<SEC-DOCUMENT>0001683168-25-001644.txt : 20250317
<SEC-HEADER>0001683168-25-001644.hdr.sgml : 20250317
<ACCEPTANCE-DATETIME>20250317115959
ACCESSION NUMBER:		0001683168-25-001644
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250317
DATE AS OF CHANGE:		20250317

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lifeway Foods, Inc.
		CENTRAL INDEX KEY:			0000814586
		STANDARD INDUSTRIAL CLASSIFICATION:	DAIRY PRODUCTS [2020]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				363442829
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-50073
		FILM NUMBER:		25743236

	BUSINESS ADDRESS:	
		STREET 1:		6431 W OAKTON
		CITY:			MORTON GROVE
		STATE:			IL
		ZIP:			60053
		BUSINESS PHONE:		847-967-1010

	MAIL ADDRESS:	
		STREET 1:		6431 W OAKTON
		CITY:			MORTON GROVE
		STATE:			IL
		ZIP:			60053

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIFEWAY FOODS INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SMOLYANSKY LUDMILA
		CENTRAL INDEX KEY:			0001227848
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <previousAccessionNumber>0001683168-25-000788</previousAccessionNumber>
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      <filer>
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    <coverPageHeader>
      <amendmentNo>22</amendmentNo>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <dateOfEvent>03/13/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0000814586</issuerCIK>
        <issuerCUSIP>531914109</issuerCUSIP>
        <issuerName>Lifeway Foods, Inc.</issuerName>
        <address>
          <com:street1>6431 W Oakton</com:street1>
          <com:city>Morton Grove</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60053</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Edward Smolyansky</personName>
          <personPhoneNum>847-967-1010</personPhoneNum>
          <personAddress>
            <com:street1>1219 N Wells Street</com:street1>
            <com:city>Chicago</com:city>
            <com:stateOrCountry>IL</com:stateOrCountry>
            <com:zipCode>60610</com:zipCode>
          </personAddress>
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    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001227848</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Ludmila Smolyansky</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>983166.00</soleVotingPower>
        <sharedVotingPower>75000.00</sharedVotingPower>
        <soleDispositivePower>983166.00</soleDispositivePower>
        <sharedDispositivePower>75000.00</sharedDispositivePower>
        <aggregateAmountOwned>1058166.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>7.0</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>Note to Row (11): In accordance with Rule 13d-101 under the Act, the reporting person has calculated the percentage of outstanding shares beneficially owned by her based on 15,203,241 shares reported to be outstanding as of March 14, 2025 (the "Reported Outstanding Shares"), as contained in the issuer's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission on March 14, 2025.  The reporting person does not hereby concede that all such Reported Outstanding Shares are validly issued and outstanding, including, without limitation, any shares purported to have been issued to Julie Smolyansky or her spouse without the consent of Danone North America PBC.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001227847</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Edward Smolyansky</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>2604975.00</soleVotingPower>
        <sharedVotingPower>575000.00</sharedVotingPower>
        <soleDispositivePower>2604975.00</soleDispositivePower>
        <sharedDispositivePower>575000.00</sharedDispositivePower>
        <aggregateAmountOwned>3179975.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>20.94</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>Note to Row (11): In accordance with Rule 13d-101 under the Act, the reporting person has calculated the percentage of outstanding shares beneficially owned by him based on the Reported Outstanding Shares.  The reporting person does not hereby concede that all such Reported Outstanding Shares are validly issued and outstanding, including, without limitation, any shares purported to have been issued to Julie Smolyansky or her spouse without the consent of Danone North America PBC.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>The Edward Smolyansky Trust 2/2/16</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>1233333.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>1233333.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>1233333.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>8.1</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
        <commentContent>Note to Row (11): In accordance with Rule 13d-101 under the Act, the reporting person has calculated the percentage of outstanding shares beneficially owned by it based on the Reported Outstanding Shares.  The reporting person does not hereby concede that all such Reported Outstanding Shares are validly issued and outstanding, including, without limitation, any shares purported to have been issued to Julie Smolyansky or her spouse without the consent of Danone North America PBC.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock</securityTitle>
        <issuerName>Lifeway Foods, Inc.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>6431 W Oakton</com:street1>
          <com:city>Morton Grove</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60053</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>This Amendment No. 22 (this "Amendment") further amends and supplements the Schedule 13D filed by Ludmila Smolyansky, Edward Smolyansky and The Edward Smolyansky Trust 2/2/16 (the "Edward Smolyansky Trust" and, together with Ludmila Smolyansky and Edward Smolyansky, the "Filing Persons"). This Amendment is being filed by the Filing Persons for the purpose of providing the additional information set forth below.</commentText>
      </item1>
      <item4>
        <transactionPurpose>Item 4 is hereby amended and supplemented by the addition of the following:

On March 13, 2025, Edward Smolyansky sent the letter attached hereto as Exhibit 99.1, which is incorporated herein by reference, to Lifeway Foods, Inc. (the "Company"), notifying the Company of his intent to nominate seven directors for election at the Company's 2025 annual meeting of shareholders (the "Annual Meeting") in accordance with Company's Second Amended and Restated By-Laws, and serving as a notice in accordance with Rule 14a-19(a)(1) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

On March 17, 2025, Mr. Smolyansky also made available a letter to Company shareholders on his website, www.freeLifeway.com, which letter is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

Mr. Smolyansky may also wish to exercise his right to inspect certain books and records of the Company pursuant to Section 7.75 of the Illinois Business Corporation Act in order to identify and communicate with other stockholders in connection with any solicitation of proxies in support of the nominees and to obtain additional information about the Company, and he may demand that the Company make such books and records available.

In connection with Mr. Smolyansky's plans to prepare and distribute a proxy statement for the Annual Meeting, he intends to sell up to 20,000 shares of Common Stock following the filing of this Amendment in accordance with Rule 144 under the Securities Act of 1933, as amended.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>As of March 17, 2025, for purposes of Rule 13d-3 under the Exchange Act, (i) Ludmila Smolyansky may be deemed to be the beneficial owner of 1,058,166 shares of Common Stock, representing approximately 7.0% of the outstanding shares of Common Stock, (ii) Edward Smolyansky may be deemed to be the beneficial owner of 3,179,975 shares of Common Stock, representing approximately 20.9% of the outstanding shares of Common Stock, (iii) the Edward Smolyansky Trust may be deemed to be the beneficial owner of 1,233,333 shares of Common Stock, representing approximately 8.1% of the outstanding shares of Common Stock, and (iv) the Filing Persons together may be deemed to be the beneficial owners of an aggregate of 4,163,141 shares of Common Stock, representing approximately 27.4% of the outstanding shares of Common Stock.  In accordance with Rule 13d-101 under the Exchange Act, the foregoing percentage calculations were based on 15,203,241 shares reported to be outstanding as of March 14, 2025 (the "Reported Outstanding Shares"), as contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission on March 14, 2025.  The Filing Persons do not hereby concede that all such Reported Outstanding Shares are validly issued and outstanding, including, without limitation, any shares purported to have been issued to Julie Smolyansky or her spouse without the consent of Danone North America PBC.</percentageOfClassSecurities>
        <numberOfShares>Ludmila Smolyansky has sole power to vote or direct the vote of, and sole power to dispose or direct the disposition of, 983,166 shares of Common Stock, and shared power to vote or direct the vote of, and shared power to dispose or direct the disposition of, 75,000 shares of Common Stock held by the Ludmila and Edward Smolyansky Family Foundation, of which Ludmila Smolyansky is a director.  Edward Smolyansky has sole power to vote or direct the vote of, and sole power to dispose or direct the disposition of, 2,604,975 shares of Common Stock, which includes the 1,233,333 shares beneficially owned by the Edward Smolyansky Trust and 100,000 shares held by his son, and shared power to vote or direct the vote of, and shared power to dispose or direct the disposition of, 500,000 shares of Common Stock held by Smolyansky Family Holdings LLC, over which Edward Smolyansky and Julie Smolyansky share voting power and dispositive power, and 75,000 shares of Common Stock held by the Ludmila and Edward Smolyansky Family Foundation, of which Edward Smolyansky is a director.  Each of Ludmila Smolyansky and Edward Smolyansky disclaims beneficial ownership of the 75,000 shares held by the Ludmila and Edward Smolyansky Family Foundation.  Edward Smolyansky disclaims beneficial ownership of shares held by Smolyansky Family Holdings LLC, except to the extent of any pecuniary interest therein, and disclaims beneficial ownership of the shares held by his son.  The Edward Smolyansky Trust has sole power to vote or direct the vote of, and sole power to dispose or direct the disposition of, 1,233,333 shares of Common Stock.  The Filing Persons together have sole power to vote or direct the vote of, and sole power to dispose or direct the disposition of, 3,663,141 shares of Common Stock, and shared power to vote or direct the vote of, and shared power to dispose or direct the disposition of, 500,000 shares of Common Stock.</numberOfShares>
        <transactionDesc>There have been no transactions in the shares of Common Stock by any of the Filing Persons during the past sixty days, other than the sale of 10,000 shares beneficially owned by Ludmila Smolyansky on February 11, 2025.</transactionDesc>
      </item5>
      <item7>
        <filedExhibits>Exhibit 99.1 - Letter, dated March 12, 2025, from Edward Smolyansky to Lifeway Foods, Inc.

Exhibit 99.2 - Letter to shareholders of Lifeway Foods, Inc., dated March 17, 2025</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Ludmila Smolyansky</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Ludmila Smolyansky</signature>
          <title>Ludmila Smolyansky</title>
          <date>03/17/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Edward Smolyansky</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Edward Smolyansky</signature>
          <title>Edward Smolyansky</title>
          <date>03/17/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>The Edward Smolyansky Trust 2/2/16</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Edward Smolyansky</signature>
          <title>Edward Smolyansky, Trustee</title>
          <date>03/17/2025</date>
        </signatureDetails>
      </signaturePerson>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>lifeway_ex9901.htm
<DESCRIPTION>LETTER, DATED MARCH 12, 2025, FROM EDWARD SMOLYANSKY TO LIFEWAY FOODS, INC.
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>By
COURIER AND EMAIL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 12, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lifeway Foods, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6431 West Oakton St.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Morton Grove, Illinois 60053</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention:&#9;Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lifeway Foods, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Legal Department Lifeway Foods</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6101 West Gross Point Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Niles, Illinois 60714</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention:&#9;Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Re:&#9;<U>Notice regarding Planned Nominees</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Secretary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this letter (this &ldquo;<U>Notice</U>&rdquo;),
I, Edward Smolyansky, am the holder of record of 1,271,642 shares of Common Stock, no par value (&ldquo;<U>Common Stock</U>&rdquo;), of
Lifeway Foods, Inc., an Illinois corporation (the &ldquo;<U>Company</U>&rdquo;), and the beneficial holder of an aggregate of 3,179,975
shares of Common Stock.<A HREF="#note_ftn1" NAME="note_ftnref1" STYLE="font-size: 65%; vertical-align: 35%">1</A> As used in this Notice,
the term &ldquo;Common Stock&rdquo; shall be deemed to include, unless expressly stated otherwise or the context otherwise requires, the
Rights (as defined in the Shareholder Rights Agreement, dated as of November 4, 2024 (the &ldquo;<U>Rights Agreement</U>&rdquo;), between
the Company and Computershare Trust Company, N.A., as rights agent), if any, that are associated therewith as of the applicable date.
My name and address, as they appear on the Company&rsquo;s books, is EDWARD SMOLYANSKY, 1219 N WELLS STREET, CHICAGO, IL 60610.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with Section 2.1 of the Company&rsquo;s
Second Amended and Restated By-Laws (the &ldquo;<U>Bylaws</U>&rdquo;), I hereby notify the Company of my intent to nominate, on my own
behalf and not on behalf of any beneficial owner, for election to the Company&rsquo;s Board of Directors (the &ldquo;<U>Board</U>&rdquo;)
at the Company&rsquo;s 2025 annual meeting of shareholders (the &ldquo;<U>Annual Meeting</U>&rdquo;) each of: (i)&nbsp;Ludmila Smolyansky,
(ii) myself, Edward Smolyansky, (iii)&nbsp;Robert Whalen, (iv)&nbsp;Cindy Curry, (v)&nbsp;George Sent, (vi) Michael Leydervuder and (vii)
Richard Beleutz (each, a &ldquo;<U>Planned Nominee</U>&rdquo;). I am planning to nominate, and seeking to procure the election of, each
Planned Nominee based on my view that the election of one or more of the Planned Nominees could increase the market value of the Common
Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I understand that, in order for me to nominate
the Planned Nominees at the Annual Meeting, I must be entitled to vote at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="#note_ftnref1" NAME="note_ftn1" STYLE="font-size: 65%; vertical-align: 35%">1</A>
I disclaim beneficial ownership of (i)&nbsp;the 75,000 shares of Common Stock held by the Ludmila and Edward Smolyansky Family Foundation
(the &ldquo;<U>Ludmila and Edward Smolyansky Family Foundation</U>&rdquo;), (ii)&nbsp;the 500,000 shares of Common Stock held by Smolyansky
Family Holdings, LLC (&ldquo;<U>Smolyansky Family Holdings</U>&rdquo;), except to the extent of any pecuniary interest I have therein,
and (iii)&nbsp;the 100,000 shares held by my minor son.</P>
<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B></B></P>

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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I have set forth below certain information with
respect to each Planned Nominee, and with respect to certain other matters. By providing such information, I do not admit that any such
information or similar information is required to be provided in this Notice pursuant to the Bylaws, or otherwise, including, without
limitation, any information that is already in the possession of the Company or any of its directors or officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><B>Ludmila Smolyansky (age 75)</B>. Ludmila Smolyansky (&ldquo;<U>Mrs. Smolyansky</U>&rdquo;) does not
have any substantial interest, direct or indirect, by security holdings or otherwise, in any matter to be acted upon at the Annual Meeting,
other than (i)&nbsp;her beneficial ownership of shares of Common Stock, as summarized below, and her belief that the election of one or
more of the Planned Nominees could increase the value of such shares, and (ii)&nbsp;any compensation she would receive in connection with
her service as a director. Mrs. Smolyansky&rsquo;s business address is 182 N Harbor Drive, Penthouse, Chicago, IL 60601. Mrs. Smolyansky
does not have a present principal occupation; she is not employed. She has not, during the past ten years, been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors) or any other event described in Item 401(f) of Regulation S-K. She is
the beneficial owner of 1,068,166 shares of Common Stock (representing approximately 7.2% of the Company&rsquo;s outstanding shares of
Common Stock based on 14,816,470 shares of Common Stock outstanding as of November 6, 2024, as reported by the Company on its Quarterly
Report on Form 10-Q for the quarterly period ended September 30, 2024, as filed with the Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;)
on November&nbsp;14, 2025). She does not own, of record or beneficially, any other securities of the Company. There are no securities
of the Company owned by Mrs. Smolyansky of record but not beneficially, although she has disclaimed beneficial ownership of 75,000 shares
of Common Stock held by the Ludmila and Edward Smolyansky Family Foundation. A record of Mrs. Smolyansky&rsquo;s purchase and sale transactions
during the past two years involving securities of the Company is included in the transactions listed below:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 89%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 33%; text-align: center; text-underline-color: black"><B>Date</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 34%; text-align: center; text-underline-color: black"><B>Amount (shares of Common Stock)</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 33%; text-align: center; text-underline-color: black"><B>Description</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">3/30/23</TD>
    <TD STYLE="text-align: center">125,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust 2/1/05 (the &ldquo;<U>Ludmila Smolyansky Trust</U>&rdquo;)</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">3/30/23</TD>
    <TD STYLE="text-align: center">250,000</TD>
    <TD STYLE="text-align: center">Gift by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">5/19/23</TD>
    <TD STYLE="text-align: center">250,000</TD>
    <TD STYLE="text-align: center">Gift by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">1/22/24</TD>
    <TD STYLE="text-align: center">11,459</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">1/24/24</TD>
    <TD STYLE="text-align: center">5,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">2/6/24</TD>
    <TD STYLE="text-align: center">10,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">2/7/24</TD>
    <TD STYLE="text-align: center">10,794</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">2/8/24</TD>
    <TD STYLE="text-align: center">22,747</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">2/26/24</TD>
    <TD STYLE="text-align: center">13,542</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">2/27/24</TD>
    <TD STYLE="text-align: center">1,606</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">3/20/24</TD>
    <TD STYLE="text-align: center">13,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">3/21/24</TD>
    <TD STYLE="text-align: center">8,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">3/22/24</TD>
    <TD STYLE="text-align: center">3,852</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">3/25/24</TD>
    <TD STYLE="text-align: center">10,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">3/26/24</TD>
    <TD STYLE="text-align: center">13,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">3/27/24</TD>
    <TD STYLE="text-align: center">7,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">4/5/24</TD>
    <TD STYLE="text-align: center">5,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4/8/24</TD>
    <TD STYLE="text-align: center">5,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">4/9/24</TD>
    <TD STYLE="text-align: center">5,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4/15/24</TD>
    <TD STYLE="text-align: center">2,193</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">4/17/24</TD>
    <TD STYLE="text-align: center">10,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4/23/24</TD>
    <TD STYLE="text-align: center">21,968</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">4/24/24</TD>
    <TD STYLE="text-align: center">10,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4/25/24</TD>
    <TD STYLE="text-align: center">3,620</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">4/26/24</TD>
    <TD STYLE="text-align: center">20,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">5/6/24</TD>
    <TD STYLE="text-align: center">5,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">5/9/24</TD>
    <TD STYLE="text-align: center">5,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">5/13/24</TD>
    <TD STYLE="text-align: center">10,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">5/13/24</TD>
    <TD STYLE="text-align: center">75,000</TD>
    <TD STYLE="text-align: center">Gift by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">5/13/24</TD>
    <TD STYLE="text-align: center">75,000</TD>
    <TD STYLE="text-align: center">Receipt of gift by the Ludmila and Edward Smolyansky Family Foundation</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">7/24/24</TD>
    <TD STYLE="text-align: center">14,620</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">8/29/24</TD>
    <TD STYLE="text-align: center">15,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">8/30/24</TD>
    <TD STYLE="text-align: center">20,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">9/3/24</TD>
    <TD STYLE="text-align: center">4,584</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">1/3/25</TD>
    <TD STYLE="text-align: center">15,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">1/6/25</TD>
    <TD STYLE="text-align: center">45,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">1/13/25</TD>
    <TD STYLE="text-align: center">30,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">1/15/25</TD>
    <TD STYLE="text-align: center">10,000</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">1/16/25</TD>
    <TD STYLE="text-align: center">7,692</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">1/17/25</TD>
    <TD STYLE="text-align: center">12,034</TD>
    <TD STYLE="text-align: center">Sale by the Ludmila Smolyansky Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">2/11/25</TD>
    <TD STYLE="text-align: center">10,000</TD>
    <TD STYLE="text-align: center">Sale by the Smolyansky Family Foundation</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No part of the purchase price or market
value of any of the shares specified above is represented by funds borrowed or otherwise obtained for the purpose of acquiring or holding
such securities. Mrs. Smolyansky (i)&nbsp;is party to a Joint Filing Agreement, dated June&nbsp;3, 2009, with Edward Smolyansky and Julie
Smolyansky, and a Joint Filing Agreement, dated February 23, 2023, with Edward Smolyansky and the Edward Smolyansky Trust 2/2/16 (the
&ldquo;<U>Edward Smolyansky Trust</U>&rdquo;) (collectively, the &ldquo;<U>Joint Filing Agreements</U>&rdquo;), relating to the filing
of Schedules 13D, (ii)&nbsp;was party to the Settlement Agreement, dated as of July 27, 2022 (as amended, the &ldquo;<U>Settlement Agreement</U>&rdquo;),
among the Company, Mrs. Smolyansky and myself (prior to its termination), (iii)&nbsp;is party to the Settlement Agreement and Mutual General
Release, dated August 30, 2022 (the &ldquo;<U>L. Smolyansky Settlement Agreement</U>&rdquo;), between the Company and Mrs. Smolyansky,
(iv)&nbsp;is party to the Common Stock Purchase Agreement, dated as of November 7, 2022 (the &ldquo;<U>Purchase Agreement</U>&rdquo;),
between the Company and Mrs. Smolyansky, (v)&nbsp;is party to a letter agreement, dated November 1, 2024 (the &ldquo;<U>NDA</U>&rdquo;),
among the Company, Mrs. Smolyansky and myself, regarding the parties&rsquo; obligations to maintain the confidentiality of certain information,
(vi)&nbsp;is party to a Stock Purchase Agreement, dated as of October 1, 1999 (the &ldquo;<U>Stock Purchase Agreement</U>&rdquo;), among
the Company, Danone Foods, Inc., Michael Smolyansky and the other stockholders party thereto, (vii)&nbsp;is party to a Stockholders&rsquo;
Agreement, dated as of October 1, 1999 (the &ldquo;<U>Stockholders&rsquo; Agreement</U>&rdquo;), among the Company, Danone, Michael Smolyansky
and the other stockholders party thereto and a related letter agreement, dated December 24, 1999 (the &ldquo;<U>Letter Agreement</U>&rdquo;),
among Danone, the Company, Michael Smolyansky, Mrs. Smolyansky, Julie Smolyansky and Edward Smolyansky. To the extent not set forth above,
details regarding each such contract, arrangement or understanding are set forth in the Company&rsquo;s statements and reports filed with
or furnished to the SEC, and are incorporated by reference herein. Except for the foregoing, Mrs. Smolyansky is not, and was not within
the past year, a party to any contract, arrangement or understanding with any person with respect to any securities of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The name and address of, beneficial
ownership of Company securities by, and information required by Item 404(a) of Regulation S-K with respect to, each of Mrs. Smolyansky&rsquo;s
associates, within the meaning of Rule 14a-1 under the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;),
is set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 89%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: left; text-underline-color: black"><B>Associate</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center; text-underline-color: black"><B>Address</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center; text-underline-color: black"><B>Company Securities <BR>
Beneficially Owned</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center; text-underline-color: black"><B>Item 404(a) Information</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-underline-color: black">Ludmila Smolyansky Trust</TD>
    <TD STYLE="text-align: left; text-underline-color: black">182 N Harbor Drive, Penthouse, Chicago, IL 60601</TD>
    <TD STYLE="text-align: center; text-underline-color: black">965,823 shares of Common Stock</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&mdash;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; text-underline-color: black">The Smolyansky Family Foundation</TD>
    <TD STYLE="text-align: left; text-underline-color: black">c/o Edward Smolyansky<BR>
1219 N Wells Street<BR>
Chicago, IL 60610</TD>
    <TD STYLE="text-align: center; text-underline-color: black">17,343 shares of Common Stock</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&mdash;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-underline-color: black">Ludmila and Edward Smolyansky Family Foundation</TD>
    <TD STYLE="text-align: left; text-underline-color: black">c/o Edward Smolyansky<BR>
1219 N Wells Street<BR>
Chicago, IL 60610</TD>
    <TD STYLE="text-align: center; text-underline-color: black">75,000 shares of Common Stock</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&mdash;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; text-underline-color: black">Smolyansky Family Holdings</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">c/o Lifeway Foods, Inc.<BR>
    6431 Oakton St.<BR>
    Morton Grove, IL 60053<BR>
    Attention: Julie Smolyansky</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">with a copy to:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">c/o Edward Smolyansky<BR>
    1219 N Wells Street<BR>
    Chicago, IL 60610</P></TD>
    <TD STYLE="text-align: center; text-underline-color: black">500,000 shares of Common Stock</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&mdash;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-underline-color: black"><P STYLE="margin-top: 0; margin-bottom: 0">Julie Smolyansky</P>
                                                              <P STYLE="margin-top: 0; margin-bottom: 0">(<I>daughter of Mrs. Smolyansky</I>)</P></TD>
    <TD STYLE="text-align: left; text-underline-color: black">[*]</TD>
    <TD STYLE="text-align: center; text-underline-color: black">2,709,821 shares of Common Stock and 50,666 restricted stock units* </TD>
    <TD STYLE="text-align: justify; text-underline-color: black">Jason Burdeen, who is Julie Smolyansky&rsquo;s spouse, is employed by the Company as the CEO&rsquo;s Chief of Staff. Mr. Burdeen does not have an employment agreement. In 2023, Mr. Burdeen&rsquo;s total compensation was $242,031.**</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">*</TD><TD STYLE="text-align: justify">Based on information set forth in Julie Smolyansky&rsquo;s Form 4, filed by Julie Smolyansky with
                                                              the SEC on March 11, 2025. I do not hereby concede that all such securities are validly issued to and beneficially owned by Julie
                                                              Smolyansky.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">**</TD><TD STYLE="text-align: justify">Based on information set forth in the 2024 Proxy Statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mrs. Smolyansky is not the beneficial
owner of any securities of any parent or subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no transaction, since the beginning
of the Company&rsquo;s last fiscal year, or any currently proposed transaction, in which the Company was or is to be a participant and
the amount involved exceeds $120,000, and in which Mrs. Smolyansky had or will have a direct or indirect material interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Neither Mrs. Smolyansky nor any of her
associates, other than Julie Smolyansky, has any arrangement or understanding with any person (A) with respect to any future employment
by the Company or its affiliates; or (B) with respect to any future transactions to which the Company or any of its affiliates will or
may be a party. Information regarding such arrangements and understandings with respect to Julie Smolyansky is set forth in the Company&rsquo;s
reports and statements filed with the SEC, including its Current Report on Form 8-K filed on December&nbsp;23, 2024 and the 2024 Proxy
Statement, which information is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mrs. Smolyansky is not a party to any
arrangement or understanding pursuant to which she is proposed to be elected as a director of the Company, or pursuant to which she was
selected as a nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On March 3, 2025, Danone North America
PBC (together with its affiliates, &ldquo;<U>Danone</U>&rdquo;) filed a lawsuit against the Company and each of the members of the Board
in the Circuit Court of Cook County, Illinois, Law Division. The lawsuit alleges that the Company&rsquo;s directors breached their fiduciary
duty of loyalty. The lawsuit also alleges that the Company and Julie Smolyansky committed a breach of contract by violating the Stockholders&rsquo;
Agreement (and, in the alternative, that their conduct was barred by promissory estoppel). To the extent such lawsuit or the outcome thereof
might influence the Company&rsquo;s willingness to engage in a strategic transaction with Danone, Mrs. Smolyansky has or may have a material
interest therein adverse to the Company and its subsidiaries. Except for the foregoing, there are no material proceedings to which Mrs.
Smolyansky or any of her associates is a party adverse to the Company or any of its subsidiaries, or in which she or any such associate
has a material interest adverse to the Company or any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mrs. Smolyansky previously served as
a director of the Company, commencing in 2002, and was unanimously elected as the Chairperson of the Board in November 2002. She ceased
serving as a director on August&nbsp;10, 2023. Mrs. Smolyansky has been the operator of several independent delicatessen and gourmet food
distributorship businesses, and imported food distributorships, and been a leading force in the health food market for over 40 years.
Mrs. Smolyansky and Michael Smolyansky founded the Company and Mrs. Smolyansky served as the Company&rsquo;s General Manager. In 2010,
Mrs. Smolyansky retired as a Company employee. She continued to serve the Company as its Chairperson of the Board until August 2022 and
served as a consultant to the Company from 2011 until January&nbsp;2022. Mrs. Smolyansky&rsquo;s experience prior to the periods described
above is not material. She does not hold, and has not held during the past five years, any other directorships in any company with a class
of securities registered pursuant to Section 12 of the Exchange Act or subject to the requirements of Section 15(d) of the Exchange Act
or any company registered as an investment company under the Investment Company Act of 1940, as amended (the &ldquo;<U>Investment Company
Act</U>&rdquo;). Mrs. Smolyansky is the mother of Julie Smolyansky (the Chairperson, President, Chief Executive Officer, and a director
of the Company) and Edward Smolyansky.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mrs. Smolyansky brings many years of
food industry experience, historical perspective, and operational expertise to the Board. He knowledge qualifies her for service on the
Board. She brings to bear her historical knowledge of the Company&rsquo;s business and industry to advise the Board on what strategies
have been and can be successful and why. Mrs. Smolyansky&rsquo;s business acumen allows her to provide the Board with perspectives regarding
strategic planning. Her significant consumer products experience and international food industry background provide her with a broad understanding
of the operational, financial, and strategic issues facing public companies like the Company. In addition, as a founder and pioneer in
cultured dairy, Mrs. Smolyansky has been a recognized leader in the organic and natural products industry for decades. Mrs. Smolyansky&rsquo;s
in-depth knowledge about the Company, other manufacturers, and distributors and retailers across varying channels of distribution make
her well qualified for service on the Board and led to the conclusion that she should serve as a director, in light of the Company&rsquo;s
business and structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no family relationship between
Mrs. Smolyansky and any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer,
except that Mrs. Smolyansky is the mother of Julie Smolyansky. None of the events, facts or circumstances described in Item 401(f) of
Regulation S-K have occurred or existed with respect to Mrs. Smolyansky during the past ten years and that are material to an evaluation
of her ability or integrity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Since January&nbsp;1, 2021, Mrs. Smolyansky
has filed 11 late reports under Section&nbsp;16(a) of the Exchange Act with respect to 24 transactions that were not reported on a timely
basis, in each case with respect to securities of the Company. Information regarding the number of late reports, if any, the number of
transactions, if any, that were not reported on a timely basis, and any known failures to file a required form are set forth in the Company&rsquo;s
reports and statements filed with the SEC, which information is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no other information with respect
to Mrs. Smolyansky that would be required to be disclosed in solicitations of proxies for election of directors, or is otherwise required,
in each case pursuant to Regulation 14A under the Exchange Act, and, for the avoidance of doubt, to the extent any such required information
is not explicitly stated, summarized or confirmed in this Notice, I hereby confirm that there is no such information, and that the response
to such requirement is &ldquo;not applicable&rdquo; or &ldquo;none,&rdquo; as the case may be. Without limiting the generality of the
preceding sentence, Mrs. Smolyansky had no other employment or principal occupation during the past five years, nor any other employment
or principal occupation prior to such period that is material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><B>Edward Smolyansky (age 45)</B>. I do not have any substantial interest, direct or indirect, by security
holdings or otherwise, in any matter to be acted upon at the Annual Meeting, other than (i)&nbsp;my beneficial ownership of shares of
Common Stock, as summarized below, and my belief that the election of one or more of the Planned Nominees could increase the market value
of such shares, (ii)&nbsp;my ownership of and officer role with Lucy&rsquo;s Organics (as defined below), which could benefit, or be harmed,
if I were elected to the Board, including as a result of my becoming subject to fiduciary duties as a director of the Company, and (iii)&nbsp;any
compensation I would receive in connection with my service as a director. My business address is 1219 N Wells Street, Chicago, IL 60610.
My present principal occupation is Manager of 1219 N. Wells Street Management LLC, a property management company, and Chief Executive
Officer of Lucy&rsquo;s Organics Inc. (&ldquo;<U>Lucy&rsquo;s Organics</U>&rdquo;), which has immaterial assets and no employees, and
which I founded to research potential innovations and techniques in the production of kefir, and to develop intellectual property for
an aspirational brand, Pure Culture Organics. The address of each such entity is 1219 N Wells St, Chicago, IL 60610. I have not, during
the past ten years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or any other event
described in Item 401(f) of Regulation S-K. I am the beneficial owner of 3,179,975 shares of Common Stock (representing approximately
21.5% of the Company&rsquo;s outstanding shares based on 14,816,470 shares of Common Stock outstanding as of November 6, 2024, as reported
by the Company on its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, as filed with the SEC on November&nbsp;14,
2025). I do not own, of record or beneficially, any other securities of the Company. There are no securities of the Company owned by me
of record but not beneficially, although I have disclaimed beneficial ownership of 75,000 shares of Common Stock held by the Ludmila and
Edward Smolyansky Family Foundation and of certain other securities of the Company except to the extent of my pecuniary interest therein.
A record of my purchase and sale transactions during the past two years involving securities of the Company is set forth below:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 89%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; text-align: justify; text-underline-color: black"><B>Date</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 86%; text-align: justify; text-underline-color: black"><B>Amount</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>3/28/23</TD>
    <TD>5,000 shares of Common Stock sold</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>3/28/23</TD>
    <TD>13,000 shares of Common Stock sold</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>3/28/23</TD>
    <TD>7,300 shares of Common Stock sold</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>3/28/23</TD>
    <TD>1,100 shares of Common Stock sold</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>3/28/23</TD>
    <TD>1,600 shares of Common Stock sold</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>3/30/23</TD>
    <TD>10,000 shares of Common Stock sold</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>3/30/23</TD>
    <TD>786 shares of Common Stock sold</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>3/30/23</TD>
    <TD>200 shares of Common Stock sold</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>3/30/23</TD>
    <TD>14 shares of Common Stock sold</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>3/30/23</TD>
    <TD>4,000 shares of Common Stock sold</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>3/30/23</TD>
    <TD>250,000 shares of Common Stock received by gift</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>3/31/23</TD>
    <TD>30,000 shares of Common Stock sold</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>5/16/23</TD>
    <TD>10,000 shares of Common Stock sold</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>5/17/23</TD>
    <TD>5,000 shares of Common Stock sold</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>5/19/23</TD>
    <TD>250,000 shares of Common Stock received by gift</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>8/17/23</TD>
    <TD>100,000 shares of Common Stock given to my minor son</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>8/17/23</TD>
    <TD>100,000 shares of Common Stock received by my minor son</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>8/21/23</TD>
    <TD>13,000 shares of Common Stock sold</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>8/22/23</TD>
    <TD>17,474 shares of Common Stock sold</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>8/23/23</TD>
    <TD>19,526 shares of Common Stock sold</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>8/24/23</TD>
    <TD>24,329 shares of Common Stock sold</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>1/2/24</TD>
    <TD>3,468 shares of Common Stock sold</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>5/13/24</TD>
    <TD>Receipt of gift of 75,000 shares of Common Stock by the Ludmila and Edward Smolyansky Family Foundation</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No part of the purchase price or market
value of any of the shares specified above is represented by funds borrowed or otherwise obtained for the purpose of acquiring or holding
such securities. I (i)&nbsp;am party to the Joint Filing Agreements, (ii)&nbsp;was party to the Settlement Agreement (prior to its termination),
(iii)&nbsp;am party to the Settlement Agreement and Mutual General Release, dated September 1, 2022 (the &ldquo;<U>E. Smolyansky Settlement
Agreement</U>&rdquo;), between the Company and myself, pursuant to which the Company and I granted certain releases (other than claims
that related to the Settlement Agreement), made certain covenants, including an eighteen month non-competition covenant, and settled certain
disputes, in consideration for the payment of $100,000 to me, and (iv)&nbsp;am party to the NDA, the Stock Purchase Agreement, the Stockholders&rsquo;
Agreement and the Letter Agreement. To the extent not set forth above, details regarding each such contract, arrangement or understanding
are set forth in the Company&rsquo;s statements and reports filed with or furnished to the SEC, and are incorporated by reference herein.
Except for the foregoing, I am not, and was not within the past year, a party to any contract, arrangements or understandings with any
person with respect to any securities of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The name and address of, beneficial
ownership of Company securities by, and information required by Item 404(a) of Regulation S-K with respect to, each of my associates,
within the meaning of Rule 14a-1 under the Exchange Act, is set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: Transparent">
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: left; text-underline-color: black"><B>Associate</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center; text-underline-color: black"><B>Address</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center; text-underline-color: black"><B>Company Securities <BR>
Beneficially Owned</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center; text-underline-color: black"><B>Item 404(a) Information</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-underline-color: black">Edward Smolyansky Trust</TD>
    <TD STYLE="text-align: left; text-underline-color: black">1219 N. Wells St.<BR>
Chicago, IL 60610</TD>
    <TD STYLE="text-align: center; text-underline-color: black">1,233,333 shares of Common Stock</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&mdash;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; text-underline-color: black">Ludmila Smolyansky Trust</TD>
    <TD STYLE="text-align: left; text-underline-color: black">182 N Harbor Drive, Penthouse, Chicago, IL 60601</TD>
    <TD STYLE="text-align: center; text-underline-color: black">965,823 shares of Common Stock</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&mdash;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-underline-color: black">Smolyansky Family Foundation</TD>
    <TD STYLE="text-align: left; text-underline-color: black">c/o Edward Smolyansky<BR>
1219 N Wells Street<BR>
Chicago, IL 60610</TD>
    <TD STYLE="text-align: center; text-underline-color: black">17,343 shares of Common Stock</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&mdash;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; text-underline-color: black">Ludmila and Edward Smolyansky Family Foundation</TD>
    <TD STYLE="text-align: left; text-underline-color: black">c/o Edward Smolyansky<BR>
1219 N Wells Street<BR>
Chicago, IL 60610</TD>
    <TD STYLE="text-align: center; text-underline-color: black">75,000 shares of Common Stock</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&mdash;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-underline-color: black">Smolyansky Family Holdings</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">c/o Lifeway Foods, Inc.<BR>
    6431 Oakton St.<BR>
    Morton Grove, IL 60053<BR>
    Attention: Julie Smolyansky</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">with a copy to:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">c/o Edward Smolyansky<BR>
    1219 N Wells Street<BR>
    Chicago, IL 60610</P></TD>
    <TD STYLE="text-align: center; text-underline-color: black">500,000 shares of Common Stock</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&mdash;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; text-underline-color: black">Jenna Strobel</TD>
    <TD STYLE="text-align: left; text-underline-color: black">1219 N Wells Street<BR>
Chicago, IL 60610</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&mdash;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&mdash;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-underline-color: black">Julie Smolyansky<BR>
(<I>sister of Edward Smolyansky</I>)</TD>
    <TD STYLE="text-align: left; text-underline-color: black">[*]</TD>
    <TD STYLE="text-align: center; text-underline-color: black">2,709,821 shares of Common Stock and 50,666 restricted stock units* </TD>
    <TD STYLE="text-align: left; text-underline-color: black">Jason Burdeen, who is Julie Smolyansky&rsquo;s spouse, is employed by the Company as the CEO&rsquo;s Chief of Staff. Mr. Burdeen does not have an employment agreement. In 2023, Mr. Burdeen&rsquo;s total compensation was $242,031.**</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; text-underline-color: black">Lucy's Organics Inc.</TD>
    <TD STYLE="text-align: left; text-underline-color: black">1219 N Wells Street<BR>
Chicago, IL 60610</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&mdash;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&mdash;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">*</TD><TD STYLE="text-align: justify">Based on information set forth in Julie Smolyansky&rsquo;s Form 4, filed by Julie Smolyansky with
                                                              the SEC on March 11, 2025. I do not hereby concede that all such securities are validly issued to and beneficially owned by Julie
                                                              Smolyansky.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">**</TD><TD STYLE="text-align: justify">Based on information set forth in the 2024 Proxy Statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">I am not the beneficial owner of any
securities of any parent or subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no transaction, since the beginning
of the Company&rsquo;s last fiscal year, or any currently proposed transaction, in which the Company was or is to be a participant and
the amount involved exceeds $120,000, and in which I had or will have a direct or indirect material interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Neither I nor any of my associates,
other than Julie Smolyansky, has any arrangement or understanding with any person (A) with respect to any future employment by the Company
or its affiliates; or (B) with respect to any future transactions to which the Company or any of its affiliates will or may be a party.
Information regarding such arrangements and understandings with respect to Julie Smolyansky is set forth in the Company&rsquo;s reports
and statements filed with the SEC, including its Current Report on Form 8-K filed on December&nbsp;23, 2024 and the 2024 Proxy Statement,
which information is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">I am not a party to any arrangement
or understanding pursuant to which I am proposed to be elected as a director of the Company, or pursuant to which I was selected as a
nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On March 3, 2025, Danone filed a lawsuit
against the Company and each of the members of the Board in the Circuit Court of Cook County, Illinois, Law Division. The lawsuit alleges
that the Company&rsquo;s directors breached their fiduciary duty of loyalty. The lawsuit also alleges that the Company and Julie Smolyansky
committed a breach of contract by violating the Stockholders&rsquo; Agreement (and, in the alternative, that their conduct was barred
by promissory estoppel). To the extent such lawsuit or the outcome thereof might influence the Company&rsquo;s willingness to engage in
a strategic transaction with Danone, I have or may have a material interest therein adverse to the Company or any of its subsidiaries.
Except for the foregoing, there are no material proceedings to which I or any of my associates is a party adverse to the Company or any
of its subsidiaries, or in which I have or any such associate has a material interest adverse to the Company or any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">I am the Manager of 1219 N. Wells Street
Management LLC, and the Chief Executive Officer of Lucy&rsquo;s Organics, neither of which is a parent, subsidiary or other affiliate
of the Company. Prior to that, I served as a director of the Company from 2017 until the 2022 annual meeting of shareholders of the Company.
Prior to January 2022, I also served as the Company&rsquo;s Chief Operating Officer. I was appointed as Chief Financial and Accounting
Officer and Treasurer of the Company in November 2004 and appointed as the Chief Operating Officer and Secretary in 2012. I resigned my
titles as Chief Financial Officer on January 1, 2016 and as Chief Accounting Officer on August 8, 2016. I retained my title of Chief Operating
Officer when the Board appointed Eric Hanson as Treasurer and as Secretary on October 4, 2019. I also served as the Company&rsquo;s Controller
from June 2002 until 2004. My prior experience is not material. I received my bachelor&rsquo;s degree in finance from Loyola University
of Chicago in December 2001. I do not hold, and have not held during the past five years, any other directorships in any company with
a class of securities registered pursuant to Section 12 of the Exchange Act or subject to the requirements of Section 15(d) of the Exchange
Act or any company registered as an investment company under the Investment Company Act. I am the brother of Chairperson, President, CEO
and Secretary, Julie Smolyansky.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">I have over fifteen years of extensive
financial and operations experience in the dairy and consumer packaged goods industries. Under my operational leadership, the Company
has successfully integrated several strategic acquisitions and successfully led the development of both manufacturing processes and products.
I provide unique perspectives and invaluable, in-depth knowledge of the Company, including strategic growth opportunities; personnel;
relationships with key customers and suppliers; brand marketing; operations; mergers, acquisitions and divestitures; competitive product
positioning; history; company culture; and all other aspects of the Company&rsquo;s operations. As the former Chief Operating Officer
and former Chief Financial Officer of a publicly traded company, I bring experience working with the investor community and financial
institutions. In addition, as a member of the Company&rsquo;s founding family, I am a recognized leader in the dairy and probiotic products
industry with an in-depth knowledge of manufacturers, distributors, and retailers across all the Company&rsquo;s channels of distribution,
all of which led to the conclusion that I should serve as a director, in light of the Company&rsquo;s business and structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no family relationship between
myself and any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer, except
that I am the brother of Julie Smolyansky. None of the events, facts or circumstances described in Item 401(f) of Regulation S-K have
occurred or existed with respect to me during the past ten years and that are material to an evaluation of my ability or integrity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Since January&nbsp;1, 2021, I have filed
8 late reports under Section&nbsp;16(a) of the Exchange Act with respect to 10 transactions that were not reported on a timely basis,
in each case with respect to securities of the Company. Information regarding the number of late reports, if any, the number of transactions,
if any, that were not reported on a timely basis, and any known failures to file a required form are set forth in the Company&rsquo;s
reports and statements filed with the SEC, which information is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no other information with respect
to me that would be required to be disclosed in solicitations of proxies for election of directors, or is otherwise required, in each
case pursuant to Regulation 14A under the Exchange Act, and, for the avoidance of doubt, to the extent any such required information is
not explicitly stated, summarized or confirmed in this Notice, I hereby confirm that there is no such information, and that the response
to such requirement is &ldquo;not applicable&rdquo; or &ldquo;none,&rdquo; as the case may be. Without limiting the generality of the
preceding sentence, I had no other employment or principal occupation during the past five years, nor any other employment or principal
occupation prior to such period that is material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><B>Robert Whalen (age 57)</B>. Mr. Whalen does not have any substantial interest, direct or indirect,
by security holdings or otherwise, in any matter to be acted upon at the Annual Meeting, other than any compensation he would receive
in connection with his service as a director. Mr. Whalen&rsquo;s business address is 333 S Wabash Ave, Chicago, IL 60604. His present
principal occupation is executive and he is employed as Senior Advisor by Alternative Investment Resource, LLC (d/b/a AIR Asset Management),
a diversified alternatives asset management firm whose address is 333 S Wabash Ave, 27th Floor, Chicago, IL 60604. He has not, during
the past ten years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or any other event
described in Item 401(f) of Regulation S-K. He does not own, of record or beneficially, any securities of the Company. He has not engaged
in any purchase and sale transactions during the past two years involving securities of the Company. He is not, and was not within the
past year, a party to any contract, arrangements or understandings with any person with respect to any securities of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The name and address of, beneficial
ownership of Company securities by, and information required by Item 404(a) of Regulation S-K with respect to, each of Mr. Whalen&rsquo;s
associates, within the meaning of Rule 14a-1 under the Exchange Act, is set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 89%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: Transparent">
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: left; text-underline-color: black"><B>Associate</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center; text-underline-color: black"><B>Address</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center; text-underline-color: black"><B>Company Securities <BR>
Beneficially Owned</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center; text-underline-color: black"><B>Item 404(a) Information</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-underline-color: black">[*]</TD>
    <TD STYLE="text-align: left; text-underline-color: black">[*]</TD>
    <TD STYLE="text-align: center; text-underline-color: black">&mdash;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&mdash;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mr. Whalen is not the beneficial owner
of any securities of any parent or subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no transaction, since the beginning
of the Company&rsquo;s last fiscal year, or any currently proposed transaction, in which the Company was or is to be a participant and
the amount involved exceeds $120,000, and in which Mr. Whalen or any related person (within the meaning of Instruction 1 to Item 404(a)
of Regulation S-K) had or will have a direct or indirect material interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Neither Mr. Whalen nor any of his associates
has any arrangement or understanding with any person (A) with respect to any future employment by the Company or its affiliates; or (B)
with respect to any future transactions to which the Company or any of its affiliates will or may be a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mr. Whalen is not a party to any arrangement
or understanding pursuant to which he is proposed to be elected as a director of the Company, or pursuant to which he was selected as
a nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There are no material proceedings to
which Mr. Whalen or any of his associates is a party adverse to the Company or any of its subsidiaries, or in which he or any such associate
has a material interest adverse to the Company or any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mr. Whalen has over 20 years of experience
in the capital markets and investment management. He is Senior Advisor of Alternative Investment Resource, LLC (d/b/a AIR Asset Management),
a diversified alternatives asset management firm. In 2018, he co-founded, and is currently the Managing Partner of, Atlys Group, LLC,
a diversified business group that engages in disaster recovery, pandemic solutions, private equity and other businesses. From 1991 through
2008, Mr. Whalen held a variety of positions with American Express Financial Advisors, most recently serving as Group Vice President from
2004 until 2008, leading over 600 financial advisors and staff and over $14 billion in assets under management. None of the foregoing
entities is a parent, subsidiary or other affiliate of the Company. His prior experience is not material. Mr. Whalen holds a B.A. in Finance
and Management from Merrimack College in North Andover, Massachusetts, and completed the Executive Management Program from Harvard University
in 2000. Mr. Whalen&rsquo;s experience in finance and diversified lines of business, and his demonstrated leadership experience led to
the conclusion that he should serve as a director, in light of the Company&rsquo;s business and structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mr. Whalen does not hold, and he has
not held during the past five years, any other directorships in any company with a class of securities registered pursuant to Section
12 of the Exchange Act or subject to the requirements of Section 15(d) of the Exchange Act or any company registered as an investment
company under the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no family relationship between
Mr. Whalen and any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer.
None of the events, facts or circumstances described in Item 401(f) of Regulation S-K have occurred or existed with respect to Mr. Whalen
during the past ten years and that are material to an evaluation of his ability or integrity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no other information with respect
to Mr. Whalen that would be required to be disclosed in solicitations of proxies for election of directors, or is otherwise required,
in each case pursuant to Regulation 14A under the Exchange Act, and, for the avoidance of doubt, to the extent any such required information
is not explicitly stated, summarized or confirmed in this Notice, I hereby confirm that there is no such information, and that the response
to such requirement is &ldquo;not applicable&rdquo; or &ldquo;none,&rdquo; as the case may be. Without limiting the generality of the
preceding sentence, Mr.&nbsp;Whalen had no other employment or principal occupation during the past five years, nor any other employment
or principal occupation prior to such period that is material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><B>Cindy Curry (age 56)</B>. Ms. Curry does not have any substantial interest, direct or indirect, by
security holdings or otherwise, in any matter to be acted upon at the Annual Meeting, other than any compensation she would receive in
connection with her service as a director. Ms. Curry&rsquo;s business address is c/o Rakuten Advertising, 215 Park Avenue South, 2nd Floor,
New York, NY 10003. Her present principal occupation is executive and she is employed as chief financial officer by Rakuten Advertising
(Nikkei: RKUNY), a multi-national advertising company focused on affiliate marketing, influencer, performance solutions and media, a position
she has held since 2022, and whose address is 215 Park Avenue South, 2nd Floor, New York, NY 10003. She has not, during the past ten years,
been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or any other event described in Item 401(f)
of Regulation S-K. She does not own, of record or beneficially, any securities of the Company. She has not engaged in any purchase and
sale transactions during the past two years involving securities of the Company. She is not, and was not within the past year, a party
to any contract, arrangements or understandings with any person with respect to any securities of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Ms. Curry does not have any associates
within the meaning of Rule 14a-1 under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Ms. Curry is not the beneficial owner
of any securities of any parent or subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no transaction, since the beginning
of the Company&rsquo;s last fiscal year, or any currently proposed transaction, in which the Company was or is to be a participant and
the amount involved exceeds $120,000, and in which Ms. Curry or any related person (within the meaning of Instruction 1 to Item 404(a)
of Regulation S-K) had or will have a direct or indirect material interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Neither Ms. Curry nor any of her associates
has any arrangement or understanding with any person (A) with respect to any future employment by the Company or its affiliates; or (B)
with respect to any future transactions to which the Company or any of its affiliates will or may be a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Ms. Curry is not a party to any arrangement
or understanding pursuant to which she is proposed to be elected as a director of the Company, or pursuant to which she was selected as
a nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There are no material proceedings to
which Ms. Curry or any of her associates is a party adverse to the Company or any of its subsidiaries, or in which she or any such associate
has a material interest adverse to the Company or any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mr. Curry serves as chief financial
officer of Rakuten Advertising (Nikkei: RKUNY), a multi-national advertising company focused on affiliate marketing, influencer, performance
solutions and media, a position she has held since 2022. Prior to that, she served as Executive Vice President, Chief Financial Officer
of BBDO Worldwide (NYSE: OMC), a global advertising agency, and as Chief Financial Officer of IPG Mediabrands (NYSE: IPG), a media and
marketing firm, and as Chief Financial Officer of Broadwind Energy (NYSE: BWEN), a provider of wind energy equipment. None of the foregoing
is a parent, subsidiary or other affiliate of the Company. Ms. Curry has over 30 years of experience in accounting, financial planning,
operations, corporate strategy, mergers and acquisitions, risk management and other areas working with global, publicly held companies.
She has deep expertise in advertising, branding and digital marketing. Ms. Curry is a certified public accountant and holds a Master of
Business Administration from Northern Illinois University, and a Bachelor of Science in Accounting from the University of Illinois &ndash;
Chicago. Ms. Curry&rsquo;s experience in accounting and finance and her demonstrated leadership experience led to the conclusion that
she should serve as a director, in light of the Company&rsquo;s business and structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Ms. Curry does not hold, and she has
not held during the past five years, any other directorships in any company with a class of securities registered pursuant to Section
12 of the Exchange Act or subject to the requirements of Section 15(d) of the Exchange Act or any company registered as an investment
company under the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no family relationship between
Ms. Curry and any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer.
None of the events, facts or circumstances described in Item 401(f) of Regulation S-K have occurred or existed with respect to Ms. Curry
during the past ten years and that are material to an evaluation of her ability or integrity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no other information with respect
to Ms. Curry that would be required to be disclosed in solicitations of proxies for election of directors, or is otherwise required, in
each case pursuant to Regulation 14A under the Exchange Act, and, for the avoidance of doubt, to the extent any such required information
is not explicitly stated, summarized or confirmed in this Notice, I hereby confirm that there is no such information, and that the response
to such requirement is &ldquo;not applicable&rdquo; or &ldquo;none,&rdquo; as the case may be. Without limiting the generality of the
preceding sentence, Ms.&nbsp;Curry had no other employment or principal occupation during the past five years, nor any other employment
or principal occupation prior to such period that is material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify"><B>George Sent (age 53)</B>. Mr. Sent does not have any substantial interest, direct or indirect, by security
holdings or otherwise, in any matter to be acted upon at the Annual Meeting, other than any compensation he would receive in connection
with his service as a director. Mr. Sent&rsquo;s business address is 1000 2nd Avenue, Suite 1200, Seattle, WA 98104. Mr. Sent&rsquo;s
present principal occupation is executive and he is employed as Managing Director at Cascadia Capital, an investment bank whose address
is 1000 2nd Avenue, Suite 1200, Seattle, WA 98104. He has not, during the past ten years, been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors) or any other event described in Item 401(f) of Regulation S-K. He does not own, of record
or beneficially, any securities of the Company. He has not engaged in any purchase and sale transactions during the past two years involving
securities of the Company. He is not, and was not within the past year, a party to any contract, arrangements or understandings with any
person with respect to any securities of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mr. Sent does not have any associates
within the meaning of Rule 14a-1 under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mr. Sent is not the beneficial owner
of any securities of any parent or subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no transaction, since the beginning
of the Company&rsquo;s last fiscal year, or any currently proposed transaction, in which the Company was or is to be a participant and
the amount involved exceeds $120,000, and in which Mr. Sent or any related person (within the meaning of Instruction 1 to Item 404(a)
of Regulation S-K) had or will have a direct or indirect material interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mr. Sent does not have any arrangement
or understanding with any person (A) with respect to any future employment by the Company or its affiliates; or (B) with respect to any
future transactions to which the Company or any of its affiliates will or may be a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mr. Sent is not a party to any arrangement
or understanding pursuant to which he is proposed to be elected as a director of the Company, or pursuant to which he was selected as
a nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There are no material proceedings to
which Mr. Sent or any of his associates is a party adverse to the Company or any of its subsidiaries, or in which he or any such associate
has a material interest adverse to the Company or any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mr. Sent is the former lead independent
director and Chairperson of the Company&rsquo;s Audit and Corporate Governance Committee, prior to his departure from the Board in January
2020. Since 2018, Mr. Sent has been a Managing Director at Cascadia Capital focused on client relationships in the food, beverage and
agricultural sectors. His practice is focused on mergers and acquisitions, recapitalizations, restructurings and equity private placements.
He joined Cascadia Capital from KeyBank Capital Markets, where from 2013 through 2018 he was the Head of Food &amp; Beverage Mergers and
Acquisitions, including sell-side, buy-side and strategic advisory assignments. From 2010 through 2013, Mr. Sent was an Executive Director
&ndash; Consumer and Investment Retail Banker with Lazard. He also spent three years as Head of Corporate Finance and Investor Relations
at The J.M. Smucker Company, and as an investment banker with Goldman Sachs. None of the foregoing entities (except for the Company itself)
is a parent, subsidiary or other affiliate of the Company. Mr. Sent holds an undergraduate degree from the University of Cincinnati, where
he graduated in 1993 cum laude and Beta Gamma Sigma. He became a Certified Public Accountant in 2002. He also earned an M.B.A. from Cornell
University in 2001, where he was a Johnson School Finance Fellow. He is on the Advisory Board of Magic Leap, Inc., and he is also on the
Food Science Advisory Council at Cornell University. Mr. Sent&rsquo;s prior experience as the lead independent director of the Company,
business experience and his demonstrated leadership experience led to the conclusion that he should serve as a director, in light of the
Company&rsquo;s business and structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mr. Sent does not hold, and has not
held during the past five years, any other directorships in any company with a class of securities registered pursuant to Section 12 of
the Exchange Act or subject to the requirements of Section 15(d) of the Exchange Act or any company registered as an investment company
under the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no family relationship between
Mr. Sent and any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer.
None of the events, facts or circumstances described in Item 401(f) of Regulation S-K have occurred or existed with respect to Mr. Sent
during the past ten years and that are material to an evaluation of his ability or integrity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no other information with respect
to Mr. Sent that would be required to be disclosed in solicitations of proxies for election of directors, or is otherwise required, in
each case pursuant to Regulation 14A under the Exchange Act, and, for the avoidance of doubt, to the extent any such required information
is not explicitly stated, summarized or confirmed in this Notice, I hereby confirm that there is no such information, and that the response
to such requirement is &ldquo;not applicable&rdquo; or &ldquo;none,&rdquo; as the case may be. Without limiting the generality of the
preceding sentence, Mr.&nbsp;Sent had no other employment or principal occupation during the past five years, nor any other employment
or principal occupation prior to such period that is material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify"><B>Michael Leydervuder (age 42)</B>. Mr. Leydervuder does not have any substantial interest, direct or
indirect, by security holdings or otherwise, in any matter to be acted upon at the Annual Meeting, other than any compensation he would
receive in connection with his service as a director. Mr. Leydervuder&rsquo;s business address is 451 N. Racine Ave. Chicago, IL 60642.
Mr. Leydervuder&rsquo;s present principal occupation is executive and he is employed as Managing Director by L Development, which invests
in real estate and business developments and whose address is 451 N. Racine Ave. Chicago, IL 60642. He has not, during the past ten years,
been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or any other event described in Item 401(f)
of Regulation S-K. He does not own, of record or beneficially, any securities of the Company. He has not engaged in any purchase and sale
transactions during the past two years involving securities of the Company. He is not, and was not within the past year, a party to any
contract, arrangements or understandings with any person with respect to any securities of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The name and address of, beneficial
ownership of Company securities by, and information required by Item 404(a) of Regulation S-K with respect to, each of Mr. Leydervuder&rsquo;s
associates, within the meaning of Rule 14a-1 under the Exchange Act, is set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 89%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: Transparent">
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: left; text-underline-color: black"><B>Associate</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center; text-underline-color: black"><B>Address</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center; text-underline-color: black"><B>Company Securities <BR>
Beneficially Owned</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center; text-underline-color: black"><B>Item 404(a) Information</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-underline-color: black">[*]</TD>
    <TD STYLE="text-align: left; text-underline-color: black">[*]</TD>
    <TD STYLE="text-align: center; text-underline-color: black">&mdash;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&mdash;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mr. Leydervuder is not the beneficial
owner of any securities of any parent or subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no transaction, since the beginning
of the Company&rsquo;s last fiscal year, or any currently proposed transaction, in which the Company was or is to be a participant and
the amount involved exceeds $120,000, and in which Mr. Leydervuder or any related person (within the meaning of Instruction 1 to Item
404(a) of Regulation S-K) had or will have a direct or indirect material interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mr. Leydervuder does not have any arrangement
or understanding with any person (A)&nbsp;with respect to any future employment by the Company or its affiliates; or (B) with respect
to any future transactions to which the Company or any of its affiliates will or may be a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mr. Leydervuder is not a party to any
arrangement or understanding pursuant to which he is proposed to be elected as a director of the Company, or pursuant to which he was
selected as a nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<!-- Field: Page; Sequence: 12 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There are no material proceedings to
which Mr. Leydervuder or any of his associates is a party adverse to the Company or any of its subsidiaries, or in which he or any such
associate has a material interest adverse to the Company or any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Michael Leydervuder is the CEO and managing
partner of L Development, LLC, an entity which invests in real estate and business developments, positions he has held since founding
the company in 2018. L Development, LLC is not a parent, subsidiary or other affiliate of the Company. Mr. Leydervuder has spent over
15 years in real estate and specializes in a wide array of areas including residential and commercial loans, consulting for real estate
brokerage, and commercial real estate and development. Mr. Leydervuder also pays special focus on residential and commercial development
projects in low income areas of Chicago. Mr. Leydervuder&rsquo;s business experience and his demonstrated leadership experience led to
the conclusion that he should serve as a director, in light of the Company&rsquo;s business and structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mr. Leydervuder does not hold, and has
not held during the past five years, any other directorships in any company with a class of securities registered pursuant to Section
12 of the Exchange Act or subject to the requirements of Section 15(d) of the Exchange Act or any company registered as an investment
company under the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no family relationship between
Mr. Leydervuder and any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer.
None of the events, facts or circumstances described in Item 401(f) of Regulation S-K have occurred or existed with respect to Mr. Leydervuder
during the past ten years and that are material to an evaluation of his ability or integrity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no other information with respect
to Mr. Leydervuder that would be required to be disclosed in solicitations of proxies for election of directors, or is otherwise required,
in each case pursuant to Regulation 14A under the Exchange Act, and, for the avoidance of doubt, to the extent any such required information
is not explicitly stated, summarized or confirmed in this Notice, I hereby confirm that there is no such information, and that the response
to such requirement is &ldquo;not applicable&rdquo; or &ldquo;none,&rdquo; as the case may be. Without limiting the generality of the
preceding sentence, Mr.&nbsp;Leydervuder had no other employment or principal occupation during the past five years, nor any other employment
or principal occupation prior to such period that is material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify"><B>Richard Beleutz (age 55)</B>. Mr. Beleutz does not have any substantial interest, direct or indirect,
by security holdings or otherwise, in any matter to be acted upon at the Annual Meeting, other than any compensation he would receive
in connection with his service as a director. Mr. Beleutz&rsquo;s business address is 333 S Wabash Ave, 27th Floor, Chicago, IL 60604.
Mr. Beleutz&rsquo;s present principal occupation is executive and he is employed as the Chief Executive Officer of Alternative Investment
Resource, LLC (d/b/a AIR Asset Management), a diversified alternatives asset management firm whose address is 333 S Wabash Ave, 27th Floor,
Chicago, IL 60604. He has not, during the past ten years, been convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or any other event described in Item 401(f) of Regulation S-K. He does not own, of record or beneficially, any securities
of the Company. He has not engaged in any purchase and sale transactions during the past two years involving securities of the Company.
He is not, and was not within the past year, a party to any contract, arrangements or understandings with any person with respect to any
securities of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The name and address of, beneficial
ownership of Company securities by, and information required by Item 404(a) of Regulation S-K with respect to, each of Mr. Beluetz&rsquo;s
associates, within the meaning of Rule 14a-1 under the Exchange Act, is set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 89%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: Transparent">
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: left; text-underline-color: black"><B>Associate</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center; text-underline-color: black"><B>Address</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center; text-underline-color: black"><B>Company Securities<BR>
 Beneficially Owned</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center; text-underline-color: black"><B>Item 404(a) Information</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-underline-color: black">[*]</TD>
    <TD STYLE="text-align: left; text-underline-color: black">[*]</TD>
    <TD STYLE="text-align: center; text-underline-color: black">&mdash;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&mdash;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mr. Beleutz is not the beneficial owner
of any securities of any parent or subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<!-- Field: Page; Sequence: 13 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no transaction, since the beginning
of the Company&rsquo;s last fiscal year, or any currently proposed transaction, in which the Company was or is to be a participant and
the amount involved exceeds $120,000, and in which Mr. Beleutz or any related person (within the meaning of Instruction 1 to Item 404(a)
of Regulation S-K) had or will have a direct or indirect material interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mr. Beleutz does not have any arrangement
or understanding with any person (A) with respect to any future employment by the Company or its affiliates; or (B) with respect to any
future transactions to which the Company or any of its affiliates will or may be a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mr. Beleutz is not a party to any arrangement
or understanding pursuant to which he is proposed to be elected as a director of the Company, or pursuant to which he was selected as
a nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There are no material proceedings to
which Mr. Beleutz or any of his associates is a party adverse to the Company or any of its subsidiaries, or in which he or any such associate
has a material interest adverse to the Company or any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Richard Beleutz is AIR Asset Management&rsquo;s
Founder and Chief Executive Officer, a position he has held since 2014, and is responsible for overseeing the firm&rsquo;s strategic direction
and driving growth. He is the Chair of the Executive Committee, Investment Committee, and a member of the Portfolio Committee. AIR Asset
Management is not a parent, subsidiary or other affiliate of the Company. Mr. Beleutz has nearly 30 years of experience in various capacities
in the investment industry. He has closed over $1 billion in transactions for companies and investment products, has extensive deal experience
in private equity and investment banking, and has an operations background as a former principal of three hedge funds. Mr. Beleutz earned
a Bachelor of Arts in Economics from the University of Michigan and holds Series 7, 9, 10, 24, 63, and 79 securities registrations. Mr.
Beleutz&rsquo;s experience in finance and his demonstrated leadership experience led to the conclusion that he should serve as a director,
in light of the Company&rsquo;s business and structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mr. Beleutz does not hold, and has not
held during the past five years, any other directorships in any company with a class of securities registered pursuant to Section 12 of
the Exchange Act or subject to the requirements of Section 15(d) of the Exchange Act or any company registered as an investment company
under the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no family relationship between
Mr. Beleutz and any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer.
None of the events, facts or circumstances described in Item 401(f) of Regulation S-K have occurred or existed with respect to Mr. Beleutz
during the past ten years and that are material to an evaluation of his ability or integrity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There is no other information with respect
to Mr. Beleutz that would be required to be disclosed in solicitations of proxies for election of directors, or is otherwise required,
in each case pursuant to Regulation 14A under the Exchange Act, and, for the avoidance of doubt, to the extent any such required information
is not explicitly stated, summarized or confirmed in this Notice, I hereby confirm that there is no such information, and that the response
to such requirement is &ldquo;not applicable&rdquo; or &ldquo;none,&rdquo; as the case may be. Without limiting the generality of the
preceding sentence, Mr.&nbsp;Beleutz had no other employment or principal occupation during the past five years, nor any other employment
or principal occupation prior to such period that is material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If elected as director, each Planned Nominee would be entitled to receive
compensation paid by the Company to its non-employee directors, as summarized in the Company&rsquo;s Annual Report on Form 10-K for the
year ended December 31, 2023, filed with the SEC on March&nbsp;20, 2024, and the 2024 Proxy Statement, which disclosure is incorporated
herein by reference, including, without limitation, participation in the 2022 Non-Employee Director Equity and Deferred Compensation Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby represent to the Company that (i)&nbsp;I
intend to solicit proxies in support of each Planned Nominee in accordance with Rule 14a-19 promulgated under the Exchange Act (&ldquo;<U>Rule
14a-19</U>&rdquo;), (ii)&nbsp;no other person intends or is part of a group that intends to solicit proxies in support of any Planned
Nominee in accordance with Rule 14a-19 and (iii)&nbsp;I intend to vote all shares owned beneficially or of record by me at the Annual
Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I further notify the Company that I intend to
solicit the holders of shares representing at least 67% of the voting power of shares entitled to vote on the election of directors in
support of director nominees other than the Company&rsquo;s nominees, including the Planned Nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I do not intend to oppose any action intended
to be taken by the Company, except that (i)&nbsp;I have and intend to continue to advocate that the Company replace its Chairperson, President,
Chief Executive Officer and Secretary, and commence or accelerate an exploration of the Company&rsquo;s strategic alternatives, including,
without limitation, a reevaluation of Danone&rsquo;s proposal to acquire the Company, (ii)&nbsp;I intend to solicit proxies for the election
of one or more of the Planned Nominees, (iii)&nbsp;I intend to vote for one or more of the Planned Nominees, if nominated at the Annual
Meeting and (iv)&nbsp;if elected, in my capacity as a director of the Company, I may advocate or vote against positions taken by the officers
or other directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The participants in any such solicitation of proxies
include (i)&nbsp;myself, (ii)&nbsp;each of the other Planned Nominees, (iii)&nbsp;to the extent my solicitation of proxies in support
of any Planned Nominee is attributed to any group (which attribution I expressly disclaim), such group and each member thereof, and (iv)&nbsp;any
person who solicits proxies in such solicitation (other than those persons referenced in paragraph (b) of Instruction 3 to Item 4 of Rule&nbsp;14a-101
promulgated under the Exchange Act), although no such person has been identified or engaged at this time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any such solicitation may be made by the use of
the mails, oral solicitation (including telephonic communication), e-mail, press releases, investor presentation, Internet advertising,
proxy solicitation firms, and other means of written communication. I have engaged Saratoga Saratoga Proxy Consulting LLC to provide solicitation
and advisory services in connection with any such solicitation, for which it will receive a fee not to exceed $75,000, together with reimbursement
for its reasonable out-of-pocket expenses, and will be indemnified against certain liabilities and expenses. Saratoga will solicit consents
from individuals, brokers, banks, bank nominees and other institutional holders. It is anticipated that Saratoga would employ approximately
30 persons to solicit Company shareholders as part of any such solicitation. Except as described in the immediately preceding sentence,
neither myself nor any of the persons identified in the previous paragraph has engaged any employees or paid solicitors in connection
with any such solicitation, nor will any of the foregoing persons employ regular employees of the Company or any of the persons identified
in the preceding paragraph. I anticipate that the costs of any such solicitation would be between $100,000 and $300,000, which costs will
be borne by myself; I anticipate that the cost of any specially engaged employees, representatives or other persons that may be employed
to solicit security holders would be between $20,000 and $100,000; I anticipate that approximately 30 such employees or employees of any
proxy solicitation firm would conduct such solicitation. To the extent permitted, I intend to seek reimbursement by the Company for all
of the foregoing costs of solicitation, and I do not intend to submit to a vote of security holders the question of any such reimbursement.
I have not made any expenditures to date for, in furtherance of, or in connection with the solicitation of security holders, except in
connection with the engagement of Saratoga, and except to the extent my expenditures for legal services on or prior to the date hereof
related to this Notice and the planned nomination are deemed to constitute such expenditures, which expenditures have been approximately
$100,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I and Ludmila Smolyansky have notified, and hereby
notify, the Board of our belief that Julie Smolyansky should be replaced as Chairperson, President, Chief Executive Officer and Secretary
of the Company, and I believe that Julie Smolyansky disagrees with this position. To the extent Ludmila, Julie and myself were previously
deemed to control the Company, and to the extent we are no longer deemed to be acting together as a group, it may constitute a change
in control. To my knowledge, no specific person or group or persons acquired control as a result of the foregoing. To my knowledge, there
were and are no arrangements or understandings among members of any former or new control group and their associates with respect to election
of directors or other matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no, and have not been in the past, any
direct or indirect compensation arrangements between me and my affiliates, on the one hand, and the Planned Nominees, on the other hand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I have enclosed herewith, on behalf of each Planned
Nominee, his or her written consent to being named as a nominee for election as a director of the Company in any and all proxy statements
and accompanying proxy card(s), including, for the avoidance of doubt, any such proxy statements and proxy cards relating to the Annual
Meeting, and to serve as a director of the Company, if elected or appointed to such position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby incorporate by reference herein any information
required to be set forth herein that is disclosed by the Company, myself, Ludmila Smolyansky, Danone or any of our respective affiliates
in, or incorporated by reference into, any report, schedule or preliminary or final statement, or any amendment to any of the foregoing,
filed with or furnished to the SEC on or prior to the date hereof, or in any exhibit thereto (in each case, to the extent not superseded
by subsequent disclosure) (the &ldquo;<U>Incorporated Information</U>&rdquo;), and in the event of any inconsistency between the information
in this Notice and the Incorporated Information, the Incorporated Information shall be deemed to supersede the information in this Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby reserve any and all rights, claims and
remedies I may have against the Company, including in respect of the notice requirements set forth in the Bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Edward Smolyansky</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Edward Smolyansky</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Enclosures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 2pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt; text-align: left">cc:</TD><TD STYLE="text-align: justify">Timothy Lavender, Kelley Drye &amp; Warren LLP</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Beth E. Berg, Sidley Austin
LLP</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Bill Fay, Barack Ferrazzano
Kirschbaum &amp; Nagelberg LLP</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Nicholas Callahan, Barack
Ferrazzano Kirschbaum &amp; Nagelberg LLP</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 12, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Lifeway Foods, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">6431 West Oakton St.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Morton Grove, Illinois 60053</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Attention:&#9;Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lifeway Foods, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Legal Department Lifeway Foods</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6101 West Gross Point Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Niles, Illinois 60714</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention:&#9;Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Re:&#9;<U>Written Consent</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Secretary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby (i)&nbsp;consent to being named as a
nominee for election as a director of Lifeway Foods, Inc., an Illinois corporation (the &ldquo;<U>Company</U>&rdquo;), in any and all
proxy statements and accompanying proxy card(s), including, for the avoidance of doubt, any such proxy statements and proxy cards relating
to the Company&rsquo;s 2025 annual meeting of shareholders, and (ii)&nbsp;consent to, and agree to, serve as a director of the Company,
if elected or appointed to such position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, I hereby represent, certify and affirm
to the Company that I have authorized Edward Smolyansky to deliver this written consent to the Company on my behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Remainder of page intentionally left blank</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>/s/ Ludmila Smolyansky&#9;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ludmila Smolyansky</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">cc:&#9;Edward Smolyansky</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 12, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Lifeway Foods, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">6431 West Oakton St.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Morton Grove, Illinois 60053</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Attention:&#9;Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lifeway Foods, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Legal Department Lifeway Foods</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6101 West Gross Point Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Niles, Illinois 60714</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention:&#9;Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Re:&#9;<U>Written Consent</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Secretary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby (i)&nbsp;consent to being named as a
nominee for election as a director of Lifeway Foods, Inc., an Illinois corporation (the &ldquo;<U>Company</U>&rdquo;), in any and all
proxy statements and accompanying proxy card(s), including, for the avoidance of doubt, any such proxy statements and proxy cards relating
to the Company&rsquo;s 2025 annual meeting of shareholders, and (ii)&nbsp;consent to, and agree to, serve as a director of the Company,
if elected or appointed to such position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>/s/ Edward Smolyansky&#9;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Edward Smolyansky</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 12, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Lifeway Foods, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">6431 West Oakton St.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Morton Grove, Illinois 60053</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Attention:&#9;Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lifeway Foods, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Legal Department Lifeway Foods</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6101 West Gross Point Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Niles, Illinois 60714</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention:&#9;Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Re:&#9;<U>Written Consent</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Secretary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby (i)&nbsp;consent to being named as a
nominee for election as a director of Lifeway Foods, Inc., an Illinois corporation (the &ldquo;<U>Company</U>&rdquo;), in any and all
proxy statements and accompanying proxy card(s), including, for the avoidance of doubt, any such proxy statements and proxy cards relating
to the Company&rsquo;s 2025 annual meeting of shareholders, and (ii)&nbsp;consent to, and agree to, serve as a director of the Company,
if elected or appointed to such position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, I hereby represent, certify and affirm
to the Company that I have authorized Edward Smolyansky to deliver this written consent to the Company on my behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>/s/ Robert Whalen&#9;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Robert Whalen</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">cc:&#9;Edward Smolyansky</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 12, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Lifeway Foods, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">6431 West Oakton St.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Morton Grove, Illinois 60053</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Attention:&#9;Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lifeway Foods, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Legal Department Lifeway Foods</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6101 West Gross Point Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Niles, Illinois 60714</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention:&#9;Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Re:&#9;<U>Written Consent</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Secretary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby (i)&nbsp;consent to being named as a
nominee for election as a director of Lifeway Foods, Inc., an Illinois corporation (the &ldquo;<U>Company</U>&rdquo;), in any and all
proxy statements and accompanying proxy card(s), including, for the avoidance of doubt, any such proxy statements and proxy cards relating
to the Company&rsquo;s 2025 annual meeting of shareholders, and (ii)&nbsp;consent to, and agree to, serve as a director of the Company,
if elected or appointed to such position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, I hereby represent, certify and affirm
to the Company that I have authorized Edward Smolyansky to deliver this written consent to the Company on my behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>/s/ Cindy Curry&#9;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cindy Curry</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">cc:&#9;Edward Smolyansky</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 12, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Lifeway Foods, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">6431 West Oakton St.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Morton Grove, Illinois 60053</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Attention:&#9;Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lifeway Foods, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Legal Department Lifeway Foods</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6101 West Gross Point Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Niles, Illinois 60714</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention:&#9;Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Re:&#9;<U>Written Consent</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Secretary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby (i)&nbsp;consent to being named as a
nominee for election as a director of Lifeway Foods, Inc., an Illinois corporation (the &ldquo;<U>Company</U>&rdquo;), in any and all
proxy statements and accompanying proxy card(s), including, for the avoidance of doubt, any such proxy statements and proxy cards relating
to the Company&rsquo;s 2025 annual meeting of shareholders, and (ii)&nbsp;consent to, and agree to, serve as a director of the Company,
if elected or appointed to such position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, I hereby represent, certify and affirm
to the Company that I have authorized Edward Smolyansky to deliver this written consent to the Company on my behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Remainder of page intentionally left blank</I>]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>/s/ George Sent&#9;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">George Sent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">cc:&#9;Edward Smolyansky</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 12, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Lifeway Foods, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">6431 West Oakton St.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Morton Grove, Illinois 60053</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Attention:&#9;Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lifeway Foods, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Legal Department Lifeway Foods</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6101 West Gross Point Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Niles, Illinois 60714</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention:&#9;Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Re:&#9;<U>Written Consent</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Secretary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby (i)&nbsp;consent to being named as a
nominee for election as a director of Lifeway Foods, Inc., an Illinois corporation (the &ldquo;<U>Company</U>&rdquo;), in any and all
proxy statements and accompanying proxy card(s), including, for the avoidance of doubt, any such proxy statements and proxy cards relating
to the Company&rsquo;s 2025 annual meeting of shareholders, and (ii)&nbsp;consent to, and agree to, serve as a director of the Company,
if elected or appointed to such position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, I hereby represent, certify and affirm
to the Company that I have authorized Edward Smolyansky to deliver this written consent to the Company on my behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Remainder of page intentionally left blank</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>/s/ Michael Leydervuder&#9;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Michael Leydervuder</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">cc:&#9;Edward Smolyansky</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 12, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Lifeway Foods, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">6431 West Oakton St.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Morton Grove, Illinois 60053</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Attention:&#9;Secretary</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lifeway Foods, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Legal Department Lifeway Foods</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6101 West Gross Point Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Niles, Illinois 60714</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention:&#9;Secretary</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Re:&#9;<U>Written Consent</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Secretary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby (i)&nbsp;consent to being named as a
nominee for election as a director of Lifeway Foods, Inc., an Illinois corporation (the &ldquo;<U>Company</U>&rdquo;), in any and all
proxy statements and accompanying proxy card(s), including, for the avoidance of doubt, any such proxy statements and proxy cards relating
to the Company&rsquo;s 2025 annual meeting of shareholders, and (ii)&nbsp;consent to, and agree to, serve as a director of the Company,
if elected or appointed to such position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, I hereby represent, certify and affirm
to the Company that I have authorized Edward Smolyansky to deliver this written consent to the Company on my behalf.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>/s/ Richad Beleutz&#9;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Richard Beleutz</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">cc:&#9;Edward Smolyansky</P>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>lifeway_ex9902.htm
<DESCRIPTION>LETTER TO SHAREHOLDERS OF LIFEWAY FOODS, INC., DATED MARCH 17, 2025
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Edward Smolyansky<BR>
1219 N Wells St<BR>
Chicago, IL 60610</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 17, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Shareholders,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Together, Ludmila Smolyansky and I are the largest shareholders of
Lifeway Foods, Inc. (NASDAQ: LWAY; &ldquo;Lifeway&rdquo; or the &ldquo;Company&rdquo;), with collective beneficial ownership of 4,163,141
shares of common stock, equating to approximately 27.4% of the shares reported by the Company to be outstanding.<A HREF="#note_ftn1" NAME="note_ftnref1" STYLE="font-size: 65%; vertical-align: 35%">1</A>
Additionally, we have served in several leadership roles at the Company throughout its nearly 40-year history.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has reached an inflection point. While the Board&rsquo;s
insistent capitulation to Lifeway&rsquo;s self-absorbed and self-interested CEO has always been in question, it now must prove in court
that its conduct did not breach the directors&rsquo; fiduciary duties to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The latest suit was brought by Danone, the Company&rsquo;s largest
unaffiliated investor for over 25 years. Danone alleges that the directors breached their fiduciary duties when the Board granted 283,337
shares of stock to CEO Julie Smolyansky without obtaining Danone&rsquo;s consent per its 1999 shareholder agreement with the Company.<A HREF="#note_ftn2" NAME="note_ftnref2" STYLE="font-size: 65%; vertical-align: 35%">2</A>
The grant was suspicious given the cash retention bonus paid to CEO Smolyansky of $2 million<A HREF="#note_ftn3" NAME="note_ftnref3" STYLE="font-size: 65%; vertical-align: 35%">3</A>
announced immediately prior.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All of this followed the rejection of an unsolicited offer from Danone,
its second, to buy the shares of the Company it did not own for $27 per share, representing a premium of 72% over the 3-month volume weighted
average price.<A HREF="#note_ftn4" NAME="note_ftnref4" STYLE="font-size: 65%; vertical-align: 35%">4</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Instead of negotiating better terms with Danone and/or mending fences
with its largest shareholder, we find the Company having to contend with litigation stemming from clearly questionable conduct. Importantly,
the timing and magnitude of the $8.5 million aggregate CEO award in cash and shares &ndash; equating to more than 94% of the Company&rsquo;s
2024 net income &ndash; suggests that this Board is far more interested in enriching the CEO than maximizing value for all shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="#note_ftnref1" NAME="note_ftn1" STYLE="font-size: 65%; vertical-align: 35%">1</A>
Lifeway Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on March&nbsp;14, 2025.
The reported outstanding shares include shares purported to have been issued to Lifeway&rsquo;s Chairman, President and CEO, Julie Smolyansky,
and her spouse without the consent of Danone North America PBC. I do not concede that such shares are validly issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="#note_ftnref2" NAME="note_ftn2" STYLE="font-size: 65%; vertical-align: 35%">2</A>
Danone's Announcement
of Lawsuit Against Lifeway 3/3/2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="#note_ftnref3" NAME="note_ftn3" STYLE="font-size: 65%; vertical-align: 35%">3</A>
Lifeway Current Report on Form
8-K, filed with the SEC on December&nbsp;23, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="#note_ftnref4" NAME="note_ftn4" STYLE="font-size: 65%; vertical-align: 35%">4</A>
Danone Updated Proposed Acquisition of Lifeway
Foods, Offer Letter November&nbsp;15, 2024</P>
<P STYLE="margin: 0"><B></B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B></B></P>

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<P STYLE="margin: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board&rsquo;s failure to maximize shareholder value while enriching
the CEO warrants a complete and immediate overhaul.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This change requires a new slate of independent directors, including
George Sent. As a leading investment banker for the food and beverage industry, he is well-suited to assist the Board in objectively evaluating
the strategic alternatives and acquisition offers received by the Company. As the former lead independent director for Lifeway and former
chair of Lifeway&rsquo;s Audit and Corporate Governance Committee, Mr. Sent is already intimately familiar with the Company and the corporate
governance challenges it faces.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The proposed slate also includes Edward Smolyansky, a member of the
founding family and one of the largest shareholders of the Company, with prior service to the Company in several key roles, including
Controller, CFO, COO, and Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The new slate also includes Ludmila Smolyansky, co-founder of Lifeway
and former Chair of the Board. Mrs. Smolyansky, together with her husband Michael, introduced kefir to the US market and helped turn a
basement operation into a global enterprise. With her help, the Board can return to its business of maximizing value for shareholders
and revive the integrity and spirit upon which the Company was founded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>It is Time for Complete and Immediate Change at the Lifeway Board</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lifeway can no longer be burdened with a Board incapable of putting
the interests of its shareholders ahead of those of its CEO. The relationship with the Company&rsquo;s largest investor must be repaired,
and an independent committee can be formed to evaluate all strategic alternatives aimed at maximizing value for shareholders. However,
we must act now.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The proposed slate has the right balance of kefir product expertise,
shareholder representation, Board and operational familiarity with Lifeway, and financial and transactional experience, to usher a new
growth phase for Lifeway.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Backgrounds and summaries for the nominees are included in the pages
to follow. We look forward to your support in bringing about the complete and immediate change needed to create shareholder value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Edward Smolyansky</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Nominees and Bios for Immediate Change at Lifeway</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Ludmila Smolyansky</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Co-founder and Former Chairperson, </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Lifeway Foods, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 1986, Ludmila Smolyansky and her husband Michael founded Lifeway,
introducing kefir to the American market. After the company went public in 1988, Ludmila played a pivotal role in Lifeway's growth. Following
Michael&rsquo;s passing in 2002, she became Chairperson of the Board, guiding the company through its expansion to over $119 million in
annual revenues by 2021. Smolyansky&rsquo;s leadership extended well beyond her role as Chairperson, which she held until August 2022.
With over 40 years of experience in the health food industry, she was instrumental in developing Lifeway&rsquo;s operational and strategic
direction. Even after retiring as a company employee in 2010, she continued to serve as a consultant and remained a key figure on the
Board. As a cultured dairy and probiotic pioneer, Ludmila&rsquo;s insight into food manufacturing, distribution, and strategic planning
has been invaluable to Lifeway's success. Her industry knowledge and business acumen have made her a recognized leader in natural and
organic products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Edward Smolyansky</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Former Chief Operating Officer, </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Lifeway Foods, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Smolyansky is one of the largest shareholders of Lifeway, a leading
U.S. producer of kefir. As a member of Lifeway&rsquo;s founding family, he served as the company&rsquo;s COO for over a decade, overseeing
critical operations and strategic growth initiatives. He also held roles as CFO and Treasurer after starting his tenure at Lifeway as
Controller. He also served as a director from 2017 to 2022. Edward is a recognized leader in the dairy and probiotic products industry
with extensive financial and operational experience. At Lifeway, he played a key role in integrating strategic acquisitions, developing
innovative products, and collaborating with investors and financial institutions. Edward&rsquo;s father founded Lifeway and entrusted
him with the company&rsquo;s secret kefir formulas and processing methods, and he has been committed to perfecting and enhancing those
products ever since. Edward brings a fresh perspective and a deep understanding of the evolving dairy landscape. He has a clear vision
and strategic plan to revitalize Lifeway, aligning the company with shareholder interests and future market demands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>George Sent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Managing Director, </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cascadia Capital</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Sent is a seasoned investment banking professional with over two
decades of experience, currently serving as Managing Director at Cascadia Capital, specializing in the Food, Beverage &amp; Agribusiness
sector. Sent&rsquo;s expertise in mergers and acquisitions, private equity capital raises, and strategic board advisory is backed by fifteen
years of concentrated work in the food and beverage industry. He holds an M.B.A. from Cornell University and an undergraduate degree from
the University of Cincinnati. His background also includes becoming a Certified Public Accountant in 2002, and he is actively involved
in advisory roles, serving on the Food Science Advisory Council at Cornell University and the Advisory Board of Magic Leap. Before joining
Cascadia Capital in 2018, Sent held senior roles at KeyBank Capital Markets as Head of Food and Beverage M&amp;A and at Lazard as Executive
Director in consumer and retail investment banking. He also gained invaluable operational insights as Head of Corporate Finance and Investor
Relations at The J.M. Smucker Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cindy Curry</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Chief Financial Officer, </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rakuten Advertising</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Curry has served as Chief Financial Officer of Rakuten Advertising,
a multinational company specializing in affiliate marketing, influencer and performance solutions, and media, since 2022. With over 30
years of experience in accounting, financial planning, corporate strategy, and mergers and acquisitions, she has built a reputation for
driving financial growth and operational efficiency. Before Rakuten, she was Executive Vice President and CFO at BBDO Worldwide, CFO at
IPG Mediabrands, and CFO of Broadwind Energy. Her expertise spans a range of industries, including advertising and renewable energy, with
a focus on global, publicly held companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Curry holds a Master of Business Administration from Northern Illinois
University and a Bachelor's in Accounting from the University of Illinois &ndash; Chicago. She is also a Certified Public Accountant (CPA).
Her experience in finance and her leadership in managing complex financial operations make her a critical asset in guiding strategic financial
decisions at Rakuten Advertising.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Robert Whalen</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Senior Advisor, </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>AIR Asset Management </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Whalen is Senior Advisor of Alternative Investment Resource, LLC
(d/b/a AIR Asset Management), a diversified alternatives asset management firm. In 2018, he co-founded, and served as Managing Partner
of, Atlys Group, LLC, a diversified business group that engages in disaster recovery, pandemic solutions, private equity and other businesses.
With over three decades of experience in the financial services industry, Whalen's expertise spans investment management, capital markets,
and business growth strategies. Before co-founding Atlys Group in 2018, Whalen served as President and CEO of W Venture Group, where he
leveraged a global network in financial services to drive business development. His career began at American Express, where he held several
key leadership roles, including Financial Advisor, Field Vice President, and Group Vice President. He oversaw a team of over 600 financial
advisors, managed $14 billion in assets, and was honored with the &quot;Outstanding Leader of the Year&quot; award. Whalen played a pivotal
role in the rebranding and launch of Ameriprise Financial Services, which became one of the largest IPOs in business history. Whalen holds
a Bachelor of Arts in Finance and Management from Merrimack College and completed the Executive Management Program at Harvard University.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Richard Beleutz</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Founder and Chief Executive Officer, </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>AIR Asset Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Beleutz has led AIR Asset Management since 2014, driving its growth
and strategic direction. With nearly 30 years of experience in the investment industry, he has closed over $1 billion in transactions
and held leadership roles in private equity, investment banking, and hedge fund operations. As Chair of the Executive and Investment Committees,
his expertise in insurance-linked securities and alternative assets has positioned AIR as an industry leader. His extensive background
in structured finance and investment strategy, combined with an operational focus, has earned him a reputation for delivering strong,
risk-adjusted returns. Mr. Beleutz holds a Bachelor of Arts in Economics from the University of Michigan and carries Series 7, 9, 10,
24, 63, and 79 securities registrations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Michael Leydervuder</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CEO and Managing Partner, </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>L Development</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Leydervuder serves as the CEO and Managing Partner of L Development,
LLC, a real estate investment and business development firm he established in 2018. With over 20 years of experience in the real estate
sector, Mr. Leydervuder has demonstrated expertise in areas including residential and commercial finance, real estate brokerage consulting,
and commercial real estate development. His leadership at L Development is characterized by a focus on impactful projects, particularly
in residential and commercial development, where business growth is aligned with community improvement. Mr. Leydervuder&rsquo;s extensive
experience in real estate and his commitment to enhancing underserved communities have earned him recognition as a respected leader in
the industry. His strategic approach to real estate investment and development has positioned L Development as a significant player in
promoting sustainable growth in both residential and commercial markets. Additionally, Mr. Leydervuder expanded his financial expertise
by launching Smart Rate Lending, a residential lending business, to assist consumers and industry colleagues during periods of elevated
interest rates.</P>
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