FONT size=1 face="Times New Roman">Option</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Plan</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><B><FONT face="Times New Roman" size=1>Compensation</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><STRONG><FONT size=1 face="Times New Roman">All Other</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="58%"><B><FONT face="Times New Roman" size=1>Name and
      Principal</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>Salary</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>Bonus</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><STRONG><FONT size=1 face="Times New Roman">Awards</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><STRONG><FONT size=1 face="Times New Roman">Awards</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><STRONG><FONT size=1 face="Times New Roman">Compensation</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><STRONG><FONT size=1 face="Times New Roman">Earnings</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><STRONG><FONT size=1 face="Times New Roman">Compensation</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>Total</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="58%"><B><FONT face="Times New Roman" size=1>Position</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Year</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="5%" colSpan=4><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Lloyd J.
      Shulman</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>308,308</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>44,594</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>352,902</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman of</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>287,539</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>44,627</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>332,166</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Board and</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2010</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>274,725</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>44,627</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>319,352</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President,
    Chief</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive
    Officer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Chief</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating
    Officer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=37>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Mark S.
      Greenblatt</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>265,863</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>25,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>44,594</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>335,457</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>245,228</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>23,500</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>44,627</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>313,355</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Treasurer</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2010</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>229,547</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>37,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>44,627</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>311,174</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=37>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Ward N. Lyke,
      Jr.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>195,077</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>18,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>38,019</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>251,096</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>185,286</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>18,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>35,854</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>239,140</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Assistant</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2010</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>178,868</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>17,600</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>34,465</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>230,933</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=37>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>George
Silva</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>187,039</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>20,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>36,769</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>243,808</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice
President&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>172,640</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>18,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>33,227</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>223,867</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2010</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>161,387</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>30,500</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>33,505</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>225,392</FONT></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>EMPLOYMENT CONTRACTS AND SEVERANCE
AGREEMENTS</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Each of the
above executives received a three-year employment agreement, subject to earlier
termination, which became effective August 1, 2005. The employment contracts
were extended for an additional three-year period, effective August 1, 2008 and
further extended for an additional three-year period effective August 1, 2011.
The base annual salary during the first year of the most recently extended
period is as follows: Lloyd J. Shulman $294,000; Mark S. Greenblatt $251,000;
Ward N. Lyke, Jr. $188,000; George Silva $177,000. Each executive is entitled to
increases and an annual bonus as determined by the Board of Directors. Each
executive officer is restricted from competing with the Company, inducing any
person employed by the Company to join a competitor, or using the confidential
information in a manner adverse to the Company during his term of employment and
for a period of 24 months following termination of his employment. The
geographic scope of the restrictive covenant is a fifteen (15) mile radius of
the then principal place of business of the Company. Each executive officer will
continue to be paid his compensation even if he becomes permanently disabled (as
such term is defined in the employment agreement).</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>COMPENSATION OF
DIRECTORS</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A director who is an employee of the Company is not compensated for
services as a member of the Board of Directors or any committee thereof. In
2012, Directors who were not employees received (i) a cash retainer of $4,000
per quarter; (ii) a fee of $1,800 for each meeting of the Board of Directors;
(iii) a fee of $1,200 for each Audit Committee meeting attended; (iv) a fee of
$600 for each Executive Compensation Committee, each Executive Committee and
each Nominating Committee meeting attended; and (v) a fee of $600 for each
Investment Advisory Committee meeting attended. The Audit Committee Chairman
receives an additional $1,000 per meeting. Each non-employee director also
receives an annual expense allowance of $500, payable $125 quarterly.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The following
table sets forth information with respect to compensation earned by or awarded
to each director of the Company who is not a named executive officer and who
served on the Board of Directors during the fiscal year ended July 31,
2012.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Change in</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Pension Value</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>and</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>Fees</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Non-qualified</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>Earned</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Non-Equity</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Deferred</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>or
      Paid</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Stock</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Option</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Incentive Plan</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Compensation</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>All Other</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>in
      Cash</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Awards</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Awards</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Compensation</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Earnings</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Compensation</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="67%"><B><FONT face="Times New Roman" size=1>Name</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>Total</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Robert L.
    Ecker</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>23,075</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp; &nbsp;&nbsp; &nbsp; </TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>23,075</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face="Times New Roman" size=2>Dean L. Ryder</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2>33,200</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>33,200</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Jack
    Schwartz</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>38,200</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>38,200</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face="Times New Roman" size=2>Lewis D. Siegel (1)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2>10,125</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>10,125</FONT></TD></TR></TABLE>____________________<BR><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Resigned effective
      October 7, 2011.</FONT></TD></TR></TABLE>
<P align=justify><B><FONT face="Times New Roman" size=2>EXECUTIVE COMPENSATION COMMITTEE
INTERLOCKS AND INSIDER PARTICIPATION</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>During the
fiscal year ended July 31, 2012, the Executive Compensation Committee was
comprised only of non-employee independent directors. There were no interlocks
or other relationships among the Company&#146;s executive officers and directors that
are required to be disclosed under applicable executive compensation disclosure
regulations.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>EXECUTIVE COMPENSATION COMMITTEE
REPORT</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Executive Compensation Committee of the Board oversees our
compensation program on behalf of the Board of Directors. In fulfilling its
oversight responsibilities, the Executive Compensation Committee reviewed and
discussed with management the Executive Compensation Discussion and Analysis set
forth in the Company&#146;s Annual Report on Form 10-K, and this Proxy Statement. In
reliance on the review and discussions referred to above, the Executive
Compensation Committee recommended to the Board of Directors that the Executive
Compensation Discussion and Analysis be included in the Company&#146;s Annual Report
on Form 10-K, and this Proxy Statement.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Executive Compensation Committee:</FONT></P>
<P style="PADDING-LEFT: 30pt" align=justify><FONT face="Times New Roman" size=2>Robert L.
Ecker<BR>Dean L. Ryder<BR>Jack Schwartz </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>POLICY FOR HIRING FORMER EMPLOYEES
OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The Company
has instituted a policy that it will not hire a chief executive officer,
controller, chief financial officer, chief accounting officer, or any person
serving in an equivalent position who was employed by its independent registered
public accounting firm and participated in any capacity in the audit of the
Company during the one-year period preceding the date of potential
hiring.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>REPORT OF THE AUDIT
COMMITTEE</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As required by the applicable regulations adopted by the Securities and
Exchange Commission covering audit committees, the following matters have been
complied with by the Audit Committee: The Audit Committee has reviewed and
discussed the audited financial statements with management. The Audit Committee
has discussed with D&#146;Arcangelo &amp; Co., LLP the independent registered public
accounting firm, the matters required to be discussed by Statement on Auditing
Standards No. 61, as such may be modified or supplemented. The Audit Committee
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>has received the written disclosures
and the letter from D&#146;Arcangelo &amp; Co., LLP, required by Independence
Standards Board Standard No. 1 (Independence Discussions with Audit Committee),
as amended and adopted by the PCAOB Rule 3200T, Communication With Audit
Committees. In addition, the Audit Committee has received from the independent
auditors the written disclosures required by the PCAOB Rule 3526, Communication
with Audit Committees Concerning Independence and by applicable requirements of
the Public Company Accounting Oversight Board, and has discussed with
D&#146;Arcangelo &amp; Co., LLP the independent registered public accounting firm&#146;s
independence from the Company and its management. Based upon the review and
discussions referred to above, the Audit Committee has recommended to the Board
of Directors that the audited financial statements be included in the Company&#146;s
Annual Report on Form 10-K through incorporation by reference in the Company&#146;s
Annual Report to Shareholders for the fiscal year ended July 31,
2012.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Under the
terms of its charter, the Audit Committee approves fees paid by the Company to
the independent registered public accounting firm. For the fiscal year ended
July 31, 2012, the Company paid the following fees to D&#146;Arcangelo &amp; Co.,
LLP:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Audit fees</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>126,527</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Financial information system design and
      implementation fees</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>All other
      fees&#151;(includes tax and accounting consulting services)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>21,970</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total Fees</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>148,497</FONT></TD></TR></TABLE><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The Audit
Committee of the Board of Directors has considered whether the non-audit
services rendered by the independent registered public accounting firm are
compatible with an auditor maintaining its independence. The Audit Committee has
determined that the rendering of such services is compatible with D&#146;Arcangelo
&amp; Co., LLP maintaining its independence. Attached to this Proxy Statement as
Appendix A is the Company&#146;s Audit Committee Charter.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Audit Committee:</FONT></P>
<P style="PADDING-LEFT: 30pt" align=justify><FONT face="Times New Roman" size=2>Jack
Schwartz, Chairman<BR>Robert L. Ecker<BR>Dean L. Ryder</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The materials referred to above under &#147;Report of the Audit Committee&#148;
shall not be deemed incorporated by reference by any general statement of
incorporation by reference in any filings made under the Securities Act of 1933,
as amended, or the Securities Exchange Act of 1934, as amended, and shall not
otherwise be deemed filed under such Acts.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>BOARD INTERLOCKS AND INSIDER
PARTICIPATION</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Lloyd J. Shulman, a member of the Board of the Company, serves as an
officer and director of Weinstein Enterprises, Inc., which is the beneficial
owner of 45.16% of the outstanding common stock of the Company through its
wholly-owned subsidiaries: (i) Gailoyd Enterprises Corp., which directly owns
33.24% of the outstanding common stock of the Company and (ii) Celwyn Company,
Inc., which directly owns 11.92% of the outstanding common stock of the Company.
Lloyd J. Shulman also serves as an officer and director of Gailoyd Enterprises
Corp. and of Celwyn Company, Inc. Mr. Shulman also serves as an officer and
director of J. Weinstein Foundation, Inc., which is the beneficial owner of
6.97% of the outstanding common stock of the Company.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to ratification by the shareholders, the Board of Directors of
the Company, on the recommendation of the Audit Committee, has selected
D&#146;Arcangelo &amp; Co., LLP as the independent registered public accounting firm,
to examine the financial statements of the Company and its subsidiaries for the
fiscal year ending July 31, 2013. This firm first became the independent
registered public accounting firm of the Company and its subsidiaries for the
fiscal year ended July 31, 1996. D&#146;Arcangelo &amp; Co., LLP has no direct or
indirect financial interest in the Company.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>If the
selection of D&#146;Arcangelo &amp; Co., LLP is not ratified by the shareholders, or
if after ratification, that firm for any reason becomes unable or ineligible to
serve, the selection of other independent auditors will be considered by the
Audit Committee and the Board. Representatives of the independent registered
public accounting firm are expected to be present at the annual meeting with the
opportunity to make a statement, if they so desire, and will be available to
respond to appropriate questions.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>CERTAIN TRANSACTIONS</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During fiscal 2012, the Company paid Enterprises total rentals of
$825,000 for leases on which two of the Company&#146;s real estate properties are
located. The Company paid a beneficial owner of greater than 10% of the
outstanding common stock of the Company, interest of $50,000 on an unsecured
note. In the opinion of the Company, the rentals paid to Enterprises and the
interest paid to the beneficial owner are no more favorable than would be
payable for comparable properties, mortgages and loans, respectively, in
arms-length transactions with non-affiliated parties.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>SECTION 16(a) BENEFICIAL OWNERSHIP
REPORTING COMPLIANCE</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 16(a) of the Securities Exchange Act of 1934, as amended,
requires the Company&#146;s executive officers and directors, and any persons who own
more than 10% of the Company&#146;s stock, to file reports of ownership and changes
in ownership of J.W. Mays, Inc. stock with the U.S. Securities and Exchange
Commission.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company believes that during the fiscal year ended July 31, 2012, all
Section 16(a) filings applicable to its executive officers, directors and
greater than 10% beneficial owners affiliated with the Company were timely
made.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>BACKGROUND</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company discontinued the retail department store segment of its
operations on January 3, 1989. The Company has continued its real estate
operations, including but not limited to the sale/purchase and/or lease of
properties, as conducted prior to the discontinuance of its retail department
store segment.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>OTHER INFORMATION</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Effective September 13, 2012, the Company renewed its directors and
officers liability insurance policy in the aggregate amount of $5 million. The
policy expires September 13, 2013. The insurer is the Illinois National
Insurance Company. No sums have been paid under any directors and officers
liability insurance policy.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board of Directors is not aware, at the date hereof, of any other
matter to be presented which is a proper subject for action by the shareholders
at the meeting. If any other matter comes before the meeting, it is intended
that the persons named in the accompanying form of proxy will vote thereon at
their discretion.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>METHOD AND COST OF SOLICITATION OF
PROXIES</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will pay the cost of soliciting proxies. In addition to
solicitation by mail, employees of the Company may request the return of proxies
personally, by telephone or other electronic means if proxies are not received
promptly and may request brokerage houses and custodians, nominees and
fiduciaries to forward soliciting material to their principals, and the Company
will reimburse them, on request, for their reasonable out-of-pocket
expenses.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>DEADLINE FOR SHAREHOLDER PROPOSALS
FOR THE YEAR 2013 ANNUAL MEETING OF SHAREHOLDERS</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Proposals of shareholders intended to be presented at the Annual Meeting
of Shareholders for 2013 must be received at the Company&#146;s executive offices for
inclusion in its Proxy Statement and form of proxy relating to that meeting no
later than the close of business June 10, 2013.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>14</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>ANNUAL REPORT</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The Company&#146;s
Annual Report to Shareholders for the fiscal year ended July 31, 2012, which is
not a part of this Proxy Statement and is not proxy soliciting material,
accompanies this Proxy Statement.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Copies of the Notice of Meeting, Proxy Statement, Proxy Card and Annual
Report to Shareholders are available at: </FONT><I><FONT face="Times New Roman" size=2>http://www.amstock.com/proxyservices/viewmaterial.asp?CoNumber=03443</FONT></I></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>By order of the Board of
      Directors,</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%"><IMG src="jwmays_def14ax16x1.jpg" border=0></TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%">
      <P align=justify><FONT face="Times New Roman" size=2>S</FONT><FONT face="Times New Roman" size=1>ALVATORE</FONT><FONT face="Times New Roman" size=2> C</FONT><FONT face="Times New Roman" size=1>APPUZZO<BR></FONT><I><FONT face="Times New Roman" size=2>Secretary</FONT></I></P></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=2>Dated: Brooklyn, New York<BR>October 9,
2012</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=right><B><FONT face="Times New Roman" size=2>APPENDIX - A</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>J. W. Mays, Inc.<BR>Audit Committee
Charter</FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>PURPOSE</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The Audit
Committee is appointed by the Board of Directors (the &#147;Board&#148;) to assist the
Board in monitoring (1) the integrity of the financial statements of the
Company, (2) the independent auditor&#146;s qualifications and independence, (3) the
performance of the Company&#146;s internal audit function, if any, and independent
auditors, and (4) the compliance by the Company with legal and regulatory
requirements.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Audit Committee shall prepare the report required by the rules of the
U.S. Securities and Exchange Commission (the &#147;SEC&#148;) to be included in the
Company&#146;s annual proxy statement.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>COMMITTEE MEMBERSHIP</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Audit Committee shall consist of no fewer than three members. The
members of the Audit Committee shall meet the independence and experience
requirements of the Financial Industry Regulatory Authority, the SEC and the
National Association of Securities Dealers, Section 10A(m)(3) of the Securities
Exchange Act of 1934 (the &#147;Exchange Act&#148;) and the rules and regulations of the
Commission.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The members of the Audit Committee shall be appointed by the Board. Audit
Committee members may be replaced by the Board.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>COMMITTEE AUTHORITY AND
RESPONSIBILITIES</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Audit Committee shall have the sole authority to appoint or replace
the independent auditor (subject, if applicable, to shareholder ratification).
The Audit Committee shall be directly responsible for the compensation and
oversight of the work of the independent auditor (including resolution of
disagreements between management and the independent auditor regarding financial
reporting) for the purpose of preparing or issuing an audit report or related
work. The independent auditor shall report directly to the Audit
Committee.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Audit Committee shall pre-approve all audit and non-audit services
and shall approve all engagement fees and terms. The Audit Committee shall
consult with management but shall not delegate these
responsibilities.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Audit Committee may form and delegate authority to subcommittees
consisting of one or more members when appropriate, including the authority to
grant pre-approvals of audit and permitted non-audit services, provided that
decisions of such subcommittee to grant pre-approvals shall be presented to the
full Audit Committee at its next scheduled meeting.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Audit Committee shall have the authority, to the extent it deems
necessary or appropriate, to retain independent legal, accounting or other
advisors. The Company shall provide for appropriate funding, as determined by
the Audit Committee, for payment of compensation to the independent auditor for
the purpose of rendering or issuing an audit report and to any advisors employed
by the Audit Committee.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Audit Committee shall meet as often as it determines, but not less
frequently than two times each year. The Audit Committee may request any officer
or employee of the Company or the Company&#146;s outside counsel or independent
auditor to attend a meeting of the Committee or to meet with any members of, or
consultants to, the Committee. The Audit Committee shall meet with management,
any internal auditors and the independent auditor in separate executive
sessions.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Audit Committee shall make regular reports to the Board. The Audit
Committee shall review and reassess the adequacy of this Charter annually and
recommend any proposed changes to the Board for approval.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>A-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The Audit
Committee, to the extent it deems necessary or appropriate, shall:</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>FINANCIAL STATEMENT AND DISCLOSURE
MATTERS</FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>Review and
      discuss with management and the independent auditor the annual audited
      financial statements, including disclosures made in management&#146;s
      discussion and analysis, and recommend to the Board whether the audited
      financial statements should be included in the Company&#146;s Form
    10-K.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>Review and
      discuss with management and the independent auditor the Company&#146;s
      quarterly financial statements prior to the filing of its Form 10-Q,
      including disclosures made in management&#146;s discussion and analysis and the
      results of the independent auditor&#146;s review of the quarterly financial
      statements.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>3.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>Discuss with
      management and the independent auditor significant financial reporting
      issues and judgments made in connection with the preparation of the
      Company&#146;s financial statements, including any significant changes in the
      Company&#146;s selection or application of accounting principles, any major
      issues as to the adequacy of the Company&#146;s internal controls and any
      special steps adopted in light of material control
  deficiencies.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>4.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>Discuss with
      management and the Company&#146;s independent auditor:</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>All significant
      deficiencies in the design or operation of internal controls which could
      adversely affect the Company&#146;s ability to record, process, summarize and
      report financial data; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Any fraud, whether or
      not material, that involves management or other employees who have a
      significant role in the Company&#146;s internal controls.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>Review
      disclosures made to the Audit Committee by the Company&#146;s CEO and CFO in
      connection with their certification of the foregoing for the Form 10-K and
      Form 10-Q.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>5.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>Discuss with
      management the Company&#146;s earnings press releases.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>6.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>Discuss with
      management and the independent auditor the effect of regulatory and
      accounting initiatives as well as off-balance sheet structures, if any, on
      the Company&#146;s financial statements.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>7.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>Discuss with
      management the Company&#146;s major financial risk exposures and the steps
      management has taken to monitor and control such exposures, including the
      Company&#146;s risk assessment and risk management policies.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>8.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>Discuss with
      the independent auditor the matters required to be discussed by Statement
      on Auditing Standards No. 61 relating to the conduct of the audit. In
      particular, discuss:</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>The adoption of, or
      changes to, the Company&#146;s significant auditing and accounting principles
      and practices as suggested by the independent auditor, any internal
      auditors or management;</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>The management letter
      provided by the independent auditor and the Company&#146;s response to that
      letter; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Any difficulties
      encountered in the course of the audit work, including any restrictions on
      the scope of activities or access to requested information, and any
      significant disagreements with management.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>9.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>Discuss with
      the independent auditors the matters required to be discussed by Section
      10A(k) of the Exchange Act, as follows:</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>All critical
      accounting policies and practices to be used;</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>All alternative
      treatments of financial information, if any, within generally accepted
      accounting principles that have been discussed with management of the
      Company, ramifications of the use of such alternative disclosures and
      treatments, and the treatment preferred by the independent auditors;
      and</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Other material written
      communications between the independent auditors and the management of the
      Company, such as any management letter or schedule of unadjusted
      differences.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>A-2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>OVERSIGHT OF THE COMPANY&#146;S RELATIONSHIP
WITH THE INDEPENDENT AUDITOR</FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.</FONT></TD>
    <TD vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Review and evaluate
      the lead partner of the independent auditor team.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>11.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Obtain and review a
      report from the independent auditor at least annually regarding (a) the
      independent auditor&#146;s internal quality control procedures, (b) any
      material issues raised by the most recent internal quality control review,
      or peer review, of the firm, or by any inquiry or investigation by
      governmental or professional authorities within the preceding five years
      respecting one or more independent audits carried out by the firm, (c) any
      steps taken to deal with any such issues, and (d) all relationships
      between the independent auditor and the Company. Evaluate the
      qualifications, performance and independence of the independent auditor,
      including considering whether the auditor&#146;s quality controls are adequate
      and the provision of permitted non-audit services is compatible with
      maintaining the auditor&#146;s independence, and taking into account the
      opinions of management and any internal auditor. The Audit Committee shall
      present its conclusions with respect to any internal auditor to the
      Board.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>12.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Ensure the rotation of
      the lead (or coordinating) audit partner having primary responsibility for
      the audit and the audit partner responsible for reviewing the audit as
      required by law.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>13.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Recommend to the Board
      policies for the Company&#146;s hiring of employees or former employees of the
      independent auditor who participated in any capacity in the audit of the
      Company.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>14.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Meet with the
      independent auditor prior to the audit to discuss the planning and
      staffing of the audit.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>COMPLIANCE OVERSIGHT
RESPONSIBILITIES</FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>15.</FONT></TD>
    <TD vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Obtain from the
      independent auditor assurance that Section 10A(b) (Required Response to
      Audit Committees &#150; Illegal Acts) of the Exchange Act has not been
      implicated.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>16.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Obtain reports from
      management, any senior internal auditing executive and the independent
      auditor that the Company and its subsidiary/affiliated entities are in
      conformity with applicable legal requirements and the Company&#146;s Code of
      Business Conduct.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>17.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Discuss with
      management and the independent auditor any correspondence with regulators
      or governmental agencies and any employee complaints or published reports
      which raise material issues regarding the Company&#146;s financial statements
      or accounting policies.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>18.</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Discuss with the
      Company&#146;s chief legal officer (whether in-house or outside counsel) legal
      matters that may have a material impact on the financial statements or the
      Company&#146;s compliance policies.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>COMPLAINTS</FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>19.</FONT></TD>
    <TD vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>Establish
      procedures for:</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>The receipt,
      retention, and treatment of complaints received by the Company regarding
      accounting, internal accounting controls, or auditing matters;
    and</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>The confidential,
      anonymous submission by employees of the Company of concerns regarding
      questionable accounting or auditing matters.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>LIMITATION OF AUDIT COMMITTEE&#146;S
ROLE</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>While the
Audit Committee has the responsibilities and powers set forth in this Charter,
it is not the duty of the Audit Committee to plan or conduct audits or to
determine that the Company&#146;s financial statements and disclosures are complete
and accurate and are in accordance with generally accepted accounting principles
and applicable rules and regulations. These are the responsibilities of
management and the independent auditor. The Audit Committee&#146;s role is to make
certain that management (including the internal auditor) and the independent
auditor act in a manner required to fulfill their responsibilities.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has filed the required certifications with The Nasdaq Stock
Market, Inc. for (1) Compliance with the Audit Committee charter requirement,
and (2) Compliance with the Audit Committee structure and composition
requirements.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>A-3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<!--proxy card-->

<DIV align=center><FONT style="FONT-FAMILY: Arial" size=3><B>ANNUAL MEETING OF
SHAREHOLDERS OF</B></FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center><FONT style="FONT-FAMILY: Arial" size=6>J. W. MAYS,
INC.</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center><FONT style="FONT-FAMILY: Arial" size=3><B>November 20,
2012</B><BR><BR><BR><BR><B><U>NOTICE OF INTERNET AVAILABILITY OF PROXY
MATERIAL:</U></B></FONT></DIV>
<DIV align=center><FONT style="FONT-FAMILY: Arial" size=2>The Notice of
Meeting, Proxy Statement and Proxy Card<BR>are available at
http://www.amstock.com/proxyservices/viewmaterial.asp?CoNumber=03443</font><BR><BR></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center><FONT style="FONT-FAMILY: Arial" size=5>Please mark, sign, date
and <BR>mail your proxy card in the<BR>envelope provided as soon<BR>as
possible.<BR><BR></FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center><FONT style="FONT-FAMILY: Arial" size=1><FONT face=wingdings>&#234;</FONT>&nbsp;Please
detach along perforated line and mail in the envelope
provided.&nbsp;<FONT face=wingdings>&#234;</FONT></FONT></DIV>
<DIV align=center><FONT face=Wingdings size=1></FONT>&nbsp;</DIV>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD WIDTH="50%" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Webdings">&#103;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<IMG SRC="proxycardx1x1.jpg" ALT=""></TD>
    <TD WIDTH="50%" STYLE="text-align: center">&nbsp;<IMG SRC="proxycardx1x2.jpg" ALT=""></TD></TR></TABLE></DIV>
<DIV align=center><FONT face=Wingdings size=1></FONT>&nbsp;</DIV>
<DIV style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 4pt; PADDING-BOTTOM: 4pt; BORDER-LEFT: black 1pt solid; PADDING-TOP: 4pt; BORDER-BOTTOM: black 1pt solid">
<CENTER><FONT style="FONT-FAMILY: Arial" size=1><B>THE BOARD OF DIRECTORS
RECOMMENDS A VOTE &#147;FOR&#148; THE ELECTION OF DIRECTORS AND &#147;FOR&#148; PROPOSALS 2 AND
3.<BR>PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE
MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE</B></FONT> <FONT style="FONT-FAMILY: wingdings" size=1>x</FONT></CENTER></DIV>
<DIV style="padding-top: 4pt" align=center>
<TABLE style="PADDING-RIGHT: 2pt; PADDING-LEFT: 2pt; FONT-SIZE: 8pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR>
    <TD vAlign=top width="62%" colSpan=5 rowSpan=3>
      <DIV style="PADDING-LEFT: 9pt; TEXT-INDENT: -9pt">1. Election of
      Directors:</DIV>
      <DIV>&nbsp;</DIV></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" vAlign=top width="30%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" vAlign=bottom width="2%"><FONT size=1 face="Arial">FOR</FONT></TD>
    <TD style="TEXT-ALIGN: center" vAlign=bottom width="5%"><FONT size=1 face="Arial">AGAINST</FONT></TD>
    <TD vAlign=bottom width="1%"><FONT size=1 face="Arial">ABSTAIN</FONT></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid" vAlign=top width="30%" rowSpan=9><DIV style="PADDING-LEFT: 9pt; TEXT-INDENT: -9pt" align=justify><FONT style="font-size: 8pt" face="Arial">2.&nbsp;Proposal to fix the number of directors to be
      elected at five.</FONT></DIV>
      <DIV>&nbsp;</DIV>
      <DIV style="PADDING-LEFT: 9pt; TEXT-INDENT: -9pt" align=justify><FONT style="font-size: 8pt" face="Arial">3.&nbsp;To ratify the appointment of D&#146;Arcangelo &amp; Co., LLP, as the
      Company&#146;s independent auditors for the Company&#146;s fiscal year ending July
      31, 2013.<BR>&nbsp;</FONT></DIV></TD>
    <TD style="TEXT-ALIGN: center" vAlign=top width="2%" rowSpan=9>
      <DIV style="BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1pt solid; BORDER-LEFT: black 1pt solid; WIDTH: 12pt; BORDER-BOTTOM: black 1pt solid; HEIGHT: 12pt">&nbsp;&nbsp;</DIV><BR><BR>
      <DIV style="BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1pt solid; BORDER-LEFT: black 1pt solid; WIDTH: 12pt; BORDER-BOTTOM: black 1pt solid; HEIGHT: 12pt">&nbsp;&nbsp;</DIV></TD>
    <TD style="TEXT-ALIGN: center" vAlign=top width="5%" rowSpan=9>
      <DIV style="BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1pt solid; BORDER-LEFT: black 1pt solid; WIDTH: 12pt; BORDER-BOTTOM: black 1pt solid; HEIGHT: 12pt">&nbsp;&nbsp;</DIV><BR><BR>
      <DIV style="BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1pt solid; BORDER-LEFT: black 1pt solid; WIDTH: 12pt; BORDER-BOTTOM: black 1pt solid; HEIGHT: 12pt">&nbsp;&nbsp;</DIV></TD>
    <TD style="TEXT-ALIGN: center" vAlign=top width="1%" rowSpan=9>
      <DIV style="BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1pt solid; BORDER-LEFT: black 1pt solid; WIDTH: 12pt; BORDER-BOTTOM: black 1pt solid; HEIGHT: 12pt">&nbsp;&nbsp;</DIV><BR><BR>
      <DIV style="BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1pt solid; BORDER-LEFT: black 1pt solid; WIDTH: 12pt; BORDER-BOTTOM: black 1pt solid; HEIGHT: 12pt">&nbsp;&nbsp;</DIV></TD></TR>
  <TR>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=middle noWrap width="10%" colSpan=4>&nbsp;</TD>
    <TD noWrap width="52%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=middle noWrap width="10%" colSpan=4>&nbsp;</TD>
    <TD noWrap width="52%"><B>NOMINEES:</B></TD></TR>
  <TR>
    <TD vAlign=middle noWrap width="1%">
      <DIV style="BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1pt solid; BORDER-LEFT: black 1pt solid; WIDTH: 16pt; BORDER-BOTTOM: black 1pt solid; HEIGHT: 16pt">&nbsp;&nbsp;</DIV></TD>
    <TD vAlign=middle noWrap width="1%"></TD>
    <TD vAlign=middle noWrap width="1%"></TD>
    <TD vAlign=middle noWrap width="7%">&nbsp;<B>FOR ALL NOMINEES</B></TD>
    <TD vAlign=top noWrap width="52%" rowSpan=5>O Robert L Ecker<BR>O Mark S.
      Greenblatt<BR>O Dean L. Ryder<BR>O Jack Schwartz<BR>O Lloyd J.
  Shulman</TD></TR>
  <TR>
    <TD vAlign=middle noWrap width="10%" colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=middle noWrap width="1%">
      <DIV style="BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1pt solid; BORDER-LEFT: black 1pt solid; WIDTH: 16pt; BORDER-BOTTOM: black 1pt solid; HEIGHT: 16pt">&nbsp;&nbsp;</DIV></TD>
    <TD vAlign=middle noWrap width="1%"></TD>
    <TD vAlign=middle noWrap width="1%"></TD>
    <TD vAlign=middle noWrap width="7%"><B>WITHHOLD AUTHORITY <BR>FOR ALL
    NOMINEES</B></TD></TR>
  <TR>
    <TD vAlign=middle noWrap width="10%" colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=middle noWrap width="1%">
      <DIV style="BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1pt solid; BORDER-LEFT: black 1pt solid; WIDTH: 16pt; BORDER-BOTTOM: black 1pt solid; HEIGHT: 16pt">&nbsp;&nbsp;</DIV></TD>
    <TD vAlign=middle noWrap width="1%"></TD>
    <TD vAlign=middle noWrap width="1%"></TD>
    <TD vAlign=middle noWrap width="7%"><B>FOR ALL EXCEPT<BR>(See instructions
      below)</B>&nbsp;</TD></TR>
  <TR>
    <TD width="62%" colSpan=5><BR><BR><BR><BR><BR><BR></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" width="38%" colSpan=4>
      <DIV style="PADDING-LEFT: 9pt; TEXT-INDENT: -9pt" align=justify><FONT style="font-size: 8pt" face="Arial">4.&nbsp;In their discretion, the Proxies are authorized to vote on such
      other business as may properly come before the meeting or any adjournment
      thereof.</FONT></DIV>
      <DIV align=justify><FONT size=2 face="Arial"><STRONG></STRONG></FONT>&nbsp;</DIV>
      <DIV align=justify><FONT size=2 face="Arial"><STRONG>PLEASE MARK, SIGN, AND DATE BELOW
      AND RETURN THIS PROXY PROMPTLY IN THE ENVELOPE
      PROVIDED.</STRONG></FONT>&nbsp;</DIV>&nbsp; &nbsp; &nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="62%" colSpan=5>
      <DIV style="PADDING-LEFT: 60pt; TEXT-INDENT: -60pt; padding-bottom: 2pt" align=justify><B><U>INSTRUCTIONS:</U></B> To withhold authority to vote for any
      individual nominee(s), mark &#147;<B>FOR ALL EXCEPT</B>&#148; and fill in the circle next
      to each nominee you wish to withhold, as shown here: <FONT style="LINE-HEIGHT: 8pt; FONT-FAMILY: wingdings" color=#000000 size=3>l</FONT></DIV></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" width="38%" colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="62%" colSpan=5><BR><BR><BR><BR><BR><BR></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" width="38%" colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD WIDTH="62%" COLSPAN="5" STYLE="border-bottom: #000000 1pt solid; text-align: left; vertical-align: middle">
      <DIV style="FLOAT: left; WIDTH: 80%">
      <P><FONT face=sans-serif size=1>To change the address on your account, please check
      the box at right and indicate your new address in the address space above.
      Please note that changes to the registered name(s) on the account may not
      be submitted via this method.</FONT></P></DIV>
<DIV style="padding-top: 9pt">
      <DIV style="BORDER-RIGHT: black 1pt solid; BORDER-TOP: black 1pt solid; FLOAT: right; BORDER-LEFT: black 1pt solid; WIDTH: 16pt; BORDER-BOTTOM: black 1pt solid; HEIGHT: 16pt">&nbsp;&nbsp;</DIV></DIV><br clear=all></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" width="38%" colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=middle align=left width="62%" colSpan=5>&nbsp;</TD>
    <TD width="38%" colSpan=4>&nbsp;</TD></TR></TABLE></DIV>
<CENTER>
<DIV style="BORDER-TOP: white 2pt solid; WIDTH: 95%" align=right>
<TABLE style="PADDING-RIGHT: 2pt; PADDING-LEFT: 2pt; FONT-SIZE: 8pt; FLOAT: left; PADDING-BOTTOM: 2pt; PADDING-TOP: 2pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="49%" border=0>

  <TR>
    <TD noWrap width="1%">Signature of Shareholder</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="60%">&nbsp;</TD>
    <TD noWrap width="1%">Date:</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="38%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD></TR></TABLE>
<TABLE style="PADDING-RIGHT: 2pt; PADDING-LEFT: 2pt; FONT-SIZE: 8pt; FLOAT: right; PADDING-BOTTOM: 2pt; PADDING-TOP: 2pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="49%" border=0>

  <TR>
    <TD noWrap width="1%">Signature of Shareholder</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="60%">&nbsp;</TD>
    <TD noWrap width="1%">Date:</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="38%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=100% border=0>

  <TR>
    <TD vAlign=top noWrap width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap width="1%"><B>Note:</B>&nbsp;</TD>
    <TD vAlign=top align=left width="96%">
      <DIV align=justify>Please sign exactly as your name or names appear on
      this Proxy. When shares are held jointly, each holder should sign. When
      signing as executor, administrator, attorney, trustee or guardian, please
      give full title as such. If the signer is a corporation, please sign full
      corporate name by duly authorized officer, giving full title as such. If
      signer is a partnership, please sign in partnership name by authorized
      person.</DIV>
      <DIV>&nbsp;</DIV></TD>
    <TD vAlign=top align=left width="1%">&nbsp;&nbsp;&nbsp;
    &nbsp;</TD></TR></TABLE></DIV></CENTER>
<HR align=center width="100%" noshade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="text-align: center" width="50%"></TD>
    <TD align=right width="50%"><FONT face=Arial>0</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Webdings">&#103;</FONT></TD></TR>
  <TR>
    <TD style="text-align: center" width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom style="padding-left: 10pt; padding-right: 10pt">
    <TD style="text-align: center" width="100%" colSpan=2>
      <P align=center><FONT face="Arial" size=4><STRONG>J. W. MAYS, INC.</STRONG></FONT></P>
      <P align=center><B><FONT face="Arial">PROXY<BR></FONT></B><B><FONT face="Arial">ANNUAL MEETING OF SHAREHOLDERS - NOVEMBER 20, 2012
      <BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
      DIRECTORS</FONT></B></P>
      <P align=justify><FONT face="Arial">&nbsp;&nbsp;&nbsp;&nbsp; The
      undersigned hereby (a) acknowledges receipt of the Notice of Annual
      Meeting of Shareholders of J. W. MAYS, INC. (the &#147;Company&#148;) to be held
      November 20, 2012 and the related proxy statement; (b) appoints
      L</FONT><FONT face="Arial" size=2>LOYD </FONT><FONT face="Arial">J.
      S</FONT><FONT face="Arial" size=2>HULMAN</FONT><FONT face="Arial">,
      M</FONT><FONT face="Arial" size=2>ARK </FONT><FONT face="Arial">S.
      G</FONT><FONT face="Arial" size=2>REENBLATT </FONT><FONT face="Arial">and W</FONT><FONT face="Arial" size=2>ARD </FONT><FONT face="Arial">N. L</FONT><FONT face="Arial" size=2>YKE</FONT><FONT face="Arial">, J</FONT><FONT face="Arial" size=2>R</FONT><FONT face="Arial">. and each of them, attorneys and proxies, with full power
      of substitution in each, for and on behalf of the undersigned, to vote at
      the Annual Meeting of Shareholders of J. W. MAYS, INC. to be held November
      20, 2012 (including any adjournment thereof) the number of shares of
      common stock that the undersigned is entitled to vote and with all powers
      the undersigned would possess if personally present, as specified with
      respect to the matters described in the accompanying Proxy Statement dated
      October 9, 2012 and upon such other matters as may properly come before
      such meeting; and (c) revokes any proxies previously
      given.<BR></FONT><FONT face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;
      <STRONG>THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER
      DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER(S). IF NO DIRECTION IS
      MADE, THIS PROXY WILL BE VOTED FOR ALL NOMINEES FOR DIRECTORS AND FOR
      PROPOSALS 2 AND 3. THE PROXIES WILL USE THEIR DISCRETION WITH REGARD TO
      ANY MATTER REFERRED TO IN ITEM 4 ON THE REVERSE SIDE.</STRONG></FONT></P>
      <P align=center><B><FONT face="Arial">(Continued and to be marked,
      signed, and dated on the reverse side)</FONT></B></P></TD></TR>
  <TR>
    <TD WIDTH="50%" STYLE="text-align: left"><FONT STYLE="font-family: Webdings">&#103;</FONT></TD>
    <TD align=right width="50%">
      <P align=right><FONT face="Arial">14475</FONT>&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Webdings">&#103;</FONT></P></TD></TR></TABLE><BR>
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