<SEC-DOCUMENT>0001206774-16-007317.txt : 20161006
<SEC-HEADER>0001206774-16-007317.hdr.sgml : 20161006
<ACCEPTANCE-DATETIME>20161006080054
ACCESSION NUMBER:		0001206774-16-007317
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20161122
FILED AS OF DATE:		20161006
DATE AS OF CHANGE:		20161006
EFFECTIVENESS DATE:		20161006

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:		161923916

	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>jwmays2989677-def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>

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   <TITLE>jwmays2989677-def14a.pdf -- Converted by SECPublisher 4.0, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times New Roman" size=2><b>UNITED STATES </b></FONT><br><FONT style="FONT-FAMILY: Times New Roman" size=2><b>SECURITIES AND EXCHANGE COMMISSION<BR>

Washington, D.C. 20549</b></FONT></DIV>
<DIV>&nbsp;</DIV>


<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times New Roman" size=4><b>SCHEDULE 14A</b></FONT><BR>
<br><FONT style="FONT-FAMILY: Times New Roman" size=2>Proxy Statement Pursuant to Section 14(a) of the Securities <BR>Exchange
Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )</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="99%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>Filed by the Registrant
      [X]</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="99%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>Filed by a Party other than
      the Registrant [&nbsp;&nbsp; ]&nbsp; </FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="99%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>Check the appropriate
      box:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="99%" colSpan=3>&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="97%"><FONT style="FONT-FAMILY: times new roman" size=2>Preliminary Proxy
      Statement</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="97%"><FONT style="FONT-FAMILY: times new roman" size=2><B>Confidential, for Use of the
      Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></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="97%"><FONT style="FONT-FAMILY: times new roman" size=2>Definitive Proxy
      Statement</FONT></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="97%"><FONT style="FONT-FAMILY: times new roman" size=2>Definitive Additional
      Materials</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%" ><FONT size=2>[&nbsp;&nbsp; ]</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="97%" ><FONT size=2>Soliciting Material Pursuant to &sect;240.14a-12</FONT></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="BORDER-BOTTOM: #000000 1pt solid; 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><STRONG>J. W. MAYS, INC.</STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; 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="BORDER-BOTTOM: #000000 1pt solid; 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="BORDER-BOTTOM: #000000 1pt solid; 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)(1) and 0-11.</FONT></DIV></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 vAlign=top align=left width="96%" >&nbsp;</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 style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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 style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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%" align=justify><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 style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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 style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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 style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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>
    <TD vAlign=top align=right width="1%" ></TD>
    <TD vAlign=top align=right width="1%" ></TD>
    <TD vAlign=top align=left width="98%"  colSpan=3>&nbsp;</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: justify"><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>
    <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 vAlign=top noWrap align=left width="96%" >&nbsp;</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; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" 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; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" 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; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" 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 style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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>

<!-- Part 01 -->
<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 22, 2016<BR><FONT size=3 face="Times New Roman">_______________</FONT></FONT></B></P>
<P align=right><FONT face="Times New Roman" size=2>October 11, 2016</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 22, 2016 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 vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Elect six 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, John J. Pearl, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Fix the number of
      directors to be elected at six;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>3.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><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, 2017. D&#146;Arcangelo &amp; Co., LLP served in
      this same capacity for the fiscal year ended July 31, 2016;
  and</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>4.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><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, 2016 as the record date for the
determination of shareholders entitled to notice of and to vote at the 2016
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>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%">
      <P align=justify><FONT face="Times New Roman" size=2>By order of the Board
      of Directors,</FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%"><IMG src="jwmays2989677-def14a1x1x1.jpg" border=0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2 style="font-variant:small-caps">Salvatore Cappuzzo</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%"><I><FONT face="Times New Roman" size=2>Secretary</FONT></I></TD></TR></TABLE><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><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 11, 2016. 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 22, 2016 (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, 2016, 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 21,
2016.</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, 2016 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>
<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>
<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 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 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.</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
2, 2016.</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 2, 2016.</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="93%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Amount and Nature of</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Beneficial</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Ownership in J.W. Mays,
      Inc.</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="LEFT" WIDTH="93%" STYLE="border-bottom: #000000 1pt solid; text-align: center"><B><FONT face="Times New Roman" size=1>Name of Beneficial
    Owner</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>as of
      September 2, 2016</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="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Percent of
      Class</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" 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><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" 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><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><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="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>681,120</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>33.79</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="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><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="1%"><FONT face="Times New Roman" size=2>240,211</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><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="93%"><FONT face="Times New Roman" size=2>&nbsp;&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="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&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="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>921,331</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>45.71</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #c0c0c0; padding-bottom: 2pt"><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 align=left width="91%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Through</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Weinstein</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><B><FONT face="Times New Roman" size=1>Percent</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="91%"><B><FONT face="Times New Roman" size=1>Name of Beneficial
    Owner</FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid; text-align: center"><B><FONT face="Times New Roman" size=1>Enterprises</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><B><FONT face="Times New Roman" size=1>Direct</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><B><FONT face="Times New Roman" size=1>Total</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><B><FONT face="Times New Roman" size=1>of
  Class</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" 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></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>473,195.60</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>46,098.00</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>519,293.60</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>25.76</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><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="1%"><FONT face="Times New Roman" size=2>129,815.54</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>129,815.54</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>6.44</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="91%" 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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>53,529.33</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>53,529.33</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.66</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Melinda Lee Koster(4)(b)(1)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>9,285.00</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>9,285.00</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>0.46</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Lloyd J. Shulman as Trustee FBO Gail S.
      Koster</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;under
      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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>204,166.95</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>204,166.95</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.13</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Lloyd J. Shulman as Trustee FBO Melinda Lee
      Koster</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;under
      the will of the late Sylvia W. Shulman(4)(f)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>42,201.00</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>42,201.00</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>2.09</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>J.
      Weinstein Foundation, Inc.(5)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>140,568.00</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>140,568.00</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6.97</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Sub-total</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>860,707.42</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>238,152.00</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1,098,859.42</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>54.51</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="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Lloyd J. Shulman and Gail S. Koster as
      Co-Trustees</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FBO
      Linda B. Felmus Jessogne(6)(a)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>37,313.91</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>37,313.91</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1.85</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Lloyd J. Shulman as Trustee FBO</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linda
      B. Felmus Jessogne(6)(b)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>23,309.67</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><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="1%"><FONT face="Times New Roman" size=2>23,309.67</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1.16</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Total</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>921,331.00</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>238,152.00</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,159,483.00</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>57.52</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR></TABLE>
<DIV>____________________</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>(1)</FONT></TD>
    <TD><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></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 921,331 shares (45.71%) 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 681,120 shares (33.79%) 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 colSpan=3>&nbsp;</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 46,098 shares of the outstanding common
      stock of the Company.</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 473,195.60 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 pages 4 and 5)</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><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The Shulman family
      beneficially owns 958,291.42 shares (47.54%) of the outstanding common
      stock of the Company both directly and through Enterprises.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>This total
      includes:</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><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="2%" colSpan=2><B><FONT face="Times New Roman" size=1>Percent</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"></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="1%"><B><FONT face="Times New Roman" size=1>Shares</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" 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%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(a)&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">Lloyd J. Shulman beneficially owns:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1.
      Directly</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>46,098.00</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.29</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>473,195.60</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>23.47</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" bgColor=#c0c0c0 colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>1.
      Melinda Lee Koster - Directly</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>9,285.00</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>0.46</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>2.
      Gail S. Koster (daughter of the late Sylvia W. Shulman and the
    late</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;Max
      L. Shulman, former chairman of the board) through the beneficial</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;ownership of 559.125 shares (14.09%) of Enterprises</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>129,815.54</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>6.44</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Lloyd J. Shulman as Trustee of the trust for the benefit of
      Gail S. Koster</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>pursuant to the will of the late Celia Weinstein through the
      beneficial ownership</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>of
      230.575 shares (5.81%) of Enterprises (Mr. Shulman disclaims
      beneficial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>ownership of these shares)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>53,529.33</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.66</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" bgColor=#c0c0c0 colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(d)</FONT></TD>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>Lloyd J. Shulman as Trustee of the trust under the will of
      the late</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>Sylvia W. Shulman for the benefit of Gail S. Koster (Mr.
      Shulman disclaims</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>beneficial ownership of these shares):</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>1.
      Through the beneficial ownership of 76.50 shares (1.93%) of
      Enterprises</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>17,781.69</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>0.88</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(e)</FONT></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Lloyd J. Shulman as a Trustee of the Sylvia W. Shulman Trust
      for the benefit of</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1.
      Through the beneficial ownership of 803 shares (20.24%) of
      Enterprises</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>186,385.26</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>9.25</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" bgColor=#c0c0c0 colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(f)</FONT></TD>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>Lloyd J. Shulman as Trustee of the trust under the will of
      the late</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>Sylvia W. Shulman for the benefit of Melinda Lee Koster (Mr.
      Shulman</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>disclaims beneficial ownership of these shares)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>42,201.00</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>2.09</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left bgColor=#c0c0c0 width="1%"></TD>
    <TD noWrap align=left bgColor=#c0c0c0 width="93%"><FONT face="Times New Roman" size=2>Total</FONT></TD>
    <TD noWrap align=right bgColor=#c0c0c0 width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap bgColor=#c0c0c0 align=right width="1%"><FONT face="Times New Roman" size=2>958,291.42</FONT></TD>
    <TD noWrap bgColor=#c0c0c0 align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" bgColor=#c0c0c0 noWrap align=right width="1%"><FONT face="Times New Roman" size=2>47.54</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" bgColor=#c0c0c0 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><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(6)</FONT></TD>
    <TD></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Linda B. Felmus
      Jessogne is the beneficial owner of 60,623.58 shares (3.01%) of the
      outstanding common stock of the Company through two separate income
      trusts. This total includes:</FONT></TD></TR></TABLE><BR>
<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><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 37,313.91
      shares (1.85%) 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><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD></TD>
    <TD></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD></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 23,309.67 shares
      (1.16%) 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 2, 2016:</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="95%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"></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="1%"><B><FONT face="Times New Roman" size=1>J.W. Mays, Inc.</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="1%"><B><FONT face="Times New Roman" size=1>Percent of Class</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>All
      directors and executive officers of the Company considered</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as a
      group (5 persons)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>661,286.60*</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>32.80%</FONT></TD></TR></TABLE>
<DIV>____________________</DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="98%">
      <P align=justify><FONT face="Times New Roman" size=2>This total includes
      519,293.60 shares (25.76%) derived from Lloyd J. Shulman beneficial
      holdings, excluding those of Gail S. Koster directly and through her
      beneficial ownership in Enterprises; Melinda Lee Koster; Lloyd J. Shulman
      as Trustee FBO Gail S. Koster; and Lloyd J. Shulman and Gail S. Koster as
      Trustees FBO Melinda Lee 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
      921,331 shares (45.71%) of the outstanding common stock of the Company
      held by Enterprises.</FONT></P></TD></TR></TABLE><BR>
<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 2,
2016:</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="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Amount and Nature of</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Beneficial Ownership in</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>J.W. Mays, Inc.</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="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Percent of Class</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Lillian Goldman Marital Trust</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>271,200</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>13.45</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&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 align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425
      Lexington Avenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New
      York, New York 10017</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="1%" bgColor=#ffffff></TD>
    <TD width="98%" bgColor=#c0c0c0 colSpan=10>&nbsp;</TD>
    <TD 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 align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>182,800</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><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>
    <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;&nbsp;640
      Fifth Avenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>&nbsp;&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="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE>
<DIV>____________________</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>(1)</FONT></TD>
    <TD><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></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 colSpan=3>&nbsp;</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=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>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 six nominees will be elected to hold
office for the ensuing year or until their respective successors are elected and
qualified. Of the six nominees, Messrs. Robert L. Ecker, John J. Pearl, 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=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 ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Efficient communication
between management and the Board;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Clarity for the Company&#146;s
shareholders on corporate leadership and accountability; and</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><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 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 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 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 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 a
Compensation Committee Charter and a Code of Business Conduct which are posted
on its website at: www.jwmays.com.</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><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 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 Six</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 six 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 six.</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=center><FONT face="Times New Roman" size=2>7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!-- Part 02 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following information
is given as of September 2, 2016 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 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,
59</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 Compensation Committee and the
Governance and Nominating Committee of the Board. Mr. Ecker is admitted to the
New York and New Jersey Bars and was formerly 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,
62</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 seven
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 2, 2016.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>John J. Pearl,
81</FONT></I></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Mr. Pearl was elected as a
director of the Company on March 16, 2016. He has been appointed to the Audit
Committee, the Investment Advisory Committee, the 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>Mr. Pearl was the partner
in charge of the tax department of D&#146;Arcangelo &amp; Co., LLP until he retired.
Prior to joining D&#146;Arcangelo &amp; Co., LLP he was a partner in both the New
York and Boston offices of Pannell Kerr Forster (PKF).</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Mr. Pearl is licensed as a
Certified Public Accountant in New York and was formerly licensed in
Massachusetts. He is a member of the American Institute of Certified Public
Accountants Tax Division and the New York State Society of Certified Public
Accountants (NYSSCPA). He served as chairman of both the NYSSCPA Relations with
the Internal Revenue Service Tax Committee and the Westchester Chapter NYSSCPA
Federal &amp; State Tax Committee. For about 10 years he was also the chairman
of the Westchester Chapter Annual Tax Conference and was a frequent speaker at
joint CPA/IRS tax seminars.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Mr. Pearl has over 50 years
of experience advising clients on tax and financial matters across a wide
variety of industries with an emphasis on various forms of real
estate.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Dean L. Ryder,
70</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
Executive Committee, Audit Committee, the Investment Advisory Committee, the
Compensation Committee and the Governance and Nominating Committee of the
Board.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" 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,
94</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, 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="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 2,
2016.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Lloyd J. Shulman,
74</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 fifty one years. Mr.
Shulman directly owns 46,098 shares, or 2.29%, and is the beneficial owner
through Enterprises of an additional 473,195.60 shares, or 23.47% for a total of
519,293.60 shares, or 25.76%, of the Company&#146;s outstanding common stock as of
September 2, 2016.</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 2016, 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, a 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, 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=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>Executive
Committee</FONT></I></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Committee, during
fiscal 2016, 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 2016.</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 2016, consisted of the following &#147;independent&#148; non-employee members of
the Board: Jack Schwartz (Chairman), Dean L. Ryder, Robert L. Ecker and John J.
Pearl (upon his election to the Board). We have determined that each of Dean L.
Ryder, Robert L. Ecker and John J. Pearl 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 six times during fiscal 2016, 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=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 2016, 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 once during fiscal 2016. 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>Compensation
Committee</FONT></I></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Committee, during
fiscal 2016, consisted of Dean L. Ryder, Jack Schwartz, Robert L. Ecker, and
John J. Pearl (upon his election to the Board), all &#147;independent&#148; non-employee
directors. The Committee recommends to the Board the establishment and
modification of Compensation plans and programs. It considers and recommends to
the Board remuneration arrangements for the Chief Executive Officer, as well as
the compensation for the other executive officers. The Committee met once during
fiscal 2016.</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 2016, except John J. Pearl who became a Board member on March
16, 2016 attended all meetings from that time period on.</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 2016. 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 2016, consisted of Dean L. Ryder, Jack
Schwartz, Robert L. Ecker, and John J. Pearl (upon his election to the Board),
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. The Governance
and Nominating Committee met once during fiscal 2016.</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>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 Compensation Committee
of the Board of Directors is responsible for developing and determining the
Company&#146;s Compensation policies and administering the Company&#146;s Compensation
plans. Additionally, the 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, 2016 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 Compensation Committee
considers the ultimate objective of the Compensation program to be in the
creation of shareholder value. An effective 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=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 Compensation Committee
has reviewed the advisory votes taken at the 2014 Annual Meeting of
Shareholders. The Compensation Committee has taken these votes under
advisement.</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 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 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 Compensation Committee regarding each of such officers.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Compensation Committee
conducts an annual review of the Chief Executive Officer&#146;s performance prior to
making its determination. During this review, the 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 Compensation Committee
recognizes the changing real estate market but believes executive officers&#146; base
salaries, as approved by the Board, are at or below competitive base salary
levels.</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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The 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 $265,000.</FONT></P>
<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 align=left width="74%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Change in</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Pension</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Value and</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Non-qualified</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="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="2%"><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="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD></TR>
  <TR>
    <TD noWrap align=left width="74%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><STRONG><FONT size=1 face="Times New Roman">Stock</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><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%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;Incentive
      Plan</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><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="2%"><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="2%"></TD></TR>
  <TR>
    <TD noWrap style="text-align: center" width="74%"><STRONG><FONT size=1 face="Times New Roman">Name and
Principal</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><STRONG><FONT size=1 face="Times New Roman">Salary</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;Bonus</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><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="2%"><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="2%"><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="2%"><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="2%"><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="74%"><B><FONT face="Times New Roman" size=1>Position</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=1>Year</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2016</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>354,437</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7,500</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" 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="2%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>48,100</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>410,037</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman
      of the Board</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>350,543</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7,500</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" 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="2%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>47,151</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>405,194</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
      President, Chief</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" 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="2%" 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="2%" 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="2%" 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="2%" 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="2%" 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="2%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>386,361</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
      Officer and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" 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="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief
      Operating Officer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" 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="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="102%" bgColor=#c0c0c0 colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=2>Mark
      S. Greenblatt</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=2>2016</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=2>337,026</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>37,500</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><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="2%"><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="2%"><FONT face="Times New Roman" size=2>48,100</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><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="2%"><FONT face="Times New Roman" size=2>422,626</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice
      President and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=2>323,523</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>37,500</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><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="2%"><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="2%"><FONT face="Times New Roman" size=2>47,151</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><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="2%"><FONT face="Times New Roman" size=2>408,174</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=2>2014</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=2>306,044</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>55,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><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="2%"><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="2%"><FONT face="Times New Roman" size=2>46,304</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><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="2%"><FONT face="Times New Roman" size=2>407,348</FONT></TD></TR>
  <TR>
    <TD width="102%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2016</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>221,638</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>22,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" 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="2%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>43,397</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>287,035</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>217,038</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>22,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" 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="2%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>42,661</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>281,699</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&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="2%" 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="2%" 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="2%" 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="2%" 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="2%" 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="2%" 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="2%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>270,288</FONT></TD></TR>
  <TR>
    <TD width="102%" bgColor=#c0c0c0 colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=2>George Silva</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=2>2016</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=2>241,854</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>29,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><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="2%"><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="2%"><FONT face="Times New Roman" size=2>48,100</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><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="2%"><FONT face="Times New Roman" size=2>318,954</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice
      President -</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=2>232,135</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>29,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><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="2%"><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="2%"><FONT face="Times New Roman" size=2>47,151</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><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="2%"><FONT face="Times New Roman" size=2>308,286</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operations</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=2>2014</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=2>219,549</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>50,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><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="2%"><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="2%"><FONT face="Times New Roman" size=2>46,304</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><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="2%"><FONT face="Times New Roman" size=2>315,853</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 </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>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. The directors who were not employees
receive (i) a cash retainer of $6,000 per quarter; (ii) a fee of $2,000 for each
meeting of the Board of Directors; (iii) a fee of $1,200 for each Audit
Committee meeting attended; and (iv) a fee of $600 for each Compensation
Committee, each Executive Committee, each Governance and Nominating Committee
and each Investment Advisory Committee meeting attended. The Audit Committee
Chairman receives an additional $1,500 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, 2016.</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="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Change in</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Pension Value</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>and</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Fees</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Non-qualified</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>earned</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><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="2%"><B><FONT face="Times New Roman" size=1>Deferred</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>or Paid</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Stock</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Option</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Incentive Plan</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Compensation</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>All Other</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>in Cash</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Awards</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Awards</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Compensation</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Earnings</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Compensation</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%"><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="80%"><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="2%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>41,825</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" 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="2%" 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="2%" 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="2%" 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="2%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>41,825</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>John
      J. Pearl</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=2>18,650</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><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="2%"><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="2%"><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="2%"><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="2%"><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="2%"><FONT face="Times New Roman" size=2>18,650</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Dean
      L. Ryder</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>41,825</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" 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="2%" 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="2%" 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="2%" 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="2%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>41,825</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>Jack
      Schwartz</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=2>49,325</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><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="2%"><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="2%"><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="2%"><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="2%"><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="2%"><FONT face="Times New Roman" size=2>49,325</FONT></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>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, 2016, the 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 Compensation disclosure
regulations.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>COMPENSATION COMMITTEE
REPORT</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Compensation Committee
of the Board oversees our compensation program on behalf of the Board of
Directors. In fulfilling its oversight responsibilities, the Compensation
Committee reviewed and discussed with management the 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
Compensation Committee recommended to the Board of Directors that the
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>Compensation Committee:
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="margin-left: 30pt"><FONT face="Times New Roman" size=2>Robert L. Ecker <BR>John J.
Pearl <BR>Dean L. Ryder <BR>Jack Schwartz </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><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), 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, 2016.</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, 2016, the Company paid the following fees to D&#146;Arcangelo &amp; Co.,
LLP:</FONT></P>
<DIV>
<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;</TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Audit fees</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>107,020</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>Financial information system design and implementation
      fees</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>None</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Tax
      fees</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="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>51,060</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>All
      other fees&#151;(includes accounting consulting services)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>6,570</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
Fees</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>164,650</FONT></TD>
    <TD noWrap align=right width="1%"></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 ALIGN="JUSTIFY" STYLE="margin-left: 30pt"><FONT face="Times New Roman" size=2>Jack Schwartz, Chairman
<BR>Robert L. Ecker <BR>John J. Pearl <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=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>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 45.71% of the
outstanding common stock of the Company through its wholly-owned subsidiaries:
(i) Gailoyd Enterprises Corp., which directly owns 33.79% 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, 2017. 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=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 2016, the
Company paid Enterprises total rentals of $836,813 for leases on which two of
the Company&#146;s real estate properties are located. The Company paid the Trust
under the will of a former beneficial owner of greater than 10% of the
outstanding common stock of the Company for the benefit of the former beneficial
owner&#146;s granddaughter, 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, 2016, 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,
2016, the Company renewed its directors and officers liability insurance policy
in the aggregate amount of $5 million. The policy expires September 13, 2017.
The insurer is the Illinois National Insurance Company. No sums have been paid
for claims 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=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><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=justify><B><FONT face="Times New Roman" size=2>DEADLINE FOR SHAREHOLDER
PROPOSALS FOR THE YEAR 2016 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 2017 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 13, 2017.</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, 2016, 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%" STYLE="PADDING-BOTTOM: 4PT"><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="jwmays2989677-def14a2x9x1.jpg" border=0></TD></TR>
  <TR STYLE="LINE-HEIGHT: normal">
    <TD noWrap align=left width="100%" STYLE="PADDING-TOP: 4PT">
      <P align=justify><FONT face="Times New Roman" size=2 style="FONT-variant: small-caps">Salvatore&nbsp;Cappuzzo&nbsp;<BR></FONT><I><FONT face="Times New Roman" size=2>Secretary</FONT></I></P></TD></TR></TABLE></DIV><BR>
<P align=right>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2>Dated: Brooklyn, New
York<BR>October 11, 2016</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>16</FONT></P>
<HR align=center width="100%" noShade SIZE=2>



<!-- Proxy Card -->

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face=Arial >ANNUAL MEETING OF SHAREHOLDERS OF</FONT></B></p>
<P align=center><B><FONT face=Arial size=5>J. W. MAYS, INC.</FONT></B></P>
<P align=center><B><FONT face=Arial>November 22, 2016</FONT></B></P>
<div align=center>
<TABLE cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR>
    <TD width="100%">
    <div align=center><FONT face=Arial size=1><b>GO GREEN</b></font></div>
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      </FONT></B><FONT face=Arial 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></TD></TR></TABLE></div>
<P align=center><FONT face=Arial size=2><B><U>NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIAL</U>:</B><BR>The Notice of Meeting, Proxy Statement and Proxy Card <br>
are available at http://www.astproxyportal.com/ast/03443/</FONT></P>

<TABLE style="LINE-HEIGHT: 20pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="100%"><FONT face=Arial size=5>Please mark, sign, date and </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="text-align: center" width="100%"><FONT face=Arial size=5>mail your
      proxy card in the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="100%"><FONT face=Arial size=5>envelope provided as soon</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="text-align: center" width="100%"><FONT face=Arial size=5>as
      possible.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="100%"><FONT face=Arial size=1><FONT size=2 face=Arial>&#8595; </FONT>Please detach along
      perforated line and mail in the envelope provided. <FONT size=2 face=Arial>&#8595;</FONT></FONT></TD></TR></TABLE><BR><IMG src="jwmays2989677-def14ax1x1.jpg" border=0><BR>
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  <TR vAlign=bottom>
    <TD STYLE="border: Black 1pt solid; text-align: center; width: 98%">
      <P><B><FONT face=Arial size=1>THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; THE ELECTION OF DIRECTORS AND &#147;FOR&#148; PROPOSALS 2 AND 3.<BR>
PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE &#9746;</FONT></b></P></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE>
<DIV style="BORDER-RIGHT: #000000 1pt solid; FLOAT: left; WIDTH: 49%; BORDER-BOTTOM: #000000 1pt solid"><br>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD STYLE="width: 1%; text-align: left; vertical-align: top; padding-top: 7pt"><FONT face=Arial size=1>1.&nbsp;</FONT></TD>
    <TD STYLE="width: 99%; text-align: left; vertical-align: top; padding-top: 7pt">
      <P><FONT face=Arial size=1>Election of Directors:</FONT></P></TD></TR></TABLE>
<DIV style="FLOAT: left; WIDTH: 48%">
<TABLE style="LINE-HEIGHT: normal; font-size: 8pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="97%"></TD></TR>
  <TR>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="97%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: left; vertical-align: middle"><FONT face=Arial size=4>&#9744;&nbsp;</FONT></TD>
    <TD NOWRAP WIDTH="97%" STYLE="text-align: left; vertical-align: middle"><B><FONT face=Arial size=1>FOR ALL NOMINEES</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="97%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD WIDTH="1%" STYLE="text-align: left; vertical-align: middle"><FONT face=Arial size=4>&#9744;</FONT></TD>
    <TD WIDTH="97%" STYLE="text-align: left; vertical-align: middle"><B><FONT face=Arial size=1>WITHHOLD AUTHORITY</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: left; vertical-align: middle"></TD>
    <TD NOWRAP WIDTH="97%" STYLE="text-align: left; vertical-align: middle"><STRONG><FONT face=Arial size=1>FOR ALL NOMINEES</FONT></STRONG></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="97%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: left; vertical-align: middle"><FONT face=Arial size=4>&#9744;</FONT></TD>
    <TD NOWRAP WIDTH="97%" STYLE="text-align: left; vertical-align: middle"><SUB><FONT face=Arial size=1>&nbsp;</FONT></SUB><B><FONT face=Arial size=1>FOR ALL EXCEPT</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="97%"><FONT face=Arial size=1>(See instructions below)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="97%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="97%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="97%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="97%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="97%"></TD></TR></TABLE></DIV>
<DIV style="FLOAT: right; WIDTH: 49%">
<TABLE style="LINE-HEIGHT: normal; font-size: 8pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="100%" colSpan=3><B><FONT face=Arial size=1></FONT></B></TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-top: 4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: top; text-align: left; padding-top: 4pt"><FONT face=Arial size=1><b>NOMINEES:</b></FONT></TD></TR>
<TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>O</FONT><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face=Arial size=1>Robert L Ecker</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT size=2 face=Arial>O</FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face=Arial size=1>Mark S. Greenblatt</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>O</FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face=Arial size=1>John J. Pearl</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>O</FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face=Arial size=1>Dean L. Ryder</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>O</FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face=Arial size=1>Jack Schwartz</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>O</FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face=Arial size=1>Lloyd J. Shulman</FONT></TD></TR>
  </TABLE></DIV><BR clear=all><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><STRONG><U><FONT size=1 face=Arial>INSTRUCTIONS:</FONT></U></STRONG></TD>
    <TD STYLE="text-align: left; width: 99%; text-align: justify; padding-right: 4pt; padding-left: 2pt"><FONT face=Arial size=1>To withhold authority to
      vote for any individual nominee(s), mark </FONT><FONT face=Arial size=1><STRONG>&#147;FOR ALL EXCEPT&#148; </STRONG>and fill in the circle next
      to each nominee you wish to withhold, as shown here:
&#9899;</FONT></TD></TR></TABLE><BR>
<DIV style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><BR><BR><BR><BR><BR></DIV>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD STYLE="text-align: justify; width: 98%; padding-top: 2pt; padding-bottom: 2pt"><FONT face=Arial 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></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; padding-top: 2pt; padding-bottom: 2pt">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: center; width: 1%; padding-right: 4pt; padding-top: 2pt; padding-bottom: 2pt">
      <P><FONT face=Arial size=4>&#9744;</FONT></P></TD></TR></TABLE></DIV>
<DIV style="FLOAT: right; WIDTH: 48%">
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: top; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="width: 88%; text-align: left; vertical-align: top; padding-top: 4pt"><FONT face=Arial size=1></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: top; padding-top: 4pt">&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: bottom; padding-top: 4pt"><FONT size=1 face=Arial>FOR</FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: bottom; padding-top: 4pt"><FONT size=1 face=Arial>AGAINST</FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top; padding-top: 4pt">&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: bottom; padding-top: 4pt"><FONT face=Arial size=1>&nbsp;ABSTAIN</FONT></TD></TR>
  <TR vAlign=top>
    <TD NOWRAP STYLE="width: 1%; text-align: left; vertical-align: top; padding-top: 3pt"><FONT face=Arial size=1>2.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 88%; text-align: justify; vertical-align: top; padding-top: 3pt"><FONT face=Arial size=1>Proposal to fix the number of directors to be elected at six.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top; padding-bottom: 4pt">
      <P><FONT face=Arial size=4>&#9744;</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="2%">&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top; padding-bottom: 4pt">
      <P><FONT face=Arial size=4>&#9744;</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="2%"></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top; padding-bottom: 4pt">
      <P><FONT face=Arial size=4>&#9744;</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP WIDTH="88%" STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD vAlign=top noWrap align=center width="2%"></TD>
    <TD vAlign=top noWrap align=center width="2%"></TD>
    <TD vAlign=top noWrap align=center width="2%"></TD>
    <TD vAlign=top noWrap align=center width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center; vertical-align: top"></TD>
    <TD NOWRAP WIDTH="88%" STYLE="text-align: left; vertical-align: top"><FONT face=Arial size=1></FONT></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center; vertical-align: top"></TD>
    <TD NOWRAP WIDTH="2%" STYLE="text-align: center; vertical-align: top"><FONT size=1 face=Arial>FOR</FONT></TD>
    <TD NOWRAP WIDTH="2%" STYLE="text-align: center; vertical-align: top"></TD>
    <TD NOWRAP WIDTH="2%" STYLE="text-align: center; vertical-align: top"><FONT size=1 face=Arial>AGAINST</FONT></TD>
    <TD NOWRAP WIDTH="2%" STYLE="text-align: center; vertical-align: top"></TD>
    <TD NOWRAP WIDTH="2%" STYLE="text-align: center; vertical-align: top"><FONT face=Arial size=1>&nbsp;ABSTAIN</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="width: 1%; text-align: left; vertical-align: top; padding-top: 3pt"><FONT face=Arial size=1>3.</FONT></TD>
    <TD STYLE="width: 88%; text-align: justify; vertical-align: top; padding-top: 3pt"><FONT face=Arial 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, 2017.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP WIDTH="2%" STYLE="text-align: center; vertical-align: top">
      <P><FONT face=Arial size=4>&#9744;</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="2%"></TD>
    <TD NOWRAP WIDTH="2%" STYLE="text-align: center; vertical-align: top">
      <P><FONT face=Arial size=4>&#9744;</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="2%"></TD>
    <TD NOWRAP WIDTH="2%" STYLE="text-align: center; vertical-align: top">
      <P><FONT face=Arial size=4>&#9744;</FONT></P></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: left; vertical-align: top"><FONT face=Arial size=1>4.</FONT></TD>
    <TD WIDTH="99%" COLSPAN="7" STYLE="vertical-align: top; text-align: justify"><FONT face=Arial 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></TD></TR></TABLE>

<P align=justify><B><FONT face=Arial size=1>PLEASE SIGN AND DATE BELOW AND RETURN THIS PROXY PROMPTLY IN
THE ENVELOPE PROVIDED.</FONT></B></P>
</DIV><BR clear=all><BR>
<DIV style="FLOAT: left; WIDTH: 49%">
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"><FONT face=Arial size=1>Signature of Shareholder&nbsp;</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="64%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=Arial size=1>Date:&nbsp;</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="28%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="FLOAT: right; WIDTH: 49%">
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"><FONT face=Arial size=1>Signature of Shareholder&nbsp;</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="64%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=Arial size=1>Date:&nbsp;</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="28%">&nbsp;</TD></TR></TABLE></DIV>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><STRONG><FONT size=1 face=Arial>Note:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=Arial size=1>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.</FONT></P></TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD vAlign=top align=left width="96%"></TD>
    <TD vAlign=top align=left width="1%" bgColor=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>


<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<IMG src="jwmays2989677-def14ax2x1.jpg" border=0> <BR>
<P STYLE="text-align: center"><B><FONT face=Arial size=4>J. W. MAYS, INC.</FONT></B></P>
<P STYLE="text-align: center"><B><FONT face=Arial>PROXY</FONT></B><BR>
<B><FONT face=Arial>ANNUAL MEETING OF SHAREHOLDERS - NOVEMBER
22, 2016 <BR>
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
DIRECTORS</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial>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 22, 2016 and the related proxy statement; (b)
appoints L</FONT><FONT face=Arial size=2>LOYD </FONT><FONT face=Arial>J.
S</FONT><FONT face=Arial size=2>HULMAN</FONT><FONT face=Arial>, M</FONT><FONT face=Arial size=2>ARK </FONT><FONT face=Arial>S. G</FONT><FONT face=Arial size=2>REENBLATT </FONT><FONT face=Arial>and W</FONT><FONT face=Arial size=2>ARD
</FONT><FONT face=Arial>N. L</FONT><FONT face=Arial size=2>YKE</FONT><FONT face=Arial>, J</FONT><FONT face=Arial size=2>R</FONT><FONT face=Arial>. and each
of them, attorneys and proxies, with full power of substitution in each, for and
on behalf of the undersigned, to vote at the Annual Meeting of Shareholders of
J. W. MAYS, INC. to be held November 22, 2016 (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 11, 2016 and upon such other matters as may properly
come before such meeting; and (c) revokes any proxies previously
given.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face=Arial>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 AND
FOR PROPOSALS 2 AND 3. THE PROXIES WILL USE THEIR DISCRETION WITH REGARD TO ANY
MATTER REFERRED TO IN ITEM 4 ON THE REVERSE SIDE.</FONT></B></P>

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

  <TR vAlign=bottom>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="100%"><B><FONT face=Arial>(Continued and to be marked, signed, and
      dated on the reverse side)</FONT></B></TD>
    <TD noWrap align=center width="1%" ></TD></TR>
  <TR>
    <TD noWrap align=center width="1%" ><IMG src="jwmays2989677-def14ax2x2.jpg" border=0></TD>
    <TD noWrap align=center width="100%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" ><IMG src="jwmays2989677-def14ax2x3.jpg" border=0></TD></TR></TABLE><BR>
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