<SEC-DOCUMENT>0001206774-14-002957.txt : 20141002
<SEC-HEADER>0001206774-14-002957.hdr.sgml : 20141002
<ACCEPTANCE-DATETIME>20141002085150
ACCESSION NUMBER:		0001206774-14-002957
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20141118
FILED AS OF DATE:		20141002
DATE AS OF CHANGE:		20141002
EFFECTIVENESS DATE:		20141002

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:		141134754

	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>




<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 18, 2014<BR><FONT size=3 face="Times New Roman">________________</FONT></FONT></B></P>
<P align=right><FONT face="Times New Roman" size=2>October 6, 2014</FONT></P>
<P align=justify><I><FONT face="Times New Roman" size=2>Dear
Shareholder:</FONT></I></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><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 18, 2014 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></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD></TD>
    <TD 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 noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Fix the number of
      directors to be elected at five;</FONT></TD></TR>
  <TR>
    <TD></TD>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>3.</FONT></TD>
    <TD></TD>
    <TD 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, 2015. D&#146;Arcangelo &amp; Co., LLP served in
      this same capacity for the fiscal year ended July 31, 2014;</FONT></TD></TR>
  <TR>
    <TD></TD>
    <TD 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></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Adoption, on an
      advisory basis, of a resolution approving the compensation of our named
      executive officers as disclosed in our Proxy Statement pursuant to Item
      402 of Regulation S-K;</FONT></TD></TR>
  <TR>
    <TD></TD>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>5.</FONT></TD>
    <TD></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Adoption, on an
      advisory basis, of a proposal on the frequency of future executive
      compensation advisory votes; and</FONT></TD></TR>
  <TR>
    <TD></TD>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>6.</FONT></TD>
    <TD></TD>
    <TD 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Board of Directors has
fixed the close of business September 26, 2014 as the record date for the
determination of shareholders entitled to notice of and to vote at the 2014
Annual Meeting of Shareholders or any adjournment thereof.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>By
      order of the Board of Directors,</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="100%"><IMG src="jwmays_def14a1x1x1.jpg" border=0></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">
      <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></DIV><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></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" STYLE="text-indent: 15pt"><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 6, 2014. 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 18, 2014 (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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 26, 2014, 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><I><FONT face="Times New Roman" size=2>How do you
vote?</FONT></I></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>You may vote in person at
the Annual Meeting of Shareholders or by executing and returning a proxy card.
Once you authorize a proxy, you may revoke that proxy by (1) executing and
submitting a later-dated proxy card, (2) sending a written revocation of proxy
to our Secretary at our office at 9 Bond Street, Brooklyn, New York 11201, or
(3) attending the Annual Meeting of Shareholders and voting in person. Attending
the Annual Meeting of Shareholders without submitting a new proxy or voting in
person will not automatically revoke your prior authorization of your proxy. To
be effective, later-dated proxy cards or written revocations of proxies must be
received by us by 11:59 p.m., New York City time, on Monday, November 17,
2014.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If you hold your shares of
common stock in &#147;street name&#148; (that is, through a bank, broker or other
nominee), your nominee will not vote your shares unless you provide instructions
to your nominee on how to vote your shares. You should instruct your nominee how
to vote your shares by following the directions provided by your
nominee.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will pay the cost of
soliciting proxies. We have hired American Stock Transfer &amp; Trust Company,
LLC to solicit proxies. In addition to solicitation, by mail, by telephone and
by e-mail or the internet, arrangements may be made with brokerage houses and
other custodians, nominees and the fiduciaries to send proxies and proxy
materials to their principals, and we may reimburse them for their expenses in
so doing. If you hold shares in &#147;street name&#148;, you will receive instructions
from your nominee, which you must follow in order to have your proxy authorized
or you may contact your nominee directly to request these
instructions.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Who is entitled to
vote?</FONT></I></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Only shareholders of record
as of the close of business on September 26, 2014 are entitled to notice of, and
to vote at, the Annual Meeting of Shareholders. We refer to this date as the
&#147;record date&#148;. On that date, 2,015,780 shares of common stock, par value $1 per
share, were outstanding. Holders of shares of common stock as of the record date
are entitled to one vote per share on each matter properly presented at the
Annual Meeting of Shareholders.</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>How do you attend the
meeting in person?</FONT></I></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If you would like to attend
the Annual Meeting of Shareholders in person, you will need to bring acceptable
evidence of ownership of your shares of common stock as of the close of business
on the record date. If you hold shares of common stock in street name and wish
to vote in person at the Annual Meeting of Shareholders, you will need to
contact your bank, broker or other nominee and obtain a proxy from your nominee
and bring it to the Annual Meeting.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>How will your votes
be counted?</FONT></I></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The holders of a majority
of the outstanding shares of common stock as of the close of business on the
record date, present in person or by proxy and entitled to vote, will constitute
a quorum for the transaction of business at the Annual Meeting of Shareholders.
Any proxy, properly executed and submitted, will be voted as directed and, if no
direction is given, will be voted as recommended by the Board of Directors in
this Proxy Statement (except with regard as to the advisory vote on Proposal 5
as to which if no direction is given, it will be treated as an abstention) and
in the discretion of the proxy holder on any other matter that may properly come
before the meeting. A broker non-vote and any proxy marked &#147;withhold authority&#148;
or an abstention, as applicable, will count for the purposes of determining a
quorum, but will have no effect on the result of the vote on the election of
directors, the ratification of the appointment of our independent registered
public accounting firm or with regard to the advisory vote on Proposal
5.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The election of each of our
nominees for director requires a majority of the votes cast at the Annual
Meeting of Shareholders. The ratification of the appointment of D&#146;Arcangelo
&amp; Co., LLP as our independent registered public accounting firm requires a
majority of the votes cast at the Annual Meeting of Shareholders.</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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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
5, 2014.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 5, 2014.</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 style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=4><B><FONT face="Times New Roman" size=1>Amount and Nature of</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=4><B><FONT face="Times New Roman" size=1>Beneficial</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=4><B><FONT face="Times New Roman" size=1>Ownership in J.W. Mays, Inc.</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="87%"><B><FONT face="Times New Roman" size=1>Name of Beneficial
      Owner</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=4><B><FONT face="Times New Roman" size=1>as of September 5,
      2014</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" 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; </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>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></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></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></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="3%" 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></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="3%" 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="3%"></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=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="3%" 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></TD>
    <TD noWrap align=left width="1%" 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="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></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="3%" 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%"><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=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><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%"></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="3%"></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="3%"></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=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 style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>45.16</FONT></TD>
    <TD style="PADDING-BOTTOM: 2pt" 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 3
through 5)</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>
<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="84%"></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></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="84%"></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="3%"><B><FONT face="Times New Roman" size=1>Percent</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="84%"><B><FONT face="Times New Roman" size=1>Name of Beneficial
    Owner</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>Enterprises</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>Direct</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>Total</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>of Class</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Lloyd J. Shulman(2)(3)(4)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>467,553.77</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>67,198.50</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>534,752.27</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>26.53%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face="Times New Roman" size=2>Gail
      S. Koster(4)(b)(2)</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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Lloyd J. Shulman as Trustee FBO Gail S. Koster
      under</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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the will
      of the late Celia Weinstein(4)(c)</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></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face="Times New Roman" size=2>Koster Family Partnership L.P. Gail S.
      Koster(4)(b)(1)</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%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>0.46%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Lloyd J. Shulman as Trustee FBO Gail S. Koster
      under</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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the will
      of the late Sylvia W. Shulman(4)(d)(e)</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>201,768.13</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>21,100.50</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>222,868.63</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>11.05%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face="Times New Roman" size=2>J.
      Weinstein Foundation, Inc.(5)</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>140,568.00</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>140,568.00</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>6.97%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Sub-total</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>850,488.80</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>238,152.00</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>1,088,640.80</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>54.00%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><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%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FBO Linda
      B. Felmus Jessogne(6)(a)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>36,843.62</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>36,843.62</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1.83%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Lloyd J. Shulman as Trustee FBO</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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Linda B.
      Felmus Jessogne(6)(b)</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>22,998.58</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>22,998.58</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>1.14%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><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="3%"><FONT face="Times New Roman" size=2>910,331.00</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" 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 style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,148,483.00</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>56.97%</FONT></TD></TR></TABLE>____________________<BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The administration of the
estate of Sylvia W. Shulman has not been completed. Upon its completion,
appropriate Schedules 13-D and Forms 3 and 4 will be filed to reflect these
changes.</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></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><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 noWrap></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Lloyd J. Shulman is
      the direct beneficial owner of 67,198.50 shares of the outstanding common
      stock of the Company. This number of shares includes (i) 46,098 shares
      that Mr. Shulman has owned and continues to beneficially own and (ii)
      21,100.50 shares as to which Mr. Shulman became the beneficial owner
      pursuant to the will of Sylvia W. Shulman.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Lloyd J. Shulman is
      the beneficial owner of 467,553.77 shares of the outstanding common stock
      of the Company through his beneficial ownership of shares of Enterprises
      as follows: (i) through his continued beneficial ownership of 887.875
      shares (22.38%) of Enterprises; (ii) through his beneficial ownership
      through the trust for the benefit of Mr. Shulman pursuant to the will of
      the late Celia Weinstein of 270.675 shares (6.82%) of Enterprises; and
      (iii) 879.50 shares (22.17%) of Enterprises as to which Mr. Shulman became
      the beneficial owner pursuant to the will of Sylvia W.
  Shulman.</FONT></TD></TR></TABLE>
<P align=justify><I><FONT face="Times New Roman" size=2>(Footnotes 4, 5 and 6
continued on page 4)</FONT></I></P>
<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>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><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>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>This total
      includes:</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<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;&nbsp;&nbsp;&nbsp;
</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"></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>Numbers of</FONT></B></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 noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>Shares</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center 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="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD vAlign=top noWrap align=left width="89%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Lloyd J. Shulman beneficially
      owns:</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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD vAlign=top align=left width="88%"><FONT face="Times New Roman" size=2>Directly</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>67,198.50</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>3.33</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%"></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">2.</FONT></TD>
    <TD vAlign=top align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Through his beneficial ownership
      of 2,038.05 shares (51.37%) of Enterprises</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>467,553.77</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>23.20</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 vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="88%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD vAlign=top align=left width="1%"><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD vAlign=top align=left width="88%"><FONT face="Times New Roman" size=2>Koster Family Partnership L.P. Gail S. Koster -
      Directly</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>.46</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR style="LINE-HEIGHT: normal" vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">2.</FONT></TD>
    <TD vAlign=top align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Gail S. Koster (daughter of the
      late Sylvia W. Shulman and the late Max L. Shulman, former chairman of the
      board) through the beneficial ownership of 559.125 shares (14.09%) of
      Enterprises</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>128,270.16</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>6.37</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 vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="88%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR style="LINE-HEIGHT: normal" vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">(c)</FONT></TD>
    <TD vAlign=top align=left width="89%" colSpan=2><FONT face="Times New Roman" size=2>Lloyd J. Shulman as Trustee of the trust for the benefit of
      Gail S. Koster pursuant to the will of the late Celia Weinstein through
      the beneficial ownership of 230.575 shares (5.81%) of Enterprises (Mr.
      Shulman disclaims beneficial ownership of these shares)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>52,896.74</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>2.62</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 vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="89%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR style="LINE-HEIGHT: normal" vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(d)</FONT></TD>
    <TD vAlign=top align=left width="89%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Lloyd J. Shulman as Trustee of the
      trust under the will of the late Sylvia W. Shulman for the benefit of Gail
      S. Koster (Mr. Shulman disclaims beneficial ownership of these
      shares):</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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD vAlign=top 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="3%"><FONT face="Times New Roman" size=2>21,100.50</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1.04</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%"></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD vAlign=top align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Through the beneficial ownership
      of 76.50 shares (1.93%) of Enterprises</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>17,564.84</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>.87</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 vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="88%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR style="LINE-HEIGHT: normal" vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(e)</FONT></TD>
    <TD vAlign=top align=left width="89%" colSpan=2><FONT face="Times New Roman" size=2>Lloyd J. Shulman as a Trustee of the Sylvia W. Shulman Trust
      for the benefit of Gail S. Koster (Mr. Shulman disclaims beneficial
      ownership of these shares):</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD vAlign=top align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Through the beneficial ownership
      of 803 shares (20.24%) of Enterprises</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>184,203.29</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>9.14</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 vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="89%" bgColor=#c0c0c0 colSpan=2>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="89%" colSpan=2><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="3%"><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="3%"><FONT face="Times New Roman" size=2>47.03</FONT></TD>
    <TD style="PADDING-BOTTOM: 2pt" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR></TABLE><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 WIDTH="100%" STYLE="text-align: justify"><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. Lloyd J. Shulman, as an officer and director
      of J. Weinstein Foundation, Inc., has voting power as to these shares and
      consequently may be deemed to be the beneficial owner thereof, although
      the table set forth above does not include such shares as beneficially
      owned by him and he disclaims beneficial ownership of such
    shares.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(6)</FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Linda B. Felmus
      Jessogne is the beneficial owner of 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 colSpan=2>&nbsp;</TD></TR></TABLE>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><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 beneficially 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. Mr. Shulman
      and Ms. Koster disclaim beneficial ownership of such shares.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Lloyd J. Shulman as
      Trustee of the trust for the benefit of Linda B. Felmus Jessogne under the
      will of the late Celia Weinstein beneficially owns 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. Mr. Shulman
      disclaims beneficial ownership of such shares.</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" STYLE="text-indent: 15pt"><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 5, 2014:</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="91%"></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>Amount and Nature of</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"></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>Beneficial Ownership in</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><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="3%"><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="91%" 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="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="91%" 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 style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>676,745.27*</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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>33.57%</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>This     total includes 534,752.27 shares (26.53%)     derived from
    Lloyd J. Shulman beneficial holdings, excluding those of Gail S. Koster     directly and through her beneficial
    ownership in        Enterprises; the Koster Family Partnership L.P. Gail Koster; and     Lloyd J.        Shulman as Trustee
    FBO Gail S. 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" STYLE="text-indent: 15pt"><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 5,
2014:</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="89%"></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>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="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"></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>Beneficial Ownership 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="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>J.W. Mays, Inc.</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=1>Percent of
      Class</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>271,200(1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%" 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></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></TD>
    <TD noWrap style="text-align: center" 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="3%" 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; 425
      Lexington Avenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" 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="3%" 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 10017</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" 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="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" 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=right width="3%" 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%"><FONT face="Times New Roman" size=2>Estate of Lillian Goldman</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>182,800(2)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>9.07%</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%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640 Fifth
      Avenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></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%"><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%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></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></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><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 noWrap></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><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=justify><B><FONT face="Times New Roman" size=2>CORPORATE
GOVERNANCE</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><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 (&#147;SEC&#148;) 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=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>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2>Efficient communication between management and the Board; </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2>Clarity for the Company&#146;s shareholders 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" STYLE="text-indent: 15pt"><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 shareholders, 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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. The Company has an
Executive Compensation Committee Charter and a Code of Ethics which are posted
on its website at: www.jwmays.com.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>MINIMUM
QUALIFICATIONS</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Governance and
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, if an
independent board member is to be appointed, 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Governance and
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 shareholders; independence; and any other factors the Governance
and Nominating Committee deems relevant, including age, diversity, size of the
Board of Directors and regulatory </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>disclosure obligations. In
its consideration of diversity, the Governance and 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In addition, prior to
nominating an existing director for re-election to the Board of Directors, the
Governance and 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 STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The process that the
Governance and 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For purposes of identifying
nominees for the Board of Directors, the Governance and Nominating Committee
relies on personal contacts of, and business dealings with, the committee
members and other members of the Board of Directors. The Governance and
Nominating Committee will also consider director candidates recommended by
shareholders in accordance with the policy and procedures set forth below.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In evaluating potential
nominees, the Governance and 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 Governance and 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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. There has not been any candidates for
directors put forth by shareholders.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following information
is given as of September 5, 2014 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 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 2 to 5)], and other directorships in public companies.
However, none of the directors is a director of another public
company.</FONT></P>
<P STYLE="text-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" STYLE="text-indent: 15pt"><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,
57</FONT></I></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Mr. Ecker was elected as a
director of the Company in November, 2011. He serves as a member of the Audit
Committee, the Investment Advisory Committee, the Executive Compensation
Committee and the Governance and Nominating Committee of the Board. Mr. Ecker
was admitted to the New York and New Jersey Bars and previously was 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 over 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,
60</FONT></I></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 5, 2014.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Dean L. Ryder,
68</FONT></I></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 Governance and Nominating Committee of the Board.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 Flightsafety
International, Inc.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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,
92</FONT></I></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 Governance
and Nominating Committee of the Board. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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>8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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

<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><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 5, 2014.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Lloyd J. Shulman,
72</FONT></I></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 67,198.50
shares, or 3.33%, and is the beneficial owner through Enterprises of an
additional 467,553.77 shares, or 23.20% for a total of 534,752.27 shares, or
26.53%, of the Company&#146;s outstanding common stock as of September 5,
2014.</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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 2014,
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 Governance and Nominating
Committee.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Board has determined that all members
of each of the Audit, Executive Compensation, and Governance 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Committee, during fiscal 2014,
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 2014.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Audit
Committee</FONT></I></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Committee, during fiscal 2014,
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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Audit Committee, which met five times
during fiscal 2014, 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>9</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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Committee, during fiscal 2014,
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 2014. 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Committee, during fiscal 2014,
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 twice during fiscal 2014.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each director attended 100% of the
aggregate meetings of the Board and the Committees (if a member thereof) held
during fiscal 2014.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Disclosure
Committee</FONT></I></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 U. S. Securities and Exchange
Commission. The Committee met four times during fiscal 2014. 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>Governance and
Nominating Committee</FONT></I></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Committee was formed October 12,
2004 and, during fiscal 2014, consisted of Dean L. Ryder, Jack Schwartz, and
Robert L. Ecker, all &#147;independent&#148; non-employee directors. The Governance and
Nominating Committee will assist the Board in the selection of Board members.
The Company&#146;s Board has approved a Governance and 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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, 2014 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Executive Compensation Committee
considers the ultimate objective of an executive compensation program to be in
the creation of shareholder value. An effective executive compensation program
pursues this objective by (i) aligning each executive officer&#146;s interests with
those of shareholders 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>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>Say-on-Pay and
Say-on-Frequency Votes</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Executive Compensation Committee has
reviewed the advisory votes taken at the 2013 Annual Meeting of Shareholders.
The Executive Compensation Committee has taken these votes under advisement. We
are again providing our shareholders the opportunity to provide advisory votes
in Proposals 4 and 5 on the accompanying proxy card provided with this Proxy
Statement.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Determination of
Compensation Awards</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Executive Compensation Committee
recognizes 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 $255,000.</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><B><FONT face="Times New Roman" size=2>Other
Benefits</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=justify><B><FONT face="Times New Roman" size=2>SUMMARY COMPENSATION
TABLE</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><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="63%"></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>
    <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>
    <TD noWrap style="text-align: center" width="3%"><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="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="63%"></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>
    <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>
    <TD noWrap style="text-align: center" width="3%"><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="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="63%"></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>
    <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>
    <TD noWrap style="text-align: center" width="3%"><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="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="63%"></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>
    <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%"><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="3%"><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="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="63%"></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>
    <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%"><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="3%"><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="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="63%"></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>
    <TD noWrap style="text-align: center" width="3%"><STRONG><FONT size=1 face="Times New Roman">Stock</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%"><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="3%"><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="3%"><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%"><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="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="63%"><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%"><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%"><STRONG><FONT size=1 face="Times New Roman">Bonus</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><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="3%"><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="3%"><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%"><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="3%"><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%"><STRONG><FONT size=1 face="Times New Roman">Total</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="63%"><B><FONT face="Times New Roman" size=1>Position</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>Year</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Lloyd J. Shulman</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2014</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>340,057</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 style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" 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="3%" 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="3%" 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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>46,304</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" 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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>386,361</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman
      of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2013</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>324,974</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 style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" 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="3%" 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="3%" 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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>45,474</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" 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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>370,448</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Board
      and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>308,308</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 style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" 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="3%" 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="3%" 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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>44,594</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" 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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>352,902</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" 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 style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" 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>
    <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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" 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 style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" 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>
    <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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" 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 style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" 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>
    <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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" 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 style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" 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>
    <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></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Mark
      S. Greenblatt</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>2014</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>306,044</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>55,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>46,304</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>407,348</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice
      President</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>2013</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>282,885</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>25,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>45,474</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>353,359</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and
      Treasurer</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>265,863</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>25,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>44,594</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>335,457</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#ffffff colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Ward
      N. Lyke, Jr.</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2014</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>211,445</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>18,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" 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="3%" 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="3%" 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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>40,843</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" 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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>270,288</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice
      President and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2013</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>203,401</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>18,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" 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="3%" 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="3%" 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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>39,554</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" 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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>260,955</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant
      Treasurer</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>195,077</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>18,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" 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="3%" 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="3%" 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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>38,019</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" 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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>251,096</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" bgColor=#ffffff><FONT face="Times New Roman" size=2>George Silva</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>2014</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>219,549</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>50,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>46,304</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>315,853</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice
      President&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>2013</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>202,242</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>20,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>39,728</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>261,970</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Operations</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>187,039</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>20,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>36,769</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>243,808</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" STYLE="text-indent: 15pt"><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 additional
three-year periods, effective August 1, 2008, August 1, 2011 and further
extended for an additional three-year period effective August 1, 2014. The base
annual salary during the first year of the most recently extended period is as
follows: Lloyd J. Shulman $345,000; Mark S. Greenblatt $315,000; Ward N. Lyke,
Jr. $214,000; George Silva $226,000. 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 2014, directors who were not employees received (i) a
cash retainer of $5,000 per quarter which was increased from $4,000 per quarter
effective January 1, 2013; (ii) a fee of $1,800 for each </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>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 Governance and 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="JUSTIFY" STYLE="text-indent: 15pt"><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, 2014.</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="71%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></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>Change in</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Pension Value</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></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>and</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></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>Fees</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></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>Non-qualified</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></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>earned</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></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>Non-Equity</FONT></B></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>Deferred</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></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>or Paid</FONT></B></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>Stock</FONT></B></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>Option</FONT></B></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>Incentive Plan</FONT></B></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>Compensation</FONT></B></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>All Other</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></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>in Cash</FONT></B></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>Awards</FONT></B></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>Awards</FONT></B></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>Compensation</FONT></B></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>Earnings</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%"><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="3%"><B><FONT face="Times New Roman" size=1>Total</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="71%"><B><FONT face="Times New Roman" size=1>Name</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Robert L. Ecker</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>36,700</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%" 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="3%" 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="3%" 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="3%" 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="3%" 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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>36,700</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT face="Times New Roman" size=2>Dean
      L. Ryder</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>36,700</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><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="3%"><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="3%"><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="3%"><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="3%"><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="3%"><FONT face="Times New Roman" size=2>36,700</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Jack
      Schwartz</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>41,700</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" 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="3%" 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="3%" 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="3%" 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="3%" 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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>41,700</FONT></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>EXECUTIVE COMPENSATION
COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>During the fiscal year ended July 31,
2014, 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As required by the applicable regulations
adopted by the U. S. 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 Public Company Accounting Oversight Board (&#147;PCAOB&#148;)
Auditing Standard No. 16 as such may be modified or supplemented. The Audit
Committee 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), </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><FONT face="Times New Roman" size=2>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, 2014.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><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, 2014, the Company paid the
following fees to D&#146;Arcangelo &amp; Co., LLP:</FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <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>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>145,284</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Financial information system design and implementation
      fees</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>All
      other fees&#151;(includes tax and accounting consulting services)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>58,844</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fees</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>204,128</FONT></TD></TR></TABLE></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><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.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Lloyd J. Shulman, a member of the Board
of Directors 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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, 2015. 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="JUSTIFY" STYLE="text-indent: 15pt"><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=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>ADVISORY VOTE ON NAMED
EXECUTIVE OFFICER COMPENSATION</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010 (&#147;Dodd-Frank&#148;) requires reporting companies to
provide their shareholders with the opportunity to vote, in an advisory
capacity, on the compensation of their named executive officers. This
requirement is commonly known as a &#147;say on pay&#148; vote.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We are asking shareholders to approve, on
an advisory basis, the compensation of our named executive officers for the
fiscal year ended July 31, 2014, as disclosed in this Proxy Statement pursuant
to Item 402 of Regulation S-K. Shareholders are urged to read the Summary
Compensation Table and other related compensation narrative disclosure that
describe the compensation of our most highly-compensated executive officers in
fiscal year 2014.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Shareholders will be asked to cast a vote
to approve, on an advisory basis, our executive compensation program through the
following resolution:</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>RESOLVED, that the shareholders of J.W.
Mays, Inc. approve, on an advisory basis, the compensation of the named
executive officers of J.W. Mays, Inc., as disclosed pursuant to Item 402 of
Regulation S-K, including the Summary Compensation Table and the accompanying
narrative disclosure, all as set forth in the J.W. Mays, Inc. 2014 Annual
Meeting proxy statement.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The &#147;say on pay&#148; vote is advisory only,
meaning that it is non-binding on the Company. However, as a matter of good
corporate governance and in compliance with Dodd-Frank, our Board and Executive
Compensation Committee will carefully consider the voting results of this
proposal in determining the future compensation of our named executive
officers.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>OUR BOARD RECOMMENDS A
VOTE FOR THE APPROVAL OF THE COMPENSATION OF OUR NAMED EXECUTIVE
OFFICERS.</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>ADVISORY VOTE ON
FREQUENCY OF FUTURE ADVISORY VOTES ON NAMED EXECUTIVE OFFICER
COMPENSATION</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In addition to the advisory approval of
compensation for our named executive officers, we are asking shareholders to
cast an advisory vote regarding the frequency of future executive compensation
advisory votes. Shareholders may vote for a frequency of every one, two or three
years, or may abstain. Dodd-Frank requires we hold this advisory vote on the
frequency of future executive compensation advisory votes at least once every
six years.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Accordingly, our Board is asking shareholders to vote, on a non-binding advisory basis, on the following resolution:</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>RESOLVED, that the shareholders
recommend, in a non-binding vote, that the frequency with which the shareholders
of the Company shall have an advisory vote on executive compensation
is:</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2>Choice 1&#151;every one year;<BR>Choice 2&#151;every two years;<BR>Choice 3&#151;every
three years; or<BR>Choice 4&#151;abstain from voting;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>and that the option of once every one,
two or three years that receives the highest number of votes cast will be
considered to be the preferred frequency of the shareholders with which the
Company is to hold future non-binding shareholder advisory votes on executive
compensation.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Shareholders are not voting to approve or
disapprove of the Board&#146;s recommendation.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our Board will take into consideration
the outcome of this vote in making a determination about the frequency of future
executive compensation advisory votes. However, because this vote is advisory
and non-binding, our Board may decide that it is in the best interests of our
shareholders and the Company to hold the advisory vote to approve executive
compensation more or less frequently.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We seek and are open to input from our
shareholders regarding board and governance matters, as well as our executive
compensation policies. We believe this outreach to shareholders, and our
shareholders&#146; ability to contact us at any time to express specific views on
executive compensation, hold us accountable to shareholders and reduce the need
for and value of more frequent advisory votes on executive
compensation.</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="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Since we desire to hear the views of our
shareholders concerning the frequency for holding non-binding shareholder votes
to approve the compensation of our named executive officers, our Board of
Directors makes no recommendation with respect to this proposal.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Instead, each proxy card provides for
four choices with respect to this proposal: a one, two or three year frequency,
or shareholders may abstain from voting on the proposal and you are being asked
only to express your preference for a one, two or three year frequency or to
abstain from voting.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Your vote on this proposal will be
non-binding on us and the Board of Directors and will not be construed as
overruling a decision by us or the Board of Directors. Your vote will not create
or imply any change to our fiduciary duties or create or imply any additional
fiduciary duties for us or the Board of Directors. However, the Board of
Directors values the opinions that our shareholders express in their votes and
will consider the outcome of the vote when making such future compensation
decisions as it deems appropriate.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>THE BOARD OF DIRECTORS
MAKES NO RECOMMENDATION WITH RESPECT TO THIS PROPOSAL.</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>CERTAIN
TRANSACTIONS</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>During fiscal 2014, 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 the estate of 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, 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company believes that during the
fiscal year ended July 31, 2014, 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Effective September 13, 2014, the Company
renewed its directors and officers liability insurance policy in the aggregate
amount of $5 million. The policy expires September 13, 2015. 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=center><FONT face="Times New Roman" size=2>16</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>DEADLINE FOR SHAREHOLDER
PROPOSALS FOR THE YEAR 2015 ANNUAL MEETING OF SHAREHOLDERS</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Proposals of shareholders intended to be
presented at the Annual Meeting of Shareholders for 2015 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 8,
2015.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>ANNUAL
REPORT</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company&#146;s Annual Report to
Shareholders for the fiscal year ended July 31, 2014, which is not a part of
this Proxy Statement and is not proxy soliciting material, accompanies this
Proxy Statement.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Copies of the Notice of Meeting, Proxy
Statement, Proxy Card and Annual Report to Shareholders are available at:
http://www.astproxyportal.com/ast/03443</FONT></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>By order of the Board of
      Directors,</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="100%"><IMG SRC="jwmays_def14a2x9x1.jpg" BORDER="0" STYLE="width: 198px; height: 43px"></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">
      <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></DIV>
<P align=justify><FONT face="Times New Roman" size=2>Dated: Brooklyn, New
York<BR>October 6, 2014</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>17</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--proxy-->

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<!--proxy card-->
<DIV align=center><FONT style="FONT-FAMILY: Times New Roman" size=3><B>ANNUAL
MEETING OF SHAREHOLDERS OF</B></FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center><FONT style="FONT-FAMILY: Times New Roman" size=6><B>J. W.
MAYS, INC.</B></FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center><FONT style="FONT-FAMILY: Times New Roman" size=3><B>November
18, 2014</B><BR><BR></FONT></DIV>
<DIV align=center>
<DIV style="WIDTH: 50%">
<DIV align=center><B><FONT face="Times New Roman" size=1>GO
GREEN<BR></FONT></B></DIV>
<DIV align=justify><FONT face="Times New Roman" size=1>e-Consent makes it easy
to go paperless. With e-Consent, you can quickly access your proxy material,
statements and other eligible documents online, while reducing costs, clutter
and paper waste. Enroll today via www.amstock.com to enjoy online
access.</FONT></DIV></DIV></DIV>
<DIV align=center><FONT style="FONT-FAMILY: Times New Roman" size=2></FONT>&nbsp;</DIV>
<DIV align=center><STRONG><U><FONT style="FONT-FAMILY: Times New Roman" size=2>NOTICE OF INTERNET AVAILABILITY OF PROXY
MATERIAL:</FONT></U></STRONG></DIV>
<DIV align=center><FONT style="FONT-FAMILY: Times New Roman" size=2>The Notice
of Meeting, Proxy Statement and Proxy Card<BR>are available at
http://www.astproxyportal.com/ast/03443/</FONT><BR><BR></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center><FONT style="FONT-FAMILY: Times New Roman" size=5>Please mark,
sign, date and <BR>mail your proxy card in the<BR>envelope provided as
soon<BR>as possible.<BR>&nbsp;<BR></FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center><FONT style="FONT-FAMILY: Times New Roman" size=1><FONT face=wingdings>&#234;</FONT>&nbsp;Please detach along perforated line and mail in the
envelope provided.&nbsp;<FONT face=wingdings>&#234;<BR></FONT></FONT>&nbsp;<BR></DIV>
<DIV style="PADDING-RIGHT: 10pt; BORDER-TOP: white 2pt solid; PADDING-LEFT: 10pt; WIDTH: 100%" align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=middle noWrap width="1%"><FONT face=Webdings>g&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="TEXT-ALIGN: left" vAlign=middle width="49%">&nbsp;<IMG src="proxycardx1x1.jpg" border=0></TD>
    <TD vAlign=middle noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=middle align=left width="48%">
      <P align=left><FONT style="FONT-FAMILY: Webdings"><IMG src="proxycardx1x2.jpg" border=0></FONT></P></TD></TR></TABLE></DIV>
<DIV align=center><FONT face=Wingdings size=1></FONT>&nbsp;</DIV>
<DIV style="PADDING-RIGHT: 4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 4pt; PADDING-BOTTOM: 4pt; LINE-HEIGHT: 10pt; PADDING-TOP: 4pt; BORDER-BOTTOM: black 1pt solid">
<CENTER><FONT style="FONT-FAMILY: Times New Roman" size=1><B>THE BOARD OF
DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; THE ELECTION OF DIRECTORS AND &#147;FOR&#148; PROPOSALS
2, 3 AND 4.<BR>THE BOARD MAKES NO RECOMMENDATION WITH RESPECT TO PROPOSAL
5.<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="BORDER-RIGHT: #000000 1pt solid; PADDING-LEFT: 10pt; FLOAT: left; WIDTH: 47%"><BR>
<P align=justify><FONT face="Times New Roman" size=1>1. Election of Directors:
</FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR style="LINE-HEIGHT: 9pt" vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="44%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="53%"><B><FONT face="Times New Roman" size=1>NOMINEES:</FONT></B></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Webdings>c</FONT><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp; </STRONG></FONT></TD>
    <TD vAlign=middle noWrap align=left width="44%"><FONT face="Times New Roman" size=1><STRONG>FOR ALL NOMINEES</STRONG></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="53%" rowSpan=5><FONT face="Times New Roman" size=1>O&nbsp; Robert L Ecker<BR>O&nbsp; Mark S.
      Greenblatt<BR>O&nbsp; Dean L. Ryder<BR>O&nbsp; Jack Schwartz<BR>O&nbsp;
      Lloyd J. Shulman</FONT></TD></TR>
  <TR style="LINE-HEIGHT: 8pt">
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="44%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Webdings>c</FONT><FONT face="Times New Roman" size=1><STRONG>&nbsp;
      </STRONG></FONT></TD>
    <TD vAlign=top noWrap align=left width="44%"><FONT face="Times New Roman" size=1><STRONG>WITHHOLD AUTHORITY<BR>FOR ALL NOMINEES</STRONG></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD></TR>
  <TR style="LINE-HEIGHT: 8pt">
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="44%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Webdings>c</FONT><FONT face="Times New Roman" size=1><STRONG>&nbsp;
      </STRONG></FONT></TD>
    <TD vAlign=top noWrap align=left width="44%"><FONT face="Times New Roman" size=1><STRONG>FOR ALL EXCEPT<BR></STRONG>(See instructions
    below)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD></TR></TABLE><BR>
<P align=justify><B><U><FONT face="Times New Roman" size=1></FONT></U></B>&nbsp;</P>
<P align=justify><STRONG><U><FONT face="Times New Roman" size=1></FONT></U></STRONG>&nbsp;</P>
<TABLE style="PADDING-BOTTOM: 2pt; LINE-HEIGHT: normal; PADDING-TOP: 2pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap width="3%">
      <P align=justify><B><FONT face="Times New Roman" size=1><U>INSTRUCTIONS:</U>&nbsp;</FONT></B></P></TD>
    <TD style="PADDING-RIGHT: 5pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="97%"><FONT face="Times New Roman" size=1>To withhold authority to
      vote for any individual nominee(s), mark <B>&#147;FOR ALL EXCEPT&#148; </B>and fill
      in the circle next to each nominee you wish to withhold, as shown here:
      <FONT face=Wingdings size=2>l</FONT></FONT></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
<TABLE style="PADDING-BOTTOM: 2pt; LINE-HEIGHT: normal; PADDING-TOP: 2pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="98%">
      <P align=justify><FONT face="Times New Roman" 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></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="PADDING-RIGHT: 5pt; BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="1%"><FONT face=Webdings>c</FONT></TD></TR></TABLE></DIV>
<DIV style="PADDING-RIGHT: 10pt; PADDING-LEFT: 5pt; FLOAT: right; WIDTH: 53%"><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="PADDING-RIGHT: 1pt; PADDING-LEFT: 1pt">
    <TD width="1%"></TD>
    <TD width="95%">&nbsp;</TD>
    <TD vAlign=middle width="1%"></TD>
    <TD vAlign=middle align=center width="1%"><FONT face="Times New Roman" size=1>FOR </FONT></TD>
    <TD vAlign=middle align=center width="1%"><FONT face="Times New Roman" size=1>&nbsp;AGAINST&nbsp;</FONT></TD>
    <TD vAlign=middle align=center width="1%">
      <P align=justify><FONT face="Times New Roman" size=1>ABSTAIN</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT face="Times New Roman" size=1>2.&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="96%" colSpan=2>
      <P align=justify><FONT face="Times New Roman" size=1>Proposal to fix the
      number of directors to be elected at five.</FONT></P></TD>
    <TD vAlign=middle align=center width="1%"><FONT face=Webdings>c</FONT></TD>
    <TD vAlign=middle align=center width="1%"><FONT face=Webdings>c</FONT></TD>
    <TD vAlign=middle align=center width="1%"><FONT face=Webdings>c</FONT><FONT face="Times New Roman" size=1><STRONG>&nbsp;</STRONG></FONT></TD></TR>
  <TR style="LINE-HEIGHT: 8pt">
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="95%">&nbsp;</TD>
    <TD vAlign=middle width="1%"></TD>
    <TD vAlign=middle align=center width="1%"></TD>
    <TD vAlign=middle align=center width="1%"></TD>
    <TD vAlign=middle align=center width="1%"></TD></TR>
  <TR style="PADDING-RIGHT: 1pt; PADDING-LEFT: 1pt">
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="95%"></TD>
    <TD vAlign=middle width="1%"></TD>
    <TD vAlign=middle align=center width="1%"><FONT face="Times New Roman" size=1>FOR </FONT></TD>
    <TD vAlign=middle align=center width="1%"><FONT face="Times New Roman" size=1>&nbsp;AGAINST&nbsp;</FONT></TD>
    <TD vAlign=middle align=center width="1%">
      <P align=justify><FONT face="Times New Roman" size=1>ABSTAIN</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT face="Times New Roman" size=1>3.</FONT></TD>
    <TD vAlign=top width="96%" colSpan=2>
      <P align=justify><FONT face="Times New Roman" size=1>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, 2015.</FONT></P></TD>
    <TD style="TEXT-ALIGN: center" width="1%"><FONT face=Webdings>c</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="1%"><FONT face=Webdings>c</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="1%"><FONT face=Webdings>c</FONT></TD></TR>
  <TR style="LINE-HEIGHT: 8pt">
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="95%"></TD>
    <TD width="1%"></TD>
    <TD style="TEXT-ALIGN: center" width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" width="1%"></TD>
    <TD style="TEXT-ALIGN: center" width="1%"></TD></TR>
  <TR style="PADDING-RIGHT: 1pt; PADDING-LEFT: 1pt">
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="95%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD style="TEXT-ALIGN: center" width="1%"><FONT face="Times New Roman" size=1>FOR </FONT></TD>
    <TD style="TEXT-ALIGN: center" width="1%"><FONT face="Times New Roman" size=1>&nbsp;AGAINST&nbsp;</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="1%">
      <P align=justify><FONT face="Times New Roman" size=1>ABSTAIN</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT face="Times New Roman" size=1>4.</FONT></TD>
    <TD vAlign=top width="96%" colSpan=2>
      <P align=justify><FONT face="Times New Roman" size=1>Adoption, on an
      advisory basis, of a resolution approving the compensation of the
      Company's named executive officers.</FONT></P></TD>
    <TD style="TEXT-ALIGN: center" width="1%"><FONT face=Webdings>c</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="1%"><FONT face=Webdings>c</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="1%"><FONT face=Webdings>c</FONT></TD></TR>
  <TR style="LINE-HEIGHT: 8pt">
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="95%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD></TR>
  <TR style="PADDING-RIGHT: 1pt; PADDING-LEFT: 1pt">
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="95%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;1
      year&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=1>2 years </FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=1>3 years </FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=1>ABSTAIN</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT face="Times New Roman" size=1>5.</FONT></TD>
    <TD vAlign=top width="95%">
      <P align=justify><FONT face="Times New Roman" size=1>Adoption, on an
      advisory basis, of a proposal on the frequency of future executive
      compensation advisory votes.</FONT></P></TD>
    <TD style="TEXT-ALIGN: center" width="1%"><FONT face=Webdings>c</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="1%"><FONT face=Webdings>c</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="1%"><FONT face=Webdings>c</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="1%"><FONT face=Webdings>c</FONT></TD></TR>
  <TR style="LINE-HEIGHT: 8pt">
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="95%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT face="Times New Roman" size=1>6.</FONT></TD>
    <TD vAlign=top width="99%" colSpan=5>
      <P align=justify><FONT face="Times New Roman" size=1>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></P></TD></TR>
  <TR style="LINE-HEIGHT: 8pt">
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="95%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>
      <P align=justify><B><FONT face="Times New Roman" size=1>PLEASE SIGN AND
      DATE BELOW AND RETURN THIS PROXY PROMPTLY IN THE ENVELOPE
      PROVIDED.</FONT></B></P></TD></TR></TABLE></DIV><BR clear=all>
<CENTER>
<DIV style="PADDING-RIGHT: 10pt; BORDER-TOP: white 2pt solid; PADDING-LEFT: 10pt; WIDTH: 100%" align=right>
<TABLE style="PADDING-RIGHT: 2pt; PADDING-LEFT: 2pt; FONT-SIZE: 8pt; FLOAT: left; PADDING-BOTTOM: 2pt; PADDING-TOP: 2pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="49%" border=0>

  <TR>
    <TD style="PADDING-LEFT: 0pt" 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></TABLE>
<TABLE style="PADDING-RIGHT: 2pt; PADDING-LEFT: 2pt; FONT-SIZE: 8pt; FLOAT: right; PADDING-BOTTOM: 2pt; PADDING-TOP: 2pt; FONT-FAMILY: Times New Roman; 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></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom noWrap width="1%"><FONT style="FONT-FAMILY: Webdings">&nbsp;&nbsp;&nbsp;&nbsp; <BR></FONT></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></TD>
    <TD vAlign=bottom align=right width="1%"><FONT style="FONT-FAMILY: Webdings">&nbsp;&nbsp;&nbsp;&nbsp;
  <BR><BR></FONT></TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="TEXT-ALIGN: left" width="50%"><FONT style="FONT-FAMILY: Webdings">g</FONT></TD>
    <TD align=right width="50%">
      <P align=right><FONT style="FONT-FAMILY: Webdings">g</FONT></P></TD></TR></TABLE><BR></DIV></CENTER>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<P align=right><FONT face="Times New Roman"><IMG src="proxycardx2x1.jpg" border=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">g</FONT></P>
<P align=center><FONT face="Times New Roman" size=4><STRONG>J. W. MAYS,
INC.</STRONG></FONT></P>
<P align=center><B><FONT face="Times New Roman">PROXY<BR></FONT></B><B><FONT face="Times New Roman">ANNUAL MEETING OF SHAREHOLDERS - NOVEMBER 18,
2014<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
DIRECTORS</FONT></B></P>
<P align=justify><FONT face="Times New Roman"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>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 18, 2014 and the related proxy
statement; (b) appoints <font style="font-variant: small-caps">Lloyd J. Shulman, Mark S. Greenblatt and Ward N. Lyke,
Jr.</font> 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 18, 2014 (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 6, 2014 and upon such other matters
as may properly come before such meeting; and (c) revokes any proxies previously
given.</FONT><FONT face="Times New Roman"><BR></FONT><FONT face="Times New Roman"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 DIRECTOR, FOR PROPOSALS 2, 3 AND 4, AND
"ABSTAIN" FOR PROPOSAL 5. THE PROXIES WILL USE THEIR DISCRETION WITH REGARD TO
ANY MATTER REFERRED TO IN ITEM 6 ON THE REVERSE SIDE.</STRONG></FONT></P>
<DIV align=center><B><FONT face="Times New Roman">(Continued and to be marked,
signed, and dated on the reverse side)</FONT></B></DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="TEXT-ALIGN: left" width="50%"><FONT style="FONT-FAMILY: Webdings">g</FONT></TD>
    <TD align=right width="50%">
      <P align=right><FONT face="Times New Roman"><IMG src="proxycardx2x2.jpg" border=0></FONT>&nbsp;&nbsp;&nbsp;<FONT style="FONT-FAMILY: Webdings">g</FONT></P></TD></TR></TABLE><BR>
      <HR align=center width="100%" noShade SIZE=2>



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end
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</SEC-DOCUMENT>
