<SEC-DOCUMENT>0001193125-16-662049.txt : 20160728
<SEC-HEADER>0001193125-16-662049.hdr.sgml : 20160728
<ACCEPTANCE-DATETIME>20160728152003
ACCESSION NUMBER:		0001193125-16-662049
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20160908
FILED AS OF DATE:		20160728
DATE AS OF CHANGE:		20160728
EFFECTIVENESS DATE:		20160728

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NICHOLAS FINANCIAL INC
		CENTRAL INDEX KEY:			0001000045
		STANDARD INDUSTRIAL CLASSIFICATION:	SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153]
		IRS NUMBER:				593019317
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26680
		FILM NUMBER:		161789930

	BUSINESS ADDRESS:	
		STREET 1:		2454 MCMULLEN BOOTH RD
		STREET 2:		BLDG C SUITE 501 B
		CITY:			CLEARWATER
		STATE:			FL
		ZIP:			33759
		BUSINESS PHONE:		7277260763

	MAIL ADDRESS:	
		STREET 1:		2454 MCMULLEN BOOTH RD
		STREET 2:		BLDG C SUITE 501B
		CITY:			CLEARWATER
		STATE:			FL
		ZIP:			33759
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>d89417ddef14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
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<TITLE>Definitive Proxy Statement</TITLE>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SCHEDULE 14A INFORMATION </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Securities Exchange Act of 1934 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>(Amendment No. &nbsp;&nbsp; )
</B></FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Filed by the
Registrant&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed by a
Party other than the Registrant&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Check the appropriate box: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preliminary Proxy Statement</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
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<TD VALIGN="top" COLSPAN="3"><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>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Definitive Proxy Statement</FONT></TD></TR>
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<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Definitive Additional Materials</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting Material under Rule 14a-12</FONT></TD></TR>
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<TD VALIGN="bottom" COLSPAN="5" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B><BR>NICHOLAS FINANCIAL, INC.</B></FONT></TD></TR>
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<TD VALIGN="bottom" COLSPAN="5" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(Name of registrant as specified in its charter)</B></FONT></TD></TR>
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<TD VALIGN="bottom" COLSPAN="5" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Name of person(s) filing proxy statement, if other than the registrant)</B></FONT></TD></TR>
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<TD VALIGN="bottom" COLSPAN="5"><FONT STYLE="font-family:Times New Roman" SIZE="2">Payment of Filing Fee (Check the appropriate box):</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">No fee required.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
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<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title of each class of securities to which transaction applies:</FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:1px">&nbsp;</P></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Aggregate number of securities to which transaction applies:</FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:1px">&nbsp;</P></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" 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></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:1px">&nbsp;</P></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Proposed maximum aggregate value of transaction:</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:1px">&nbsp;</P></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5)</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total fee paid:</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee paid previously with preliminary materials.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
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<TD VALIGN="top" COLSPAN="3"><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></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amount Previously Paid:</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form, Schedule or Registration Statement No.:</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:1px">&nbsp;</P></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Filing Party:</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date Filed:</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NICHOLAS FINANCIAL, INC. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2454 McMullen Booth Road </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Building C </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Clearwater, FL 33759-1343 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(727)&nbsp;726-0763 </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>NOTICE OF ANNUAL GENERAL MEETING </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">To the Shareholders of Nicholas Financial, Inc.:
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTICE IS HEREBY GIVEN that the 2016 Annual General Meeting of Shareholders (the &#147;Meeting&#148;) of Nicholas Financial,
Inc. (hereinafter called the &#147;Company&#148;) will be held at the Company&#146;s corporate headquarters, located at 2454 McMullen Booth Road, Building C, Clearwater, Florida, on Thursday, September&nbsp;8, 2016, at the hour of 10 a.m.
(Clearwater, Florida time) for the following purposes: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">to receive the Report of the Directors; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">to receive the consolidated financial statements of the Company for its fiscal year ended March&nbsp;31, 2016 and the report of Dixon Hughes Goodman
LLP, the Company&#146;s Independent Auditors, thereon; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">to elect two directors to hold office until the 2019 Annual General Meeting of Shareholders or until their respective successors are duly elected
and qualified (Proposal 1); </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">to ratify the appointment of Dixon Hughes Goodman LLP as the Company&#146;s Independent Auditors for the fiscal year ending March&nbsp;31, 2017
(Proposal 2); </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">to provide an advisory vote on the compensation for our named executive officers as disclosed in the Executive Compensation Discussion and Analysis
section and the accompanying compensation tables and narrative discussion contained in the accompanying Proxy Statement and Information Circular (Proposal 3); and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">to transact such other business as may properly come before the Meeting. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Accompanying this Notice are a Proxy Statement and Information Circular and Form of Proxy. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Shareholders of record as of the close of business on July&nbsp;22, 2016 will be entitled to attend and vote at the Meeting, or any adjournment or postponement thereof. A shareholder entitled to attend
and vote at the Meeting is entitled to appoint a proxy holder to attend and vote in his stead. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Your vote is important. If you
are unable to attend the Meeting (or any adjournment or postponement thereof) in person, please read the Notes accompanying the Form of Proxy enclosed herewith and then complete and return the Proxy within the time set out in the Notes. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The enclosed Form of Proxy is solicited by the Board of Directors of the Company but, as set out in the Notes accompanying the Form of
Proxy, you may amend it if you so desire by inserting in the space provided the name of the person you wish to represent you at the Meeting. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Important Notice Regarding the Availability of Proxy Materials for the Annual </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>General Meeting of Shareholders to be Held on September&nbsp;8, 2016 </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="100%"></TD></TR>


<TR>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Pursuant to rules of the U.S. Securities and Exchange Commission, we have elected to provide access to our proxy materials both by sending you this full set
of proxy materials, including a proxy card, and by notifying you of the availability of our proxy materials on the Internet. This Proxy Statement and Information Circular and our Annual Report on Form 10-K for the fiscal year ended March&nbsp;31,
2016, are available at <U>http://nicholasfinancial.com/AnlRep16.htm</U>.</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">DATED at Clearwater, Florida, July&nbsp;28, 2016. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>BY ORDER OF THE BOARD OF DIRECTORS </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Katie L. MacGillivary </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Corporate Secretary </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>NICHOLAS FINANCIAL, INC </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>2454 McMullen Booth Road </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Building C </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Clearwater, FL 33759-1343 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>(727)&nbsp;726-0763 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>PROXY STATEMENT AND INFORMATION CIRCULAR </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>AS AT AND DATED JULY 28, 2016
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">This Proxy Statement and Information Circular accompanies the Notice of the 2016 Annual General Meeting
of Shareholders (the &#147;Meeting&#148;) of Nicholas Financial, Inc. (hereinafter called the &#147;Company&#148;) to be held on Thursday, September&nbsp;8, 2016, at 10 a.m. (Clearwater, Florida time), at the Company&#146;s corporate headquarters,
located at 2454 McMullen Booth Road, Building C, Clearwater, Florida, and is being furnished in connection with the solicitation of proxies on behalf of the Board of Directors of the Company (the &#147;Board of Directors&#148; or the
&#147;Board&#148;) for use at that Meeting and at any adjournment thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B></B>The Company&#146;s Annual
Report on Form 10-K for the fiscal year ended March&nbsp;31, 2016 (the &#147;Annual Report&#148;), together with this Proxy Statement and Information Circular and the accompanying proxy form (&#147;Proxy&#148;), are first being mailed on or about
July&nbsp;28, 2016 to shareholders entitled to vote at the Meeting.<B> Additional copies will be provided without charge upon written request to Katie L. MacGillivary, Corporate Secretary, Nicholas Financial, Inc., 2454 McMullen Booth Road, Building
C, Clearwater, Florida 33759-1340. Exhibits filed with our Annual Report on Form 10-K will be provided upon written request, in the same manner noted above. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>REVOCABILITY OF PROXY </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">If the accompanying Proxy is
completed, signed and returned, the shares represented thereby will be voted at the Meeting. The giving of the Proxy does not affect the right to vote in person should the shareholder be able to attend the Meeting. The shareholder may revoke the
Proxy at any time prior to the voting thereof. If you would like to obtain directions to attend the Meeting, please contact Katie L. MacGillivary at <FONT STYLE="white-space:nowrap">(727)&nbsp;726-0763.</FONT> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">In addition to revocation in any other manner permitted by law, a proxy may be revoked by an instrument in writing
executed by the shareholder or his attorney authorized in writing, or if the shareholder is a corporation, by a duly authorized officer or attorney thereof, and deposited either at the registered office of the Company at any time up to and including
the last business day preceding the day of the Meeting, or any adjournment thereof, or, as to any matter in respect of which a vote shall not already have been cast pursuant to such proxy, with the Chairman of the Meeting on the day of the Meeting,
or any adjournment thereof, and upon either of such deposits the proxy is revoked. If you file a notice of revocation, you may then vote (or abstain from voting) your shares in person at the Meeting. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">If you are a shareholder of record, you also may revoke your proxy at any time before your shares are voted by submitting
a duly executed proxy bearing a later date. If you submit a later dated proxy, then your shares will be voted in accordance with that later dated proxy. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>PERSONS MAKING THE SOLICITATION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">THE ENCLOSED PROXY IS BEING SOLICITED BY
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">THE BOARD OF DIRECTORS OF THE COMPANY </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">Solicitations will be made by mail and possibly supplemented by telephone or other personal contact to be made without special compensation by regular officers and employees of the Company. The Company
may reimburse shareholders&#146; nominees or agents (including brokers holding shares on behalf of clients) for the cost incurred in obtaining </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">
from their principals authorization to execute forms of proxy. No solicitation will be made by specifically engaged employees or soliciting agents. The cost of solicitation of proxies on behalf
of the Board of Directors will be borne by the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>VOTING SHARES AND OWNERSHIP </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>OF MANAGEMENT AND PRINCIPAL HOLDERS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">As of the date of this Proxy Statement and Information Circular, the Company is authorized to issue 50,000,000 Common Shares without par value and 5,000,000 Preference Shares without par value. As of the
close of business on July&nbsp;22, 2016, the record date for determining shareholders entitled to notice of and to vote at the Meeting, there were issued and outstanding 12,490,031 Common Shares and no Preference Shares. Of the 12,490,031
outstanding Common Shares, 7,776,227 Common Shares are entitled to vote at the Meeting (the &#147;Voting Common Shares&#148;) and the remaining 4,713,804 Common Shares are held by an indirect subsidiary of the Company and, pursuant to applicable
law, are not entitled to vote. At the Meeting, on a show of hands, every shareholder present in person and entitled to vote shall have one vote, and on a poll, every shareholder present in person or represented by proxy and entitled to vote shall
have one vote for each share of which such shareholder is the registered holder. Shares represented by proxy will only be voted on a poll. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">The following table sets forth certain information regarding the beneficial ownership of the Voting Common Shares as of July&nbsp;22, 2016 regarding (i)&nbsp;each of the Company&#146;s directors
(including the nominees for election or reelection as directors), (ii)&nbsp;each of the Company&#146;s executive officers, (iii)&nbsp;all directors and officers as a group, and (iv)&nbsp;each person known by the Company to beneficially own, directly
or indirectly, more than 5% of the outstanding Voting Common Shares. Except as otherwise indicated, each of the persons listed below has sole voting and investment power over the shares beneficially owned. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="54%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="21%"></TD></TR>
<TR BGCOLOR="#e5e5e5">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-LEFT:2px solid #000000; BORDER-TOP:2px solid #000000; BORDER-BOTTOM:2px solid #000000; padding-left:8px"><FONT STYLE="font-family:Times New Roman" SIZE="3">N<SMALL>AME</SMALL></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:2px solid #000000; BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:2px solid #000000; BORDER-BOTTOM:2px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3">&nbsp;&nbsp;N<SMALL>UMBER</SMALL>&nbsp;<SMALL>OF</SMALL>&nbsp;S<SMALL>HARES&nbsp;&nbsp;&nbsp;
&nbsp;</SMALL></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:2px solid #000000; BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:2px solid #000000; BORDER-RIGHT:2px solid #000000; BORDER-BOTTOM:2px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="3">&nbsp;&nbsp;P<SMALL>ERCENTAGE</SMALL>&nbsp;
O<SMALL>WNED&nbsp;&nbsp;</SMALL></FONT></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:2px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Ralph T. Finkenbrink (1)
(2)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3">161,604</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:2px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="3">2.1%</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:2px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Kevin D. Bates (3) (4)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3">&nbsp;&nbsp;70,367</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:2px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="3">&nbsp;*</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:2px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Katie L. MacGillivary (5)
(6)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3">&nbsp;&nbsp;33,682</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:2px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="3">&nbsp;*</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:2px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Todd B. Pfister (7) (8)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:2px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="3">&nbsp;*</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:2px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Scott Fink (9) (10)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3">&nbsp;&nbsp;15,266</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:2px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="3">&nbsp;*</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:2px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Robin J. Hastings (11)
(12)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3">&nbsp;&nbsp;&nbsp;&nbsp;4,166</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:2px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="3">&nbsp;*</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:2px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Mahan Family II, LLC and Roger Mahan
(13)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3">481,354</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:2px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="3">6.2%</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:2px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Renaissance Technologies LLC
(14)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3">501,369</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:2px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="3">6.5%</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:2px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Wedbush Opportunity Partners, LP
(15)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3">729,331</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:2px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="3">9.4%</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:2px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Westlake Services, LLC
(16)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3">500,000</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:2px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="3">6.5%</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:2px solid #000000; BORDER-BOTTOM:2px solid #000000; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">All directors and officers as a group (6
persons) (17)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:2px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3">285,458</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:2px solid #000000; BORDER-BOTTOM:2px solid #000000; padding-right:8px"><FONT STYLE="font-family:Times New Roman" SIZE="3">3.6%</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">* Less than 1% </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Finkenbrink&#146;s business address is c/o Nicholas Financial, Inc., 2454 McMullen Booth Road, Building C, Clearwater, Florida 33759.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Includes 20,000 shares of restricted stock which will vest on March&nbsp;31, 2017, 11,704 shares of restricted stock which will vest on
March&nbsp;31, 2019 and 73,700 shares issuable upon the exercise of outstanding stock options exercisable within 60 days of the record date. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Bates&#146; business address is c/o Nicholas Financial, Inc., 2454 McMullen Booth Road, Building C, Clearwater, Florida 33759.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Includes 12,000 shares of restricted stock which will vest on March&nbsp;31, 2017, 6,367 shares of restricted stock which will vest on
March&nbsp;31, 2019 and 39,300 shares issuable upon the exercise of outstanding stock options exercisable within 60 days of the record date. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;MacGillivary&#146;s business address is c/o Nicholas Financial, Inc., 2454 McMullen Booth Road, Building C, Clearwater, Florida 33759.
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Includes 8,000 shares of restricted stock which will vest on March&nbsp;31, 2017, 4,682 shares of restricted stock which will vest on March&nbsp;31,
2019 and 16,000 shares issuable upon the exercise of outstanding stock options exercisable within 60 days of the record date. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Pfister&#146;s business address is c/o Nicholas Financial, Inc., 2454 McMullen Booth Road, Building C, Clearwater, Florida 33759.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(8)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consists of 373 shares underlying restricted stock units, which will vest within 60 days of the record date. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Fink&#146;s business address is 3936 U.S. Highway 19, New Port Richey, Florida 34652. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Includes 2,500 shares of restricted stock which will vest on March&nbsp;31, 2018 and 1,666 shares issuable upon the exercise of outstanding stock
options exercisable within 60 days of the record date. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(11)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Hastings&#146; address is c/o Nicholas Financial, Inc., 2454 McMullen Booth Road, Building C, Clearwater, Florida 33759.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(12)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Includes 2,500 shares of restricted stock which will vest on March&nbsp;31, 2018 and 1,666 shares issuable upon the exercise of outstanding stock
options exercisable within 60 days of the record date. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(13)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mahan Family II, LLC, together with Roger Mahan, Gary Mahan, Nancy Ernst, Kristine Mahan, Brett Mahan, Cory Ernst, Kyle Ernst, Mahan Children II,
LLC, and Basking Ridge Country Club, Inc., filed a joint Schedule 13D/A on April&nbsp;24, 2015. As reported in such Schedule 13D/A, Roger Mahan, Nancy Ernst and Gary Mahan are siblings, and Kristine Mahan, Brett Mahan, and Cory and Kyle Ernst are
adult children of Roger Mahan, Gary Mahan and Nancy Ernst, respectively. Basking Ridge Country Club, Inc. is a New Jersey corporation wholly owned by Roger Mahan. The principal address of Basking Ridge Country Club, Inc. is 185 Madisonville Road,
Basking Ridge, New Jersey 07920. Mahan Family II, LLC is a Florida limited liability company of which Roger Mahan, Nancy Ernst and Gary Mahan are equity holders and the sole managers. The principal address of Mahan Family II, LLC is 219 7th Street,
Tierra Verde, Florida 33715. Mahan Children II, LLC is a Florida limited liability company of which Roger Mahan, Nancy Ernst and Gary Mahan are the sole equity holders and managers. The principal business address of Mahan Children II, LLC is 219 7th
Street, Tierra Verde, Florida 33715. The number of shares reflected in the table represents the number of shares over which Roger Mahan has sole or shared voting and dispositive power as reported in the Schedule 13D/A. In addition to these shares,
the Schedule 13D/A disclosed ownership of the following: (i)&nbsp;Kristine Mahan owns 108 shares, (ii)&nbsp;Cory Ernst owns 1,155 shares, (iii)&nbsp;Brett Mahan owns 483 shares, and (iv)&nbsp;Kyle Ernst owns 495 shares. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(14)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The business address of Renaissance Technologies LLC, a Delaware limited liability company, is 800 Third Avenue, New York, NY 10022. As reported in
a Form 13F-HR (quarterly report filed by institutional managers) filed on May&nbsp;13, 2016 for the quarterly period ended March&nbsp;31, 2016, Renaissance Technologies LLC holds 464,614 shares over which it has sole voting and investment power.
According to such report, Renaissance Technologies LLC holds an additional 36,755 over which it has sole investment power but no voting authority. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(15)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Wedbush Opportunity Partners, LP, a Delaware limited partnership, and Wedbush Opportunity Capital, LLC, a Delaware limited liability company, filed
a joint Schedule 13G on February&nbsp;12, 2016. As reported in such Schedule 13G, Wedbush Opportunity Capital, LLC is the general partner of Wedbush Opportunity Partners, LP. The business address of Wedbush Opportunity Partners, LP and Wedbush
Opportunity Capital, LLC is 1000 Wilshire Blvd., Los Angeles, CA 90017. The numbers in the table are based on the DTC position report as of the Record Date obtained by the Company. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(16)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">As reported in a Schedule 13G filed on May&nbsp;8, 2015, the principal business address of Westlake Services, LLC is 4751 Wilshire Boulevard #100,
Los Angeles, CA 90010. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(17)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Includes an aggregate of 132,332 shares issuable upon the exercise of outstanding stock options exercisable within 60 days of the record date and
373 shares underlying restricted stock units which will vest within 60 days of the record date. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">The Board of Directors has determined that all holders of record of Voting Common Shares as of the close of business on July&nbsp;22, 2016 (the &#147;Record Date&#148;) will be entitled to receive notice
of and to vote at the Meeting. Those shareholders so desiring may be represented by proxy at the Meeting. The Proxy, and the power of attorney or other authority, if any, under which it is signed or a notarially certified copy thereof, must be
deposited either at the office of the Registrar and Transfer Agent of the Company, Computershare Investor Services, Inc., 100 University Avenue, 8th Floor, Toronto, Ontario M5J 2Y1, or at the Corporate Headquarters of the Company at 2454 McMullen
Booth Road, Building C, Clearwater, Florida 33759-1343 not less than 48 hours, Saturdays and holidays excepted, prior to the time of the holding of the Meeting or any adjournment thereof. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Votes cast by proxy or in person at the Meeting will be tabulated by the inspector of elections appointed for the
Meeting, who will also determine whether a quorum is present for the transaction of business. The Company&#146;s current Articles provide that a quorum is present if two or more shareholders of the Company are present in person (or represented
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">
by proxy) holding an aggregate of at least 33-1/3% of the total issued and outstanding Common Shares of the Company as of the Record Date for the Meeting. The number of issued and outstanding
Common Shares currently equals the number of issued and outstanding Voting Common Shares, since the Common Shares held by the Company&#146;s subsidiary are not considered to be &#147;outstanding.&#148; Abstentions will be counted as shares that are
present and entitled to vote for purposes of determining whether a quorum is present. Shares held by nominees for beneficial owners will also be counted for purposes of determining whether a quorum is present if the nominee has the discretion to
vote on at least one of the matters presented, even though the nominee may not exercise discretionary voting power with respect to other matters and even though voting instructions have not been received from the beneficial owner (a &#147;broker
non-vote&#148;). Neither abstentions nor broker non-votes are counted in determining whether a proposal has been approved. The vote required for each proposal set forth herein, including the election of directors, is set forth under the discussion
herein of such proposal. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Shareholders are urged to indicate their votes in the spaces provided on the Proxy.
Proxies solicited by the Board of Directors of the Company will be voted in accordance with the directions given therein. Except as indicated below in connection with the election of directors, where no instructions are indicated signed Proxies will
be voted FOR each proposal listed in the Notice of the Meeting as set forth more completely herein. Returning your completed Proxy will not prevent you from voting in person at the Meeting should you be present and wish to do so. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">If your shares are registered directly in your name with our transfer agent, Computershare Investor Services, Inc., then
you are a &#147;shareholder of record.&#148; This Proxy Statement and Information Circular and related materials have been provided directly to you by the Company. You may vote by ballot at the meeting or vote by proxy. To vote by proxy, sign, date
and return the enclosed proxy card or follow the instructions on the proxy card for voting by Internet. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">If
your shares are held for you in a brokerage, bank or other institutional account (that is, held in &#147;street name&#148;), then you are not a shareholder of record. Rather, the institution is the shareholder of record and you are the
&#147;beneficial owner&#148; of the shares. The Proxy Statement and Information Circular and accompanying materials have been forwarded to you by that institution. If you complete and properly sign the accompanying Proxy and return it in the
enclosed envelope, or follow the instructions on the Proxy for voting by Internet, the institution will cause your shares to be voted in accordance with your instructions. If you are a beneficial owner of shares and wish to vote in person at the
Meeting, then you must obtain a proxy, executed in your favor, from the holder of record (the institution). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">If you are a shareholder of record and attend the Meeting, you may vote in person by ballot at the Meeting. To vote by
ballot, you must register and confirm your shareholder status at the meeting. If the shareholder of record is a corporation, partnership, limited liability company or other entity of which you are an officer or other authorized person, then you
should bring evidence of your authority to vote the shares on behalf of the entity. If your shares are held for you in a brokerage, bank or other institutional account (that is, in &#147;street name&#148;), you must obtain a proxy, executed in your
favor, from that institution (the holder of record) to vote your beneficially-owned shares by ballot at the Meeting. If you are a shareholder of record, then you may opt to deliver your completed Proxy in person at the Meeting. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">You will receive separate Proxies when you own shares in different ways. For example, you may own shares individually, as
a joint tenant, in an individual retirement account, in trust or in one or more brokerage accounts. You should complete, sign and return each Proxy you receive or follow the Internet instructions on each card. The instructions on each Proxy may
differ. Be sure to follow the instructions on each card. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>PROPOSAL 1:&nbsp;&nbsp;ELECTION OF DIRECTORS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>The Board of Directors recommends each of the nominees set forth below for election as a director and urges each
shareholder to vote &#147;FOR&#148; each of the nominees. Proxies in the accompanying form will be voted at the Meeting, unless authority to do so is withheld, in favor of the election as a director of each of the nominees named below. Brokers or
other nominees who hold shares for &#147;street name&#148; holders do not have discretionary authority to vote uninstructed shares in the election of directors. </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Company&#146;s Board of Directors currently consists of five members divided into three classes, with the members of
each class serving three-year terms expiring at the third Annual General Meeting of Shareholders after their election. Stephen Bragin retired as a member of the Board of Directors of the Company effective July&nbsp;1, 2016 and, on that day, the
Board of Directors appointed Todd B. Pfister as a director of the Company effective immediately to fill the vacancy left by Mr.&nbsp;Bragin&#146;s resignation, to serve for the remainder of Mr.&nbsp;Bragin&#146;s term, expiring at the 2017 Annual
General Meeting of Shareholders of the Company, and until his successor has been duly elected and qualified. The Company&#146;s Board of Directors, upon the recommendation of the Nominating/Corporate Governance Committee, has nominated each of Ralph
T. Finkenbrink and Kevin D. Bates to stand for re-election as a director at the Meeting, to hold office for a term of three years expiring at the 2019 Annual General Meeting of Shareholders, and until his successor has been duly elected and
qualified. No other person has been nominated by the Board to stand for election as a director at the Meeting. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Vote Required
</B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Assuming a quorum is present, the election of each of Messrs. Finkenbrink and Bates as a director
requires that a plurality of the total votes cast with respect to Voting Common Shares present, or represented by proxy, vote in favor of his election. (Please note that brokers or other nominees who hold shares for you do not have the discretionary
authority to vote your uninstructed shares in the election of directors.) In the event Mr.&nbsp;Finkenbrink or Mr.&nbsp;Bates is unable to serve, the persons designated as proxies will cast votes for such other person in their discretion as a
substitute nominee. The Board of Directors has no reason to believe that either of the foregoing nominees will be unavailable, or if elected, will decline to serve. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Messrs. Finkenbrink and Bates are residents of the United States. Certain information is set forth below for each of the
nominees for director, as well as for each director whose term of office will continue after the Meeting. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">5 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>NOMINEES FOR DIRECTOR &#151; TERM TO EXPIRE 2019 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="72%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:28pt"><FONT STYLE="font-family:Times New Roman" SIZE="3">Name</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3">Age</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:216pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">Principal Occupation And Other Information</FONT></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Ralph T. Finkenbrink</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">55</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Mr. Finkenbrink has served as President and Chief Executive Office of the Company since May 31, 2014, and as Chairman of
the Board since July 1, 2014. He has served as a director of the Company since 2002. Mr. Finkenbrink previously served as Senior Vice President, Chief Financial Officer and Secretary of the Company from 1997 through May 2014 and Vice President
&#150; Finance of the Company from 1992 to July 1997. He joined the Company in 1988 and served as Controller of Nicholas Financial and NDS until 1992. Prior to joining the Company, Mr. Finkenbrink was a staff accountant for MBI, Inc. from January
1984 to March 1985 and Inventory Control Manager for the Dress Barn, Inc. from March 1985 to December 1987. Mr. Finkenbrink received his Bachelor of Science Degree in Accounting from Mount St. Mary&#146;s University in Emmitsburg,
Maryland.</FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px" align="left">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><I>Mr. Finkenbrink has been with
the Company for 28 years, serving in various senior executive capacities for 24 years. Given his lengthy tenure with the Company, Mr. Finkenbrink brings the continuity of mission and values on which the Company was established. He also brings
valuable operational and&nbsp;financial analytical skills and experience, as well as industry knowledge, to the Board. This led to the conclusion that he should continue to serve as a director of our Company.</I></FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Kevin D. Bates</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">46</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Mr. Bates was elected as a director of the Company on July 1, 2014 and has served as Senior Vice President &#150; Branch
Operations of the Company since May 31, 2014. He has been employed by the Company in various capacities since April 1, 1997, most recently as Vice President of Marketing from June&nbsp;2011 through May 2014 and Regional Vice President from April
2009 through May 2014. During his more than 18-year tenure with the Company, Mr. Bates also previously served as Branch Manager and Regional Director of the Company. Mr. Bates received his B.S. degree in Business Management from St. Bonaventure
University in 1993.</FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px" align="left">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><I>Given his lengthy
tenure with the Company, Mr. Bates provides the Board with information gained from hands-on management of Company operations, helping to identify near-term and long-term goals, challenges and&nbsp;opportunities. This led to the conclusion that he
should continue to serve as a director of our Company.</I></FONT></P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">6 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>DIRECTORS CONTINUING IN OFFICE &#151; TERM TO EXPIRE 2018 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="72%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:28pt"><FONT STYLE="font-family:Times New Roman" SIZE="3">Name</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3">Age</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:216pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">Principal Occupation And Other Information</FONT></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Scott Fink</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">55</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Mr. Fink has served as a director of the Company since August 11, 2004. In 2001, Mr. Fink was awarded the Hyundai of New
Port Richey, Florida dealership, where he is currently President and Owner. He has since opened four additional automobile franchises in the Tampa Bay area &#150; Hyundai, Mazda and Chevrolet of Wesley Chapel and Volkswagen of New Port Richey. In
1998, Mr. Fink formed S&amp;T Collision Centers, which currently operates out of locations in Clearwater and Brandon, Florida. Prior to 1998, Mr.&nbsp;Fink owned and operated a Toyota and a Mitsubishi Dealership in Clearwater, Florida. Mr. Fink also
previously worked for Ford Motor Company in various management positions. Mr. Fink received his Bachelor of Science degree in Accounting from Wagner College, Staten Island, New York.</FONT></P>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px" align="left">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><I>Given his extensive business experience Mr. Fink
brings a unique combination of leadership, financial and business analytical skills and acute business judgment to the Board. This led to the conclusion that he should serve as a director of our Company.</I></FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Robin J. Hastings</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">62</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Mr. Hastings has served as a director of the Company since August 2015. Until March 2016, Mr. Hastings was the Chief
Operating Officer of United Ocean Services (UOS), a subsidiary of International Shipholding Corporation, a New York Stock Exchange-listed company. UOS is a U.S. flag shipping company with primary operations in the Gulf of Mexico. Until his
retirement, he worked in various capacities for UOS under different ownership, for 28 years. Prior to becoming a director of the Company, Mr. Hastings worked for National Gypsum Company, American Shipbuilding Company and TECO Transport &amp; Trade.
Mr. Hastings began his career in the financial arena of TECO Transport &amp; Trade in 1987. He was promoted to Assistant Controller of TECO Transport &amp; Trade before it was purchased by investors and renamed United Maritime Group (UMG) in 2008.
Mr. Hastings held the positions of Controller, Vice President of Commercial Operations and Logistics, and ultimately Chief Operating Officer of United Ocean Services and remained as COO when International Shipholding purchased UOS in 2012. Mr.
Hasting received both his Bachelors degree in Accounting and Finance and his Masters degree in Business Administration from the University of South Florida (USF) in Tampa, Florida.</FONT></P>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px" align="left">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><I>Mr. Hastings brings considerable financial,
accounting and operating skills and experience to the Board. This led to the conclusion that he should serve as a director of our Company.</I></FONT></P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">7 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>DIRECTOR CONTINUING IN OFFICE &#151; TERM TO EXPIRE 2017 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="72%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:28pt"><FONT STYLE="font-family:Times New Roman" SIZE="3">Name</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3">Age</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:216pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">Principal Occupation And Other Information</FONT></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Todd B. Pfister</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">55</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Mr. Pfister was appointed to the Company&#146;s Board to fill the vacancy created by the resignation of Stephen Bragin,
effective July 1, 2016. Mr. Pfister is a former partner of Foley &amp; Lardner LLP in Chicago, IL, where he practiced more than 30 years until his retirement from the firm in June 2016, primarily in the areas of mergers and acquisitions, securities
law and general corporate and business law. During Mr. Pfister&#146;s tenure at Foley &amp; Lardner LLP, his firm provided legal advice to the Company. Mr. Pfister has extensive experience counseling senior management and boards of directors, as
well as structuring and negotiating transactions in various industries. He has represented both issuers and underwriters in public and private offerings of debt and equity securities and regularly counseled both public and private companies
regarding corporate governance and compliance matters. Mr.&nbsp;Pfister received his Bachelor of Arts degree, with honors in economics, <I>summa cum laude</I>, in 1983 from Lake Forest College, and his Juris Doctor degree in 1986 from Yale Law
School, where he was an editor of the Yale Law &amp; Policy Review and a member of The Yale Journal of International Law.</FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px" align="left">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><I>Mr. Pfister brings extensive experience as an attorney, particularly with respect to corporate governance, securities law and mergers
and acquisitions, to the Board. This led to the conclusion that he should serve as a director of&nbsp;our Company.</I></FONT></P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">8 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>PROPOSAL 2:&nbsp;&nbsp;RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITORS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>The Board of Directors and Audit Committee recommend the ratification of the appointment of Dixon Hughes Goodman LLP
as Independent Auditors of the Company for the fiscal year ending March&nbsp;31, 2017, and urge each shareholder to vote &#147;FOR&#148; such proposal. Executed and unmarked proxies in the accompanying form will be voted at the Meeting in favor of
such proposal. </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">During the fiscal year ended March&nbsp;31, 2016, the Company engaged Dixon Hughes Goodman
LLP to provide certain audit services, including the audit of the Company&#146;s annual consolidated financial statements and internal control over financial reporting, quarterly reviews of the condensed consolidated financial statements included in
the Company&#146;s Forms 10-Q, services performed in connection with filing this Proxy Statement and Information Circular and the Annual Report on Form 10-K by the Company with the U. S. Securities and Exchange Commission (&#147;SEC&#148;),
attendance at meetings with the Audit Committee and consultation on matters relating to accounting, tax and financial reporting. Dixon Hughes Goodman LLP has acted as the independent registered public accounting firm (&#147;Independent
Auditors&#148;) for the Company since December&nbsp;31, 2003. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Audit Committee has appointed Dixon Hughes
Goodman LLP as Independent Auditors of the Company for the fiscal year ending March&nbsp;31, 2017, and the Board of Directors and Audit Committee propose the ratification of such appointment. If our shareholders do not ratify the appointment of
Dixon Hughes Goodman LLP at the Meeting, then the Audit Committee will reconsider its selection of Dixon Hughes Goodman LLP; however, it is not required to change its selection. No representative of Dixon Hughes Goodman LLP will be present at the
Meeting or available at the Meeting to answer any questions or make any statements with respect to the Company. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Vote Required
</B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Assuming a quorum is present, approval of the ratification of the appointment of Dixon Hughes Goodman LLP
as Independent Auditors of the Company for the fiscal year ending March&nbsp;31, 2017 requires that a simple majority of the total votes cast with respect to Voting Common Shares present, or represented by proxy, vote in favor of such proposal.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Fees for Audit and Non-Audit Related Matters </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">The fees charged by Dixon Hughes Goodman LLP for professional services rendered to the Company in connection with all audit and non-audit related matters were as follows: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="54%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="21%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Fiscal Year Ended March&nbsp;31,</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>2016</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>2015</B></FONT></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Audit Fees (1)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">$369,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">$393,000</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Audit Related Fees (2)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">$&nbsp;&nbsp;20,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">$&nbsp;&nbsp;31,020</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Tax Fees (3)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">$&nbsp;&nbsp;43,700</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">$&nbsp;&nbsp;48,775</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">All Other Fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">&nbsp;&nbsp;None</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">&nbsp;&nbsp;None</FONT></TD></TR>
</TABLE> <P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;margin-left:3%;border-bottom:0.5pt solid #000000; width:15%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Audit fees consist of fees for the integrated audit of the Company&#146;s annual consolidated financial statements and internal control over
financial reporting and reviews of the Company&#146;s condensed consolidated financial statements included in the Company&#146;s quarterly reports on Form 10-Q. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">9 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Audit related fees for the fiscal year ended March&nbsp;31, 2015 consisted primarily of fees for the audit of the Company&#146;s retirement plan and
also professional services rendered in connection with filings with the SEC related to the modified &#147;Dutch auction&#148; tender offer. Audit related fees for the fiscal year ended March&nbsp;31, 2016 consisted primarily of advice provided with
respect to the Company&#146;s retirement plan. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fees incurred were for income tax return preparation and other compliance services. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:22px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Audit Committee has concluded that Dixon Hughes Goodman
LLP&#146;s provision of the services described above is compatible with maintaining Dixon Hughes Goodman LLP&#146;s independence. The Audit Committee pre-approved all of such services. The Audit Committee has established pre-approval policies and
procedures with respect to audit and permissible non-audit services to be provided by the Company&#146;s independent auditors. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Policy on
Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditors </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The
Audit Committee&#146;s policy is to pre-approve all audit and permissible non-audit services provided by the Company&#146;s independent auditors in order to assure that the provision of such services does not impair the auditor&#146;s independence.
These services may include audit services, audit-related services, tax services and other services. Pre-approval is generally provided for up to one year and any pre-approval is detailed as to the particular service or category of services and is
generally subject to a specific budget. Management is required to periodically report to the Audit Committee regarding the extent of services provided by the independent auditors in accordance with this pre-approval, and the fees for the services
performed to date. During each of the fiscal years ended March&nbsp;31, 2016 and 2015, respectively, all services were pre-approved by the Audit Committee in accordance with this policy. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">10 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>PROPOSAL 3:&nbsp;&nbsp;ADVISORY VOTE ON COMPENSATION </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>OF NAMED EXECUTIVE OFFICERS </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>The Board of Directors recommends a vote &#147;FOR&#148; the approval of the compensation of our named executive officers as disclosed in the Executive Compensation Discussion and Analysis section and
the accompanying compensation tables and narrative discussion contained in this Proxy Statement and Information Circular. Abstentions and broker nonvotes will not be counted for purposes of determining whether a majority of votes has been cast in
favor of this proposal. Proxies solicited by the Board will be voted &#147;FOR&#148; approval of the compensation, unless a shareholder specifies otherwise. </B></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Under legislation that Congress enacted in 2010, our shareholders may approve, on a non-binding, advisory basis, the
compensation of our named executive officers as disclosed in accordance with the executive compensation disclosure rules contained in Item&nbsp;402 of the U.S. Securities and Exchange Commission&#146;s Regulation S-K. Accordingly, we are seeking
input from shareholders with this advisory vote on the compensation of our named executive officers. The vote on this proposal is not intended to address any specific element of compensation; rather, the vote relates to the compensation of our named
executive officers as disclosed in the Executive Compensation Discussion and Analysis section and the accompanying executive compensation tables and narrative discussion contained in this Proxy Statement and Information Circular. The Company asks
that you support the compensation of our named executive officers as so disclosed. Because your vote is advisory, it will not be binding on the Compensation Committee, the Nominating/Corporate Governance Committee, the Board or the Company. However,
the Board will review the voting results and take them into consideration when making future decisions regarding executive compensation. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">The Company&#146;s compensation philosophy emphasizes pay for performance. The goal is to provide an opportunity for total compensation that is competitive and sufficient to attract and retain executives
and is reflective of our overall executive compensation philosophy which is designed to: </FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">help attract and retain the most qualified individuals by being competitive with compensation paid to persons having similar responsibilities and
duties in other companies in the same and closely related businesses; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">relate to the value created for shareholders by being directly tied to the financial performance of the Company and the particular executive
officer&#146;s contribution to such performance; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">motivate and reward individuals who help the Company achieve its short-term and long-term objectives and thereby contribute significantly to the
success of the Company; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">reflect the qualifications, skills, experience, and responsibilities of the particular executive officer. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">We describe the individual elements that make up our total compensation more fully in the Executive Compensation
Discussion and Analysis section of this Proxy Statement and Information Circular. We believe our executive compensation programs are structured to support the Company and its business objectives. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Accordingly, for the reasons discussed above, the Board recommends that shareholders vote in favor of the approval of the
compensation of our named executive officers as disclosed pursuant to Item&nbsp;402 of Regulation S-K, including the Executive Compensation Discussion and Analysis section, compensation tables and narrative discussion. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">11 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Vote Required </B></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Assuming a quorum is present, approval of the compensation of our named executive officers requires that a simple
majority of the total votes cast with respect to Voting Common Shares present, or represented by proxy, vote in favor of such proposal. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>BOARD OF DIRECTORS </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Committees of the Board of Directors and Meeting Attendance
</B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Company has not adopted a formal policy that each director must attend each annual general meeting of
shareholders, although directors are encouraged to do so. The Company expects all members of the Board to attend the Meeting barring other significant commitments or special circumstances. All of the Company&#146;s Board members attended the
Company&#146;s 2015 Annual General Meeting of Shareholders. During the Company&#146;s fiscal year ended March&nbsp;31, 2016, there were six meetings of the Board, and each incumbent director attended at least 75% of the aggregate number of Board
meetings and meetings of all committees of the Board on which he served. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Board of Directors of the
Company has the standing committees listed below. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><I>Audit Committee </I></B></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">On April&nbsp;1, 2004, the Board of Directors established an Audit Committee, which was comprised of three members during
the fiscal year ended March&nbsp;31, 2016: until August&nbsp;13, 2015, the committee consisted of Messrs. Neal (Chair), Bragin and Fink, and effective August&nbsp;13, 2015, Mr.&nbsp;Hastings replaced Mr.&nbsp;Neal as the Chair of the Audit
Committee. The Audit Committee held five meetings during the fiscal year ended March&nbsp;31, 2016. Mr.&nbsp;Bragin resigned from the Board of Directors effective July&nbsp;1, 2016 and the Board appointed Todd B. Pfister to fill the vacancy.
Mr.&nbsp;Pfister succeeded Mr.&nbsp;Bragin as a member of the Board&#146;s Audit Committee effective as of July&nbsp;1, 2016. The Board has determined that Messrs. Hastings, Fink and Pfister, the current members of the Audit Committee, satisfy the
independence requirements of current Securities and Exchange Commission rules and NASDAQ Global Select Market listing standards. The Board also has determined that Mr.&nbsp;Hastings qualifies as an audit committee financial expert as defined under
these rules and listing standards. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Audit Committee assists the Board of Directors with its
responsibilities by (A)&nbsp;overseeing the Company&#146;s accounting and financial reporting processes and the audits of the Company&#146;s consolidated financial statements and (B)&nbsp;monitoring (i)&nbsp;the Company&#146;s compliance with legal,
risk management and regulatory requirements, (ii)&nbsp;the Company&#146;s independent auditors&#146; qualifications and independence, (iii)&nbsp;the performance of the Company&#146;s audit function and independent auditors, and (iv)&nbsp;the
Company&#146;s systems of internal control with respect to the integrity of financial records, adherence to its policies and compliance with legal requirements. The Audit Committee: has sole responsibility to retain and terminate the Company&#146;s
independent auditors, subject to shareholder ratification; has sole authority to pre-approve all audit and non-audit services performed by the Company&#146;s independent auditors and the fees and terms of each engagement; reviews the scope and
results of each annual internal audit; and reviews the Company&#146;s audited consolidated financial statements and related public disclosures, earnings press releases and other financial information and earnings guidance provided to analysts or
rating agencies. The Audit Committee is governed by a written charter, which sets forth the specific functions and responsibilities of the Audit Committee. A copy of the current Audit Committee charter was included as Appendix A to the Proxy
Statement and Information Circular relating to the 2014 Annual General Meeting of Shareholders. The Audit Committee charter is not currently available on the Company&#146;s web site. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">12 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><I>Compensation Committee </I></B></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">On June&nbsp;30, 2005, the Board of Directors established a Compensation Committee, which was comprised of three members
during the fiscal year ended March&nbsp;31, 2016: until August&nbsp;13, 2015, the committee consisted of Messrs. Neal (Chair), Bragin and Fink, and effective August&nbsp;13, 2015, Mr.&nbsp;Hastings succeeded Mr.&nbsp;Neal on the Compensation
Committee, with the Chairperson role assumed by Mr.&nbsp;Fink on such date. The Compensation Committee held one meeting during the fiscal year ended March&nbsp;31, 2016. Mr.&nbsp;Bragin resigned from the Board of Directors effective July&nbsp;1,
2016 and the Board appointed Todd B. Pfister to fill the vacancy. Mr.&nbsp;Pfister succeeded Mr.&nbsp;Bragin as a member of the Board&#146;s Compensation Committee effective as of July&nbsp;1, 2016. The Board has determined that Messrs. Fink,
Hastings and Pfister, the current members of the Compensation Committee, satisfy the independence requirements of current Securities and Exchange Commission rules and NASDAQ Global Select Market listing standards, and that they are
&#147;non-employee directors&#148; pursuant to Rule 16b-3 under the Securities Exchange Act of 1934, as amended. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">The principal responsibilities of the Compensation Committee are to evaluate the performance and approve the compensation of the Company&#146;s Chief Executive Officer and other executive officers;
prepare an annual report on executive compensation for inclusion in proxy statements of the Company; and oversee the Company&#146;s compensation and benefit plans for key employees and non-employee directors. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Compensation Committee reviews and approves corporate goals and objectives relevant to the Company&#146;s Chief
Executive Officer&#146;s compensation, evaluates the Chief Executive Officer&#146;s performance in light of these goals and objectives and establishes his compensation levels based on its evaluation. This committee is also responsible for
administration of the Nicholas Financial, Inc. Equity Incentive Plan and the Nicholas Financial, Inc. 2015 Omnibus Incentive Plan. The specific functions and responsibilities of the Compensation Committee are set forth in its written charter. A copy
of the current Compensation Committee charter was included as Appendix B to the Proxy Statement and Information Circular relating to the 2014 Annual General Meeting of Shareholders. The Compensation Committee charter is not currently available on
the Company&#146;s web site. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Compensation Committee may designate one or more subcommittees, each of
which must consist of one or more members of the Compensation Committee. Each subcommittee will have and may exercise all the powers and authority of the Compensation Committee, to the extent provided in the committee&#146;s resolutions and to the
extent not limited by applicable law or listing standard. The Compensation Committee has designated a subcommittee consisting of Messrs. Fink and Hastings and delegated to it the responsibilities of the Board and the Compensation Committee with
respect to any compensation that is intended to qualify as &#147;performance-based compensation&#148; within the meaning of Section&nbsp;162(m) of the Internal Revenue Code of 1986, as amended, and to perform other duties delegated from time to time
by the Board or the Compensation Committee. Each of Messrs.&nbsp;Fink and Hastings meets the requirements to be considered an &#147;outside director&#148; within the meaning of Section&nbsp;162(m). </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><I>Nominating/Corporate Governance Committee </I></B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">On June&nbsp;30, 2005, the Board of Directors established a Nominating/Corporate Governance Committee, which was comprised of two members during the fiscal year ended March&nbsp;31, 2016: until
August&nbsp;13, 2015, the committee consisted of Messrs. Neal (Chair) and Bragin, and effective August&nbsp;13, 2015, Mr.&nbsp;Hastings succeeded Mr.&nbsp;Neal and Mr.&nbsp;Fink succeeded Mr.&nbsp;Bragin on the Compensation Committee, with the
Chairperson role assumed by Mr.&nbsp;Fink on such date. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Nominating/Corporate Governance Committee held
two meetings during the fiscal year ended March&nbsp;31, 2016. Mr.&nbsp;Pfister was appointed to the Company&#146;s Nominating/Corporate Governance effective as of July&nbsp;1, 2016 and thereafter assumed the role of Chairperson. The Board has
determined that Messrs. Fink, Hastings and Pfister, the current members of the Nominating/Corporate Governance Committee, satisfy the independence requirements of current NASDAQ Global Select Market listing standards. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">13 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The principal functions of the Nominating/Corporate Governance Committee are
to: identify, consider and recommend to the Board qualified director nominees for election at the Company&#146;s annual meeting; review and make recommendations on matters involving the general operation of the Board and its committees and recommend
to the Board nominees for each committee of the Board; and develop and recommend to the Board the adoption and appropriate revision of the Company&#146;s corporate governance practices. The Nominating/Corporate Governance Committee is governed by a
written charter, which is reviewed on an annual basis. A copy of the current Nominating/Corporate Governance Committee charter was included as Appendix C to the Proxy Statement and Information Circular relating to the 2014 Annual General Meeting of
Shareholders. The Nominating/Corporate Governance Committee charter is not currently available on the Company&#146;s web site. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Nominations
of Directors </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The entire Board by majority vote selects the director nominees to stand for election at the
Company&#146;s annual general meetings of shareholders and to fill vacancies occurring on the Board, based on the recommendations of the Nominating/Corporate Governance Committee. In selecting nominees to recommend to the Board to stand for election
as directors, the Nominating/Corporate Governance Committee will examine each director nominee on a case-by-case basis regardless of who recommended the nominee and take into account all factors it considers appropriate. While the
Nominating/Corporate Governance Committee does not have a formal policy relating specifically to the consideration of diversity in its process to select and evaluate director nominees, the Committee does consider diversity as part of its overall
evaluation of candidates for director nominees. Specifically, the Company&#146;s Corporate Governance Policies provide that the selection of potential directors should be based on all factors the Nominating/Corporate Governance Committee and the
Board consider appropriate, which include issues of diversity, age, background and training, business or administrative experience or skills, dedication and commitment, business judgment, analytical skills, problem-solving abilities and familiarity
with regulatory environment. To this end, the Nominating/Corporate Governance Committee believes that the following minimum qualifications must be met by a director nominee to be recommended to stand for election as director: </FONT></P>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Each director must display high personal and professional ethics, integrity and values. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Each director must have the ability to exercise sound business judgment. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Each director must be highly accomplished in his or her respective field, with broad experience at the executive or policy-making level in business,
government, education, technology or public interest. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Each director must have relevant expertise and experience, and be able to offer advice and guidance based on that expertise and experience.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Each director must be able to represent all shareholders of the Company and be committed to enhancing long-term shareholder value.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Each director must have sufficient time available to devote to activities of the Board and to enhance his or her knowledge of the Company&#146;s
business. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Nominating/Corporate Governance Committee may use various sources for
identifying and evaluating nominees for directors, including referrals from the Company&#146;s current directors, management and shareholders. The Nominating/Corporate Governance Committee will review the resume and qualifications of each candidate
identified through any of the sources referenced above, and determine whether the candidate would add value to the Board. With respect to candidates that are determined by the Nominating/Corporate Governance Committee to be potential nominees, one
or more members of the committee will contact such candidates to determine the candidate&#146;s general availability and </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">14 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">
interest in serving. Once it is determined that a candidate is a good prospect, the candidate will be invited to meet with the full Nominating/Corporate Governance Committee, which will conduct a
personal interview with the candidate. During the interview, the committee will evaluate whether the candidate meets the guidelines and criteria adopted by the Board as well as exploring any special or unique qualifications, expertise and experience
offered by the candidate and how such qualifications, expertise and/or experience may complement that of existing Board members. If the candidate is approved by the Nominating/Corporate Governance Committee as a result of the committee&#146;s
determination that the candidate will be able to add value to the Board and the candidate expresses his or her interest in serving on the Board, the committee will then review its conclusions with the Board and recommend that the candidate be
selected by the Board to stand for election by the shareholders or fill a vacancy or newly created position on the Board. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">Pursuant to the Nominating/Corporate Governance Committee charter as currently in effect, the committee will investigate and consider shareholder recommendations for director nominations submitted in
writing by a shareholder (or group of shareholders) owning 5% or more of the Company&#146;s outstanding Common Shares for at least one year. Recommendations for director nominees to be considered by the Nominating/Corporate Governance Committee,
including recommendations from shareholders of the Company, should be sent in writing, together with a description of each proposed nominee&#146;s qualifications and other relevant biographical information concerning such proposed nominee, to the
Nominating/Corporate Governance Committee of the Board of Directors, care of the Secretary of the Company, at the Company&#146;s headquarters, and must be received at least 120 days prior to the anniversary date of the release of the proxy statement
relating to the prior year&#146;s Annual General Meeting of Shareholders. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Please refer to the section
&#147;Shareholder Proposals&#148; for the deadlines by which shareholders must submit shareholder proposals under Rule 14a-8 under the Securities Exchange Act of 1934, as amended, and outside of Rule 14a-8. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Leadership Structure and Role in Risk Oversight </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">Since July&nbsp;1, 2014, Mr.&nbsp;Finkenbrink has served as both our Chief Executive Officer, or CEO, and Chairman of the Board. Our Board does not have a policy on whether or not the roles of CEO and
Chairman should be separate; indeed, the Board has the authority to choose its Chairman in any way it deems best for our Company at any given point in time. Accordingly, our Board reserves the right to vest the responsibilities of the CEO and
Chairman in the same person or in two different individuals, depending upon what it believes is in the best interests of the Company. Our Board currently believes that Mr.&nbsp;Finkenbrink is best qualified to serve as both our Chairman and CEO,
given his long history with our Company, his ownership interest in the Company and the current size of both the Company and our Board. The Company does not have a lead independent director. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Our Board, and, in particular, the Audit Committee are involved on an ongoing basis in the general oversight of our
material identified enterprise-related risks. Each of our CEO and Chief Financial Officer, with input as appropriate from other appropriate management members, reports and provides relevant information directly to either our Board and/or the Audit
Committee on various types of identified material financial, reputational, legal and business risks to which we are or may be subject, as well as mitigation strategies for certain key identified material risks. Our Board&#146;s and Audit
Committee&#146;s roles in our risk oversight process have not affected our Board leadership structure. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Communications with Board of
Directors </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Shareholders may communicate with the full Board or individual directors by submitting such
communications in writing to Nicholas Financial, Inc., Attention: Board of Directors (or the individual director(s)), 2454 McMullen Booth Road, Building C, Clearwater, Florida 33759. Such communications will be delivered directly to the appropriate
director(s). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">15 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Report of the Audit Committee<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT> </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Audit Committee (the
&#147;Committee&#148;) oversees the Company&#146;s financial reporting process on behalf of the Board of Directors. Management has the primary responsibility for the consolidated financial statements and the reporting process including the systems
of internal controls. In fulfilling its oversight responsibilities, the Committee reviewed the audited consolidated financial statements in the Annual Report with management including a discussion of the quality, not just the acceptability, of the
accounting principles, the reasonableness of significant judgments, and the clarity of disclosures in the consolidated financial statements. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">The Committee reviewed with the Company&#146;s Independent Auditors, who are responsible for expressing an opinion on the conformity of those audited consolidated financial statements with generally
accepted accounting principles, their judgments as to the quality, not just the acceptability, of the Company&#146;s accounting principles and such other matters as are required to be discussed with the Committee under standards of the Public
Company Accounting Oversight Board. The Audit Committee also discussed with the Company&#146;s Independent Auditors matters related to the financial reporting process required to be discussed by Auditing Standard No.&nbsp;16 as adopted by the Public
Company Accounting Oversight Board. In addition, the Audit Committee has received the written disclosures and the letter from the Independent Auditors required by Rule 3526 of the Public Company Accounting Standards Board, as currently in effect,
and the Audit Committee discussed with the Independent Auditors that firm&#146;s independence and considered the compatibility of nonaudit services with the Independent Auditors&#146; independence. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Committee discussed with the Company&#146;s Independent Auditors the overall scope and plans for their audit. The
Committee meets with the Independent Auditors, with and without management present, to discuss the results of their examinations, their evaluations of the Company&#146;s internal controls, and the overall quality of the Company&#146;s financial
reporting. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">In reliance on the reviews and discussions referred to above, the Committee recommended to the
Board of Directors (and the Board has approved) that the audited consolidated financial statements be included in the Annual Report for filing with the Commission. The Committee also appointed Dixon Hughes Goodman LLP as the Company&#146;s
Independent Auditors for the fiscal year ending March&nbsp;31, 2017. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Robin J. Hastings, Audit Committee Chair </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Scott Fink, Audit Committee Member </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">Stephen Bragin, Audit Committee Member (retired from the Audit Committee effective July&nbsp;1, 2016) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">June&nbsp;14, 2016 </FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:15%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">The foregoing report of the Audit Committee does not constitute soliciting material and should not be deemed filed or incorporated by reference into
any other Company filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent the Company specifically incorporates such report by reference therein. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">16 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>EXECUTIVE OFFICERS AND COMPENSATION </B></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Company currently has three (3)&nbsp;executive officers: Ralph T. Finkenbrink, President and Chief Executive Officer;
Kevin D. Bates, Senior Vice President &#150; Branch Operations; and Katie L. MacGillivary, Vice President &#150; Finance, Chief Financial Officer and Corporate Secretary. For additional information regarding Messrs. Finkenbrink and Bates, see
&#147;Proposal 1: Election of Directors&#148; above. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Ms.&nbsp;MacGillivary, age 37, joined the Company as
Controller in April 2010 and has also served as Vice President &#150; Finance since May 2012. Prior to joining the Company, Ms.&nbsp;MacGillivary served as the controller for Harden&nbsp;&amp; Associates, an insurance and risk management provider in
Jacksonville, Florida, from January&nbsp;2009 to April 2010. Prior to 2009, she held several accounting positions with TECO Energy, Inc. in Tampa, Florida, and worked as an auditor at Ernst&nbsp;&amp; Young LLP. Ms.&nbsp;MacGillivary received her
B.S. degree in Accounting from the University of Central Florida in 2001 and her M.B.A. degree from the University of Florida in 2008. She is a Certified Public Accountant licensed to practice in the State of Florida. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Executive Compensation Discussion and Analysis </B><B><I> </I></B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B><I>Overview of Executive Compensation Philosophy </I></B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The
primary objectives of the Compensation Committee of the Company&#146;s Board of Directors with respect to executive compensation are to attract, motivate and retain the best executive talent available and to align the Company&#146;s executive
compensation structure with shareholder value creation. More specifically, the Compensation Committee believes that executive compensation should: </FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#191;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">help attract and retain the most qualified individuals by being competitive with compensation paid to persons having similar responsibilities and
duties in other companies in the same and closely related businesses; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#191;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">relate to the value created for shareholders by being directly tied to the financial performance of the Company and the particular executive
officer&#146;s contribution to such performance; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#191;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">motivate and reward individuals who help the Company achieve its short-term and long-term objectives and thereby contribute significantly to the
success of the Company; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#191;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">reflect the qualifications, skills, experience, and responsibilities of the particular executive officer. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><I>Role of the Compensation Committee </I></B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">The Compensation Committee is responsible for: </FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#191;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">evaluating the performance and determining and approving the compensation of the Company&#146;s executive officers, including the Chief Executive
Officer (the &#147;CEO&#148;); and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#191;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">overseeing the Company&#146;s compensation and benefit plans for key employees and non-employee directors, including the Company&#146;s equity
plans. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Through this process, the Committee reviews and determines all aspects of
compensation for the Named Executive Officers (as defined below) of the Company. The Named Executive Officers of the Company are: Ralph T. Finkenbrink, President and CEO; Kevin D. Bates, Senior Vice President &#150; Branch Operations; and Katie L.
MacGillivary, Vice President &#150; Finance, Chief Financial Officer and Corporate Secretary. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">17 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><I>Process for Determining Executive Compensation </I></B></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Compensation Committee is responsible for establishing and monitoring adherence to the Company&#146;s compensation
programs. When setting executive compensation, the Compensation Committee applies a consistent approach for all Named Executive Officers. It intends that the combination of elements of executive compensation closely align the executives&#146;
interest with those of the Company&#146;s shareholders. Target total compensation is generally comprised of base salary, annual cash bonus and incentive compensation in the form of equity grants. The Compensation Committee reviews and adjusts
executive target total compensation levels annually, and approves the base salary, annual cash bonus and incentive equity awards for each Named Executive Officer. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Compensation Committee currently initiates the compensation process, seeking input and information from the CEO and
the full Board of Directors before finalizing any salary increases, employment contracts, bonus plans or long-term incentive equity awards for Named Executive Officers. In considering the appropriate compensation for each of the Named Executive
Officers, the Compensation Committee takes into consideration, among other things, the CEO&#146;s recommendations, the executive pay for executive officers in comparable positions for companies in the Company&#146;s peer group, the level of inherent
risk associated with the position, the specific circumstances of the executive, and the advisory votes of the Company&#146;s shareholders with respect to the compensation of the Named Executive Officer for prior fiscal years. In addition, in May
2016, the Compensation Committee directly retained Frederic W. Cook&nbsp;&amp; Co., Inc. as an independent compensation consultant to, among other things, review the design of the Company&#146;s executive and director compensation programs and make
recommendations on the basis of that review in order to achieve the following objectives: </FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">provide incentives for management to think like shareholders and pursue strategies and investments that maximize long-term value;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">tie long term incentive compensation opportunities to the achievement of long-term financial and strategic goals; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">provide sufficient levels of wealth creation opportunity to attract and retain highly skilled executives; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">maximize the financial efficiency of the program from tax, accounting and cash flow perspectives. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Compensation Committee has reviewed the aggregate amounts and mix of all components of the Named Executive
Officers&#146; compensation, including base salary, annual cash bonus, equity incentive compensation (with no grants made during the fiscal year ended March&nbsp;31, 2016), accumulated (realized and unrealized) stock option and restricted stock
gains, the value to the executive and cost to the Company of all perquisites and other personal benefits and the actual projected payout obligations for severance and change-in-control scenarios. A tally sheet setting forth all the above components
was prepared affixing dollar amounts under the various payout scenarios for the Named Executive Officer and was reviewed by the Compensation Committee. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B><I>Compensation Components </I></B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Company&#146;s
executive compensation program currently consists of three key elements: base salary, annual incentive bonus and equity incentive compensation. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><I>Base Salary </I></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">The Compensation Committee establishes base salaries for the Company&#146;s Named Executive Officers based on the scope of their responsibilities, taking into account competitive market compensation paid
by other companies in the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">18 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">
Company&#146;s peer group for similar positions. Generally, the Compensation Committee believes that executive base salaries should be targeted near the median of the range of salaries for
executives in similar positions and with similar responsibilities at comparable companies in line with our compensation philosophy. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">Base salaries are reviewed annually, and may be adjusted to realign salaries with market levels after taking into account individual responsibilities, performance and experience. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The annual base salaries for Mr.&nbsp;Finkenbrink, the Company&#146;s current CEO, Mr.&nbsp;Bates, the Company&#146;s
current Senior Vice President &#150; Branch Operations, and Ms.&nbsp;MacGillivary, the Company&#146;s current Chief Financial Officer, for the fiscal year ended March&nbsp;31, 2016 (&#147;Fiscal 2016&#148;) were $375,000, $250,000 and $175,000,
respectively. Effective April&nbsp;1, 2016, the annual base salaries for Mr.&nbsp;Finkenbrink, Mr.&nbsp;Bates and Ms.&nbsp;MacGillivary increased to $385,000, $260,000 and $195,000, respectively, for the fiscal year ending March&nbsp;31, 2017
(&#147;Fiscal 2017&#148;). The Compensation Committee believes that the current base salaries of the Company&#146;s Named Executive Officers are generally competitive at the median salary ranges observed at comparable companies. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><I>Annual Incentive Bonus </I></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">In addition to his or her annual base salary, each of the Named Executive Officers was entitled to receive cash bonuses for Fiscal 2016 at the discretion of the Compensation Committee. The Compensation
Committee awarded cash bonuses for Fiscal 2016 of $32,500, $25,000 and $17,500 to Mr.&nbsp;Finkenbrink, Mr.&nbsp;Bates and Ms.&nbsp;MacGillivary, respectively. In determining such bonuses, the Compensation Committee considered various factors it
deemed appropriate, including (without limitation) profitability, portfolio growth, branch expansion, and competitive circumstances. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">Each of the Named Executive Officers is eligible to receive a cash bonus for Fiscal 2017, with maximum bonus amounts corresponding to 35% of annual base salary for Mr.&nbsp;Finkenbrink and 25% of annual
base salary for Mr.&nbsp;Bates and Ms.&nbsp;MacGillivary. In Fiscal 2017, the cash bonus will be composed of two distinct components: a non-discretionary, or performance-based, component and a discretionary component. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><I><U>Performance-Based Bonus</U> </I></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The amount of non-discretionary, or performance-based, cash bonus actually earned by a Named Executive Officer will be
based on (i)&nbsp;the cash target allocation for such Named Executive Officer (the &#147;Cash Target Allocation&#148;) multiplied by (ii)&nbsp;the overall payout factor (the &#147;Overall Payout Factor&#148;). </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Cash Target Allocation for Fiscal 2017 is as follows: Mr.&nbsp;Finkenbrink: 17.5% of annual base salary;
Mr.&nbsp;Bates: 12.5% of annual base salary; and Ms.&nbsp;MacGillivary: 12.5% of annual base salary. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The
Overall Payout Factor, the performance metrics, and the &#147;threshold,&#148; &#147;target,&#148; and &#147;maximum&#148; levels of performance for the performance-based bonus are as described below under &#147;<I>Performance-Based Award</I>.&#148;
</FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><I><U>Discretionary Bonus</U> </I></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The discretionary component of the cash bonus will be no higher than 17.5% (in the case of Mr.&nbsp;Finkenbrink) and
12.5% (in the case of each of Mr.&nbsp;Bates and Ms.&nbsp;MacGillivary) of the Named Executive Officer&#146;s current annual base salary. In determining the discretionary component, the Compensation Committee will consider various factors it deems
appropriate, such as (without limitation) profitability, portfolio growth, branch expansion, and competitive circumstances. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">19 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><I>Equity Incentive Compensation </I></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Compensation Committee believes that stock-based awards promote the long-term growth and profitability of the Company
by providing executive officers of the Company with incentives to improve shareholder value and contribute to the success of the Company and by enabling the Company to attract, retain and reward the best available persons for executive officer
positions. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Prior to August&nbsp;13, 2015, the Company maintained the Nicholas Financial, Inc. Equity
Incentive Plan (the &#147;Equity Plan&#148;). The Equity Plan was terminated on August&nbsp;13, 2015. While no new awards have been granted under the Equity Plan since that date, awards previously granted under such plan, including awards granted to
the Named Executive Officers, remain outstanding. Effective August&nbsp;13, 2015, the Company adopted the Nicholas Financial, Inc. 2015 Omnibus Incentive Plan (the &#147;Omnibus Incentive Plan&#148; or &#147;Plan&#148;). The Omnibus Incentive Plan
allows for the grant of equity awards and cash incentive awards to eligible individuals, with up to 750,000 Common Shares reserved for the grant of equity awards under the Plan. The administrator of the Omnibus Incentive Plan (currently the
Compensation Committee of our Board of Directors) (the &#147;Administrator&#148;) may designate any of the following as a participant from time to time, to the extent of the Administrator&#146;s authority: any officer or other employee of the
Company or its affiliates (including the Named Executive Officers); any individual who the Company or one of its affiliates has engaged to become an officer or employee; any consultant or advisor who provides services to the Company or its
affiliates; or any director, including a non-employee director. Currently, the persons eligible to participate in the Plan consist of approximately 335 employees and three non-employee directors. A more detailed description of the Equity Plan can be
found below under the heading &#147;<I>Summary of Equity Plan</I>&#148; beginning on page 34. A more detailed description of the Omnibus Incentive Plan can be found below under the heading &#147;<I>Summary of&nbsp;Omnibus Incentive Plan</I>&#148;
beginning on page 34. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">No equity awards were granted to the Named Executive Officers for Fiscal 2016.
</FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The equity awards granted to the Named Executive Officers under the Omnibus Incentive Plan for Fiscal 2017
consist of two distinct components: a performance-based award and an award of time-vested stock. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%"><FONT STYLE="font-family:Times New Roman" SIZE="3"><I><U>Performance-Based
Award</U> </I></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">On July&nbsp;12, 2016, the Compensation Committee awarded the Named Executive Officers
performance units under the Omnibus Incentive Plan (the &#147;Performance Unit Program&#148;), with each performance unit representing the right to receive a number of shares of restricted stock, together with dividend equivalents, if applicable,
based on (i)&nbsp;the equity target allocation (the &#147;Equity Target Allocation&#148;) multiplied by (ii)&nbsp;the Overall Payout Factor, both as described below. The earned shares of restricted stock, together with dividend equivalents, if
applicable, underlying the performance units will vest on the second anniversary of the last day of the performance period (on March&nbsp;31, 2019 for the Fiscal 2017 grant), and will be settled in Common Shares as soon as administratively feasible
following the vesting date. The payout of the Common Shares does not affect any programs dependent on earned compensation. Earned awards are subject to the Company&#146;s clawback policy. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Equity Target Allocation for the Named Executive Officers is as follows: Mr.&nbsp;Finkenbrink: 11,704 shares of
restricted stock; Mr.&nbsp;Bates: 6,367 shares of restricted stock; and Ms.&nbsp;MacGillivary: 4,682 shares of restricted stock. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">There are two performance metrics under the Performance Unit Program: (i)&nbsp;the Company&#146;s operating expenses as a percentage of the Company&#146;s average finance receivables and (ii)&nbsp;the
write-off to liquidation ratio. In calculating the Company&#146;s operating expenses as a percentage of average finance receivables for purposes of the Performance Unit Program, the Company&#146;s operating expenses would not include any costs
relating to the implementation of a new loan servicing system. The write-off to liquidation ratio is defined as net charge-offs divided by liquidation. Liquidation is </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">20 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">
defined as beginning receivable balance plus current period purchases minus voids and refinances minus ending receivable balance. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">For each performance metric, a &#147;threshold&#148;, &#147;target&#148; and &#147;maximum&#148; level of performance is
determined at grant. If performance is below the threshold level, the payout factor for that metric is 0% and no shares of restricted stock are earned. If performance is at the target level, the payout factor for that metric is 100%. If performance
is at the maximum level, the payout factor for that metric is 150%. The payout factor for each metric is adjusted proportionally for performance that falls between the threshold and the maximum levels. Because each of the two performance metrics is
weighted 50%, the Overall Payout Factor is calculated as a simple average of the payout factors for each metric. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">The following table sets forth the payout factors for the specified levels of performance with respect to each metric: </FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Operating&nbsp;Expenses&nbsp;as&nbsp;%&nbsp;of</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Average Finance</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Receivables</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>(Weighted 50%)<B></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><FONT STYLE="white-space:nowrap">Write-Off&nbsp;to&nbsp;Liquidation</FONT><BR>Ratio</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>(Weighted 50%)<B></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Performance Level</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Payout&nbsp;Factor</B></FONT></TD></TR>


<TR STYLE="font-size:1px">
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">Greater&nbsp;than&nbsp;10.25%</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">Greater&nbsp;than&nbsp;9.50%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">Below&nbsp;Threshold</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">0%</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">10.25%</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">9.50%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">Threshold</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">50%</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">10.00%</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">9.00%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">Target</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">100%</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">9.75%</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">8.50%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">Maximum</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">150%</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">As an example, if the Company&#146;s operating expenses as a percentage of average
finance receivables for Fiscal 2017 (calculated as described above) were 9.875%, and the write-off to liquidation ratio were 9.2%, the payout factors for such metrics would be 125% and 80%, respectively. The Overall Payout Factor would therefore be
102.5%, representing the simple average of the payout factors for the two metrics. Based on the Equity Target Allocation, the Named Executive Officers would therefore have earned the following number of shares of restricted stock under the
Performance Unit Program: Mr.&nbsp;Finkenbrink: 11,997, Mr.&nbsp;Bates: 6,526 and Ms.&nbsp;MacGillivary: 4,799. Furthermore, with an Overall Payout Factor of 102.5%, the Named Executive Officers would also have earned the following performance-based
cash bonuses: Mr.&nbsp;Finkenbrink: $66,059, Mr.&nbsp;Bates: $33,313 and Ms.&nbsp;MacGillivary: $24,984. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><I><U>Award of Time-Vested Stock</U> </I></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">On July&nbsp;12, 2016, the Compensation Committee awarded to the Named Executive Officers the following number of shares
of restricted stock together with dividend equivalents, if applicable, under the Omnibus Incentive Plan: Mr.&nbsp;Finkenbrink: 11,704; Mr.&nbsp;Bates: 6,367; and Ms.&nbsp;MacGillivary: 4,682. The shares of restricted stock will vest on
March&nbsp;31, 2019. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><I>Change of Control </I></B></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Company has change of control provisions in its employment agreements with its three current Named Executive Officers
(Messrs. Finkenbrink and Bates and Ms.&nbsp;MacGillivary), the Equity Plan and the Omnibus Incentive Plan (including under the Performance Unit Program). The Company has no additional change of control contracts or arrangements with any of the Named
Executive Officers. The current employment agreements with the three Named Executive Officers were entered into in July 2015. For further information regarding these employment agreements, see &#147;<I>Potential Payments Upon Termination or a Change
of Control &#150; Employment Agreements</I>&#148; beginning on page 28 and &#147;<I>Summary of Employment Agreements With Named Executive Officers</I>&#148; beginning on page 32. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">21 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The change of control provisions in the plans and the employment agreements
are designed to make a change of control transaction neutral to the economic interests of employees that might be involved in considering such a transaction. The employees subject to these provisions would likely not be in a position to influence
the Company&#146;s performance after a change of control or may not be in a position to earn their incentive awards or vest in their equity awards after a change of control. Thus, the provisions are meant to encourage employees that may be involved
in considering a change of control transaction to act in the interests of the Company&#146;s shareholders rather than their own interests. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">The change of control provisions in the employment agreements with Named Executive Officers and under the Performance Unit Program are described starting on page 28 under &#147;<I>Potential Payments Upon
Termination or a Change of Control &#150; Employment Agreements</I>&#148; and &#147;<I>&#150; Equity Incentive Plans</I>.&#148; Generally, the Company&#146;s equity compensation plans provide that restricted stock, restricted stock units and
performance units will vest in full, and options to purchase Common Shares will become immediately exercisable, either upon a change of control if the successor company does not assume or replace the award, or upon termination of employment without
cause within one year after a change of control. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Compensation Committee believes that the provisions
provided for under both our employment agreements and equity compensation plans are appropriate since an employee&#146;s position could be adversely affected by a change of control even if he is not terminated. Our equity compensation plans provide,
however, that the Compensation Committee may determine in advance of the change of control event that the provisions would not apply and therefore no accelerated vesting would occur. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B><I>Other Compensation </I></B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Consistent with the
Compensation Committee&#146;s pay-for-performance compensation philosophy, the Company intends to continue to maintain modest executive benefits and perquisites for executive officers; however, the Compensation Committee, in its discretion, may
revise, amend or add to the officer&#146;s executive benefits and perquisites if it deems it advisable. The Compensation Committee believes these benefits and perquisites are currently at or below median competitive levels for companies in the
Company&#146;s peer group. The Company does not provide pension arrangements, post-retirement health coverage, or similar benefits for its executives or employees. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The following table generally illustrates the benefit plans and perquisites that the Company does and does not provide
and identifies those employees who may be eligible to receive them. Perquisites for the Named Executive Officers are detailed in the footnotes to the Summary Compensation Table. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">22 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:177pt"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Perquisites and Employee Benefits</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Executive&nbsp;Officers</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><FONT STYLE="white-space:nowrap">Full-Time&nbsp;Employees</FONT></B></FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">401(k) Plan (1)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#252;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#252;</FONT></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Medical/Dental Plans (2)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#252;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#252;</FONT></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Life Insurance (3)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#252;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#252;</FONT></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Long Term Disability Plan (4)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#252;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#252;</FONT></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Short Term Disability Plan (5)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#252;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#252;</FONT></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Company Paid Trips (6)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#252;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#252;</FONT></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Company Owned Vehicle (7)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#252;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#252;</FONT></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Club Memberships (8)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#252;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">Not&nbsp;Offered</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Change in Control and Severance Plan (9)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#252;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">Not Offered</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Deferred Compensation Plan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">Not&nbsp;Offered</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">Not Offered</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Supplemental Early Retirement Plan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">Not Offered</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">Not Offered</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Employee Stock Ownership Plan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">Not Offered</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">Not Offered</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="3">Defined Benefit Pension Plan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">Not Offered</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">Not Offered</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Eligible employees, including the Company&#146;s executive officers, are able to participate in the Company&#146;s 401(k) Plan. The 401(k) Plan permits participants to
make 401(k) contributions on a pretax and post-tax (Roth) basis. All employees of the Company and its subsidiaries who are at least age 21 are eligible to participate in the 401(k) Plan on the first day of the month following the completion of 60
days of service. Participants can contribute up to 60% of their pre-tax or post-tax compensation to the 401(k) Plan annually, subject to certain legal limitations. Neither the Company nor any of its subsidiaries made any matching contributions in
Fiscal 2016; the Company has not yet determined whether it will make any matching contribution in Fiscal 2017. </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company provides medical insurance coverage for all of its full-time employees, including the Named Executive Officers. The Company pays 80% of the applicable
premium and the employee pays the remaining 20% of the premium. Employees electing dependent coverage are responsible for 100% of the premium, less a $200 Company contribution for their spouse, or a $175 Company contribution for one or more
children, or a $375 Company contribution for family coverage. Dental coverage is offered to all full-time employees. The Company pays 52% of the applicable premium and the employee pays the remaining 48% of the premium. Vision insurance is also
offered to all of its full-time employees, including the Named Executive Officers. The employee is responsible for 100% of the applicable premium. </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company provides all full-time employees, including the Named Executive Officers, with a $10,000 term life insurance policy. The premium for this coverage is paid
entirely by the Company. </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company provides all full-time employees, including the Named Executive Officers, long-term disability insurance with a monthly benefit in the amount of 60% of
monthly salary up to a maximum of $10,000 per month. The premium for this coverage is paid entirely by the Company after one year of employment with the Company. </FONT></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company offers short-term disability insurance coverage to all of its full-time employees, including the Named Executive Officers. The employee is responsible for
100% of the applicable premium. </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company maintains an annual sales contest that rewards certain employees with a trip at Company expense. All of the Named Executive Officers participate in this
program. </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">7</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Prior to Fiscal 2017, the Company provided a Company vehicle to two of its Named Executive Officers. The Company added a vehicle for its third Named Executive Officer
in the first quarter of Fiscal 2017. The Company also provides Company vehicles to its branch managers, regional managers and other key personnel. </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company covers certain country club membership costs for the CEO. </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s employment agreements with the Named Executive Officers provide for certain change of control and severance benefits as described elsewhere in this
Proxy Statement and Information Circular. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">23 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><I>Policy Regarding Retroactive Adjustments </I></B></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Section&nbsp;304 of the Sarbanes-Oxley Act of 2002 authorizes a company to claw back certain incentive-based compensation
and stock profits of the Chief Executive Officer and Chief Financial Officer if the company is required to prepare an accounting restatement due to the material noncompliance of the company, as a result of misconduct, with any financial reporting
requirement under the securities laws. The Compensation Committee does not otherwise have a formal policy regarding whether the Committee will make retroactive adjustments to, or attempt to recover, cash or share-based incentive compensation granted
or paid to executive officers in which the payment was predicated upon the achievement of certain financial results that are subsequently the subject of a restatement. The Committee may seek to recover any amount determined to have been
inappropriately received by the individual executive to the extent permitted by applicable law. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><I>Tax, Accounting and Other
Considerations </I></B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Section&nbsp;162(m) of the Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;), limits the Company&#146;s deduction of annual compensation paid to the Named Executive Officers to $1 million per employee, unless the compensation meets certain specific requirements to qualify as performance-based compensation.
The Compensation Committee has considered the Company&#146;s ability to deduct from taxable income certain performance based compensation under Section&nbsp;162(m) of the Code. At the current compensation levels in effect for the Named Executive
Officers, tax deductibility under Section&nbsp;162(m) was not a determinative factor in the design of the Company&#146;s compensation program. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">Section&nbsp;280G of the Code limits the Company&#146;s ability to take a tax deduction for certain &#147;excess parachute payments&#148; (as defined in Code Section&nbsp;280G) paid in connection with a
change in control transaction, and Section&nbsp;4999 of the Code imposes excise taxes on certain executives who receive &#147;excess parachute payments.&#148; The Compensation Committee considers the adverse tax liabilities imposed by Code Sections
280G and 4999, as well as other competitive factors, when it designs and implements arrangements that may be triggered upon a change in control for all potentially affected employees, including the Company&#146;s Named Executive Officers.
</FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Various rules under generally accepted accounting principles determine the extent to which and the manner in
which the Company accounts for grants under its long term equity incentive plans in its financial statements. The Compensation Committee takes into consideration the accounting treatment under Financial Accounting Standards Board (&#147;FASB&#148;)
Accounting Standards Classification (&#147;ASC&#148;) Topic 718, &#147;Stock Compensation&#148; (formerly, FAS 123(R)) (&#147;ASC Topic 718&#148;), when determining the types of and value of grants under its long term equity incentive plans for all
employees, including the Company&#146;s Named Executive Officers. The accounting treatment of such grants, however, is not determinative of the type, timing, or amount of any particular grant of equity-based compensation to the Company&#146;s
employees. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Compensation Committee Report </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">The Compensation Committee of the Board of Directors has reviewed and discussed the foregoing &#147;Executive Compensation Discussion and Analysis&#148; with management of the Company and, based upon such
review and discussion, has recommended to the Board that the &#147;Executive Compensation Discussion and Analysis&#148; be included in this Proxy Statement and Information Circular for incorporation by reference into the Company&#146;s Annual Report
on Form 10-K for the fiscal year ended March&nbsp;31, 2016. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">Scott Fink, Compensation Committee Chair </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">Robin J. Hastings, Compensation Committee Member </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">Todd B. Pfister, Compensation Committee Member (appointed to the Compensation Committee effective July&nbsp;1, 2016) July&nbsp;12, 2016 </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">24 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Compensation Committee Interlocks and Insider Participation </B></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">During the fiscal year ended March&nbsp;31, 2016, the Compensation Committee was comprised, until August&nbsp;13, 2015,
of Messrs. Neal, Fink and Bragin, and effective August&nbsp;13, 2015, of Messrs. Fink, Bragin and Hastings, none of whom is, or ever has been, an employee or officer of the Company or any of its subsidiaries, and none of whom during such fiscal year
had any relationship requiring disclosure under Item&nbsp;404 of Regulation S-K. During the fiscal year ended March&nbsp;31, 2016, none of the Company&#146;s executive officers served on the board of directors or compensation committee (or other
board committee performing equivalent functions) of any other entity, one of whose executive officers served on the Board of Directors and/or Compensation Committee of the Company. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Effective July&nbsp;1, 2016, Todd B. Pfister replaced Mr.&nbsp;Bragin on the Compensation Committee. Mr.&nbsp;Pfister was
a partner with the law firm Foley&nbsp;&amp; Lardner LLP until his retirement from that firm in June 2016. Prior to July&nbsp;1, 2016, Foley&nbsp;&amp; Lardner LLP provided legal services to the Company from time to time. During the fiscal year
ended March&nbsp;31, 2016, the Company paid Foley&nbsp;&amp; Lardner LLP $433,947 with respect to such services, and during the current fiscal year, the Company paid Foley&nbsp;&amp; Lardner LLP $6,851 with respect to such services. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Summary Compensation Table </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">The following table sets forth for each of the Named Executive Officers: (i)&nbsp;the U.S. dollar value of base salary and bonus earned during each of the fiscal years ended March&nbsp;31, 2016, 2015 and
2014, respectively; (ii)&nbsp;the aggregate grant date fair value (in U.S. dollars) of stock and option awards granted during each of such fiscal years, computed in accordance with ASC Topic 718; (iii)&nbsp;the U.S. dollar value of all other
compensation for each of such fiscal years; and (vi)&nbsp;the U.S. dollar value of total compensation for each of such fiscal years. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
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<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name and Principal</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Position</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>&nbsp;&nbsp;Fiscal&nbsp;&nbsp;<BR>Year</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Salary</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>($)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Bonus</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>($)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Stock&nbsp;Awards</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>($)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Option<BR>Awards</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>($)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>All
Other<BR>Compensation</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>($)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>($)</B></FONT></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Ralph T. Finkenbrink</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">President and Chief Executive Officer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">2016</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">2015</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">2014</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;$</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;$</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="1">&nbsp;$</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">375,000&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">312,466&nbsp;</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">250,000&nbsp;</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">$32,500</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">$60,000</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1">$287,400&nbsp;(2)&nbsp;&nbsp;&nbsp;</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1">$82,884&nbsp;(3)&nbsp;&nbsp;&nbsp;</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;$&nbsp;&nbsp;9,200&nbsp;(1)&nbsp;&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="1">$&nbsp;&nbsp;8,850&nbsp;(4)&nbsp;&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">$&nbsp;&nbsp;9,475&nbsp;(5)&nbsp;&nbsp;&nbsp;</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;$416,700&nbsp;&nbsp;&nbsp;&nbsp;</FONT><BR>
<P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;$751,600&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1">&nbsp;$259,475&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Kevin D. Bates</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Senior Vice President-Branch Operations&nbsp;(14)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">2016</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">2015</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;$</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;$</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">250,000&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">210,795&nbsp;</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">$25,000</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">$25,000</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="1">$177,440&nbsp;(7)&nbsp;&nbsp;&nbsp;</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1">$51,803&nbsp;(8)&nbsp;&nbsp;&nbsp;</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">$&nbsp;&nbsp;4,050&nbsp;(6)&nbsp;&nbsp;&nbsp;</FONT><BR>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">$&nbsp;&nbsp;3,700&nbsp;(9)&nbsp;&nbsp;&nbsp;</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;$279,050&nbsp;&nbsp;&nbsp;&nbsp;</FONT><BR>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;$468,738&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Katie L. MacGillivary</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Vice President-Finance, Chief Financial Officer and Corporate Secretary&nbsp;(15)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">2016<BR>2015</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;$</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;$</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">175,000&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">146,658&nbsp;</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;<BR>&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">$17,500<BR>$15,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="1">$114,960&nbsp;(11)&nbsp;&nbsp;&nbsp;</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1">$31,082&nbsp;(12)&nbsp;&nbsp;&nbsp;</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;<BR>&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">$&nbsp;&nbsp;1,650&nbsp;(10)&nbsp;<BR>$&nbsp;&nbsp;1,300&nbsp;(13)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;$194,150&nbsp;&nbsp;&nbsp;&nbsp;<BR>&nbsp;$309,000&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:18%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Includes payment of club membership dues ($4,800), personal use of Company-provided vehicle ($2,750), and sales incentive trip ($1,650).
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Grant date fair value of 20,000 restricted shares granted pursuant to the Equity Plan on June&nbsp;13, 2014. For more information on the valuation
of share-based awards, see Note 9 to the Company&#146;s consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended March&nbsp;31, 2016. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Grant date fair value of options to purchase 40,000 Common Shares granted pursuant to the Equity Plan on June&nbsp;13, 2014. For more information on
the valuation of share-based awards, see Note 9 to the Company&#146;s consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended March&nbsp;31, 2016. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Includes payment of club membership dues ($4,800), personal use of Company-provided vehicle ($2,750) and sales incentive trip ($1,300).
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(5)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Includes payment of club membership dues ($4,800), personal use of Company-provided vehicle ($2,475) and sales incentive trip ($2,200).
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(6)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Includes personal use of Company-provided vehicle ($2,400), and sales incentive trip ($1,650). </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">25 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(7)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Grant date fair value of 12,000 restricted shares granted pursuant to the Equity Plan on June&nbsp;13, 2014. For more information on the valuation
of share-based awards, see Note 9 to the Company&#146;s consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended March&nbsp;31, 2016. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(8)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Grant date fair value of options to purchase 25,000 Common Shares granted pursuant to the Equity Plan on June&nbsp;13, 2014. For more information on
the valuation of share-based awards, see Note 9 to the Company&#146;s consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended March&nbsp;31, 2016. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(9)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Includes personal use of Company-provided vehicle ($2,400) and sales incentive trip ($1,300). </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(10)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Includes sales incentive trip ($1,650). </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(11)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Grant date fair value of 8,000 restricted shares granted pursuant to the Equity Plan on June&nbsp;13, 2014. For more information on the valuation of
share-based awards, see Note 9 to the Company&#146;s consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended March&nbsp;31, 2016. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(12)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Grant date fair value of options to purchase 15,000 Common Shares granted pursuant to the Equity Plan on June&nbsp;13, 2014. For more information on
the valuation of share-based awards, see Note 9 to the Company&#146;s consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended March&nbsp;31, 2016. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(13)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Includes sales incentive trip ($1,300). </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(14)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Mr.&nbsp;Bates was not a Named Executive Officer during Fiscal 2014. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(15)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Ms.&nbsp;MacGillivary was not a Named Executive Officer during Fiscal 2014. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Grants of Plan-Based Awards </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">No Named Executive Officer was granted a plan-based award during the fiscal year ended March&nbsp;31, 2016. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B><I>Narrative to Summary Compensation Table and Grants of Plan-Based Awards Table </I></B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">For the fiscal year ended March&nbsp;31, 2016, we maintained the following executive compensation programs for our Named Executive Officers: </FONT></P>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Base salary </FONT></P></TD></TR></TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Annual cash incentive bonus </FONT></P></TD></TR></TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Limited perquisites, such as an automobile and payment of club dues </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Certain insurance coverages </FONT></P></TD></TR></TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">401(k) plan </FONT></P></TD></TR></TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Term life insurance </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">We include further details regarding these programs, including information on performance criteria and vesting provisions, in the &#147;<I>Executive Compensation Discussion and Analysis</I>&#148; section
beginning on page 17. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">26 </FONT></P>



<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Outstanding Equity Awards at Fiscal Year-End </B></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The following table sets forth information regarding outstanding option and stock awards held by the Named Executive
Officers at March&nbsp;31, 2016 including the number of shares underlying both exercisable and unexercisable portions of each stock option as well as the exercise price and expiration date of each outstanding option. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Option Awards</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Stock Awards</B></FONT></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number of<BR>Securities<BR>Underlying<BR>Unexercised<BR>Options (#)<BR>Exercisable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number of<BR>Securities<BR>Underlying<BR>Unexercised<BR>Options (#)<BR>Unexercisable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Equity<BR>Incentive<BR>Plan&nbsp;Awards:<BR>Number
of<BR>Securities<BR>Underlying<BR>Unexercised<BR>Unearned<BR>Options</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(#)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Option<BR>Exercise<BR>Price</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>($)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Option<BR>Expiration</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Date</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number<BR>of&nbsp;Shares</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>or Units</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>of Stock<BR>That<BR>Have&nbsp;Not<BR>Vested</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(#)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Market<BR>Value&nbsp;of</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Shares</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>or Units<BR>of&nbsp;Stock&nbsp;That<BR>Have Not<BR>Vested</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>($)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Equity</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Incentive</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Plan</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Awards:</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>of</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Unearned</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Shares.</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Units or</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Other</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Rights</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>That</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Have Not</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Vested</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(#)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Equity</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Incentive</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Plan</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Awards:</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Market</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>or&nbsp;Payout</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Value&nbsp;of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Unearned</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Shares.</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Units or</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Other</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Rights</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>That<BR>Have&nbsp;Not</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Vested</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>($)</B></FONT></P></TD>
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<TD>&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Ralph T. Finkenbrink</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">11,000&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">6.58&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">8/31/17&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">20,000&nbsp;(1)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">$&nbsp;&nbsp;215,800&nbsp;(2)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
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<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">President and Chief Executive Officer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">8,200&nbsp;&nbsp;&nbsp;&nbsp;</FONT><BR>
<P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">38,500&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="1">8,000&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">32,000&nbsp;(3)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="1">$</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3.60&nbsp;&nbsp;&nbsp;&nbsp;</FONT><BR>
<P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3.50&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="1">14.36&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3/19/18&nbsp;&nbsp;</FONT><BR>
<P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">4/01/18&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">6/13/24&nbsp;&nbsp;</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Kevin D. Bates</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">5,500&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">8.21&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">5/8/17&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">12,000&nbsp;(4)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">$&nbsp;&nbsp;129,480&nbsp;(5)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Senior Vice President-Branch Operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3,300&nbsp;&nbsp;&nbsp;&nbsp;</FONT><BR>
<P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">5,500&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="1">5,500&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,200&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">6,000&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="1">5,000&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">300&nbsp;(6)&nbsp;&nbsp;&nbsp;</FONT><BR>
<P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">4,000&nbsp;(7)&nbsp;&nbsp;&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="1">20,000&nbsp;(8)&nbsp;&nbsp;&nbsp;</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="1">$</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="1">$</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3.60&nbsp;&nbsp;&nbsp;&nbsp;</FONT><BR>
<P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.77&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="1">1.20&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10.96&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10.87&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="1">14.36&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3/19/18&nbsp;&nbsp;</FONT><BR>
<P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">11/6/18&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">5/5/19&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">5/9/21&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">5/3/22&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">6/13/24&nbsp;&nbsp;</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Katie L. MacGillivary</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10,000&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">8.44&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">11/3/20&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">8,000&nbsp;(9)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;86,320&nbsp;(10)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Vice President-Finance, Chief Financial Officer and Secretary</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3,000&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">12,000&nbsp;(11)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">14.36&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">6/13/24&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Represents restricted stock granted under the Equity Plan on June&nbsp;13, 2014. These shares will vest on March&nbsp;31, 2017.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">The value was determined by multiplying the closing price per Common Share on March&nbsp;31, 2016 by the number of unvested shares of restricted
stock. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Represents the unvested portion of options to purchase an aggregate of 40,000 shares granted under the Equity Plan on June&nbsp;13, 2014. These
options to purchase 40,000 shares vest in five equal installments commencing on the first anniversary of the date of grant. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Represents restricted stock granted under the Equity Plan on June&nbsp;13, 2014, which shares will vest on March&nbsp;31, 2017.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(5)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">The value was determined by multiplying the closing price per Common Share on March&nbsp;31, 2016 by the number of unvested shares of restricted
stock. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(6)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Represents the unvested portion of options to purchase an aggregate of 1,500 shares granted under the Equity Plan on May&nbsp;9, 2011. These options
to purchase 1,500 shares vest in five equal annual installments commencing on the first anniversary of the date of grant. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(7)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Represents the unvested portion of options to purchase an aggregate of 10,000 shares granted under the Equity Plan on May&nbsp;3, 2012. These
options to purchase 10,000 shares vest in five equal installments commencing on the first anniversary of the date of grant. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(8)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Represents the unvested portion of options to purchase an aggregate of 25,000 shares granted under the Equity Plan on June&nbsp;13, 2014. These
options to purchase 25,000 shares vest in five equal annual installments commencing on the first anniversary of the date of grant. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(9)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Represents restricted stock granted under the Equity Plan on June&nbsp;13, 2014. These shares will vest on March&nbsp;31, 2017.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(10)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">The value was determined by multiplying the closing price per Common Share on March&nbsp;31, 2016 by the number of unvested shares of restricted
stock. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(11)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Represents the unvested portion of options to purchase an aggregate of 15,000 shares granted under the Equity Plan on June&nbsp;13, 2014. These
options to purchase 15,000 shares vest in five equal annual installments commencing on the first anniversary of the date of grant. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">27 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Option Exercises and Stock Vested </B></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The following table sets forth information regarding each exercise of stock options and vesting of restricted stock
during Fiscal 2016 for each of the Named Executive Officers on an aggregated basis: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="39%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Option Awards</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Stock Awards</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:20pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number&nbsp;of<BR>Shares<BR>&nbsp;&nbsp;&nbsp;&nbsp;Acquired&nbsp;on&nbsp;&nbsp;&nbsp;&nbsp;
<BR>Exercise</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(#)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;Value&nbsp;Realized&nbsp;&nbsp;&nbsp;&nbsp;<BR>on Exercise</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>($)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number&nbsp;of</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Shares</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;Acquired&nbsp;on&nbsp;&nbsp;&nbsp;&nbsp;<BR>Vesting</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(#)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value&nbsp;Realized&nbsp;on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Vesting</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>($)</B></FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Kevin D. Bates</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">10,000&nbsp;(1)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">$104,600&nbsp;(2)</FONT></TD></TR>
</TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;margin-left:6%;border-bottom:0.5pt solid #000000; width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Represents restricted shares granted under the Equity Plan on March&nbsp;14, 2013, which shares vested on March&nbsp;13, 2016. </FONT></P></TD>
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">The value was determined by multiplying the closing price per Common Share on March&nbsp;14, 2016 by the number of restricted shares that vested.
</FONT></P></TD>
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Pension Benefits </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Company does not provide pension arrangements or post-retirement health coverage for its executives or employees.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Nonqualified Deferred Compensation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">The Company does not provide any nonqualified defined contribution or other nonqualified deferred compensation plans. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Potential Payments Upon Termination or a Change of Control </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><I>Employment Agreements
</I></B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Company has separate employment agreements with all three of its current Named Executive
Officers, namely Ralph T. Finkenbrink, Kevin D. Bates and Katie L. MacGillivary. Mr.&nbsp;Finkenbrink&#146;s and Mr.&nbsp;Bates&#146; employment agreements were in effect during Fiscal 2016 and were amended and restated on July&nbsp;2, 2015.
Ms.&nbsp;MacGillivary entered into an agreement on July&nbsp;2, 2015. The payments to be made to these Named Executive Officers pursuant to such employment agreements in the event of disability or death, involuntary termination without cause and
termination following a change of control are described below. These employment agreements are described in greater detail under &#147;<I>Summary of Employment Agreements with Named Executive Officers</I>&#148; beginning on page 32. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><I>Payments Made Under the Employment Agreements Upon Death or Disability </I></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">In the event of the termination of employment due to his or her death or disability, a Named Executive Officer will
receive only such compensation and other benefits to which he or she was entitled under his or her employment agreement, under the terms of his or her outstanding equity plan awards (as described further below), or otherwise as an employee of the
Company through the termination date, including payments of base salary through the calendar month in which such termination occurs. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">28 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><I>Payments Made Under the Employment Agreements Upon Termination Without Cause, Constructive Termination or
Change of Control </I></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">In the event of the termination of a Named Executive Officer&#146;s employment
(i)&nbsp;by the Company other than for cause (as defined in his or her employment agreement) or (ii)&nbsp;by the Named Executive Officer upon (a)&nbsp;a good faith determination by the Named Executive Officer that there has been a material breach of
his or her employment agreement by the Company, (b)&nbsp;a material adverse change in the Named Executive Officer&#146;s working conditions or status, (c)&nbsp;a significant relocation of the Named Executive Officer&#146;s principal office, or
(d)&nbsp;upon or within the two-year period following a change of control, a good faith determination by him or her that there has been any of the following: a breach of his or her employment agreement by the Company, any adverse change in his or
her working conditions, status, authority, duties, responsibilities (including reporting other than directly to the Board of Directors) or any requirement that he or she relocate his or her principal office to a location that is more than ten miles
from the location of his or her principal office immediately prior to the change of control, then the Named Executive Officer will be paid (subject to the Section&nbsp;280G cap described below), a one-time, lump-sum severance payment equal to two
times the sum of (A)&nbsp;the Named Executive Officer&#146;s annual base salary in effect at the time of such termination (or, following a change of control, the annual base salary, if higher, in effect during the 180 days prior to the change of
control) and (B)&nbsp;the Named Executive Officer&#146;s average annual bonus for the two full calendar years immediately preceding such termination (or, following a change of control, the average annual bonus, if higher, for the two full calendar
years immediately preceding the change of control). If such termination of employment occurs during the two years following a change of control, then the Named Executive Officer will also receive the following benefits: </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; margin-left:6%; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all restricted stock, restricted stock unit awards, stock options and
stock appreciation rights will become fully and immediately vested; </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; margin-left:6%; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">(ii)&nbsp;&nbsp;&nbsp;&nbsp;any performance shares, performance units or similar performance-based equity
awards will be deemed earned on a pro rated basis according as if all performance requirements had been satisfied at the target level (or such higher level as would have been achieved if performance through the date of the termination of employment
had continued through the end of the performance period); </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; margin-left:6%; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">(iii)&nbsp;&nbsp;&nbsp;up to 18
months of benefits continuation; </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; margin-left:6%; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">(iv)&nbsp;&nbsp;&nbsp;up to 2 years of outplacement
services, capped at 10% of the Named Executive Officer&#146;s annual base salary immediately prior to the date of the change of control (or, if higher, immediately prior to the Employee&#146;s termination of employment); and </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; margin-left:6%; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">(v)&nbsp;&nbsp;&nbsp;&nbsp;up to $15,000 of fees and expenses of consultants and/or legal or accounting
advisors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">A &#147;change of control&#148; is defined in the employment agreements with the Named Executive
Officers generally as the occurrence of any of the events that would constitute a change of control under the Plan or a determination by the Board of Directors of the Company, in view of the then current circumstances or impending events, that a
change of control of the Company has occurred or is imminent, which determination shall be made for the specific purpose of triggering the operative provisions of the employment agreements. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">If any severance payment, either alone or when added to any other payment or benefit to which a Named Executive Officer
is entitled from the Company exceeds the amount that may be paid by the Company without a loss of deduction under Section&nbsp;280G of the Code, then, under the terms of his or her employment agreement, the severance payment and any other such
payment or benefit will be either cut back, to a level below the level that would trigger the loss of deduction, or paid in full and subjected to the loss of deduction and excise taxes, whichever results in the better after-tax result to the
executive officer. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">29 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><I>Equity Incentive Plans </I></B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><I>Payments Made Under the Equity Plan and Omnibus Incentive Plan Upon Death, Disability</I>,<I> Termination Without Cause or Constructive Termination </I></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">In the event of termination of a participant&#146;s employment due to death or disability or termination without cause by
the Company, all shares of restricted stock granted to such participant under the Equity Plan and the Omnibus Incentive Plan will generally become fully vested and the restrictions on transferability under the terms of the award will lapse. In the
event of termination of a participant&#146;s employment without cause by the Company, all shares of restricted stock underlying performance units awarded under the Performance Unit Program will become fully vested based on actual performance
achieved and will be settled after the conclusion of the performance period. If such termination occurs following the end of the performance period, all earned shares of restricted stock vest immediately. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">In the event of termination of a participant&#146;s employment due to death, disability or retirement, all options
granted to such participant under the Equity Plan and Omnibus Incentive Plan will become fully vested on the date of such termination and will be exercisable thereafter for a period of thirty days. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">In the event of termination of a participant&#146;s employment due to death or disability prior to the end of a
performance period, performance share awards will generally be deemed earned immediately upon such termination in an amount equal to the amount that would have been earned had the target performance level for the performance period been met, and
then prorated based on the number of days in the performance period that have elapsed to the date of termination of employment. In the event of termination of a participant&#146;s employment due to death or disability prior to the end of a
performance period, shares of restricted stock underlying performance units awarded under the Performance Unit Program will be deemed earned and vested immediately upon such termination in an amount equal to the amount that would have been earned
had the target performance level for the performance period been met. In the event of termination of a participant&#146;s employment due to death or disability following the end of a performance period, shares of restricted stock underlying
performance units awarded under the Performance Unit Program will be deemed earned and vested immediately upon such termination in an amount equal to the amount that was earned based on actual performance achieved. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">In all other cases of termination, non-vested equity awards under the Equity Plan and the Omnibus Incentive Plan will
generally be forfeited. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">A more detailed description of the Equity Plan can be found below under the heading
&#147;<I>Summary of&nbsp;Equity Plan</I>&#148; beginning on page 34. A more detailed description of the Omnibus Incentive Plan can be found below under the heading &#147;<I>Summary of Omnibus Incentive Plan</I>&#148; beginning on page 34.
</FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><I>Payments Made Under the Equity Plan and Omnibus Incentive Plan Upon a Change of Control </I></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Unless the Compensation Committee provides otherwise in any particular award agreement, and other than as stated below
under &#147;<I>Performance Unit Program,</I>&#148; in the event of a change of control of the Company, awards may be assumed or substitute awards may be made by the Company or its successor that contain similar terms and conditions as the awards
issued under an equity compensation plan, without participant consent. If awards are assumed or if substitute awards are made, and if the Company or its successor in the change of control transaction terminates a participant within one year
following the change of control, then the award will immediately vest on the date of such termination of employment or service, as applicable. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">If the Company or its successor does not assume the awards or grant substitute awards, then: </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">30 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">At least 15 days prior to the change of control transaction, all options held by employees of the Company or its affiliates will become fully
vested, and the Company will provide a notice to all holders of options of their right to exercise their options up to the date of the change of control. On the change of control date, all options will be cancelled. If it is not feasible to give 15
days notice of cancellation of the options, then the Compensation Committee may determine prior to the change of control date that all options held by employees of the Company or its affiliates will become vested on the date of the change of
control, and all holders of options will receive a cash payment, in exchange for cancellation of the options, equal to the value of the option as determined by the Compensation Committee. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">All shares of restricted stock will vest in full immediately prior to the date of a change of control. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Performance share awards will be deemed earned immediately prior to the date of the change of control in an amount equal to the amount that would be
earned had the target performance goal for the performance period been met, and then prorated based on the number of days in the performance period that have elapsed to the date of the change of control. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">For purposes of the equity compensation plans, a &#147;change of control&#148; generally includes any of the following
events: </FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">A person or group of persons becomes the beneficial owner of 25% or more of the outstanding Common Shares of the Company or the voting power of any
of the Company&#146;s securities, not counting acquisitions approved in advance by the Board of Directors; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The members of the Board of Directors on April&nbsp;1, 2007 for the Equity Plan and July&nbsp;1, 2015 for the Omnibus Incentive Plan (and any new
member appointed or elected to the Board whose appointment, nomination or election was approved by two-thirds of the Board, unless the election is in connection with an election contest) cease to constitute a majority of the Board;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The consummation or the sale or other disposition of all, or substantially all, of the Company&#146;s assets; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The consummation of a complete liquidation or dissolution of the Company; or </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The consummation of a merger or consolidation of the Company with or into any other company in which the Company&#146;s shareholders immediately
prior to the merger or consolidation will own less than 50% of the outstanding common shares or voting control of the surviving company. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><I><U>Performance Unit Program</U> </I></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Under the Performance
Unit Program, if the change of control occurs during a performance period, the awards are converted into time-vested restricted stock of the acquiring company based on the target performance level and, if the change of control occurs following a
performance period, the awards are converted into time-vested restricted stock of the acquiring company based on the actual performance level achieved. In either case, the awards would accelerate in the event the Named Executive Officer is
terminated without cause or voluntarily terminates with good reason within twenty-four months of the change of control. If awards under the Performance Unit Program are not assumed or converted by the acquiring company, then, if the change of
control occurs during a performance period, the awards are subject to accelerated vesting based on the target performance level, and if the change of control occurs following a performance period, the awards are subject to accelerated vesting based
on actual performance level achieved. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">31 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><I>Quantification of Termination/Change of Control Payments </I></B></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The table below reflects the amount of compensation that would have been paid to each of the Named Executive Officers of
the Company holding office on March&nbsp;31, 2016, in the event of his or her disability or death, involuntary termination without cause or constructive termination, or termination upon a change of control. The amounts assume that such termination
was effective as of March&nbsp;31, 2016 and thus include amounts earned through such time and are estimates of the amounts that would have been paid out upon termination. Each of the Named Executive Officers was party to an employment agreement with
the Company as of March&nbsp;31, 2016. The amount of compensation that would have been payable to each of Mr.&nbsp;Finkenbrink, Mr.&nbsp;Bates and Ms.&nbsp;MacGillivary assuming the occurrence of any such events as of March&nbsp;31, 2016 is
reflected in the table below. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><I>Fiscal 2016 Termination/Change of Control Payments </I></FONT></P>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="40%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="10"></TD>
<TD HEIGHT="5" COLSPAN="10"></TD>
<TD HEIGHT="5" COLSPAN="10"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="8" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Death or Disability</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="8" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Constructive Termination or</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Termination Without Cause</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="8" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Termination Upon</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Change of Control</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="8" VALIGN="bottom"> <P STYLE="border-top:2px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="8" VALIGN="bottom"> <P STYLE="border-top:2px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="8" VALIGN="bottom"> <P STYLE="border-top:2px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Salary&nbsp;&amp;<BR>Bonus</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>$</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Benefits</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>$(1)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>$</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Salary&nbsp;&amp;<BR>Bonus</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>$</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Benefits</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>$(2)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>$</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Salary&nbsp;&amp;</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Bonus</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>$</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Benefits</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>$(1)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>$</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Ralph T. Finkenbrink</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">President and Chief Executive Officer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">--</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">215,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">215,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">$816,250</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">215,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,032,050</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">$816,250</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">215,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,032,050</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Kevin D. Bates</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Senior Vice President &#150; Branch Operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">--</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">129,480</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">129,480</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">$545,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">129,480</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">674,480</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">$545,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">129,480</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">674,480</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Katie L. MacGillivary</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Vice President &#150; Finance, Chief Financial Officer and Corporate Secretary</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">--</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">86,320</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">86,320</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">$406,250</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">86,320</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">492,570</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">$406,250</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">86,320</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">492,570</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Consists of the value of the accelerated vesting of outstanding unvested restricted stock and stock options. The value of the accelerated vesting of
unvested restricted stock was determined by multiplying the closing price per Common Share on March&nbsp;31, 2016 by the number of shares of restricted stock that are currently subject to accelerated vesting. The value of the accelerated vesting of
unvested stock options was determined by calculating the sum of the differences between the closing price per Common Share on March&nbsp;31, 2016 and the exercise price for each &#147;in-the-money&#148; option that is currently subject to
accelerated vesting. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="1">Consists of the value of the accelerated vesting of outstanding unvested restricted stock. The value of the accelerated vesting of unvested
restricted stock was determined by multiplying the closing price per Common Share on March&nbsp;31, 2016 by the number of shares of restricted stock that are currently subject to accelerated vesting. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:20px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Summary of Employment Agreements with Named Executive Officers </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The following section provides information on our employment agreements with the three current Named Executive Officers
noted in the Executive Compensation Discussion and Analysis or in the tables. For the convenience of the reader, we are putting the descriptions of these employment agreements in one location. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">On July&nbsp;2, 2015, the Company entered into an amended and restated employment agreement with Ralph T. Finkenbrink,
President and Chief Executive Officer. The agreement currently provides for a minimum base salary of $375,000 and annual performance bonuses as determined by the Compensation Committee. The agreement has an initial term of two years. Thereafter, the
agreement automatically renews each year, unless the Company provides to Mr.&nbsp;Finkenbrink, at least sixty days prior to such date, written notification that it intends not to renew this agreement. Upon a
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">32 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">
change of control, the term of the agreement would be extended until the second anniversary of the change of&nbsp;control. The current term of Mr.&nbsp;Finkenbrink&#146;s employment agreement
will expire on July&nbsp;2, 2017, unless automatically renewed as described above. Mr.&nbsp;Finkenbrink&#146;s employment agreement provides that, if he is terminated by the Company without cause, or if he terminates his employment upon (a)&nbsp;a
good faith determination by him that the Company has materially breached his employment agreement, (b)&nbsp;a material adverse change in his working conditions or status, (c)&nbsp;a significant relocation of his principal office or (d)&nbsp;upon or
within the two-year period following a change of control of the Company, a good faith determination by him that there has been any of the following: a breach of his employment agreement by the Company, any adverse change in his working conditions,
status, authority, duties, responsibilities (including reporting other than directly to the Board of Directors) or any requirement that he relocate his principal office to a location that is more than ten miles from the location of his principal
office immediately prior to the change of control, then he shall be entitled to a severance payment equal to two times the sum of his annual base salary in effect at the time of such termination and his average annual bonus for the two full calendar
years immediately preceding such termination. On and after a change of control, the agreement gives Mr.&nbsp;Finkenbrink the right to receive a bonus opportunity at a level comparable to his bonus prior to the change of control. Additional
protections are provided following a change of control, as described above under &#147;Potential Payments Upon Termination or a Change of Control &#150; Employment Agreements &#151; Payments Made Upon Termination Without Cause or Constructive
Termination.&#148; Mr.&nbsp;Finkenbrink&#146;s agreement further provides that, during the term of the agreement and for a period of two years thereafter, Mr.&nbsp;Finkenbrink will not, directly or indirectly, compete with the Company by engaging in
certain proscribed activities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">On July&nbsp;2, 2015, the Company entered into an amended and restated
employment agreement with Kevin D. Bates, Senior Vice President &#150; Branch Operations. The agreement currently provides for a minimum base salary of $250,000 and annual performance bonuses as determined by the Compensation Committee. The
agreement has an initial term of two years. Thereafter, the agreement automatically renews each year, unless the Company provides to Mr.&nbsp;Bates, at least sixty days prior to such date, written notification that it intends not to renew this
agreement. Upon a change of control, the term of the agreement would be extended until the second anniversary of the change of control. The current term of Mr.&nbsp;Bates&#146;s employment agreement will expire on July&nbsp;2, 2017, unless
automatically renewed as described above. Mr.&nbsp;Bates&#146;s employment agreement provides that, if he is terminated by the Company without cause, or if he terminates his employment upon (a)&nbsp;a good faith determination by him that the Company
has materially breached his employment agreement, (b)&nbsp;a material adverse change in his working conditions or status, (c)&nbsp;a significant relocation of his principal office or (d)&nbsp;upon or within the two-year period following a change of
control of the Company, a good faith determination by him that there has been any of the following: a breach of his employment agreement by the Company, any adverse change in his working conditions, status, authority, duties, responsibilities
(including reporting other than directly to the Board of Directors) or any requirement that he relocate his principal office to a location that is more than ten miles from the location of his principal office immediately prior to the change of
control, then he shall be entitled to a severance payment equal to two times the sum of his annual base salary in effect at the time of such termination and his average annual bonus for the two full calendar years immediately preceding such
termination. On and after a change of control, the agreement gives Mr.&nbsp;Bates the right to receive a bonus opportunity at a level comparable to his bonus prior to the change of control. Additional protections are provided following a change
of&nbsp;control, as described above under &#147;Potential Payments Upon Termination or a Change of Control &#150; Employment Agreements Payments Made Upon Termination Without Cause or Constructive Termination.&#148; Mr.&nbsp;Bates&#146;s agreement
further provides that, during the term of the agreement and for a period of two years thereafter, Mr.&nbsp;Bates will not, directly or indirectly, compete with the Company by engaging in certain proscribed activities. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">On July&nbsp;2, 2015, the Company entered into an employment agreement with Katie L. MacGillivary, Vice President &#150;
Finance, Chief Financial Officer and Corporate Secretary. The agreement currently provides for a minimum base salary of $175,000 and annual performance bonuses as determined by the Compensation Committee. The agreement has an initial term of two
years. Thereafter, the agreement automatically renews each year, unless the Company provides to Ms. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">33 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">
MacGillivary, at least sixty days prior to such date, written notification that it intends not to renew this agreement. Upon a change of control, the term of the agreement would be extended until
the second anniversary of the change of control. The current term of Ms.&nbsp;MacGillivary&#146;s employment agreement will expire on July&nbsp;2, 2017, unless automatically renewed as described above. Ms.&nbsp;MacGillivary&#146;s employment
agreement provides that, if she is terminated by the Company without cause, or if she terminates her employment upon (a)&nbsp;a good faith determination by her that the Company has materially breached her employment agreement, (b)&nbsp;a material
adverse change in her working conditions or status, (c)&nbsp;a significant relocation of her principal office or (d)&nbsp;upon or within the two-year period following a change of control of the Company, a good faith determination by her that there
has been any of the following: a breach of her employment agreement by the Company, any adverse change in her working conditions, status, authority, duties, responsibilities (including reporting other than directly to the Board of Directors) or any
requirement that she relocate her principal office to a location that is more than ten miles from the location of her principal office immediately prior to the change of control, then she shall be entitled to a severance payment equal to two times
the sum of her annual base salary in effect at the time of such termination and her average annual bonus for the two full calendar years immediately preceding such termination. On and after a change of control, the agreement gives
Ms.&nbsp;MacGillivary the right to receive a bonus opportunity at a level comparable to her bonus prior to the change of control. Additional protections are provided following a change of control, as described above under <I>&#147;Potential Payments
Upon Termination or a Change of Control &#150; Employment Agreements &#150; Payments Made Under the Employment Agreements Upon Termination Without Cause, Constructive Termination or Change of Control.&#148;</I> Ms.&nbsp;MacGillivary&#146;s agreement
further provides that, during the term of the agreement and for a period of two years thereafter, Ms.&nbsp;MacGillivary will not, directly or indirectly, compete with the Company by engaging in certain proscribed activities. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Summary of Equity Plan </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">The Equity Plan was adopted by the Board of Directors of the Company on June&nbsp;15, 2006, and approved by the shareholders of the Company on August&nbsp;9, 2006. The Equity Plan was terminated on
August&nbsp;13, 2015; no new awards have been granted under such plan since that date, but awards granted under such plan remain outstanding. The purposes of the Equity Plan were: </FONT></P>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">to attract, retain and reward individuals who serve as key employees and non-employee directors of the Board; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">to increase shareholder value by offering participants the opportunity to acquire Common Shares or receive monetary payments based on the value of
such Common Shares. By providing stock-based awards to the Company&#146;s key employees and non-employee directors, the Board of Directors believes those individuals will be provided an incentive to increase shareholder value.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">A more detailed summary of the Equity Plan was included in Proposal 2 of the Company&#146;s
Proxy Statement for the 2006 Annual General Meeting and a copy of the Equity Plan was attached to such Proxy Statement as Appendix A, both of which are incorporated herein by reference. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Summary of Omnibus Incentive Plan </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Omnibus Incentive
Plan was adopted by the Board of Directors and subsequently approved by the shareholders of the Company on August&nbsp;13, 2015. The purpose of this Omnibus Incentive Plan is to promote the best interests of the Company and its shareholders by
providing key employees and non-employee directors of the Company and its affiliates with an opportunity to acquire a proprietary interest in the Company or receive other incentive compensation on the potentially favorable terms that the Plan
provides. It is intended that the Plan will promote continuity of management and increased incentive and personal interest in the welfare of the Company and its affiliates by those key employees and
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">34 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">
directors who are primarily responsible for shaping and carrying out the long-range plans of the Company and securing its continued growth and financial success, all of which benefits the
shareholders. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The Omnibus Incentive Plan: </FONT></P>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">is administered by the Compensation Committee with respect to key employee participants and the Board of Directors with respect to non-employee
director participants; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">permits the grant of options (including incentive stock options), stock appreciation rights, restricted stock, restricted stock units, performance
shares, performance units, annual cash incentives, long-term cash incentives, dividend equivalent units and other types of stock-based awards; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">limits the number of awards that the Compensation Committee may grant to any one key employee participant; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">reserves 750,000 Common Shares for awards. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">A more detailed summary of the Omnibus Incentive Plan was included in Proposal 3 of the Company&#146;s Proxy Statement
for the 2015 Annual General Meeting and a copy of the Equity Plan was attached to such Proxy Statement as Appendix A, both of which are incorporated herein by reference. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Director Compensation </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The following table sets forth
information regarding the compensation received by each of the Company&#146;s non-employee directors during the fiscal year ended March&nbsp;31, 2016: </FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;Fees&nbsp;Earned&nbsp;&nbsp;&nbsp;&nbsp;<BR>or Paid in</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Cash</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Stock<BR>&nbsp;&nbsp;Awards&nbsp;&nbsp;
</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>($)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Option<BR>&nbsp;&nbsp;Awards&nbsp;&nbsp;
</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>($)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>($)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Robin Hastings</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">37,750&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26,975&nbsp;(3)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,040&nbsp;(4)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">79,765&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Scott Fink</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">47,050&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26,975&nbsp;(3)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,040&nbsp;(4)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">89,065&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stephen Bragin</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31,050&nbsp;(1)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31,050&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Alton Neal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,900&nbsp;(2)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,900&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stephen Bragin retired from the Board effective July&nbsp;1, 2016. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Alton Neal retired from the Board effective August&nbsp;13, 2015. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based on the price of Common Shares as of March&nbsp;31, 2016. Restricted stock awards vest on August&nbsp;13, 2018. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Represents the aggregate grant date fair value (computed in accordance with ASC Topic 718) of options to purchase 5,000 Common Shares granted under
the Equity Plan on August&nbsp;13, 2015. Such options vest equally over three years. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">For
the fiscal year ended March&nbsp;31, 2016, each director who was not an executive officer of the Company (&#147;Non-Employee Director&#148;) received an annual retainer of $25,000 ($45,000 for the Chair of the Audit Committee and the Chair of the
Nominating/Corporate Governance Committee), plus $1,000 per Board of Directors meeting or committee meeting attended ($350 if attending telephonically). Directors who are executive officers of the Company receive no additional compensation for
service as a member of either the Board of Directors or any committee of the Board. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Commencing with the
fiscal year ending March&nbsp;31, 2017, each Non-Employee Director will receive an annual retainer of $45,000, with the chair of each standing committee receiving an additional $10,000. Non-Employee Directors will no longer receive a per meeting fee
for ordinary-course Board meetings; however, they will receive a meeting fee of </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">35 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">
$1,000 per non-ordinary course Board meeting (reduced to $750 for telephonic meetings), calculated separately for the Board of Directors and each committee. In addition, commencing with the
fiscal year ending March&nbsp;31, 2017, each Non-Employee Director is entitled to receive an annual award of restricted stock with a value of $20,000, which award will vest on the earlier of the first anniversary of the date of grant and the date of
the following year&#146;s annual general meeting of shareholders. Directors joining the Board of Directors mid-year will receive a pro-rated equity award vesting on the date of the following annual general meeting of shareholders. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Upon a change of control of the Company, the awards granted to Non-Employee Directors are treated in the same manner as
awards made to employees as described above under &#147;<I>Payments Made Under the Equity Plan and Omnibus Incentive Plan Upon a Change of Control.&#148;</I> </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE </B></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Section&nbsp;16(a) of the Securities Exchange Act of 1934 requires the Company&#146;s executive officers, directors and
more than 10% shareholders (collectively for purposes of this paragraph only, &#147;Reporting Persons&#148;) to file reports of their beneficial ownership and changes in beneficial ownership of the Company&#146;s Common Shares with the SEC and
furnish copies of such reports to the Company. Based upon a review of copies of the reports filed with the SEC, we believe that no Reporting Person failed to file with the SEC on a timely basis during the fiscal year ended March&nbsp;31, 2016 any
required report relating to transactions involving equity securities of the Company beneficially owned by them, except that: Mr.&nbsp;Bates filed one Form 4 late reporting exercise of stock options, and each of Messrs. Hastings and Fink filed one
Form 4 late reporting the award of stock options and restricted stock. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS
</B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">No director or executive officer of the Company, no nominee for election as a director of the Company,
and no associate or affiliate of any of them, is or has been indebted to the Company or its subsidiaries at any time since the beginning of the Company&#146;s last completed fiscal year. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>RELATIONSHIPS AND RELATED TRANSACTIONS </B></FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Transactions with Related Persons </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Other than as disclosed
in the section &#147;<I>Compensation Committee Interlocks and Insider Participation</I>&#148; (which disclosure is incorporated herein by reference), since the beginning of the Company&#146;s fiscal year ended March&nbsp;31, 2016, there have been no
transactions with related persons, and there are no currently proposed transactions with related persons, required by applicable SEC rules and regulations to be disclosed hereunder. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Review, Approval, and/or Ratification of Transactions with Related Persons </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">The Company recognizes that transactions involving related persons can present potential or actual conflicts of interest and create the appearance that the Company&#146;s business decisions are based on
considerations other than the best interests of its shareholders. Therefore, in accordance with the terms of its charter, the Audit Committee of the Board will review and approve transactions involving related persons. The policy covers any
transaction involving the Company and a related person, and is not limited solely to those transactions involving related persons that meet the minimum threshold for disclosure in the proxy statement under the relevant SEC rules (i.e., transactions
involving amounts exceeding $120,000 in which a related person has a direct or indirect material interest). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">36 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><I>General Policy </I></B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Transactions involving related persons must be approved, or ratified if pre-approval is not feasible, by the Audit
Committee of the Board consisting solely of independent directors, who will approve or ratify the transaction only if they determine that it is in the best interests of the Company&#146;s shareholders. In considering the transaction, the Audit
Committee will consider all relevant factors, including, as applicable: (i)&nbsp;the business rationale for entering into the transaction; (ii)&nbsp;available alternatives to the transaction; (iii)&nbsp;whether the transaction is on terms no less
favorable than terms generally available to an unrelated third-party under the same or similar circumstances; (iv)&nbsp;the potential for the transaction to lead to an actual or apparent conflict of interest and any safeguards imposed to prevent
such actual or apparent conflicts; and (v)&nbsp;the overall fairness of the transaction. The Audit Committee will also periodically monitor ongoing transactions involving related persons to ensure that there are no changed circumstances that would
render it advisable for the Company to amend or terminate the transaction. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><I>Procedures </I></B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">It is the responsibility of management or the affected director or executive officer to bring the matter to the attention of the Audit Committee.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Any transaction involving a related person should be presented to the Audit Committee at the next regularly scheduled meeting.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">All transactions should be pre-approved by the Audit Committee, or if not feasible, ratified by the Audit Committee as promptly as practicable.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">If a member of the Audit Committee is involved in the transaction, except for purposes of providing material information about the transaction to
the Audit Committee, he must be recused from all discussions and decisions about the transaction. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="3">Ongoing transactions involving related persons shall be reviewed by the Audit Committee on an annual basis at the first regularly scheduled meeting of the fiscal year. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Since the beginning of the Company&#146;s last fiscal year, there have been no transactions required to be reported under
the applicable SEC rules where such policies and procedures did not require review, approval or ratification or where such policies and procedures were not followed. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON </B></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">No director or executive officer of the Company, no nominee for election as a director of the Company, no person who has
been a director or executive officer of the Company since the commencement of the Company&#146;s last completed fiscal year and no associate or affiliate of any of the foregoing has any material interest, direct or indirect, by way of beneficial
ownership or securities or otherwise, in any matter to be acted upon at the Meeting. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>SHAREHOLDER PROPOSALS </B></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; text-indent:6%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">The deadline for submission of shareholder proposals pursuant to Rule 14a-8 under the Exchange Act for inclusion in the
Company&#146;s proxy statement for its 2017 Annual General Meeting of Shareholders is March&nbsp;30, 2017. After June&nbsp;13, 2017, notice to the Company of a shareholder proposal submitted other than pursuant to Rule 14a-8 is considered untimely,
and the persons named in proxies solicited by the Board of Directors of the Company for the 2017 Annual General Meeting may exercise discretionary voting power with respect to any such proposal. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">37 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>OTHER MATTERS </B></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">MANAGEMENT KNOWS OF NO OTHER MATTERS TO COME BEFORE THE MEETING OTHER THAN THOSE REFERRED TO IN THE NOTICE OF MEETING. HOWEVER, SHOULD
ANY OTHER MATTERS PROPERLY COME BEFORE THE MEETING, THE SHARES REPRESENTED BY THE PROXY SOLICITED HEREBY WILL, ON A POLL, BE VOTED ON SUCH MATTERS IN ACCORDANCE WITH THE BEST JUDGMENT OF THE PERSONS VOTING THE SHARES REPRESENTED BY THE PROXY.
</FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Dated this 28th day of July, 2016 </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>BY ORDER OF THE BOARD OF DIRECTORS </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">/s/ Ralph T. Finkenbrink </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3">Chairman of the Board </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">38 </FONT></P>



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<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">8th&nbsp;Floor,&nbsp;100&nbsp;University&nbsp;Avenue</P></TD>
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<TD VALIGN="top" ALIGN="right">Toronto, Ontario M5J 2Y1</TD>
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<TD VALIGN="top" ALIGN="right">www.computershare.com</TD>
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<TD VALIGN="top"><B>Security Class</B></TD></TR>
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<TD VALIGN="top"><B>Holder Account Number</B></TD></TR>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Form of Proxy - Annual General Meeting to be held on September 8, 2016 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>This Form of Proxy is solicited by and on behalf of the Board of Directors. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to proxy </B></P>
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<TD VALIGN="top"><B>1.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>Every holder has the right to appoint some other person or company of their choice, who need not be a holder, to attend and act on their behalf at the meeting or any adjournment or postponement thereof. If you wish to appoint a
person or company other than the persons whose names are printed herein, please insert the name of your chosen proxyholder in the space provided (see reverse).</B></TD>
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<TD VALIGN="top">2.</TD>
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<TD VALIGN="top">If the securities are registered in the name of more than one owner (for example, joint ownership, trustees, executors, etc.), then all those registered should sign this proxy. If you are voting on behalf of a corporation or another
individual you must sign this proxy with signing capacity stated, and you may be required to provide documentation evidencing your power to sign this proxy.</TD>
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<TD VALIGN="top">3.</TD>
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<TD VALIGN="top">This proxy should be signed in the exact manner as the name(s) appear(s) on the proxy.</TD>
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<TD VALIGN="top">4.</TD>
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<TD VALIGN="top">If this proxy is not dated, it will be deemed to bear the date on which it is mailed by Management to the holder.</TD>
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<TD VALIGN="top"><B>5.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>The securities represented by this proxy will be voted as directed by the holder, however, if such a direction is not made in respect of any matter, this proxy will be voted as recommended by the Board of Directors.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top">6.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The securities represented by this proxy will be voted in favour or withheld from voting or voted against each of the matters described herein, as applicable, in accordance with the instructions of the holder, on any ballot that may
be called for and, if the holder has specified a choice with respect to any matter to be acted on, the securities will be voted accordingly.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
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<TD VALIGN="top">7.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">This proxy confers discretionary authority in respect of amendments or variations to matters identified in the Notice of Meeting or other matters that may properly come before the meeting or any adjournment or postponement
thereof.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px dashed #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TD VALIGN="top" ROWSPAN="2"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">This proxy should be read in conjunction with the
accompanying documentation provided by Management.</P></TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Fold&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Proxies submitted must be received by 10:00 AM, Eastern Time, on September 6, 2016. </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VOTE USING THE TELEPHONE OR INTERNET 24 HOURS A DAY 7 DAYS A WEEK! </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&#149;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Call the number listed BELOW from a touch tone telephone.</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&#149;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Go to the following web site: www.investorvote.com</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="3">


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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>1-866-732-VOTE (8683) Toll Free</B></P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&#149;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Smartphone?</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Scan the QR code
to vote now.</P></TD>
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<TR STYLE="font-family:Times New Roman; font-size:8pt">
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>If you vote by telephone or the Internet, DO NOT mail back this proxy. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Voting by mail</B> may be the only method for securities held in the name of a corporation or securities being voted on behalf of another individual. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Voting by mail or by Internet</B> are the only methods by which a holder may appoint a person as proxyholder other than the Management nominees named on
the reverse of this proxy. Instead of mailing this proxy, you may choose one of the two voting methods outlined above to vote this proxy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>To vote by
telephone or the Internet, you will need to provide your CONTROL NUMBER listed below. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONTROL NUMBER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:8pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;019D7A </P>

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<TD VALIGN="top"><B>Appointment of Proxyholder</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top"><B>I/We being holder(s) of Nicholas Financial, Inc. hereby&nbsp;appoint:&nbsp;</B>Ralph&nbsp;T.&nbsp;Finkenbrink,&nbsp;President&nbsp;and Chief Executive Officer, or failing him, Katie
MacGillivary,&nbsp;Chief&nbsp;Financial&nbsp;Officer&nbsp;of&nbsp;the&nbsp;Company,</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OR</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>Print the name of the person you are appointing if this person is someone other than the Chairman of the Meeting.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-right:4%; font-size:10pt; font-family:Times New Roman">as my/our proxyholder with full power of substitution and to attend, act and to vote for and on behalf of the
shareholder in accordance with the following direction (or if no directions have been given, as the proxyholder sees fit) and all other matters that may properly come before the Annual General Meeting of shareholders of Nicholas Financial, Inc. to
be held at 2454 McMullen Booth Road, Building C, Clearwater, Florida, on Thursday September 8, 2016 at 10:00 AM, Eastern Time, and at any adjournment or postponement thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VOTING RECOMMENDATIONS ARE INDICATED BY <FONT STYLE="font-family:Times New Roman;background-color:#000000" COLOR="#fcfcfc">HIGHLIGHTED TEXT</FONT></B><B>
OVER THE BOXES. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>1.</B> <B>Election of Directors</B></TD>
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<TD VALIGN="top">01. Ralph T. Finkenbrink</TD>
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<TD VALIGN="top" COLSPAN="13"><B>2.</B> <B>Appointment of Auditors </B></TD>
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<TD VALIGN="top" COLSPAN="13">To ratify the appointment of Dixon Hughes Goodman LLP as the Company&#146;s Independent Auditors for the fiscal year ending March 31, 2017.</TD>
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<TD VALIGN="top" COLSPAN="13"><B>3.</B> <B>Advisory Vote on Compensation of Named Executive Officers </B></TD>
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<TD VALIGN="top" COLSPAN="13">To approve the compensation of the Company&#146;s Named Executive Officers as disclosed in the Executive Compensation Discussion and Analysis Section and the accompanying compensation tables and narrative discussion
contained in the Proxy Statement and Information Circular.</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Authorized Signature(s) - This section must be completed for your instructions to be executed.</B></P>
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<TD VALIGN="top" NOWRAP><B>&nbsp;&nbsp;Signature(s)</B></TD>
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<TD VALIGN="top"><B>Date</B></TD>
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<TD VALIGN="top">I/We authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. <B>If no voting instructions are indicated above, this Proxy will be voted as
recommended by Management. </B></TD>
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<TD VALIGN="top"><B>Interim Financial Statements </B>- Mark this box if you would like to receive Interim Financial Statements and accompanying Management&#146;s Discussion and Analysis by mail.</TD>
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<TD VALIGN="top"><B>Annual Financial Statements - </B>Mark this box if you would like to receive the Annual Financial Statements and accompanying Management&#146;s Discussion and Analysis by mail.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="middle"><FONT STYLE="font-size:20pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
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<TD VALIGN="top" COLSPAN="11">If you are not mailing back your proxy, you may register online to receive the above financial report(s) by mail at www.computershare.com/mailinglist.</TD>
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<TD VALIGN="top"><FONT STYLE="font-size:36pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#161;</FONT></FONT></TD>
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<TD VALIGN="middle">N I C Q</TD>
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</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:10%; font-size:8pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;019D8B </P>

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</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">


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&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">8th&nbsp;Floor,&nbsp;100&nbsp;University&nbsp;Avenue</P></TD>
<TD NOWRAP VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top" ALIGN="right">Toronto, Ontario M5J 2Y1</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">www.computershare.com</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Security Class</B></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>Holder Account Number</B></TD></TR>
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<TD VALIGN="top"><B>Intermediary</B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px dashed #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Fold&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Voting Instruction Form (&#147;VIF&#148;) - Annual General Meeting to be held on September 8, 2016 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NON-REGISTERED (BENEFICIAL) SECURITYHOLDERS </B></P>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">1.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">We are sending to you the enclosed proxy-related materials that relate to a meeting of the holders of the series or class of securities that are held on your behalf by the intermediary identified above. Unless you attend the meeting
and vote in person, your securities can be voted only by management, as proxy holder of the registered holder, in accordance with your instructions.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
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<TD HEIGHT="8"></TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">2.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>We are prohibited from voting these securities on any of the matters to be acted upon at the meeting without your specific voting instructions. </I>In order for these securities to be voted at the<I> </I>meeting, <I>it will be
necessary for us to have your specific voting instructions.</I> Please complete and return the information requested in this VIF to provide your voting instructions to us promptly.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">3.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">If you want to attend the meeting and vote in person, please write your name in the place provided for that purpose in this form. You can also write the name of someone else whom you wish to attend the meeting and vote on your
behalf. Unless prohibited by law, the person whose name is written in the space provided will have full authority to present matters to the meeting and vote on all matters that are presented at the meeting, even if those matters are not set out in
this form or the information circular. Consult a legal advisor if you wish to modify the authority of that person in any way. If you require help, please contact the Registered Representative who services your account.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">4.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>This VIF should be signed by you in the exact manner as your name appears on the VIF. If these voting instructions are given on behalf of a body corporate set out the full legal name of the body corporate, the name and position
of the person giving voting instructions on behalf of the body corporate and the address for service of the body corporate.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">5.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">If this VIF is not dated, it will be deemed to bear the date on which it is mailed by management to you.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>When properly signed and delivered, securities represented by this VIF will be voted as directed by you, however, if such a direction is not made in respect of any matter, the VIF will direct the voting of the securities to be
made as recommended in the documentation provided by Management for the meeting.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">7.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">This VIF confers discretionary authority on the appointee to vote as the appointee sees fit in respect of amendments or variations to matters identified in the notice of meeting or other matters as may properly come before the
meeting or any adjournment thereof.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">8.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Your voting instructions will be recorded on receipt of the VIF.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">9.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By providing voting instructions as requested, you are acknowledging that you are the beneficial owner of, and are entitled to instruct us with respect to the voting of, these securities.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px dashed #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any questions regarding the enclosed documents, please
contact the Registered Representative who services your account.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Fold&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">This VIF should be read in conjunction with the information circular and
other proxy materials provided by Management.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>VIFs submitted must be received by 10:00 AM, Eastern Time, on September 6, 2016. </B></P>
<P STYLE="margin-top:0pt;margin-bottom:0pt;page-break-before:always"></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VOTE USING THE TELEPHONE OR INTERNET 24 HOURS A DAY 7 DAYS A WEEK! </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5"> <P STYLE="margin-top:0pt;margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em">


<IMG SRC="g89417pg2pg001d.jpg" ALT="LOGO">
</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.50em; font-size:8pt; font-family:Times New Roman">&#149; &nbsp;&nbsp;&nbsp;Call the number listed BELOW from a touch<BR>tone telephone.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;Go&nbsp;to&nbsp;the&nbsp;following&nbsp;web&nbsp;site:</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; font-size:8pt; font-family:Times New Roman">www.investorvote.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;


<IMG SRC="g89417pg1pg001e.jpg" ALT="LOGO">
</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; font-size:8pt; font-family:Times New Roman">&nbsp;<B>1-866-734-VOTE (8683) Toll Free</B></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">&#149; <B>&nbsp;&nbsp;Smartphone?</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8pt; font-family:Times New Roman">Scan&nbsp;the&nbsp;QR&nbsp;code&nbsp;to&nbsp;vote&nbsp;now.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>If you vote by telephone or the Internet, DO NOT mail back this VIF. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Voting by mail </B>may be the only method for securities held in the name of a corporation or securities being voted on behalf of another individual. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Voting by mail or by Internet </B>are the only methods by which a holder may choose an appointee other than the Management appointees named on the reverse
of this VIF. Instead of<B> </B>mailing this VIF, you may choose one of the two voting methods outlined above to vote this VIF. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>To vote by telephone or
the Internet, you will need to provide your CONTROL NUMBER listed below. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONTROL NUMBER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:8pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;019D9A </P>

<p Style='page-break-before:always'>
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<TD VALIGN="middle"><B>+</B></TD>
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<TD VALIGN="middle" ALIGN="right"><B>+</B></TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Appointee(s)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-TOP:1.50pt solid #000000; BORDER-RIGHT:1.50pt solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Management Appointees are:</B> Ralph T. Finkenbrink, President and Chief Executive Officer, or failing him, Katie MacGillivary, Chief Financial Officer of the Company,</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OR</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>If you wish to attend in person or appoint someone else to attend on your behalf, print your name or the name of your appointee in this space (see Note #3 on reverse).</B></TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-right:4%; font-size:10pt; font-family:Times New Roman">as my/our appointee to attend, act and to vote in accordance with the following direction (or if no
directions have been given, as the appointee sees fit) and all other matters that may properly come before the Annual General Meeting of securityholders of Nicholas Financial, Inc. to be held at 2454 McMullen Booth Road, Building C, Clearwater,
Florida, on Thursday September 8, 2016 at 10:00 AM, Eastern Time, and at any adjournment or postponement thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VOTING RECOMMENDATIONS ARE INDICATED
BY <FONT STYLE="font-family:Times New Roman;background-color:#000000" COLOR="#fcfcfc">HIGHLIGHTED TEXT</FONT></B><B> OVER THE BOXES. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>1. Election of Directors</B></TD>
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<TD VALIGN="top">01. Ralph T. Finkenbrink</TD>
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<TD VALIGN="top" COLSPAN="13"><B>2. Appointment of Auditors</B></TD>
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<TD VALIGN="top" COLSPAN="13">To ratify the appointment of Dixon Hughes Goodman LLP as the Company&#146;s Independent Auditors for the fiscal year ending March 31, 2017.</TD>
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<TD VALIGN="top" COLSPAN="13"><B>3. Advisory Vote on Compensation of Named Executive Officers</B></TD>
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<TD VALIGN="top" COLSPAN="13">To approve the compensation of the Company&#146;s Named Executive Officers as disclosed in the Executive Compensation Discussion and Analysis Section and the accompanying compensation tables and narrative discussion
contained in the Proxy Statement and Information Circular.</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Authorized Signature(s) - This section must be completed for your instructions to be executed.</B></P>
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<TD VALIGN="top">If you are voting on behalf of a corporation or another individual you may be required to provide documentation evidencing your power to sign this VIF with signing capacity stated.</TD>
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<TD VALIGN="top"><B>Interim Financial Statements </B>- Mark this box if you<B> </B>would like to receive Interim Financial Statements and accompanying Management&#146;s Discussion and Analysis by mail.</TD>
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<TD VALIGN="middle"><FONT STYLE="font-size:20pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
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<TD VALIGN="top"><B>Annual Financial Statements - </B>Mark this box if you<B> </B>would like to receive the Annual Financial Statements and accompanying Management&#146;s Discussion and Analysis by mail.</TD>
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<TD VALIGN="middle"><FONT STYLE="font-size:20pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
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<TD VALIGN="top" COLSPAN="11">If you are not mailing back your VIF, you may register online to receive the above financial report(s) by mail at www.computershare.com/mailinglist.</TD>
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<TD VALIGN="top"><FONT STYLE="font-size:36pt"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#161;</FONT></FONT></TD>
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<TD VALIGN="middle">N I C Q</TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:8pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;019DAB </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
