<Page>

                                J.W. MAYS, INC.







                                                   ANNUAL REPORT
                                                       2004


                                             Year Ended July 31, 2004






<Page>

J.W. MAYS, INC.

CONTENTS

<Table>
<Caption>
                                                             PAGE NO.
------------------------------------------------------------------------
<S>                                                          <C>
Summary of Selected Financial Data                                2
The Company                                                       2
Message to Shareholders                                           3
Consolidated Balance Sheets                                     4-5
Consolidated Statements of Income and
Retained Earnings                                                 6
Consolidated Statements of Comprehensive
Income                                                            6
Consolidated Statements of Cash Flows                             7
Notes to Consolidated Financial Statements                     8-16
Report of Management                                             17
Report of Independent Registered Public Accounting Firm          17
Five Year Summary of Consolidated Operations                     18
Management's Discussion and Analysis of
Financial Condition and Results of Operations                 19-22
Controls and Procedures                                          22
Quarterly Financial Information (Unaudited)                      23
Common Stock and Dividend Information                            23
Officers and Directors                                           24

EXECUTIVE OFFICES
9 Bond Street, Brooklyn, N.Y. 11201-5805

TRANSFER AGENT AND REGISTRAR
American Stock Transfer & Trust Company
59 Maiden Lane
New York, New York 10038-4502

SPECIAL COUNSEL
Holland & Knight LLP
195 Broadway
New York, N.Y. 10007-3189

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
D'Arcangelo & Co., LLP
3000 Westchester Avenue
Purchase, N.Y. 10577-2538

ANNUAL MEETING
The Annual Meeting of Shareholders will be
held on Tuesday, November 23, 2004, at
10:00 A.M., New York time, at J.W. MAYS, INC.,
9 Bond Street, Brooklyn, New York.
</Table>





<Page>


J.W. MAYS, INC.

SUMMARY OF SELECTED FINANCIAL DATA
(dollars in thousands except per share data)

<Table>
<Caption>
                                                       2004      2003      2002      2001      2000
-----------------------------------------------------------------------------------------------------
<S>                                                   <C>       <C>       <C>       <C>       <C>
Rental Income                                         $14,025   $13,120   $12,533   $11,281   $10,451
Rental Income -- Affiliated Company                     --           70       462       414       414
Recovery of Real Estate Taxes                           --        --           69     --        --
Loss on Disposition of Fixed Assets                        (4)    --        --        --        --
-----------------------------------------------------------------------------------------------------
Total Revenues                                         14,021    13,190    13,064    11,695    10,865
-----------------------------------------------------------------------------------------------------
Net Income                                              1,135     1,147     1,254     1,291     1,066
-----------------------------------------------------------------------------------------------------
Real Estate-Net                                        39,907    33,171    32,094    31,525    29,339
-----------------------------------------------------------------------------------------------------
Total Assets                                           51,809    48,346    48,266    45,578    42,485
-----------------------------------------------------------------------------------------------------
Long-Term Debt:
    Mortgages Payable                                   7,830     5,261     7,779     7,332     6,000
    Other                                                 641       569       399       364       362
                                                      -------   -------   -------   -------   -------
        Total                                           8,471     5,830     8,178     7,696     6,362
-----------------------------------------------------------------------------------------------------
Shareholders' Equity                                   36,996    35,705    34,652    33,033    31,803
-----------------------------------------------------------------------------------------------------
Net Income Per Common Share                           $   .56   $   .57   $   .62   $   .62   $   .50
-----------------------------------------------------------------------------------------------------
Cash Dividends Declared Per Share                       --        --        --        --        --
-----------------------------------------------------------------------------------------------------
</Table>

Average common shares outstanding for fiscal 2004, 2,015,780; 2003, 2,026,855;
2002, 2,033,280; 2001, 2,066,390; 2000, 2,118,908.

THE COMPANY
--------------------------------------------------------------------------------

    J.W. Mays, Inc. was founded in 1924 and incorporated under the laws of the
State of New York on July 6, 1927.

    The Company operates a number of commercial real estate properties located
in Brooklyn and Jamaica in New York City, in Levittown and Massapequa, Long
Island, New York, in Fishkill, Dutchess County, New York and in Circleville,
Ohio. The major portion of these properties is owned and the balance is leased.
A substantial percentage of these properties are leased to tenants while the
remainder is available for lease.

    More comprehensive information concerning the Company appears in its Form
10-K Annual Report for the fiscal year ended July 31, 2004.

2



<Page>

J.W. MAYS, INC.

TO OUR SHAREHOLDERS:
--------------------------------------------------------------------------------

    The financial position of our Company continued to improve in the fiscal
year ended July 31, 2004 with profits earned in each of the four quarters.

    In fiscal 2004 our revenues were $14,020,571 compared to $13,189,989 in the
2003 fiscal year. Net income for fiscal 2004 was $1,135,466 or $.56 per share.
This compares to net income of $1,147,031 or $.57 per share for fiscal 2003.

    During fiscal 2004, the Company leased 47,615 square feet for office use to
two tenants in the Company's Brooklyn, New York property. One tenant leased
25,423 square feet and its rent commenced April, 2004. The second tenant leased
22,192 square feet and its rent commenced June, 2004. The Company also leased
8,300 square feet for office use to two tenants in the Company's Jowein building
in Brooklyn, New York. Rent commenced in December, 2003 for one tenant and in
May, 2004 for the other tenant. To replace the retail store which vacated the
Jamaica, New York property in March, 2003, the Company divided the premises into
three retail stores. As of July 31, 2004, the Company has leased 54,289 square
feet to two tenants. Rent commenced in September, 2003.

    The rental income from the additional tenants will partially offset the loss
in rental income created by the loss of the City of New York as a tenant at the
Company's Jowein building in Brooklyn, New York in June 2004.

    The Company, on August 19, 2004 closed on a $12,000,000 multiple draw term
loan. The loan will refinance the existing mortgage on the Company's Fishkill,
New York property which matured on July 1, 2004, and fund capital improvements
for new tenants at the Company's properties at 9 Bond Street in Brooklyn, New
York and Fishkill, New York.

    The increased rentals from the additional tenants and the multiple draw term
loan should resolve the Company's current working capital deficit.

    We are continuing to actively pursue government agencies, educational
institutions and prospective corporate tenants which may be seeking office or
retail space in our properties.

    I believe our Company is well-positioned to continue its growth, and I want
to thank the personnel of Mays and our Board colleagues for their continuing
commitment and support.

LLOYD J. SHULMAN

Lloyd J. Shulman
Chairman, President and Chief Executive Officer

October 8, 2004

                                                                               3





<Page>

J.W. MAYS, INC.


CONSOLIDATED BALANCE SHEETS
July 31, 2004 and 2003

ASSETS

<Table>
<Caption>
                                                                 2004             2003
------------------------------------------------------------------------------------------
<S>                                                           <C>              <C>
Property and Equipment-at cost (Notes 1 and 3):
    Buildings and improvements..............................  $53,533,121      $46,181,865
    Improvements to leased property.........................    9,158,009        9,158,009
    Fixtures and equipment..................................      711,001          694,520
    Land....................................................    4,713,503        4,008,835
    Other...................................................      212,747          242,538
    Construction in progress................................      --                62,436
                                                              -----------      -----------
                                                               68,328,381       60,348,203
    Less accumulated depreciation and amortization..........   28,174,404       26,865,819
                                                              -----------      -----------
        Property and equipment-net..........................   40,153,977       33,482,384
                                                              -----------      -----------

Current Assets:
    Cash and cash equivalents (Notes 9 and 10)..............      603,289        1,862,444
    Marketable securities (Notes 1, 2 and 10)...............       45,395           45,111
    Receivables (Note 6)....................................      181,407          433,495
    Income taxes refundable (Notes 1 and 4).................      126,911          210,382
    Deferred income taxes (Notes 1 and 4)...................       79,000          116,000
    Security deposits.......................................      191,118           20,836
    Prepaid expenses........................................    1,532,163        1,562,998
                                                              -----------      -----------
        Total current assets................................    2,759,283        4,251,266
                                                              -----------      -----------

Other Assets:
    Deferred charges (Notes 1 and 11).......................    2,005,894        3,018,471
    Less accumulated amortization (Note 11).................      956,805        1,682,714
                                                              -----------      -----------
        Net.................................................    1,049,089        1,335,757
    Security deposits.......................................      946,183          872,436
    Unbilled receivables (Note 1)...........................    4,316,666        4,247,812
    Marketable securities (Notes 1, 2 and 10)...............    2,583,812        4,155,891
                                                              -----------      -----------
        Total other assets..................................    8,895,750       10,611,896
                                                              -----------      -----------

        TOTAL ASSETS........................................  $51,809,010      $48,345,546
                                                              -----------      -----------
                                                              -----------      -----------
</Table>

See Notes to Consolidated Financial Statements.

4



<Page>

LIABILITIES AND SHAREHOLDERS' EQUITY

<Table>
<Caption>
                                                                 2004          2003
---------------------------------------------------------------------------------------
<S>                                                           <C>           <C>
Long-Term Debt:
    Mortgages payable (Notes 3 and 10)......................  $ 7,830,160   $ 5,261,146
    Security deposits payable...............................      641,209       568,421
                                                              -----------   -----------
        Total long-term debt................................    8,471,369     5,829,567
                                                              -----------   -----------

Deferred Income Taxes (Notes 1 and 4).......................    3,175,000     3,135,000
                                                              -----------   -----------

Current Liabilities:
    Payable to securities broker (Note 13)..................    1,434,025       --
    Accounts payable........................................       87,581        46,829
    Payroll and other accrued liabilities (Note 7)..........      936,048     1,085,981
    Other taxes payable.....................................        4,764         4,264
    Current portion of mortgages payable (Notes 3 and 10)...      587,634     2,517,725
    Current portion of security deposits payable............      116,118        20,836
                                                              -----------   -----------
        Total current liabilities...........................    3,166,170     3,675,635
                                                              -----------   -----------

        Total liabilities...................................   14,812,539    12,640,202
                                                              -----------   -----------

Shareholders' Equity:
    Common stock, par value $1 each share (shares-5,000,000
      authorized; 2,178,297 issued).........................    2,178,297     2,178,297
    Additional paid in capital..............................    3,346,245     3,346,245
    Unrealized gain on available-for-sale securities (Notes
      1 and 2)..............................................    1,170,562     1,014,901
    Retained earnings.......................................   31,589,219    30,453,753
                                                              -----------   -----------
                                                               38,284,323    36,993,196
    Less common stock held in treasury, at cost-162,517
      shares at July 31, 2004 and July 31, 2003
      (Note 12).............................................    1,287,852     1,287,852
                                                              -----------   -----------
        Total shareholders' equity..........................   36,996,471    35,705,344
                                                              -----------   -----------

Commitments (Notes 5 and 6) and Contingencies (Note 14)

        TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY..........  $51,809,010   $48,345,546
                                                              -----------   -----------
                                                              -----------   -----------
</Table>

See Notes to Consolidated Financial Statements.

                                                                               5





<Page>

J.W. MAYS, INC.

CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS

<Table>
<Caption>
                                                                       Years Ended July 31,
                                                              ---------------------------------------
                                                                 2004          2003          2002
-----------------------------------------------------------------------------------------------------
<S>                                                           <C>           <C>           <C>
Revenues
  Rental income (Notes 1 and 6).............................  $14,024,924   $13,120,360   $12,533,168
  Rental income-affiliated company (Note 6).................      --             69,629       462,282
  Recovery of real estate taxes.............................      --            --             68,974
  Loss on disposition of fixed assets.......................       (4,353)      --            --
                                                              -----------   -----------   -----------
      Total revenues........................................   14,020,571    13,189,989    13,064,424
                                                              -----------   -----------   -----------
Expenses
  Real estate operating expenses (Note 5)...................    7,715,493     6,914,941     6,025,464
  Administrative and general expenses.......................    2,771,106     2,929,578     2,599,405
  Bad debts (recovery)......................................      --           (163,009)      483,050
  Depreciation and amortization (Note 1)....................    1,317,522     1,201,119     1,141,889
                                                              -----------   -----------   -----------
      Total expenses........................................   11,804,121    10,882,629    10,249,808
                                                              -----------   -----------   -----------
Income from operations before investment income, interest
  expense, other expenses and income taxes..................    2,216,450     2,307,360     2,814,616
                                                              -----------   -----------   -----------
Investment income, interest expense and other expenses:
  Loss on disposition of asset..............................      --            (80,301)      --
  Investment income (Notes 1 and 2).........................      253,116       300,287       232,538
  Investment expense (Notes 3 and 9)........................     (547,100)     (548,315)     (673,964)
                                                              -----------   -----------   -----------
                                                                 (293,984)     (328,329)     (441,426)
                                                              -----------   -----------   -----------
Income before income taxes..................................    1,922,466     1,979,031     2,373,190
Income taxes provided (Notes 1 and 4).......................      787,000       832,000     1,119,000
                                                              -----------   -----------   -----------
Net income..................................................    1,135,466     1,147,031     1,254,190
Retained earnings, beginning of year........................   30,453,753    29,306,722    28,052,532
                                                              -----------   -----------   -----------
Retained earnings, end of year..............................  $31,589,219   $30,453,753   $29,306,722
                                                              -----------   -----------   -----------
                                                              -----------   -----------   -----------
Income per common share (Note 1)............................  $       .56   $       .57   $       .62
                                                              -----------   -----------   -----------
                                                              -----------   -----------   -----------
Dividends per share.........................................      --            --            --
                                                              -----------   -----------   -----------
                                                              -----------   -----------   -----------
Average common shares outstanding...........................    2,015,780     2,026,855     2,033,280
                                                              -----------   -----------   -----------
                                                              -----------   -----------   -----------
</Table>

See Notes to Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

<Table>
<Caption>
                                                                       Years Ended July 31,
                                                              ---------------------------------------
                                                                 2004          2003          2002
-----------------------------------------------------------------------------------------------------
<S>                                                           <C>           <C>           <C>
Net income..................................................  $ 1,135,466   $ 1,147,031   $ 1,254,190
                                                              -----------   -----------   -----------
Other comprehensive income, net of tax
  Unrealized gain on available-for-sale securities, net of
  taxes of $55,000, $94,000 and $189,000 for the fiscal
  years 2004, 2003 and 2002, respectively...................      250,275       131,395       346,337
Reclassification adjustment.................................      (94,614)        2,696        18,595
                                                              -----------   -----------   -----------
Net change in comprehensive income..........................      155,661       134,091       364,932
                                                              -----------   -----------   -----------
Comprehensive income........................................  $ 1,291,127   $ 1,281,122   $ 1,619,122
                                                              -----------   -----------   -----------
                                                              -----------   -----------   -----------
</Table>

See Notes to Consolidated Financial Statements.
6



<Page>

J.W. MAYS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

<Table>
<Caption>
                                                                       Years Ended July 31,
                                                              ---------------------------------------
                                                                 2004          2003          2002
-----------------------------------------------------------------------------------------------------
<S>                                                           <C>           <C>           <C>
Cash Flows From Operating Activities
  Net Income................................................  $ 1,135,466   $ 1,147,031   $ 1,254,190
  Adjustments to reconcile net income to net cash provided
    by operating activities:
      Deferred income taxes.................................       22,000       (61,000)      (15,000)
      Realized (gain) loss on marketable securities.........      (94,614)        2,696        17,705
      Loss on disposition of fixed assets...................       (4,353)      --            --
      Impairment of marketable securities...................      --            --             49,890
      Depreciation and amortization.........................    1,317,522     1,201,119     1,141,889
      Amortization of deferred expenses.....................      519,058       446,019       259,671
      Other assets -- deferred expenses.....................     (232,390)     (553,540)     (161,367)
                  -- unbilled receivables...................      (68,854)       65,515       443,501
                  -- unbilled receivable -- affiliated
        company.............................................      --            --            181,937
                  -- receivables............................      --            193,444       237,470
Changes in:
  Receivables...............................................      252,088       118,183        67,384
  Prepaid expenses..........................................       30,835      (131,758)     (347,984)
  Income taxes refundable...................................       83,471      (210,382)      --
  Real estate taxes refundable..............................      --             82,769       (82,769)
  Accounts payable..........................................       40,752        (8,776)       26,281
  Payroll and other accrued liabilities.....................     (149,933)      277,174       128,061
  Income taxes payable......................................      --           (747,268)      546,579
  Other taxes payable.......................................          500           588           735
                                                              -----------   -----------   -----------
      Net cash provided by operating activities.............    2,851,548     1,821,814     3,748,173
                                                              -----------   -----------   -----------
Cash Flows From Investing Activities
  Acquisition of property and equipment.....................   (7,984,762)   (2,315,990)   (1,746,271)
  Security deposits.........................................     (244,029)     (177,072)      (52,842)
  Marketable securities:
      Receipts from sales or maturities.....................    1,877,354       420,817       348,794
      Payments for purchases................................         (284)      (72,958)     (548,412)
                                                              -----------   -----------   -----------
        Net cash (used) by investing activities.............   (6,351,721)   (2,145,203)   (1,998,731)
                                                              -----------   -----------   -----------
Cash Flows From Financing Activities
  Borrowings -- security broker.............................    3,151,518       --            --
  Payments -- security broker...............................   (1,717,493)      --            --
  Increase -- security deposits.............................      168,070       175,184        49,883
  Borrowing -- mortgage.....................................    1,350,000       --          1,200,000
  Payments -- mortgage and other debt payments..............     (711,077)     (712,864)   (1,051,442)
  Purchase of treasury stock................................      --           (227,500)      --
                                                              -----------   -----------   -----------
      Net cash provided (used) by financing activities......    2,241,018      (765,180)      198,441
                                                              -----------   -----------   -----------
  Net increase (decrease) in cash and cash equivalents......   (1,259,155)   (1,088,569)    1,947,883
  Cash and cash equivalents at beginning of year............    1,862,444     2,951,013     1,003,130
                                                              -----------   -----------   -----------
  Cash and cash equivalents at end of year..................  $   603,289   $ 1,862,444   $ 2,951,013
                                                              -----------   -----------   -----------
                                                              -----------   -----------   -----------
</Table>

See Notes to Consolidated Financial Statements.

                                                                               7





<Page>

J.W. MAYS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

    CONSOLIDATION: The consolidated financial statements include the accounts of
the Company, a New York corporation and its subsidiaries, which are
wholly-owned. Material intercompany items have been eliminated in consolidation.

    ACCOUNTING RECORDS AND USE OF ESTIMATES: The accounting records are
maintained in accordance with accounting principles generally accepted in the
United States of America ('GAAP'). The preparation of the Company's financial
statements in accordance with GAAP requires management to make estimates that
affect the reported consolidated statements of income and retained earnings,
comprehensive income and the consolidated balance sheets and related
disclosures. Actual results could differ from those estimates.

    RENTAL INCOME: All of the real estate owned by the Company is held for
leasing to tenants except for a small portion used for Company offices. Rent is
recognized from tenants under executed leases no later than on an established
date or on an earlier date if the tenant should commence conducting business.
Unbilled receivables represent the excess of scheduled rental income recognized
on a straight-line basis over rental income as it becomes receivable according
to the provisions of the lease. Contingent rental income is recorded when earned
and is not based on tenant revenue.

    MARKETABLE SECURITIES: The Company categorizes marketable securities as
either trading, available-for-sale or held-to-maturity. Trading securities are
carried at fair value with unrealized gains and losses included in income.
Available-for-sale securities are carried at fair value with unrealized gains
and losses recorded as a separate component of shareholders' equity.
Held-to-maturity securities are carried at amortized cost. Dividends and
interest income are accrued as earned. Realized gains and losses are determined
on a specific identification basis. The Company reviews marketable securities
for impairment whenever circumstances and situations change such that there is
an indication that the carrying amounts may not be recovered. The Company did
not classify any securities as trading during the three years ended July 31,
2004.

    PROPERTY AND EQUIPMENT: Property and equipment are stated at cost.
Depreciation is calculated using the straight-line method and the
declining-balance method. Amortization of improvements to leased property is
calculated over the shorter of the life of the lease or the estimated useful
life of the improvements. Lives used to determine depreciation and amortization
are generally as follows:

<Table>
<S>                                                                <C>
Building and improvements...................................       18-40 years
Improvements to leased property.............................        3-40 years
Fixtures and equipment......................................        7-12 years
Other.......................................................         3-5 years
</Table>

    Maintenance, repairs, renewals and improvements of a non-permanent nature
are charged to expense when incurred. Expenditures for additions and major
renewals or improvements are capitalized. The cost of assets sold or retired and
the accumulated depreciation or amortization thereon are eliminated from the
respective accounts in the year of disposal, and the resulting gain or loss is
credited or charged to income. Capitalized interest is recorded as part of the
asset to which it relates and is amortized over the asset's estimated useful
life.

    The Company reviews long-lived assets for impairment whenever circumstances
and situations change such that there is an indication that the carrying amounts
may not be recovered. At July 31, 2004 and 2003, there were no impairments of
its property and equipment.

    COMPREHENSIVE INCOME: Statement of Financial Accounting Standards ('SFAS')
No. 130, 'Reporting Comprehensive Income', establishes standards for the
reporting of comprehensive income and its components. It requires all items that
are required to be recognized as components of comprehensive income be reported
in a financial statement that is displayed with the same prominence as other
income statement information. Comprehensive income is defined to include all
changes in equity except those resulting from investments by and distributions
to shareholders.

8



<Page>

--------------------------------------------------------------------------------

    DEFERRED CHARGES: Deferred charges consist principally of costs incurred in
connection with the leasing of property to tenants. Such costs are amortized
over the related lease periods, ranging from 1 to 23 years, using the
straight-line method.

    INCOME TAXES: Deferred income taxes are provided for the temporary
differences between the financial reporting basis and the tax basis of the
Company's assets and liabilities. Deferred tax assets result principally from
the recording of certain accruals and reserves which currently are not
deductible for tax purposes. Deferred tax liabilities result principally from
temporary differences in the recognition of gains and losses from certain
investments and from the use, for tax purposes, of accelerated depreciation.

    INCOME PER SHARE OF COMMON STOCK: Income per share has been computed by
dividing net income for the year by the weighted average number of shares of
common stock outstanding during the year, adjusted for the purchase of treasury
stock. Shares used in computing income per share were 2,015,780 in fiscal 2004,
2,026,855 in fiscal 2003 and 2,033,280 in fiscal 2002.

2. MARKETABLE SECURITIES:

    As of July 31, 2004 and 2003, the Company's marketable securities were
classified as follows:

<Table>
<Caption>
                                                  2004                                                2003
                            -------------------------------------------------   -------------------------------------------------
                                          GROSS         GROSS                                  GROSS        GROSS
                                       UNREALIZED    UNREALIZED       FAIR                   UNREALIZED   UNREALIZED      FAIR
                              COST        GAINS        LOSSES        VALUE         COST        GAINS        LOSSES       VALUE
                              ----        -----        ------        -----         ----        -----        ------       -----
<S>                         <C>        <C>           <C>           <C>          <C>          <C>          <C>          <C>
Current:
 Held-to-Maturity:
   Certificate of
   deposit................  $ 45,395   $   --           $-         $   45,395   $   45,111   $   --          $--       $   45,111
                            --------   ----------       ----       ----------   ----------   ----------      ----      ----------
                            --------   ----------       ----       ----------   ----------   ----------      ----      ----------

Non-current:
 Available-for-sale:
   Equity securities......  $810,250   $1,773,562       $--        $2,583,812   $2,592,990   $1,562,901      $--       $4,155,891
                            --------   ----------       ----       ----------   ----------   ----------      ----      ----------
                            --------   ----------       ----       ----------   ----------   ----------      ----      ----------
</Table>

    Investment income for the years ended July 31, 2004, 2003 and 2002 consists
of the following:

<Table>
<Caption>
                                                 2004       2003       2002
                                                 ----       ----       ----
<S>                                            <C>        <C>        <C>
Interest income..............................  $ 14,085   $ 99,094   $106,137
Dividend income..............................   144,417    203,889    193,996
Gain (loss) on sale of securities............    94,614     (2,696)   (67,595)
                                               --------   --------   --------
    Total....................................  $253,116   $300,287   $232,538
                                               --------   --------   --------
                                               --------   --------   --------
</Table>

                                                                               9



<Page>

--------------------------------------------------------------------------------

3. LONG-TERM DEBT:

<Table>
<Caption>
                                                                JULY 31, 2004            July 31, 2003
                                        Current             ---------------------   -----------------------
                                         Annual    Final      DUE         DUE          Due          Due
                                        Interest  Payment    WITHIN      AFTER        Within       After
                                          Rate     Date     ONE YEAR    ONE YEAR     One Year     One Year
                                          ----     ----     --------    --------     --------     --------
<S>                                <C>  <C>       <C>       <C>        <C>          <C>          <C>
Mortgages:
  Jamaica, New York property.....  (a)     5  %   4/01/07   $266,667   $1,800,000   $  266,666   $2,066,667
  Jamaica, New York property.....  (b)     6.98%  8/01/06    166,907    2,918,389      155,110    3,085,296
  Jowein building, Brooklyn,
    NY...........................  (c)     9  %   3/31/05    109,183       --          134,689      109,183
  Jowein building, Brooklyn,
    NY...........................  (d)     9  %   4/01/09     44,877    1,264,807       --           --
  Fishkill, New York property....  (e)  Variable  2/18/08      --       1,846,964    1,961,260       --
                                                            --------   ----------   ----------   ----------
    Total........................                           $587,634   $7,830,160   $2,517,725   $5,261,146
                                                            --------   ----------   ----------   ----------
                                                            --------   ----------   ----------   ----------
</Table>

    (a) The Company, on September 11, 1996, closed a loan with a bank in the
amount of $4,000,000. The loan is secured by a first mortgage lien covering the
entire leasehold interest of the Company, as tenant, in a certain ground lease
and building in the Jamaica, New York property. As of April 1, 2002, the
effective rate was reduced from 8.50% to 5.00% per annum. The outstanding
balance of the loan, totaling $1,355,555, will become due and payable on April
1, 2007.

    (b) The Company, on December 13, 2000, closed a loan with a bank in the
amount of $3,500,000. The loan is secured by a second position leasehold
mortgage covering the entire leasehold interest of the Company, as tenant, in a
certain ground lease and building in the Jamaica, New York property. The loan
proceeds were utilized by the Company toward its costs of capital improvements
of the premises in connection with the Company's lease of 42,250 square feet of
a floor in the building to the State of New York.

    The loan is structured in two phases:

        1.) A fifteen-month construction term with interest only on the amount
    owed at a floating rate per annum equal to the prime rate.

        2.) Upon completion of the renovations, the construction loan was
    converted to a ten (10) year second mortgage permanent loan on a fifteen
    (15) year level amortization, plus interest. The interest rate on the
    permanent loan during the first five (5) years is fixed at 6.98% per annum.
    The interest rate during the five (5) year renewal term is at a fixed rate
    per annum equal to 2.25% above the five (5) year Treasury Note Rate then in
    effect.

Payments are made, in arrears, on the first day of each and every month
calculated (a) during the period of the construction loan, interest only, and
(b) during the ten (10) year period of the term loan, at the sum of the interest
rate plus amortization sufficient to fully liquidate the loan over a fifteen
(15) year period. As additional collateral security, the Company will
conditionally assign to the bank all leases and rents on the premises, or
portions thereof, whether now existing or hereafter consummated. The Company has
an option to prepay principal, in whole or in part, plus interest accrued
thereon, at any time during the term, without premium or penalty. Other
provisions of the loan agreement provide certain restrictions on the incurrence
of indebtedness and the sale or transfer of the Company's ground lease interest
in the premises. Both credit facilities will be subject to the bank's existing
first position mortgage loan on the premises.

    (c) Mortgage is held by an affiliated corporation owned by members,
including certain directors of the Company, of the family of the late Joe
Weinstein, former Chairman of the Board of Directors. Interest and amortization
of principal are paid quarterly. Effective April 1, 2000, the maturity date of
the mortgage, which was scheduled to be on March 31, 2000, was extended to
March 31, 2005. The interest rate remained at 9%. During the extended period the
constant quarterly payments of interest and principal increased from $37,263 to
$38,044. The mortgage loan is self-amortizing.

10



<Page>

--------------------------------------------------------------------------------

    (d) The Company, on May 7, 2004, closed a loan with an affiliated
corporation (See Note 3c) in the amount of $1,350,000. The term of the loan is
for a period of five (5) years at an interest rate of 9.00% per annum. Interest
and amortization of principal are paid quarterly based on a fifteen (15) year
level amortization period. The funds were used to purchase a one-half interest
in a property that is part of the Company's Brooklyn, New York building (Fulton
Street at Bond Street). The outstanding balance of the loan, totaling
$1,056,007, will become due and payable on April 1, 2009.

    (e) On June 2, 1999, the existing first mortgage loan balance on the
Fishkill, New York property was extended for a period of five years. Under the
terms of the extension agreement, the annual interest rate was reduced from 9%
to 8.25% and the interest and principal payments are to be made in constant
monthly amounts based upon a fifteen (15) year payout period. On August 19, 2004
the Company extended the loan for an additional forty-two (42) months, with an
option to convert the loan to a seven (7) year permanent mortgage loan. The
payments for the extended period of forty-two (42) months will be interest only
on the amount owing at a floating rate per annum equal to the one-month LIBOR
rate plus 2.25%, but not less than 3.40%. The payments for the seven-year
permanent mortgage loan would be on a seventeen (17) year level amortization,
plus interest. The interest rate on the permanent loan would be a fixed rate
equal to the Federal Home Loan Bank of New York's seven-year (7) fixed interest
rate plus 2.25% per annum.

    The loan closed was a $12,000,000 multiple draw term loan. In addition to
refinancing the existing first mortgage loan balance on the Fishkill, New York
property, the loan will finance seventy-five (75%) percent of the cost of
capital improvements for an existing lease to a tenant and capital improvements
to future tenant leases at the Company's Brooklyn, New York (9 Bond Street) and
Fishkill, New York properties.

    Maturities of long-term debt-mortgages payable outstanding at July 31, 2004,
are as follows: Years ending July 31, 2005 (included in current liabilities),
$587,634; 2006, $494,659; 2007, $4,326,406; 2008 $1,905,576; and 2009,
$1,103,519.

    Interest paid to related parties for the three years ended July 31, 2004 was
$44,862, $28,033, and $38,604, respectively.

4. INCOME TAXES:

    Significant components of the Company's deferred tax assets and liabilities
as of July 31, 2004 and 2003 are a result of temporary differences related to
the items described as follows:

<Table>
<Caption>
                                                               2004                           2003
                                                   ----------------------------   ----------------------------
                                                    DEFERRED       DEFERRED        DEFERRED       DEFERRED
                                                   TAX ASSETS   TAX LIABILITIES   TAX ASSETS   TAX LIABILITIES
                                                   ----------   ---------------   ----------   ---------------
<S>                                                <C>          <C>               <C>          <C>
Rental income received in advance................   $51,594       $  --            $ 83,833      $  --
Unbilled receivables.............................     --           1,467,666         --           1,444,256
Property and equipment...........................     --           1,105,526         --           1,151,439
Impairment of marketable securities..............     --             --              16,962         --
Unrealized gain on available-for-sale
  securities.....................................     --             603,011         --             531,386
Other............................................    27,609          --              15,286           9,000
                                                    -------       ----------       --------      ----------
                                                    $79,203       $3,176,203       $116,081      $3,136,081
                                                    -------       ----------       --------      ----------
                                                    -------       ----------       --------      ----------
</Table>

    The Company has determined, based on its history of operating earnings and
expectations for the future, that it is more likely than not that future taxable
income will be sufficient to fully utilize the deferred tax assets at July 31,
2004.

                                                                              11



<Page>

--------------------------------------------------------------------------------

    Income taxes provided for the years ended July 31, 2004, 2003 and 2002
consist of the following:

<Table>
<Caption>
                                                                           2004       2003        2002
                                                                           ----       ----        ----
                <S>                                                      <C>        <C>        <C>
                Current:
                  Federal..............................................  $506,500   $586,000   $  675,900
                  State and City.......................................   258,500    307,000      458,100
                  Deferred taxes.......................................    22,000    (61,000)     (15,000)
                                                                         --------   --------   ----------
                    Total provision....................................  $787,000   $832,000   $1,119,000
                                                                         --------   --------   ----------
                                                                         --------   --------   ----------
</Table>

    Components of the deferred tax provision for the years ended July 31, 2004,
2003 and 2002 consist of the following:

<Table>
<Caption>
                                                                              2004       2003       2002
                                                                              ----       ----       ----
                <S>                                                         <C>        <C>        <C>
                Book depreciation over (under) tax depreciation..........   $(45,913)  $(29,206)  $  20,132
                Reduction (increase) of rental income received in
                  advance................................................     32,239     (9,420)    (15,285)
                Increase (decrease) in unbilled receivables..............     23,410    (22,275)   (212,649)
                Deferred compensation....................................      --         --         14,733
                Alternative minimum tax..................................      --         --        197,888
                Capital loss carry forward...............................     (8,506)     --         --
                Increase (decrease) in impairment of marketable
                  securities.............................................     16,962      --        (16,962)
                Other....................................................      3,808        (99)     (2,857)
                                                                            --------   --------   ---------
                                                                            $ 22,000   $(61,000)  $ (15,000)
                                                                            --------   --------   ---------
                                                                            --------   --------   ---------
</Table>

    Taxes provided for the years ended July 31, 2004, 2003 and 2002 differ from
amounts which would result from applying the federal statutory tax rate to
pre-tax income, as follows:

<Table>
<Caption>
                                                                         2004         2003         2002
                                                                         ----         ----         ----
                <S>                                                   <C>          <C>          <C>
                Income before income taxes..........................  $1,922,467   $1,979,033   $2,373,190
                Dividends received deduction........................    (100,000)    (103,600)     (91,500)
                Other-net...........................................      11,100        8,000       10,200
                                                                      ----------   ----------   ----------
                Adjusted pre-tax income.............................  $1,833,567   $1,883,433   $2,291,890
                                                                      ----------   ----------   ----------
                                                                      ----------   ----------   ----------
                Statutory rate......................................          34%          34%          34%
                Income tax provision at statutory rate..............  $  623,420   $  640,370   $  779,250
                State and City income taxes, net of federal income
                  tax benefit.......................................     163,580      191,630      339,750
                                                                      ----------   ----------   ----------
                Income taxes provided...............................  $  787,000   $  832,000   $1,119,000
                                                                      ----------   ----------   ----------
                                                                      ----------   ----------   ----------
</Table>

    The Company had Alternative Minimum Tax ('AMT') credits available to reduce
its regular tax liabilities. AMT credits totaling $197,888 were utilized to
reduce the fiscal 2002 regular federal tax liabilities. As of July 31, 2002, the
Company had utilized all of its available AMT credits.

5. LEASES:

    The Company's real estate operations encompass both owned and leased
properties. The current leases on leased property, most of which have options to
extend the terms, range from 1 year to 20 years. Certain of the leases provide
for additional rentals under certain circumstances and obligate the Company for
payments of real estate taxes and other expenses.

12



<Page>

--------------------------------------------------------------------------------

    Rental expense for leased real property for each of the three fiscal years
ended July 31, 2004 was exceeded by sublease rental income, as follows:

<Table>
<Caption>
                                                                         2004         2003         2002
                                                                         ----         ----         ----
                <S>                                                   <C>          <C>          <C>
                Minimum rental expense..............................  $1,230,929   $1,164,109   $1,163,427
                Contingent rental expense...........................   1,316,308    1,164,601    1,173,187
                                                                      ----------   ----------   ----------
                                                                       2,547,237    2,328,710    2,336,614
                Sublease rental income..............................   7,580,001    7,121,713    7,129,183
                                                                      ----------   ----------   ----------
                    Excess of sublease income over expense..........  $5,032,764   $4,793,003   $4,792,569
                                                                      ----------   ----------   ----------
                                                                      ----------   ----------   ----------
</Table>

    Rent expense paid to an affiliate principally owned by certain directors of
the Company totaled $169,800 for fiscal years ended July 31, 2004, 2003 and
2002. Rent expense is recognized on a straight-line basis over the lives of the
leases.

    Future minimum non-cancelable rental commitments for operating leases with
initial or remaining terms of one year or more are payable as follows:

<Table>
<Caption>
                FISCAL                                                               OPERATING
                 YEAR                                                                  LEASES
                 ----                                                                  ------
                <S>                                                                  <C>
                 2005  ............................................................  $1,099,728
                 2006  ............................................................   1,091,205
                 2007  ............................................................   1,091,205
                 2008  ............................................................   1,091,205
                 2009  ............................................................   1,033,387
                After 2009.........................................................   2,000,431
                                                                                     ----------
                        Total required*............................................  $7,407,161
                                                                                     ----------
                                                                                     ----------
</Table>

    * Minimum payments have not been reduced by minimum sublease rentals of
      $31,571,493 under operating leases due in the future under non-cancelable
      leases.

    Rental commitments for operating leases on properties as to which the
Company has entered into agreements to purchase are included in the above table.

6. RENTAL INCOME:

    Rental income for each of the fiscal years 2004, 2003 and 2002 is as
follows:

<Table>
<Caption>
                                                                                  July 31,
                                                                   ---------------------------------------
                                                                      2004          2003          2002
                                                                      ----          ----          ----
                <S>                                                <C>           <C>           <C>
                Minimum rentals
                    Company owned property.......................  $ 5,418,020   $ 5,288,068   $ 5,260,341
                    Operating leases.............................    6,391,641     6,178,459     6,167,925
                                                                   -----------   -----------   -----------
                                                                    11,809,661    11,466,527    11,428,266
                                                                   -----------   -----------   -----------
                Contingent rentals
                    Company owned property.......................    1,026,903       780,208       605,926
                    Operating leases.............................    1,188,360       943,254       961,258
                                                                   -----------   -----------   -----------
                                                                     2,215,263     1,723,462     1,567,184
                                                                   -----------   -----------   -----------
                        Total....................................  $14,024,924   $13,189,989   $12,995,450
                                                                   -----------   -----------   -----------
                                                                   -----------   -----------   -----------
</Table>

                                                                              13



<Page>

--------------------------------------------------------------------------------

    Future minimum non-cancelable rental income for leases with initial or
remaining terms of one year or more is as follows:

<Table>
<Caption>
                FISCAL                                               COMPANY         LEASED
                 YEAR                                            OWNED PROPERTY     PROPERTY        TOTAL
                 ----                                            --------------     --------        -----
                <S>                                              <C>               <C>           <C>
                 2005  ........................................    $ 5,059,178     $ 5,683,517   $10,742,695
                 2006  ........................................      4,540,096       5,350,205     9,890,301
                 2007  ........................................      4,076,884       4,833,707     8,910,591
                 2008  ........................................      3,712,277       4,001,544     7,713,821
                 2009  ........................................      3,671,486       3,916,418     7,587,904
                After 2009.....................................      6,658,935       7,786,102    14,445,037
                                                                   -----------     -----------   -----------
                        Total..................................    $27,718,856     $31,571,493   $59,290,349
                                                                   -----------     -----------   -----------
                                                                   -----------     -----------   -----------
</Table>

    Rental income from an affiliate principally owned by certain directors of
the Company totaled $69,629 for fiscal year 2003 and $462,282 for fiscal year
2002. The lease with the affiliate ended in August 2002 and was not renewable.
Rental income is recognized on a straight-line basis over the lives of the
leases.

7. PAYROLL AND OTHER ACCRUED LIABILITIES:

    Payroll and other accrued liabilities for the fiscal years ended July 31,
2004, and 2003 consist of the following:

<Table>
<Caption>
                                                                                2004        2003
                                                                                ----        ----
                <S>                                                           <C>        <C>
                Payroll.....................................................  $128,907   $  123,645
                Interest....................................................    51,830       44,245
                Professional fees...........................................   129,900       81,000
                Rents received in advance...................................   151,747      246,567
                Utilities...................................................    53,500       50,340
                Brokers commissions.........................................   180,506      357,096
                Construction costs..........................................     3,000       29,495
                Other.......................................................   236,658      153,593
                                                                              --------   ----------
                        Total...............................................  $936,048   $1,085,981
                                                                              --------   ----------
                                                                              --------   ----------
</Table>

8. EMPLOYEE'S RETIREMENT PLAN:

    The Company sponsors a non-contributory Money Purchase Plan covering
substantially all of its employees. Operations were charged $265,174, $271,089,
and $255,840 as contributions to the Plan for fiscal years 2004, 2003 and 2002,
respectively.

9. CASH FLOW INFORMATION:

    For purposes of reporting cash flows, the Company considers cash equivalents
to consist of short-term highly liquid investments with maturities of three
months or less, which are readily convertible into cash.

    Supplemental disclosures:

<Table>
<Caption>
                                                                               Years Ended July 31,
                                                                         --------------------------------
                                                                           2004        2003        2002
                                                                           ----        ----        ----
                <S>                                                      <C>        <C>          <C>
                Interest paid..........................................  $539,414   $  546,994   $680,820
                Income taxes paid......................................  $681,529   $1,850,650   $587,421
</Table>

14



<Page>

--------------------------------------------------------------------------------

10. FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS:

    The following disclosure of estimated fair value was determined by the
Company, using available market information and appropriate valuation methods.
Considerable judgment is necessary to develop estimates of fair value. The
estimates presented herein are not necessarily indicative of the amounts that
could be realized upon disposition of the financial instruments.

    The Company estimates the fair value of its financial instruments using the
following methods and assumptions: (i) quoted market prices, when available, are
used to estimate the fair value of investments in marketable debt and equity
securities; (ii) discounted cash flow analyses are used to estimate the fair
value of long-term debt, using the Company's estimate of current interest rates
for similar debt; and (iii) carrying amounts in the balance sheet approximate
fair value for cash and cash equivalents and tenant security deposits due to
their high liquidity.

<Table>
<Caption>
                                                           JULY 31, 2004
                                                      -----------------------
                                                       CARRYING       FAIR
                                                        VALUE        VALUE
                                                        -----        -----
<S>                                                   <C>          <C>
Cash and cash equivalents...........................  $  603,289   $  603,289
Marketable securities...............................  $2,629,207   $2,629,207
Tenant security deposits payable....................  $  757,327   $  757,327
Mortgages payable...................................  $8,417,794   $8,518,777
</Table>

    Financial instruments that are potentially subject to concentrations of
credit risk consist principally of marketable securities, cash and cash
equivalents and receivables. Marketable securities and cash and cash equivalents
are placed with high credit quality financial institutions and instruments to
minimize risk.

    The Company derives rental income from forty-three tenants, of which one
tenant accounted for 17.04% and another tenant accounted for 15.07% of rental
income during the year ended July 31, 2004. No other tenant accounted for more
than 10% of rental income during the year ended July 31, 2004.

    The Company has three irrevocable letters of credit totaling $319,000 at
July 31, 2004 and July 31, 2003, provided by three tenants.

11. DEFERRED CHARGES:

    Deferred charges for the fiscal years ended July 31, 2004, and 2003 consist
of the following:

<Table>
<Caption>
                                                  JULY 31, 2004                   JULY 31, 2003
                                          -----------------------------   -----------------------------
                                          GROSS CARRYING   ACCUMULATED    GROSS CARRYING   ACCUMULATED
                                              AMOUNT       AMORTIZATION       AMOUNT       AMORTIZATION
                                              ------       ------------       ------       ------------
<S>                                       <C>              <C>            <C>              <C>
Leasing brokerage commissions...........    $1,044,955       $405,040       $1,830,014      $  960,113
Professional fees for leasing...........       374,086        230,789          687,295         447,121
Financing costs.........................       472,734        283,382          389,234         239,305
Other...................................       114,119         37,594          111,928          36,175
                                            ----------       --------       ----------      ----------
    Total...............................    $2,005,894       $956,805       $3,018,471      $1,682,714
                                            ----------       --------       ----------      ----------
                                            ----------       --------       ----------      ----------
</Table>

    The aggregate amortization expense for the three years ended July 31, 2004
was $519,058, $446,019, and $259,671, respectively.

                                                                              15



<Page>

--------------------------------------------------------------------------------

    The estimated aggregate amortization expense for each of the five succeeding
fiscal years is as follows:

<Table>
<Caption>
FISCAL
 YEAR
----
<S>                                                          <C>
2005.......................................................  $253,801
2006.......................................................  $184,243
2007.......................................................  $139,090
2008.......................................................  $ 93,282
2009.......................................................  $126,694
</Table>

12. CAPITALIZATION:

    The Company is capitalized entirely through common stock with identical
voting rights and rights to liquidation. Treasury stock is recorded at cost and
consists of 162,517 shares at July 31, 2004 and at July 31, 2003. In 2003,
17,500 shares of the treasury stock were purchased for $227,500.

13. PAYABLE TO SECURITIES BROKER:

    The Company borrowed funds, payable on demand, from a securities broker. The
loan balance at July 31, 2004 in the amount of $1,434,025, secured by the
Company's marketable securities, accrues interest at a floating rate, which at
July 31, 2004, was at the annual rate of 3.625%.

14. CONTINGENCIES:

    There are various lawsuits and claims pending against the Company. It is the
opinion of management that the resolution of these matters will not have a
material adverse effect on the Company's Consolidated Financial Statements.

16





<Page>

J.W. MAYS, INC.

REPORT OF MANAGEMENT
--------------------------------------------------------------------------------

    Management is responsible for the preparation and reliability of the
financial statements and the other financial information in this Annual Report.
Management has established systems of internal control over financial reporting
designed to provide reasonable assurance that the financial records used for
preparing financial statements are reliable and reflect the transactions of the
Company and that established policies and procedures are carefully followed. The
Company reviews, modifies and improves its system of internal controls in
response to changes in operations.

    The Board of Directors, acting through the Audit Committee, which is
comprised solely of independent directors who are not employees of the Company,
oversees the financial reporting process. The financial statements have been
prepared in accordance with accounting standards generally accepted in the
United States of America and include amounts based on judgments and estimates
made by management. Actual results could differ from estimated amounts.

    To ensure complete independence, D'Arcangelo & Co., LLP, the independent
registered public accounting firm, has full and free access to meet with the
Audit Committee, without management representatives present, to discuss results
of the audit, the adequacy of internal controls and the quality of financial
reporting.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
--------------------------------------------------------------------------------

To the Board of Directors and Shareholders
J.W. Mays, Inc. and Subsidiaries

    We have audited the accompanying consolidated balance sheets of J.W. Mays,
Inc. and subsidiaries as of July 31, 2004 and 2003, and the related consolidated
statements of operations and retained earnings, comprehensive income, and cash
flows for each of the three years in the period ended July 31, 2004. These
consolidated financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these consolidated
financial statements based on our audits.

    We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
consolidated financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the consolidated financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

    In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of J.W. Mays,
Inc. and its subsidiaries as of July 31, 2004 and 2003, and the results of its
operations and its cash flows for each of the three years in the period ended
July 31, 2004, in conformity with U.S. generally accepted accounting principles.

D'ARCANGELO & CO., LLP
Purchase, New York
October 8, 2004

                                                                              17



<Page>

J.W. MAYS, INC.

FIVE YEAR SUMMARY OF CONSOLIDATED OPERATIONS
(dollars in thousands except per share data)

<Table>
<Caption>
                                                                 Years Ended July 31,
                                               ---------------------------------------------------------
                                                 2004        2003        2002        2001        2000
--------------------------------------------------------------------------------------------------------
<S>                                            <C>         <C>         <C>         <C>         <C>
Revenues
    Rental income............................  $  14,025   $  13,120   $  12,533   $  11,281   $  10,451
    Rental income-affiliated company.........     --              70         462         414         414
    Recovery of real estate taxes............     --          --              69      --          --
    Loss on disposition of fixed assets......         (4)     --          --          --          --
                                               ---------   ---------   ---------   ---------   ---------
        Total revenues.......................     14,021      13,190      13,064      11,695      10,865
                                               ---------   ---------   ---------   ---------   ---------
Expenses
    Real estate operating expenses...........      7,716       6,915       6,025       5,885       5,530
    Administrative and general expenses......      2,771       2,930       2,600       2,392       2,240
    Bad debts (recovery).....................     --            (163)        483         (48)     --
    Depreciation and amortization............      1,318       1,201       1,142       1,080       1,010
                                               ---------   ---------   ---------   ---------   ---------
        Total expenses.......................     11,805      10,883      10,250       9,309       8,780
                                               ---------   ---------   ---------   ---------   ---------
Income from operations before investment
  income, interest expense, other expenses
  and income taxes...........................      2,216       2,307       2,814       2,386       2,085
                                               ---------   ---------   ---------   ---------   ---------
Investment income, interest expense and other
  expenses:
    Loss on disposition of asset.............     --             (80)     --          --          --
    Investment income........................        253         300         233         264         297
    Interest expense.........................       (547)       (548)       (674)       (573)       (619)
                                               ---------   ---------   ---------   ---------   ---------
                                                    (294)       (328)       (441)       (309)       (322)
                                               ---------   ---------   ---------   ---------   ---------
Income before income taxes...................      1,922       1,979       2,373       2,077       1,763
Income taxes provided........................        787         832       1,119         786         697
                                               ---------   ---------   ---------   ---------   ---------
Net Income...................................  $   1,135   $   1,147   $   1,254   $   1,291   $   1,066
                                               ---------   ---------   ---------   ---------   ---------
                                               ---------   ---------   ---------   ---------   ---------
Net income per common share..................  $     .56   $     .57   $     .62   $     .62   $     .50
                                               ---------   ---------   ---------   ---------   ---------
                                               ---------   ---------   ---------   ---------   ---------
Dividends per share..........................     --          --          --          --          --
                                               ---------   ---------   ---------   ---------   ---------
                                               ---------   ---------   ---------   ---------   ---------
Average common shares outstanding............  2,015,780   2,026,855   2,033,280   2,066,390   2,118,908
                                               ---------   ---------   ---------   ---------   ---------
                                               ---------   ---------   ---------   ---------   ---------
</Table>

18





<Page>

J.W. MAYS, INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
--------------------------------------------------------------------------------

FISCAL 2004 COMPARED TO FISCAL 2003

    Net income for the year ended July 31, 2004 amounted to $1,135,466, or $.56
per share, compared to net income for the year ended July 31, 2003 of
$1,147,031, or $.57 per share.

    Revenues in the current year increased to $14,020,571 from $13,189,989 in
the comparable 2003 fiscal year. The increase was primarily due to the leasing
of two retail tenants at the Company's Jamaica, New York property, two office
tenants at the Company's 9 Bond Street building in Brooklyn, New York and two
office tenants at the Company's Jowein building in Brooklyn, New York.

    Real estate operating expenses in the current year increased to $7,715,493
from $6,914,941 in the comparable 2003 year primarily due to increases in real
estate taxes, rental expense, payroll, maintenance, licenses and permits and
leasing commissions, partially offset by a decrease in insurance costs.

    Administrative and general expenses in the current year decreased to
$2,771,106 from $2,929,578 in the comparable 2003 year primarily due to
decreases in payroll, insurance and legal costs.

    Depreciation and amortization expense in the current year increased to
$1,317,522 from $1,201,119 in the comparable 2003 year primarily due to
depreciation on the additional improvements to the Jamaica, New York property,
the 9 Bond Street Brooklyn, New York property and the Jowein building in
Brooklyn, New York.

    Interest expense and other expenses exceeded investment income by $293,984
in fiscal 2004 and by $328,329 in the comparable 2003 year. The decrease was due
primarily to scheduled repayments of debt, the gain on sales of the Company's
marketable securities and the loss on disposition of asset on a portion of the
Company's Fishkill, New York property which was recorded in the comparable 2003
year.

    The bad debt recovery in the amount of $163,009 in the 2003 year relates to
a prior year's bad debt write-off of one of the retail tenants at the Jamaica,
New York property.

FISCAL 2003 COMPARED TO FISCAL 2002

    Net income for the year ended July 31, 2003 amounted to $1,147,031, or $.57
per share, compared to net income for the year ended July 31, 2002 of
$1,254,190, or $.62 per share.

    Revenues in the current year increased to $13,189,989 from $13,064,424 in
the comparable 2002 fiscal year. The increase was due to various rent
escalations from tenants and increases in real estate taxes and operating cost
escalations offset by the loss of a retail tenant at the Company's Jamaica, New
York location, which vacated in March 2003, and the expiration of an agreement
with an affiliated company which expired in August 2002.

    Real estate operating expenses in the current year increased to $6,914,941
from $6,025,464 in the comparable 2002 year primarily due to increases in real
estate taxes, insurance, utilities, payroll and maintenance costs. The real
estate taxes increased due to the rate increase by the City of New York, and the
insurance increased due to the terrorist attacks of September 11, 2001. Utility
costs increased due to the severe winter.

    Administrative and general expenses in the current year increased to
$2,929,578 from $2,599,405 in the comparable 2002 year primarily due to an
increase in insurance and legal costs.

    Depreciation and amortization expense in the current year increased to
$1,201,119 from $1,141,889 in the comparable 2002 year primarily due to
depreciation on the additional improvements to the Jamaica, New York property,
the 9 Bond Street Brooklyn, New York property and the Jowein building in
Brooklyn, New York.

    Interest expense and other expenses exceeded investment income by $328,329
in fiscal 2003 and by $441,426 in the comparable 2002 year. The decrease was due
to a reduction of the interest rate on a mortgage on the Jamaica, New York
property and by scheduled repayments of debt offset by a loss on disposition of
asset on a portion of the Company's Fishkill, New York property.

    The bad debt recovery in the amount of $163,009 in the year ended July 31,
2003 relates to the bad debt write-off of $483,050 in the 2002 fiscal year.

                                                                              19



<Page>

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    The Company purchased 17,500 shares of its outstanding common stock during
the year ended July 31, 2003. The effect on earnings per share for the year
ended July 31, 2003 was to increase it by $.0018.

LIQUIDITY AND CAPITAL RESOURCES:

    The Company has been operating as a real estate enterprise since the
discontinuance of the retail department store segment of its operations on
January 3, 1989.

    Management considers current working capital and borrowing capabilities
adequate to cover the Company's planned operating and capital requirements. The
Company's cash and cash equivalents amounted to $603,289 at July 31, 2004.

    The current working capital deficit of $406,887 was caused by the Company's
outlay of cash for renovations made on behalf of tenants in the Company's
premises. The loan discussed below, along with the increased rentals from the
additional tenants should resolve the deficit in current working capital within
the next fiscal year.

    The City of New York, a tenant in the Company's Jowein building in Brooklyn,
New York, whose lease expires April 29, 2010, elected to exercise its option to
terminate the Lease Agreement effective May 31, 2004. The City of New York
vacated the premises June 8, 2004. The loss in annual revenue to the Company
commencing June, 2004, relating to the termination of the lease, will
approximate $2,440,000. Upon the termination of the Lease Agreement, the Company
was paid $295,695 from the City of New York representing the unamortized portion
of the Company's cost to prepare the leased premises for occupancy. The Company
is actively seeking, through brokers, tenants to occupy the vacated space as
well as the additional 87,000 square feet of available space in the building.

    The Company leased 47,615 square feet for office use to two tenants in the
Company's 9 Bond Street Brooklyn, New York property. One tenant leased 25,423
square feet and its rent commenced April, 2004. The second tenant leased 22,192
square feet and its rent commenced June, 2004. The Company also leased 8,300
square feet for office use to two tenants in the Company's Jowein building in
Brooklyn, New York. Rent commenced in December, 2003 for one tenant, and in May,
2004 for the other tenant. To replace the retail store which vacated the
Jamaica, New York property in March, 2003, the Company divided the premises into
three retail stores. As of July 31, 2004, the Company has leased 54,289 square
feet to two tenants. Rent commenced in September, 2003.

    The first mortgage loan balance on the Fishkill, New York property matured
on July 1, 2004, with a balloon payment due of $1,856,852. The Company on
August 19, 2004, extended this mortgage with the bank. (See Note 3(e) to the
Consolidated Financial Statements).

    The Company, on August 19, 2004, closed a loan with a bank for a $12,000,000
multiple draw term loan. This loan will finance seventy-five (75%) percent of
the cost of capital improvements for an existing lease to a tenant and capital
improvements to future tenant leases at the Company's Brooklyn, New York (9 Bond
Street) and Fishkill, New York properties. The loan will also refinance the
existing mortgage on the Company's Fishkill, New York property which matured on
July 1, 2004 (see Note 3(e) to the Consolidated Financial Statements). The
Company will have three and one half years to draw down amounts under this loan.
The loan will consist of: a) a permanent, first mortgage loan to refinance an
existing first mortgage loan affecting the Fishkill Property (the 'First
Permanent Loan') (see Note 3(e) to the Consolidated Financial Statements); b) a
permanent subordinate mortgage loan in the amount of $1,870,000 (the 'Second
Permanent Loan'); and c) multiple, successively subordinate building loans in
the amount of $8,295,274 ('Subordinate Building Loan'). The loan is structured
in two phases: 1) a forty-two month loan with payments of interest only at the
floating one month LIBOR rate plus 2.25% per annum, but not less than 3.40%; and
2) after the forty-two month period, the loan would convert to a seven-year (7)
mortgage permanent loan on a seventeen (17) year level amortization, plus
interest, at the option of the Company. The interest rate on the permanent loan
would be at a fixed rate equal to the Federal Home Loan Bank of New York's
seven-year (7) fixed interest rate plus 2.25% per annum. As of August 19, 2004,
the Company refinanced the existing mortgage on the Company's Fishkill, New York
property, which balance was $1,834,726 and took down an additional $2,820,000
for capital improvements for two tenants at the Company's 9 Bond Street property
in Brooklyn, New York. The outstanding balance as of August 19, 2004 was
$4,654,726.

    The Company on May 7, 2004, purchased a one-half interest in a parcel which
is part of its Brooklyn, New York properties. The parcel was leased to the
Company. The purchase price was $1,500,000. The Company financed $1,350,000 of
the purchase price from an affiliated company. The term of the loan is for a
period of five

20



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(5) years at an interest rate of 9%. Interest and amortization will be based on
fifteen (15) year level amortization period. (See Note 3(d) to the Consolidated
Financial Statements).

    The Company on October 1, 2004, purchased a one-quarter interest in a parcel
which is part of its Brooklyn, New York properties. The parcel was leased to the
Company. The purchase price was $750,000.

    The Company in August 2004 came to an agreement with the owner of a
one-third interest in a parcel, which is part of its Brooklyn, New York
properties, to purchase the parcel. The parcel was leased to the Company. The
purchase price will be $940,000.

    The Company in September 2004 entered into a contract to purchase a one-half
interest in a parcel which is part of its Brooklyn, New York properties. The
parcel was leased to the Company. The purchase price will be $1,500,000.

    The Company on August 23, 2004, paid the total amount due on the loan to a
securities broker. (See Note 13 to the Consolidated Financial Statements).

    The tenant at the Company's Levittown, New York property, whose lease
expired September 30, 2004, did not renew the lease and vacated the premises.
The annual loss in rental income from this tenant is approximately $350,000. The
Company is actively seeking, through brokers, tenants to occupy the vacated
space.

CONTRACTUAL OBLIGATIONS:

    At July 31, 2004, the Company had certain contractual cash obligations, as
set forth in the following tables:

<Table>
<Caption>
                                                             Payment Due by Period
                                        ----------------------------------------------------------------
           Contractual Cash                           Less than 1      1-3          4-5        After 5
             Obligations                   Total         Year         Years        Years        Years
             -----------                -----------   -----------   ----------   ----------   ----------
<S>                                     <C>           <C>           <C>          <C>          <C>
    Mortgages Payable.................  $ 8,417,794   $  587,634    $4,821,065   $3,009,095   $   --
    Security Deposits Payable.........      757,327      116,118        89,142       28,165      523,902
    Operating leases..................    7,407,161    1,099,728     2,182,410    2,124,592    2,000,431
                                        -----------   ----------    ----------   ----------   ----------
    Total Contractual Cash
      Obligations.....................  $16,582,282   $1,803,480    $7,092,617   $5,161,852   $2,524,333
                                        -----------   ----------    ----------   ----------   ----------
                                        -----------   ----------    ----------   ----------   ----------
</Table>

CASH FLOWS FROM OPERATING ACTIVITIES:

    Receivables: The Company received $193,444 in the year ended July 31, 2004
as reimbursement for expenditures for renovations made on behalf of a tenant at
the Jamaica, New York property. The original amount of the reimbursement was
$1,591,753. As of July 31, 2004, the total amount has been received.

    Prepaid Expenses: Expenditures for the year ended July 31, 2004 decreased by
$58,434 compared to the period ended July 31, 2003, due to decreases in
insurance premiums paid offset by increases in real estate taxes.

    Deferred Expenses: The Company had an expenditure for a brokerage commission
in the amount of $71,665 relating to a tenant at one of the Brooklyn, New York
properties. The Company also had expenditures of $83,500 for costs incurred to
obtain loan financing for renovations to be performed at the Brooklyn, New York
building (9 Bond Street) to accommodate new tenants and the refinancing of the
existing mortgage on the Company's Fishkill, New York property.

    Payroll and Other Accrued Liabilities: The Company paid $244,664 for
commissions incurred in order to lease space at the Company's properties in the
year ended July 31, 2004. The original amount of the brokerage commissions was
$481,294. As of July 31, 2004, $300,788 has been paid.

CASH FLOWS FROM INVESTING ACTIVITIES:

    Capital Expenditures: The Company had expenditures of $218,904 for the year
ended July 31, 2004 for the renovation of a portion of the exterior of one of
its Brooklyn, New York properties. The total cost was $253,185. The project was
completed in April, 2004.

    The Company had expenditures of $370,369 for the year ended July 31, 2004
for the dividing of space into three separate stores, which was formerly
occupied by one department store that vacated the premises in
                                                                              21



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March, 2003, at its Jamaica, New York property. The total cost of the project
was $883,518. The project was completed in October, 2003.

    The Company had expenditures of $935,800 for the year ended July 31, 2004
for the renovation of 8,300 square feet for office space for two tenants at its
Jowein building in Brooklyn, New York. The total cost of the project was
$961,655. The project was completed in October, 2003.

    The Company had expenditures of $2,485,288 for the year ended July 31, 2004
for the renovation of 22,192 square feet for office space for a tenant at one of
its Brooklyn, New York properties. The total cost of the project was $2,485,288.
The project was completed in January, 2004.

    The Company also had expenditures of $2,006,197 for the year ended July 31,
2004 for the renovation of 25,423 square feet for office space for a tenant at
one of its Brooklyn, New York properties. The total cost of the project was
$2,006,197. The project was completed in March, 2004.

    Security Deposits: The Company made an expenditure of $75,000 for a deposit
on the purchase of a one-quarter interest in a parcel which is part of one of
its Brooklyn, New York properties as of July 31, 2004. The one-half interest on
the parcel was acquired on October 1, 2004 at a total purchase price of
$750,000.

    Other Assets: Security Deposits -- The Company increased tenant security
deposits by $179,364, due to the leasing of office space to two tenants at one
of the Company's Brooklyn, New York properties.

CASH FLOWS FROM FINANCING ACTIVITIES:

    Borrowing: Mortgage -- The Company borrowed $1,350,000 from an affiliated
company in order to purchase a one-half interest in a parcel which is part of
one of its Brooklyn, New York properties. (See Note 3(d) to the Consolidated
Financial Statements).

    Borrowing: Payable to securities broker -- The Company borrowed $1,434,025,
net of repayments of $1,717,493, payable on demand from a securities broker.
(See Note 13 to the Consolidated Financial Statements).

    Lease security: The Company increased tenant security deposits by $179,364
due to the leasing of office space to two tenants at one of the Company's
Brooklyn, New York properties.

CONTROLS AND PROCEDURES:

    The Company's management reviewed the Company's internal controls and
procedures and the effectiveness of these controls. As of July 31, 2004, the
Company carried out an evaluation, under the supervision and with the
participation of the Company's management, including its Chief Executive Officer
and Chief Financial Officer, of the effectiveness of the design and operation of
the Company's disclosure controls and procedures pursuant to Rules 13a-14(c) and
15d-14(c) of the Securities Exchange Act of 1934. Based upon that evaluation,
the Chief Executive Officer and Chief Financial Officer concluded that the
Company's disclosure controls and procedures are effective in timely alerting
them to material information relating to the Company required to be included in
its periodic SEC filings.

    There was no change in the Company's internal controls over financial
reporting or in other factors during the Company's last fiscal quarter that
materially affected, or are reasonably likely to materially affect, the
Company's internal controls over financial reporting. There were no significant
deficiencies or material weaknesses, and therefore there were no corrective
actions taken.

    Our accounting department is comprised of four persons. Due to such a
limited number of persons, a complete segregation of all of the duties as to
which the department is responsible is not possible. In order to make sure that
the inability to segregate all duties does not affect our timely and accurate
financial reporting, we need to remain vigilant in maintaining compensating
controls. These compensating controls will continue to be monitored in order to
assure us that our internal controls over financial reporting remain at a high
level despite the limited number of accounting department personnel.

22



<Page>

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QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
(dollars in thousands except per share data)

<Table>
<Caption>
                                                                           Three Months Ended
                                                 -----------------------------------------------------------------------
                                                 Oct. 31, 2003      Jan. 31, 2004      Apr. 30, 2004      July 31, 2004
                                                 -------------      -------------      -------------      -------------
  <S>                                            <C>                <C>                <C>                <C>
  Revenues.....................................     $3,320             $3,441             $3,490              $3,770
  Revenues less expenses.......................        482                278                559                 603
  Net income...................................        281                148                274                 432
  Net income per common share..................     $  .14             $  .07             $  .14              $  .21
</Table>

<Table>
<Caption>
                                                                           Three Months Ended
                                                 -----------------------------------------------------------------------
                                                 Oct. 31, 2002      Jan. 31, 2003      Apr. 30, 2003      July 31, 2003
                                                 -------------      -------------      -------------      -------------
  <S>                                            <C>                <C>                <C>                <C>
  Revenues.....................................     $3,245             $3,477             $3,210              $3,258
  Revenues less expenses.......................        545                666                222                 547
  Net income...................................        317                351                146                 333
  Net income per common share..................     $  .16             $  .17             $  .07              $  .17
</Table>

Income per share is computed independently for each of the quarters presented on
the basis described in Note 1 to the Consolidated Financial Statements.

COMMON STOCK AND DIVIDEND INFORMATION

    Effective November 8, 1999, the Company's common stock commenced trading on
The Nasdaq SmallCap Market tier of The Nasdaq Stock Market under the Symbol:
'Mays'. Such shares were previously traded on The Nasdaq National Market.

    Following is the sales price range per share of J.W. Mays, Inc. common stock
during the fiscal years ended July 31, 2004 and 2003.

<Table>
<Caption>
                                                              Sales Price
                                                        -----------------------
                  Three Months Ended                     High             Low
                  ------------------                     ----             ---
<S>                                                     <C>             <C>
October 31, 2003......................................  $13.850         $13.000
January 31, 2004......................................   14.200          13.250
April 30, 2004........................................   14.400          13.200
July 31, 2004.........................................   14.390          13.060

October 31, 2002......................................  $13.600         $11.500
January 31, 2003......................................   14.100          12.150
April 30, 2003........................................   13.490          12.100
July 31, 2003.........................................   14.000          12.170
</Table>

    The quotations were obtained for the respective periods from the National
Association of Securities Dealers, Inc. There were no dividends declared in
either of the two fiscal years.

   On September 17, 2004, the Company had approximately 3,500 shareholders of
   record.

                                                                              23







<Page>


J.W. MAYS, INC.
--------------------------------------------------------------------------------

OFFICERS

<Table>
<S>                                         <C>
Lloyd J. Shulman                            Chairman of the Board, Chief Executive Officer and President
                                              and Chief Operating Officer
Mark S. Greenblatt                          Vice President and Treasurer
Ward N. Lyke, Jr.                           Vice President and Assistant Treasurer
George Silva                                Vice President-Operations
Salvatore Cappuzzo                          Secretary

BOARD OF DIRECTORS

Mark S. Greenblatt(3),(5)                   Vice President and Treasurer, J.W. Mays, Inc.
Lance D. Myers(1),(3),(4),(5),(6)           Partner, Holland & Knight LLP
Dean L. Ryder(2),(3),(4),(6)                President, Putnam County National Bank
Jack Schwartz(1),(2),(3),(4),(6)            Private Consultant
Lloyd J. Shulman(1),(3)                     Chairman of the Board, Chief Executive Officer and President
                                            and Chief Operating Officer, J.W. Mays, Inc.
Sylvia W. Shulman(3)                        Retired
Lewis D. Siegel(2),(3),(4),(6)              Senior Vice President-Investments, Smith Barney Citigroup
</Table>

COMMITTEE ASSIGNMENTS KEY:
(1) Member of Executive Committee
(2) Member of Audit Committee
(3) Member of Investment Advisory Committee
(4) Member of Executive Compensation Committee
(5) Member of Disclosure Committee
(6) Member of Nominating Committee

FORM 10-K ANNUAL REPORT

Copies of the Company's Form 10-K Annual Report
to the Securities and Exchange Commission
for the fiscal year ended July 31, 2004,
will be furnished without charge to
shareholders upon written request
to: Secretary, J.W. Mays, Inc.,
9 Bond Street, Brooklyn, New York 11201-5805.

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