<SEC-DOCUMENT>0001683168-25-004873.txt : 20250702
<SEC-HEADER>0001683168-25-004873.hdr.sgml : 20250702
<ACCEPTANCE-DATETIME>20250702103003
ACCESSION NUMBER:		0001683168-25-004873
CONFORMED SUBMISSION TYPE:	DEFN14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250702
FILED AS OF DATE:		20250702
DATE AS OF CHANGE:		20250702

SUBJECT COMPANY:	

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

	FILING VALUES:
		FORM TYPE:		DEFN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42398
		FILM NUMBER:		251098782

	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 EDWARD
		CENTRAL INDEX KEY:			0001227847
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		DEFN14A
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFN14A
<SEQUENCE>1
<FILENAME>lifeway_defn14a.htm
<DESCRIPTION>FORM DEFN14A
<TEXT>
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     <TITLE></TITLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A<BR>
(Rule 14a-101)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN CONSENT STATEMENT<BR>
SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent Statement Pursuant to Section&nbsp;14(a)
of<BR>
the Securities Exchange Act of 1934</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Filed by the Registrant&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Filed by a Party other than the Registrant&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Check the appropriate box:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Preliminary Consent Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Definitive Consent Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Soliciting Material under &sect;240.14a-12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>LIFEWAY FOODS, INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6">
<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified In Its Charter)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6">
    <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"><B>Ludmila Smolyansky</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Edward Smolyansky</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Richard Beleutz</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cindy Curry</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Michael Leydervuder</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>George Sent</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Robert Whalen</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6">
<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Person(s) Filing Consent Statement, if
    other than the Registrant)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><BR>
Payment of Filing Fee (Check the appropriate box):</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><BR>
No fee required</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><BR>
</FONT><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><BR>
Fee paid previously with preliminary materials</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><BR>
</FONT><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><BR>
Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 82%">&nbsp;</TD></TR>
  </TABLE>
<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>

<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"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent Statement of<BR>
Ludmila Smolyansky<BR>
Edward Smolyansky<BR>
Richard Beleutz<BR>
Cindy Curry<BR>
Michael Leydervuder<BR>
George Sent<BR>
and<BR>
Robert Whalen</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This consent statement and
the accompanying WHITE consent card are being furnished to you as a shareholder of Lifeway Foods, Inc., an Illinois corporation (&ldquo;Lifeway&rdquo;
or the &ldquo;Company&rdquo;), by Ludmila Smolyansky and Edward Smolyansky (the &ldquo;Concerned Shareholders&rdquo;, &ldquo;we&rdquo;,
&ldquo;our&rdquo; or &ldquo;us&rdquo;), in connection with our efforts to replace the Company&rsquo;s Board of Directors (the &ldquo;Board&rdquo;)
and to take certain other actions described below. Together, we exercise voting control with respect to an aggregate of 3,525,141 shares
of Common Stock, no par value (&ldquo;Common Stock&rdquo;), of the Company, representing an estimated 23.2% of the outstanding shares
of Common Stock as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A solicitation of written
consents is a process that allows a company&rsquo;s shareholders to act without a shareholder meeting by submitting written consents to
any proposed shareholder action. We are soliciting written consents from the holders of Common Stock to take the following actions (each,
as described in this consent statement, a &ldquo;Proposal&rdquo;), in the following order, as authorized by Illinois law and the Company&rsquo;s
Second Amended and Restated By-Laws (the &ldquo;Bylaws&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B>The Bylaws Restoration Proposal:</B> To repeal any amendment to the Bylaws that is made by the Board
and becomes effective on or after March&nbsp;24, 2023 and prior to this Proposal becoming effective;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><B>2.</B></TD><TD STYLE="text-align: justify"><B>The Board Removal Proposal:</B> To remove each director of the Company, including Julie Smolyansky,
Juan Carlos Dalto, Jody Levy, Dorri McWhorter, Perfecto Sanchez, Jason Scher, Pol Sikar and any other director appointed by the Board
on or after June&nbsp;15, 2024 and prior to this Proposal becoming effective, subject to the election of at least one Nominee pursuant
to the Director Election Proposal below;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><B>3.</B></TD><TD STYLE="text-align: justify"><B>The Director Election Proposal:</B> To elect each of Ludmila Smolyansky, Edward Smolyansky, Richard
Beleutz, Cindy Curry, Michael Leydervuder, George Sent and Robert Whalen (each a &ldquo;Nominee&rdquo;), to serve as directors of the
Company until the Company&rsquo;s next annual meeting of shareholders and until their respective successors are duly elected and qualified
(or, if any such Nominee is unable or unwilling to serve as a director of the Company, or if the Board changes the number of directorships
to be a number other than seven, the persons designated as Nominees by the then-remaining Nominee(s)), subject to the approval of the
Board Removal Proposal; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><B>4.</B></TD><TD STYLE="text-align: justify"><B>The Anti-Nepotism Proposal:</B> To amend the Bylaws, as reflected in Appendix&nbsp;A to this consent
statement, to prohibit the Company from employing or engaging any immediate family member of the Company&rsquo;s president or chief executive
officer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are soliciting your consent
in favor of the Board Removal Proposal and the Director Election Proposal because we believe the Company&rsquo;s shareholders will be
best served by directors who are committed to safeguarding and promoting the best interests of all Lifeway shareholders. We are soliciting
your consent in favor of the Anti-Nepotism Proposal because we believe the Company&rsquo;s recent employment of Jason Burdeen, spouse
of the Company&rsquo;s chief executive officer, is contrary to the best interests of the Company and its shareholders. Further, we believe
the Bylaws Restoration Proposal will help ensure that the incumbent Board does not unfairly interfere with the ability of the Company&rsquo;s
shareholders to approve the Proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The effectiveness of each
Proposal requires the affirmative consent of the holders of a majority of the outstanding shares of Common Stock as of the close of business
on July&nbsp;2, 2025 (the &ldquo;Record Date&rdquo;). Each Proposal will be effective when we deliver to Lifeway consents signed by holders
of the requisite number of shares and deliver notice of the taking of these corporate actions to the shareholders who have not consented
to these actions. As noted above, the Board Removal Proposal and the Director Election Proposal are each conditioned upon the approval
of the other, to help ensure that at all times the Company has a board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has not yet disclosed
the number of shares of Common Stock outstanding as of the Record Date, each of which is entitled to one consent on each Proposal; however,
the Company has publicly disclosed that there were 15,203,241 outstanding shares of Common Stock as of May&nbsp;6, 2025. We do not hereby
concede that all of these shares were validly issued and outstanding as of such date or as of the Record Date, as certain of these shares
were issued by the Company in violation of the terms of the Stockholders&rsquo; Agreement, dated October 1, 1999 (as amended, the &ldquo;Shareholder
Agreement&rdquo;), among Danone Foods, Inc., Mrs. Smolyansky, Mr. Smolyansky and Julie Smolyansky, the Company&rsquo;s Chairperson, President,
CEO and Secretary, which Shareholder Agreement the Company has asserted is invalid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to consent in favor
of the Proposals with respect to all 3,525,141 shares of Common Stock as to which we exercise voting control as of the Record Date. This
total excludes 500,000 shares that were beneficially owned by Mr. Smolyansky as of the Record Date as to which he does not exercise voting
control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mailing address of the
principal executive offices of Lifeway is 6431 West Oakton St., Morton Grove, Illinois 60053.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The failure to sign and return
a consent with respect to any Proposal will have the same effect as voting against that Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This consent statement and
the enclosed WHITE consent card are first being sent or given to the shareholders of Lifeway on or about July&nbsp;2, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS CONSENT SOLICITATION IS BEING MADE BY
THE CONCERNED SHAREHOLDERS AND NOT BY OR ON BEHALF OF THE COMPANY OR THE BOARD. THE CONCERNED SHAREHOLDERS URGE YOU TO SIGN, DATE AND
RETURN THE WHITE CONSENT CARD IN FAVOR OF THE PROPOSALS DESCRIBED HEREIN.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>This consent statement and our WHITE consent
card are available at</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>www.FreeLifeway.com</B></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: center"><B>PLEASE READ THIS CAREFULLY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If your shares of Common Stock
are registered in your own name, please:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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: 39pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">sign and date the enclosed WHITE consent card on or after July&nbsp;8, 2025, in accordance with the instructions
provided on the WHITE consent card;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">return your signed and dated WHITE consent card to us using the postage-paid envelope provided on or after
July&nbsp;8, 2025 and no later than August&nbsp;1, 2025.</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">If you hold your shares in
&ldquo;street&rdquo; name with a bank, brokerage firm, dealer, trust company or other nominee, only they can exercise your right to consent
with respect to your shares of Common Stock and only upon receipt of your specific instructions. Accordingly, it is critical that you
promptly give instructions to consent to the Proposals to your bank, brokerage firm, dealer, trust company or other nominee, and we request
that you do so on or after July&nbsp;8, 2025 and no later than July&nbsp;25, 2025. If your bank, brokerage firm, dealer, trust company
or other nominee provides for consent instructions to be delivered to them by telephone or Internet, instructions will be included on
the enclosed <B>WHITE</B>&nbsp;consent card. Most brokerage firms do NOT allow consent instructions to be given by telephone or Internet,
so it will be important for you to return your <B>WHITE</B>&nbsp;consent card in the pre-paid return envelope provided. The Concerned
Shareholders urge you to confirm in writing your instructions to the person responsible for your account and provide a copy of those instructions
to the Concerned Shareholders, c/o Saratoga Proxy Consulting, LLC (&ldquo;Saratoga&rdquo;) using the contact information provided below,
so that we will be aware of all instructions given and can help ensure that such instructions are followed.</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">In order for a shareholder
written consent that is signed by less than all of the Company&rsquo;s shareholders to become effective, it must be executed at least
five (5) days after the date of this consent statement. Accordingly, if you execute a written consent on or prior to July 7, 2025, you
will be deemed to have not consented to any of the Proposals, unless you deliver another written consent that is executed on or after
July&nbsp;8, 2025.</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">Notwithstanding the requested
return deadlines set forth above, neither the Illinois Business Corporation Act nor the Bylaws require that consents be submitted prior
to a particular date or deadline in order to be effective.</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">Even if shareholders holding
a sufficient number of shares of Common Stock deliver executed consents with respect to any Proposal(s), the Concerned Shareholders are
not obligated to deliver consents with respect to such Proposal(s) to the Company. In addition, it is possible that the Company will challenge
the validity of shareholder consent with respect to any Proposal. Accordingly, the Concerned Shareholders cannot assure you that any of
the Proposals will become effective by a particular date, or at all, even if consents are executed by the holders of a number of shares
sufficient to approve one or more of the Proposals.</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">Execution and delivery of
a consent by a holder of shares of Common Stock will be presumed to be a consent with respect to all shares held by such holder unless
the consent specifies otherwise.</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">Only holders of voting securities
of the Company as of the close of business on the Record Date will be entitled to consent to the Proposals. If you are a shareholder as
of the close of business on the Record Date, you will retain your right to consent even if you sell your shares of Common Stock after
the Record Date.</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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IF YOU TAKE NO ACTION, YOU
WILL IN EFFECT BE DECLINING TO CONSENT TO THE PROPOSALS. ABSTENTIONS WITH RESPECT TO ANY PROPOSAL WILL HAVE THE SAME EFFECT AS DECLINING
TO CONSENT TO SUCH PROPOSAL.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>If you have any questions, require assistance
in executing your&nbsp;<B>WHITE</B>&nbsp;consent card,</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>or need additional copies of our consent materials,</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>please contact Saratoga at the phone numbers
listed below.</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"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 91px; width: 348px"></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"><B>Saratoga Proxy Consulting, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">520 8<SUP>th</SUP>&nbsp;Avenue, 14<SUP>th</SUP>&nbsp;Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, NY 10018</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"><B>(212) 257-1311</B></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"><B>Stockholders may call toll-free: (888) 368-0379</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Email: info@saratogaproxy.com</B></P>

</DIV>

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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: center"><B>REASONS FOR OUR SOLICITATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WE BELIEVE THE TIME FOR SUBSTANTIAL CHANGE IS
NOW</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ludmila Smolyansky (&ldquo;Mrs.
Smolyansky&rdquo;) and Edward Smolyansky (&ldquo;Mr. Smolyansky&rdquo;) are long-term shareholders of Lifeway, and exercise voting control
with respect to an estimated 23.2% of the outstanding shares of Common Stock as of the Record Date, based on the number of shares reported
by the Company to be outstanding as of May&nbsp;6, 2025. This total excludes 500,000 shares that were beneficially owned by Mr. Smolyansky
as of the Record Date as to which he does not exercise voting control.</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">Over the years, we believe
that Lifeway&rsquo;s Board has overseen significant and repeated failures of corporate governance that have harmed the Company and its
employees, and driven poor financial results for its shareholders, often in service of what appears to us to be the CEO&rsquo;s goal of
retaining control of the Company. These failures include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Failed Governance and Oversight.</I></B> We have noted in the past examples of the Company&rsquo;s
misguided leadership under CEO/Chair Julie Smolyansky, including but not limited to flawed strategy and execution, self-enrichment by
Ms. Smolyansky, and the unscrupulous use of corporate funds to pursue frivolous litigation. We believe that the recent mishandling of
a credible offer from a 25-year investor to acquire all outstanding shares of the Company at a substantial premium, without articulating
any strategic plan to unlock comparable shareholder value, was a microcosm of the Company&rsquo;s failed leadership by Ms. Smolyansky
and her Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">On September 23, 2024, Danone North
America PBC, a Delaware public benefit corporation (&ldquo;Danone North America&rdquo;), one of Lifeway&rsquo;s largest investors and
strategic partners since 1999, presented an unsolicited offer to acquire all outstanding shares of the Company for a price of $25.00 per
share. The <B>implied premium of 59%</B> over the 3-month volume weighted average price was received favorably by the market as indicated
by a one-day share price increase of 23.6%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">On November 5, 2024, the Board announced
that it had rejected the offer and adopted a shareholder rights plan (poison pill) to deter any further advances by Danone. This prompted
a second offer by Danone on November 15, 2024, for $27.00 per share, reflecting <B>an implied premium of 72%</B> over the 3-month volume
weighted average price, which was also rejected by the Board on November 20, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Shortly thereafter, CEO/Chair Julie
Smolyansky alleged publicly that Danone had destroyed Lifeway shareholder value and restricted profitability of the Company in an effort
to nullify its 1999 Stockholder Agreement. Weeks later, the Board proceeded to grant CEO/Chair Smolyansky approximately $8.5 million in
cash and shares, equating to approximately 94% of the Company&rsquo;s 2024 net income, in addition to an already generous compensation
package that over 40% of shareholders opposed at the 2024 annual meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">We believe that the combined CEO/Chair
roles, while occupied by Ms. Smolyansky, has been a significant governance failure resulting in lack of independent oversight. We believe
that the mishandling of Danone&rsquo;s offer and subsequent attempt to sever ties may have market implications that the Board has failed
to consider. We believe that the questionable compensation awards granted to Ms. Smolyansky at the end of the year were in flagrant opposition
to shareholder sentiment conveyed at the 2024 annual meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Accordingly, we believe that only a
reconstituted Board with an independent committee tasked with assessing strategic alternatives and potentially re-engaging with Danone,
in the manner deserving of a 25-year investor and partner, can produce a more favorable outcome for shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Declining Operating Performance.</I></B> The Company&rsquo;s financial results for the quarter ended
March&nbsp;31, 2025 show evidence of significant decline in core operating performance. In particular, income from operations declined
by 56% year-over-year, driven by a 19% increase in operating expenses against only a 3.3% increase in net sales. The increase in operating
expenses was the result of a 27% increase in selling expenses and a 12% increase in general and administrative expenses. Operating margin
declined from 7.9% in the first quarter of 2024 to 3.4% in the first quarter of 2025.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">We believe that the Company has been
additionally hampered by certain capital allocation decisions, including the 2021 acquisition of Glen Oaks, a drinkable yogurt company
lacking any tangible assets based in Laguna Beach, CA, from which revenue has declined by 50% to date. We note that Edward and Ludmila
Smolyansky were the only two Board members at the time to vote against the acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The significant reported declines in
operating performance were particularly concerning given subsequent stock sales by the two longest serving Board members &ndash; CEO/Chair
Julie Smolyansky and Mr. Pol Sikar with tenures of 23 years and 39 years, respectively. We believe that the timing of those stock sales
raises additional concerns about the Board&rsquo;s confidence in the Company&rsquo;s outlook.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; 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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Nepotism</I></B>. In recent years, the Company has employed Jason Burdeen as the CEO&rsquo;s chief
of staff. Mr. Burdeen is a former jeweler and the spouse of Julie Smolyansky, the Company&rsquo;s Chairperson, President, Chief Executive
Officer and Secretary, and in 2024 he earned total compensation of $313,800. We understand that Mr. Burdeen has been exercising significant
managerial control over the Board&rsquo;s and the Company&rsquo;s affairs, despite not being an officer of the Company, with his only
apparent qualification being his relationship with the Chairperson, President, CEO and Secretary. We believe that the Board&rsquo;s acquiescence
to this arrangement demonstrates a troubling lack of independence, and that it is under full control by the Chairperson, President, CEO
and Secretary.</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">We believe the only effective
way to address these failures is to replace the Board with new directors who are committed to improving the Company&rsquo;s corporate
governance and financial performance, and with true independence from the Company&rsquo;s Chairperson, President, CEO and Secretary, which
will enable them to conduct a full review of the Company&rsquo;s business, its strategy and its strategic alternatives, including the
proposal offered by Danone, as described in further detail below.</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">Therefore, we are therefore
seeking shareholder consent to remove the current Board, to elect the Nominees, and to approve an amendment to the Bylaws to prohibit
nepotism involving the Company&rsquo;s chief executive officer and president, all as described in further detail in this consent statement.
To support your ability to approve these Proposals, we are also requesting shareholder consent to a proposal that would repeal any amendment
the Board makes to the Bylaws that becomes effective on or after March 24, 2023.</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">We ask that you join us in
supporting each of these Proposals.</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>

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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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Background of this Consent Solicitation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Lifeway Foods, Inc. was founded
in 1986 by Michael Smolyansky, the late husband of Mrs. Smolyansky and the father of Mr. Smolyansky, ten years after he and his family
emigrated from Eastern Europe to the United States. Lifeway was the first to successfully introduce kefir to the U.S. consumer on a commercial
scale, initially catering to ethnic consumers in the Chicago, Illinois metropolitan area. Lifeway has grown to become the largest producer
and marketer of kefir in the U.S. and an important player in the broader market spaces of probiotic-based products and natural, &ldquo;better
for you&rdquo; foods.</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">On August 13, 2024, Mr. Smolyansky
filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) a preliminary consent statement relating to the Proposals.</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">On September 23, 2024, Danone
S.A., a French soci&eacute;t&eacute; anonyme (&ldquo;Danone SA&rdquo;), and Danone North America (together with Danone SA, &ldquo;Danone&rdquo;),
disclosed in a filing with the SEC that earlier that day Danone North America had sent a letter to the Company, proposing to acquire all
of the outstanding shares of Common Stock not held by Danone for a purchase price of $25.00 per share in cash.</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">On November 5, 2024, the Company
issued a press release announcing that the Company rejected Danone&rsquo;s proposal and disclosed in a filing with the SEC that the Company
had entered into a shareholder rights agreement in response to Danone North America&rsquo;s proposal.</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">On November 15, 2024, Danone
disclosed in a filing with the SEC that Danone North America sent a second letter to the Company, which reiterated Danone North America&rsquo;s
strong commitment to the proposed transaction and increased the offer to $27.00 per share. Danone indicated that the proposed transaction
would be wholly funded in cash from Danone&rsquo;s existing cash reserves and was not contingent on any financing requirements. The proposal
was subject to the completion of due diligence and negotiation of definitive agreements.</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">On November 15, 2024, Danone
disclosed in a filing with the SEC that the Board&rsquo;s counsel had sent a letter, dated November 8, 2024, to Danone&rsquo;s counsel,
alleging that the Stockholders&rsquo; Agreement, dated October 1, 1999 (the &ldquo;Shareholder Agreement&rdquo;), among Danone, Mrs. Smolyansky,
Mr. Smolyansky and Julie Smolyansky, the Company&rsquo;s Chairperson, President, CEO and Secretary, alleging that the Shareholder Agreement
is invalid. The filing further disclosed that Julie Smolyansky also sent a letter to Danone that same day asserting that the Shareholder
Agreement is invalid, and that on November 15, 2024, Danone&rsquo;s counsel had responded to the letter from the Board&rsquo;s counsel,
disagreeing with the contentions therein and providing support for the fact that the Shareholder Agreement is valid and enforceable.</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">On November 20, 2024, the
Company issued a press release announcing that the Board had rejected Danone North America&rsquo;s revised proposal.</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">On November 22, 2024, Mrs.
Smolyansky and Mr. Smolyansky issued a press release that called for the Board to take several actions, including immediately establishing
an independent special committee to evaluate and negotiate a transaction with Danone or other potential buyers.</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">On November 26, 2024, the
Company issued a press release providing additional information regarding the reasons the Board had rejected Danone North America&rsquo;s
revised proposal, and disclosed in a filing with the SEC that on November 25, 2024, the Company&rsquo;s counsel had sent a letter on behalf
of the Board to Danone&rsquo;s counsel, regarding the enforceability of the Shareholder Agreement.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 23, 2024, the
Company disclosed in a filing with the SEC that it had entered into an amended and restated employment agreement and a retention bonus
agreement with Julie Smolyansky.</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; text-indent: 0.5in">On December 23, 2024, Julie
Smolyansky disclosed in a filing with the SEC that, on December 19, 2024, the Company had issued her 283,337 shares of Common Stock without
the consent of Danone North America or one of its affiliates.</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">On December 30, 2024, Danone
disclosed in a filing with the SEC that Danone North America&rsquo;s revised proposal remained outstanding at a price of $27.00 per share,
and that Danone had sent a letter earlier that day to the Board indicating that the issuance of shares to Julie Smolyansky described in
the immediately preceding paragraph was made in breach of the Shareholder Agreement, and therefore null, void and of no force and effect,
and that Danone would seek to hold Julie Smolyansky liable for their breaches of fiduciary duty.</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">On January 6, 2025, the Company
disclosed in a filing with the SEC that earlier that day, counsel to the Company sent a letter to Danone North America regarding the enforceability
of the Shareholder Agreement and providing certain preliminary and unaudited expected financial results of the Company for the three-month
period and year ended December 31, 2024.</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">On March 3, 2025, Danone disclosed
in a filing with the SEC that earlier that day, Danone North America had filed a lawsuit against the Company and each of the members of
the Board in the Circuit Court of Cook County, Illinois, Law Division, alleging that the Board breached their fiduciary duty of loyalty
by choosing to enrich Julie Smolyansky and entrench themselves as directors by knowingly approving the share issuance referenced above
in violation of the Shareholder Agreement, and alleging that the Company and Julie Smolyansky committed a breach of contract by violating
the Shareholder Agreement through the issuance (and, in the alternative, that their conduct was barred by promissory estoppel).</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">On March 6, 2025, the Company
disclosed in a filing with the SEC that it had terminated without cause its Senior Executive Vice President of Sales.</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">On March 13, 2025, Mr. Smolyansky
notified the Company, in accordance with the Bylaws, that he intended to nominate the Proposed Nominees for election as directors at the
2025 Annual Meeting, and that he intended to solicit proxies in accordance with the relevant conditions of Rule 14a-19 under the Securities
Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;).</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">On March 28, 2025, Mr. Smolyansky
filed a preliminary proxy statement with the SEC, relating to a potential effort to solicit proxies in favor of the election of each of
the Nominees at the 2025 Annual Meeting.</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">On April 4, 2025, Mr. Smolyansky
filed a lawsuit against the Company in the Circuit Court of Cook County, Illinois, Chancery Division (the &ldquo;Indemnification Dispute&rdquo;),
seeking indemnification from the Company for approximately $210,000 of expenses that he had incurred in defending a claim made by the
Company in a prior lawsuit, plus interest. In the prior lawsuit, the Company had claimed that Mr. Smolyansky had violated his fiduciary
duties by making certain public statements about the Company while serving as a director of the Company. The Company subsequently moved
to voluntarily dismiss this claim, which motion was granted by the court in February 2024.</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">On April 15, 2025, Mr. Smolyansky
filed an amended preliminary proxy statement with the SEC.</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">On April&nbsp;29, 2025, the
Company filed an amendment to its Annual Report on Form 10-K for the year ended December&nbsp;31, 2024 (the &ldquo;Amended Annual Report&rdquo;),
which included certain disclosures relating to the Company&rsquo;s governance and compensation arrangements, and confirmed that this information
would no longer be incorporated by reference to the portions of its definitive proxy statement to be filed no later than 120 days after
December&nbsp;31, 2024.</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">On June 2, 2025, Mrs. Smolyansky
and Mr. Smolyansky filed an amended preliminary consent statement with the SEC.</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">On July&nbsp;2, 2025, Mrs.
Smolyansky and Mr. Smolyansky filed a definitive preliminary consent statement with the SEC.</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: center"><B>THE BYLAWS RESTORATION PROPOSAL</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are asking you to consent
to the adoption of the following shareholder resolution to help ensure that the incumbent Board does not unfairly interfere with your
ability to approve the Proposals described in this consent statement through changes to the Bylaws:</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;RESOLVED,
that any amendment to the by-laws of Lifeway Foods, Inc. that is made by its board of directors and becomes effective on or after March
24, 2023 and prior to this resolution becoming effective is hereby repealed.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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">If the Board does not effect
any changes to the Bylaws from the version currently in effect, which was approved by the Board on March&nbsp;24, 2023, then the Bylaws
Restoration Proposal will have no effect. However, if the incumbent Board amends the Bylaws, then the Bylaws Restoration Proposal, if
adopted, will restore the Bylaws to the version that was approved by the Board on March&nbsp;24, 2023, without considering the nature
of any changes the incumbent Board may have adopted. As a result, the Bylaws Restoration Proposal could have the effect of repealing bylaw
amendments that one or more shareholders of the Company may consider to be beneficial to them or to the Company. However, the Bylaws Restoration
Proposal will not preclude the Board from reconsidering any repealed bylaw changes following the consent solicitation. We are not currently
aware of any specific bylaw provisions that would be repealed by the adoption of the Bylaws Restoration Proposal.</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: left"><B>Standard for Shareholder Approval</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Approval of this Bylaws Restoration
Proposal requires the consent of the holders of a majority of the outstanding shares of Common Stock as of the close of business on the
Record Date. Accordingly, any failure to execute and deliver a WHITE consent card that consents to this Bylaws Restoration Proposal, including
any abstention from this Bylaws Restoration Proposal, will have the same effect as declining to consent to this Bylaws Restoration Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></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: center"><B>WE URGE YOU TO&nbsp;CONSENT&nbsp;TO THE BYLAWS
RESTORATION PROPOSAL</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are asking you to consent
to the adoption of the following shareholder resolution to remove the current members of the Board and any other person appointed by the
Board on or after June&nbsp;15, 2024 and prior to this Proposal becoming effective:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;RESOLVED, that
(i) each of Julie Smolyansky, Juan Carlos Dalto, Jody Levy, Dorri McWhorter, Perfecto Sanchez, Jason Scher and Pol Sikar, and (ii) each
person appointed as a director of Lifeway Foods, Inc. by its Board of Directors or any committee thereof on or after June&nbsp;15, 2024
and prior to this resolution becoming effective, be and hereby is removed as a director.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; 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">The incumbent Board is currently
composed of seven directors, and we do not trust that the incumbent Board will act with the best interests of shareholders in mind.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Standard for Shareholder Approval</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To help ensure that at all times
the Company has a board of directors, this Proposal will become effective only if the holders of a majority of the outstanding shares
of Common Stock as of the close of business on the Record Date consent to the adoption of both this Board Removal Proposal and the election
of at least one Nominee pursuant to the Director Election Proposal described below. Approval of the Board Removal Proposal requires the
consent of the holders of a majority of the outstanding shares of Common Stock as of the close of business on the Record Date. Accordingly,
any failure to execute and deliver a WHITE consent card that consents to this Board Removal Proposal, including any abstention from this
Board Removal Proposal, will have the same effect as declining to consent to this Board Removal Proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WE URGE YOU TO&nbsp;CONSENT&nbsp;TO THE BOARD
REMOVAL PROPOSAL</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We propose that the Company&rsquo;s
shareholders elect each of Ludmila Smolyansky, Edward Smolyansky, Richard Beleutz, Cindy Curry, Michael Leydervuder, George Sent and Robert
Whalen as directors of the Company, to serve until the Company&rsquo;s first annual meeting of shareholders after the effectiveness of
this Proposal, or until their respective successors are duly elected and qualified in accordance with the Bylaws, subject to the approval
of the Board Removal Proposal. Below is a summary of certain important information regarding each of the Nominees. Please see &ldquo;Appendix
B &mdash; Additional Information Regarding the Participants,&rdquo; for additional information about the Nominees, including their beneficial
ownership of Common Stock.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid"><B>Nominee</B></P></TD>
    <TD STYLE="width: 80%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid"><B>Background</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Ludmila&nbsp;Smolyansky</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ludmila Smolyansky (75) served as a director of the
    Company from 2002 until May 16, 2023, and from June 15, 2023 until August 10, 2023, and was unanimously elected as the Chairperson of
    the Board in November 2002. She 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. Ludmila Smolyansky and Michael
    Smolyansky founded Lifeway and she served as the Company&rsquo;s General Manager until her retirement from the Company in 2010. Following
    retirement, 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 2022. Ludmila Smolyansky is the mother of Edward Smolyansky and Julie Smolyansky, the Company&rsquo;s Chairperson,
    President, Chief Executive Officer and Secretary.</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">Ludmila Smolyansky brings many years of food industry
    experience, historical perspective, and operational expertise to the Board, all of which qualifies her for service on the Board. She brings
    to bear her extensive 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. Her 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. In addition, as a founder and pioneer in cultured dairy, she has been a recognized
    leader in the organic and natural products industry for decades. Ludmila Smolyansky&rsquo;s detailed understanding of the Company, other
    manufacturers, 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; text-align: left">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Edward&nbsp;Smolyansky</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Edward Smolyansky (45) is the Chief Executive Officer
    of Lucy&rsquo;s Organics Inc. (&ldquo;Lucy&rsquo;s Organics&rdquo;), which he founded in 2024 to research potential innovations and techniques
    in the production of kefir, and to develop intellectual property for an aspirational brand, Pure Culture Organics. He previously served
    as a director of the Company from 2017 until the 2022 Annual Meeting of Shareholders of the Company. Prior to January 2022, he also served
    as the Company&rsquo;s Chief Operating Officer. He was appointed as Chief Financial and Accounting Officer and Treasurer of the Company
    in November 2004 and appointed as Chief Operating Officer and Secretary in 2012. Mr. Smolyansky also served as Lifeway&rsquo;s Controller
    from June 2002 until 2004. He resigned his titles as Chief Financial Officer on January 1, 2016, and as Chief Accounting Officer on August
    8, 2016. He retained his title of Chief Operating Officer when the Board appointed Eric Hanson as Treasurer and as Secretary on October
    4, 2019. Mr. Smolyansky received a bachelor&rsquo;s degree in finance from Loyola University of Chicago in December 2001. Mr. Smolyansky
    is the brother of Chairperson, President, CEO and Secretary, Julie Smolyansky, and the son of Ludmila Smolyansky, one of the Nominees.</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: justify">Mr. Smolyansky has over fifteen years of extensive
    financial and operations experience in the dairy and consumer packaged goods industries. Under his operational leadership, the Company
    successfully integrated several strategic acquisitions and successfully led the development of both manufacturing processes and products.
    As the former Chief Operating Officer and former Chief Financial Officer of a publicly traded company, he brings experience working with
    the investor community and financial institutions. In addition, as a member of the Company&rsquo;s founding family, he is 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 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; text-align: left">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>

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

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left; width: 20%"><B>Richard Beleutz</B></TD>
    <TD STYLE="width: 80%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Richard Beleutz (55) is the Founder and Chief Executive
    Officer of Alternative Investment Resource, LLC (d/b/a AIR Asset Management), 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. Mr. Beleutz has over 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.</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">Mr. Beleutz&rsquo;s experience in finance and his
    demonstrated leadership experience make him well qualified for service on the Board in light of the Company&rsquo;s business and structure.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left"><B>Cindy Curry</B></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cindy Curry (56) currently 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. 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.</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: justify">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></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left"><B>Michael Leydervuder</B></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Michael Leydervuder (42) is the Managing Director
    of L Development, LLC, an entity which invests in real estate and business developments, positions he has held since founding the company
    in 2018. Mr. Leydervuder has spent over 20 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.</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: justify">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; text-align: left">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left"><B>George Sent</B></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">George Sent (54) currently serves as a Managing Director
    at Cascadia Capital, an investment bank, serving clients 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 he worked from 2013 through 2018 as 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. Finally, he was the 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. Mr. Sent holds an undergraduate degree from the University of Cincinnati,
    where he graduated in 1993. 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 currently serves on the Food Science Advisory Council at Cornell University.</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">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; text-align: left">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left"><B>Robert Whalen</B></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Robert Whalen (57) has over 20 years of experience
    in the capital markets and investment management, and serves as is Senior Advisor of AIR Asset Management, a diversified alternatives
    asset management firm. In 2018, he co-founded 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. 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.</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: justify">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></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; 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">According to publicly available
information, the size of the Board is seven directors. Accordingly, if the shareholders consent to the Board Removal Proposal and the
election of any Nominees pursuant to this Director Election Proposal, such Nominees would be expected to constitute a majority of the
Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; 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">Based on information furnished
by the Nominees, the Concerned Shareholders believe that each of the Nominees, other than Ludmila Smolyansky and Edward Smolyansky, is
independent and none of the Participants named in this consent statement has any knowledge of any facts that would prevent the determination
that such other Nominees are independent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; 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">The Nominees have not received
any compensation from the Concerned Shareholders for serving as nominees, and they will not receive any compensation from the Concerned
Shareholders for their services as directors of the Company if elected. If elected, each of the Nominees will be entitled to receive from
the Company compensation paid by the Company to its non-employee directors. The compensation currently paid by the Company to its non-employee
directors is described in the Company&rsquo;s Amended Annual Report. Other than as stated in this consent statement, there are no arrangements
or understandings between the Concerned Shareholders and any of the Nominees or any other person or persons pursuant to which the nomination
of the Nominees described herein is to be made. Each of the Nominees has consented to being named as a nominee in this consent statement
and has confirmed his or her willingness to serve on the Board if elected. In addition, each of the Nominees understands that, if elected
as a director of the Company, he or she would have an obligation to act in the best interests of the Company and the shareholders in accordance
with his or her duties as a director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; 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">The Concerned Shareholders do
not expect that any of the Nominees will be unable to stand for election. If any Nominee is unable to serve or for good cause will not
serve, the Concerned Shareholders may seek to replace such Nominee with a substitute nominee to the extent substitution is permissible
under applicable law and the Company&rsquo;s organizational documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Standard for Shareholder Approval</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To help ensure that at all times
the Company has a board of directors, the election of any Nominee pursuant to this Director Election Proposal will become effective only
if the holders of a majority of the outstanding shares of Common Stock as of the close of business on the Record Date consent to both
the Board Removal Proposal described above and the election of such Nominee pursuant to this Director Election Proposal. Approval of this
Director Election Proposal requires the consent of the holders of a majority of the outstanding shares of Common Stock as of the close
of business on the Record Date. Accordingly, any failure to execute and deliver a WHITE consent card that consents to this Director Election
Proposal, including any abstention from this Director Election Proposal, will have the same effect as declining to consent to this Director
Election Proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Delinquent Section&nbsp;16(a) Reports</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 16(a) of the Exchange
Act requires the Company&rsquo;s directors, executive officers and persons who beneficially own more than 10% of the Common Stock to file
reports of ownership and changes in ownership with the SEC and to furnish the Company with copies of all such reports they file. Since
January 1, 2021, Mrs. Smolyansky has filed 11 late reports under Section 16(a) of the Exchange Act with respect to 24 transactions that
were not reported on a timely basis, and Mr. Smolyansky has filed 8 late reports under Section 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WE URGE YOU TO&nbsp;CONSENT&nbsp;TO THE DIRECTOR
ELECTION PROPOSAL</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ANTI-NEPOTISM
Proposal</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are asking you to consent
to the adoption of the following shareholder resolution because we believe that the Company&rsquo;s employment of the spouse of the Company&rsquo;s
Chairperson, President, CEO and Secretary runs contrary to the best interests of shareholders and appropriate standards of corporate governance:</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;RESOLVED,
that the by-laws of Lifeway Foods, Inc. be and hereby amended to add new Article XIII, to read as follows:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><B>ARTICLE XIII<U><BR>
ANTI-NEPOTISM</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the corporation nor any of its subsidiaries shall employ or engage, as a consultant or otherwise, any person who is an immediate family
member of the corporation&rsquo;s president or chief executive officer; <I>provided</I>, <I>however</I>, that any such immediate family
member shall nonetheless be eligible to serve as a director of the corporation. As used in this Section 13.1, &ldquo;immediate family
member&rdquo; of any specified person means any current or former spouse, or a natural or adoptive parent, child or sibling, of such person.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Standard for Shareholder Approval</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Approval of this Anti-Nepotism
Proposal requires the consent of the holders of a majority of the outstanding shares of Common Stock as of the close of business on the
Record Date. Accordingly, any failure to execute and deliver a WHITE consent card that consents to this Anti-Nepotism Proposal, including
any abstention from this Anti-Nepotism Proposal, will have the same effect as declining to consent to this Anti-Nepotism Proposal.</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: center"><B>WE URGE YOU TO&nbsp;CONSENT&nbsp;TO THE ANTI-NEPOTISM
PROPOSAL</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Certain Family Relationships</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Ludmila Smolyansky is the mother
of (i) Julie Smolyansky, the Chairperson, Chief Executive Officer, President, Secretary and a director of the Company, and (ii) Edward
Smolyansky, one of the Nominees. Edward Smolyansky is the sister of Julie Smolyansky.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Certain Related-Party Transactions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has disclosed
that Jason Burdeen, Julie Smolyansky&rsquo;s spouse, is employed by the Company as the CEO&rsquo;s Chief of Staff, that he does not have
an employment agreement, and that, in 2024, Mr. Burdeen earned total compensation of $313,800.</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"><B>About this Solicitation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This solicitation is being
made by the Concerned Shareholders, and not by the Board. Mrs. Smolyansky, Mr. Smolyansky, the two of them acting as a group, and each
of the other Nominees are deemed participants in this solicitation under applicable SEC rules, and we refer to such persons as the &ldquo;Participants.&rdquo;</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">Consents may be solicited
by mail, facsimile, telephone, electronic mail, internet, in person and by advertisements. The Concerned Shareholders will file with the
SEC all written soliciting materials, including any emails or scripts to be used in soliciting proxies on the date of first use, under
a Schedule&nbsp;14A. The Nominees may make solicitations of consents but, except as described herein, will not receive compensation for
acting as Nominees.</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">The Concerned Shareholders
will pay the entire expense of this solicitation of consents by the Participants or on the Participants&rsquo; behalf. The Concerned Shareholders
intend to seek reimbursement of such expenses from the Company. They do not intend to submit the question of such reimbursement to a vote
of the security holders of the Company. The Board, which would include any of the Nominees that are elected pursuant to the written consents
requested by this consent solicitation, would be required to evaluate and consider the requested reimbursement consistent with its fiduciary
duties to the Company and its shareholders. The Concerned Shareholders anticipate that the total expenses that they will incur in furtherance
of, or in connection with, this consent solicitation will be approximately $600,000. The actual amount could be higher or lower depending
on the facts and circumstances arising in connection with any such solicitation. As of the date hereof, the Concerned Shareholders have
incurred approximately $300,000 of solicitation expenses. 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. Mr. Smolyansky has engaged 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 15 persons to
solicit Company shareholders as part of any such solicitation. Except as described in the immediately preceding sentence, neither the
Concerned Shareholders nor any of the other Participants 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 Participants. The Concerned Shareholders 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 their expenditures for legal services on or prior to the date hereof related
to this consent statement and Mr. Smolyansky&rsquo;s other filings with the SEC, including the preliminary proxy statements and Mr. Smolyansky&rsquo;s
notice of his intent to nominate the Nominees at the 2025 Annual Meeting, are deemed to constitute such expenditures, which expenditures
have been approximately $300,000.</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"><B>Certain Additional Information</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s principal
executive offices are located at 6431 W Oakton, Morton Grove, IL, 60053.</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">In order for any shareholder
proposal submitted pursuant to Rule 14a-8 promulgated under the Exchange Act, to be included in the Company&rsquo;s proxy statement to
be issued in connection with the 2025 Annual Meeting, the Company must receive such shareholder proposal a reasonable time before the
Company begins to print and send its proxy materials. All shareholder proposals must be made in writing and addressed to Lifeway&rsquo;s
Secretary, c/o Lifeway Foods, 6431 Oakton St., Morton Grove, IL 60053. Any such shareholder proposal submitted, including the accompanying
supporting statement, may not exceed 500 words, per Rule 14a-8(d) of the Exchange Act. In addition, to comply with the universal proxy
rules, shareholders who intend to solicit proxies in support of director nominees other than the Company&rsquo;s nominees must provide
notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than the later of (i)&nbsp;60 calendar
days prior to the date of the annual meeting and (ii)&nbsp;the 10th calendar day following the day on which public announcement of the
date of the annual meeting is first made by the Company. All shareholder proposals and proxy solicitation notices must be made in writing
and addressed to Lifeway Foods, Inc., 6431 Oakton St., Morton Grove, IL 60053, Attn: Corporate Secretary.</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">The Bylaws also establish
an advance notice procedure for shareholders who wish to present a proposal or nominate a director at an annual meeting, but do not seek
to include the proposal or director nominee in the Company&rsquo;s proxy statement. In order to be properly brought before the Company&rsquo;s
2025 Annual Meeting, a shareholder must provide timely written notice to the Company&rsquo;s Corporate Secretary, at the principal executive
offices of the Company, and any such proposal or nomination must constitute a proper matter for shareholder action. The written notice
must contain the information specified in the Bylaws. To be timely, a shareholder&rsquo;s written notice must be received by the Company&rsquo;s
Corporate Secretary at its principal executive offices no earlier than the one hundred and twentieth (120th) day prior to the Company&rsquo;s
2025 Annual Meeting and not later than the close of business on the later of the ninetieth (90th) day prior to the Company&rsquo;s 2025
Annual Meeting or the tenth (10th) day following the date on which public announcement of the date of such meeting is first made.</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">&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: center"><B>Appendix A<BR>
Proposed Amendment to<BR>
the Second Amended and Restated By-Laws<BR>
of Lifeway Foods, Inc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These Second Amended and Restated
By-Laws (the &ldquo;Bylaws&rdquo;) are hereby amended as of the date of the accompanying action by written consent by the shareholders
of Lifeway Foods, Inc., an Illinois corporation.</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"><B>WHEREAS</B>, the corporation
has heretofore been formed as a corporation under the Illinois Business Corporation Act of 1983 (805 ILCS &sect; 5/1.01, et seq.), as
amended, pursuant to the Articles of Incorporation filed in the office of the Illinois Secretary of State on May 19, 1986, and thereafter
amended.</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: left; text-indent: 0.5in"><B>NOW THEREFORE</B>, the Bylaws
are hereby amended to add new Article XIII, to read as follows:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ANTI-NEPOTISM</U></B></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: justify; text-indent: 0.5in">13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the corporation nor any of its subsidiaries shall employ or engage, as a consultant or otherwise, any person who is an immediate family
member of the corporation&rsquo;s president or chief executive officer; <I>provided</I>, <I>however</I>, that any such immediate family
member shall nonetheless be eligible to serve as a director of the corporation. As used in this Section 13.1, &ldquo;immediate family
member&rdquo; of any specified person means any current or former spouse, or a natural or adoptive parent, child or sibling, of such person.</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">&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"></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: center"><B>Appendix B<BR>
Additional Information Regarding the Participants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This consent solicitation
is being made by Ludmila Smolyansky (&ldquo;Mrs. Smolyansky&rdquo;), Edward Smolyansky (&ldquo;Mr. Smolyansky&rdquo;) and each of the
other Participants named in this consent statement.</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">The Concerned Shareholders
represent that they intend to, or are part of a group that intends to, solicit the holders of shares representing at least 67% of the
voting power of shares entitled to consent to the Proposals.</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">As of the close of business
on the Record Date, the Participants may be deemed to beneficially own, in the aggregate, 4,025,141 shares of the Common Stock (or an
estimated 26.5% of the outstanding shares of Common Stock as of the Record Date), including 2,099,465 shares of Common Stock that are
held in record name by the Participants (or an estimated 13.8% of the outstanding shares of Common Stock as of the Record Date). Of the
foregoing 4,025,141 shares of Common Stock that may be deemed to be beneficially owned by the Participants, Mr. Smolyansky was the record
holder of 1,251,642 shares; the Edward Smolyansky Trust 2/2/16 was the record holder of 1,233,333 shares; the Ludmila Smolyansky Trust
2/1/05 (the &ldquo;Ludmila Smolyansky Trust&rdquo;) was the record holder of 847,823 shares; the Smolyansky Family Foundation was the
record holder of 17,343 shares; the Ludmila and Edward Smolyansky Family Foundation was the record holder of 75,000 shares; and Smolyansky
Family Holdings, LLC was the record holder of 500,000 shares; Mr. Smolyansky beneficially owns the shares held by Smolyansky Family Holdings,
LLC and disclaims beneficial ownership of the shares of Common Stock held by Smolyansky Family Holdings, LLC, except to the extent of
his pecuniary interest therein. Each of Mrs. Smolyansky and Mr. Smolyansky disclaim beneficial ownership of the 75,000 shares of Common
Stock held by the Ludmila and Edward Smolyansky Family Foundation. The foregoing percentages are based on 15,203,241 shares of Common
Stock outstanding as of the Record Date, as reported in the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31,
2025. Neither Mr. Smolyansky nor Mrs. Smolyansky hereby concedes that all such securities are validly issued and outstanding.</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">Ludmila Smolyansky&rsquo;s
business address is 182 N Harbor Drive, Penthouse, Chicago, IL 60601. Mr. Smolyansky&rsquo;s business address is 1219 N Wells Street,
Chicago, IL 60610. Mr. Beleutz&rsquo;s business address is 333 S Wabash Ave, 27th Floor, Chicago, IL 60604. Ms. Curry&rsquo;s business
address is c/o Rakuten Advertising, 215 Park Avenue South, 2nd Floor, New York, NY 10003. Mr. Leydervuder&rsquo;s business address is
451 N. Racine Ave. Chicago, IL 60642. Mr. Sent&rsquo;s business address is 1000 2nd Avenue, Suite 1200, Seattle, WA 98104. Mr. Whalen&rsquo;s
business address is 333 S Wabash Ave, Chicago, IL 60604.</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">Except as set forth in this
consent statement (including the Annexes), (i)&nbsp;during the past ten years, no Participant has been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors); (ii) no Participant in this consent solicitation directly or indirectly beneficially
owns any securities of the Company; (iii) no Participant owns any securities of the Company which are owned of record but not beneficially;
(iv) no Participant has purchased or sold any securities of the Company during the past two years; (v) no part of the purchase price or
market value of the securities of the Company owned by any Participant is represented by funds borrowed or otherwise obtained for the
purpose of acquiring or holding such securities; (vi) no Participant is, or within the past year was, a party to any contract, arrangements
or understandings with any person with respect to any securities of the Company, including, but not limited to, joint ventures, loan or
option arrangements, puts or calls, guarantees against loss or guarantees of profit, division of losses or profits or the giving or withholding
of proxies; (vii)&nbsp;no associate of any Participant owns beneficially, directly or indirectly, any securities of the Company; (viii)&nbsp;no
Participant owns beneficially, directly or indirectly, any securities of any parent or subsidiary of the Company; (ix)&nbsp;no Participant
or any of his, her or its associates was a party to any transaction, or series of similar transactions, since the beginning of the Company's
last fiscal year, or is a party to any currently proposed transaction, or series of similar transactions, to which the Company or any
of its subsidiaries was or is to be a party, in which the amount involved exceeds $120,000; (x)&nbsp;no Participant or any of his, her
or its associates has any arrangement or understanding with any person with respect to any future employment by the Company or its affiliates,
or with respect to any future transactions to which the Company or any of its affiliates will or may be a party; and (xi)&nbsp;no person,
including any of the Participants, who is a party to an arrangement or understanding pursuant to which the Nominees are proposed to be
elected, has a substantial interest, direct or indirect, by security holdings or otherwise in any matter to be acted on as set forth in
this consent statement. Except as disclosed in this consent statement, there are no material proceedings to which any Participant or any
of his, her or its associates is a party adverse to the Company or any of its subsidiaries or has a material interest adverse to the Company
or any of its subsidiaries. With respect to each of the Nominees, except as set forth in this consent statement, none of the events enumerated
in Item 401(f)(1)-(8) of Regulation S-K of the Exchange Act occurred during the past ten years. Except as disclosed in this consent statement,
neither the Nominees nor any associate of a Nominee has served as a director or named executive officer of the Company at any point during
the last three fiscal years of the Company.</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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    <!-- Field: /Page -->

<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"><B>Certain Transactions by the Participants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A record of Ludmila Smolyansky&rsquo;s
purchase and sale transactions during the past two years involving securities of the Company is set forth below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="width: 34%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Shares of Common Stock</B></FONT></TD>
    <TD STYLE="width: 53%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">1/22/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">11,459</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">1/24/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">2/6/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">2/7/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">10,794</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">2/8/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">22,747</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">2/26/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">13,542</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">2/27/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">1,606</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">3/20/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">13,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">3/21/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">8,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">3/22/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">3,852</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">3/25/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">3/26/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">13,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">3/27/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">7,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">4/5/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">4/8/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">4/9/245</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">4/15/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">2,193</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">4/17/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">4/23/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">21,968</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">4/24/25</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">4/25/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">3,620</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">4/26/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">20,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">5/6/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">5/9/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">5/13/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">5/13/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">75,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Gift by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">5/13/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">75,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Receipt of gift by the Ludmila and Edward Smolyansky Family Foundation</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">7/24/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">14,620</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">8/29/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">15,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">8/30/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">20,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">9/3/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">4,584</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">1/3/25</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">15,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">1/6/25</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">45,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">1/13/25</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">30,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">1/15/25</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">1/16/25</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">7,692</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">1/17/25</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">12,034</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">2/11/25</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Smolyansky Family Foundation</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">4/10/25</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">4/11/25</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">15,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">4/14/25</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">8,376</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">4/15/25</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">8,676</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">4/17/25</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">17,948</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">4/29/25</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">9,561</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">4/30/25</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">10,957</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">5/1/25</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">30,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">5/5/25</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">7,482</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by the Ludmila Smolyansky Trust</FONT></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"></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; text-indent: 0.5in">A record of Mr. Smolyansky&rsquo;s
purchase and sale transactions during the past two years involving securities of the Company is set forth below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; text-align: justify; width: 13%"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="width: 34%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Shares of Common Stock</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; width: 53%"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">8/17/23</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">100,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Gifted to Mr. Smolyansky&rsquo;s minor son</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">8/17/23</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">100,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Receipt of gift by Mr. Smolyansky&rsquo;s minor son</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">8/21/23</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">13,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by Mr. Smolyansky</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">8/22/23</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">17,474</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by Mr. Smolyansky</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">8/23/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">19,526</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by Mr. Smolyansky</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">8/25/23</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">24,329</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by Mr. Smolyansky</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">1/2/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">3,468</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by Mr. Smolyansky</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">5/13/24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">75,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Receipt of gift by the Ludmila and Edward Smolyansky Family Foundation</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">3/18/25</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">20,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Sale by Mr. Smolyansky</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Certain Interests of the Participants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None of the Participants has
any substantial interest, direct or indirect, by security holdings or otherwise, in any matter to be acted upon pursuant to this written
consent, other than (i)&nbsp;Mr. Smolyansky&rsquo;s and Ludmila Smolyansky&rsquo;s beneficial ownership of shares of Common Stock, as
summarized in this consent statement, and their belief that the election of one or more of the Nominees could increase the market value
of such shares, (ii)&nbsp;Mr. Smolyansky&rsquo;s and Mrs. Smolyansky&rsquo;s interest in the Settlement Agreement, dated as of July 27,
2022 (the &ldquo;Settlement Agreement&rdquo;), among the Company, Mrs. Smolyansky and Mr. Smolyansky, relating to the termination of a
prior potential proxy contest, as the Company&rsquo;s actions with respect thereto could be affected by the membership of the Board, (iii)&nbsp;Mrs.
Smolyansky&rsquo;s interest in the Settlement Agreement and Mutual General Release, dated August 30, 2022, between the Company and Mrs.
Smolyansky, as the Company&rsquo;s actions with respect thereto could be affected by the membership of the Board, (iv)&nbsp;Edward Smolyansky&rsquo;s
interest in the Settlement Agreement and Mutual General Release, dated September 1, 2022, between the Company and Edward Smolyansky, as
the Company&rsquo;s actions with respect thereto could be affected by the membership of the Board, (v)&nbsp;Mr. Smolyansky&rsquo;s and
Mrs. Smolyansky&rsquo;s interest in the Stock Purchase Agreement, dated as of November 7, 2022, between the Company and Ludmila Smolyansky,
as the Company&rsquo;s actions with respect thereto could be affected by the membership of the Board, (vi)&nbsp;any compensation the Participants
would receive in connection with service as a director, (vii)&nbsp;Mr. Smolyansky&rsquo;s ownership of and officer role with Lucy&rsquo;s
Organics and (viii)&nbsp;Mr. Smolyansky&rsquo;s interest in the Indemnification Dispute, as the Company&rsquo;s actions with respect thereto
could be affected by the membership of the Board.</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">Mrs. Smolyansky is party to
a Joint Filing Agreement, dated June 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 2/1/05.</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">Edward Smolyansky and Mrs.
Smolyansky are each a party to a Stock Purchase Agreement, dated as of October 1, 1999, among the Company, Danone Foods, Inc., Michael
Smolyansky and the other stockholders party thereto, including Julie Smolyansky, pursuant to which they sold certain shares of common
stock and pursuant to which, among other things, the Company has certain indemnification obligations and Edward Smolyansky and Mrs. Smolyansky
have certain contribution obligations; the Shareholder Agreement and a related letter agreement, dated December 24, 1999, among Danone
Foods, Inc., the Company, Michael Smolyansky, Mrs. Smolyansky, Julie Smolyansky and Mr. Smolyansky, pursuant to which, among other things,
Danone holds certain board representation rights, rights of first refusal, pre-emptive or stock purchase rights, registration rights,
information rights, consent rights, and pursuant to which Mrs. Smolyansky, Mr. Smolyansky and Julie Smolyansky have made certain voting
commitments.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Ludmila Smolyansky
Trust 2/1/05, the Smolyansky Family Foundation, the Ludmila and Edward Smolyansky Family Foundation, Smolyansky Family Holdings, LLC,
Edward Smolyansky and Julie Smolyansky may be deemed an associate of Mrs. Smolyansky under applicable SEC rules. Each of the Edward Smolyansky
Trust 2/1/05, the Ludmila Smolyansky Trust 2/1/05, the Smolyansky Family Foundation, the Ludmila and Edward Smolyansky Family Foundation,
Smolyansky Family Holdings, LLC, Mrs. Smolyansky, Julie Smolyansky and Mr. Smolyansky&rsquo;s spouse may be deemed an associate of Edward
Smolyansky. Mr. Beleutz&rsquo;s spouse may be deemed an associate of his under applicable SEC rules. Mr. Leydervuder&rsquo;s spouse may
be deemed an associate of his under applicable SEC rules. Mr. Whalen&rsquo;s spouse may be deemed an associate of his under applicable
SEC rules. The address of each of the foregoing associates is the same as the applicable Participant&rsquo;s business address, as set
forth herein, except that Julie Smolyansky&rsquo;s address is c/o Lifeway Foods, Inc., 6431 Oakton St., Morton Grove, IL 60053. According
to the Board Statement, Jason Burdeen, who is Ms. Julie Smolyansky&rsquo;s spouse, is employed by the Company as the CEO&rsquo;s Chief
of Staff, he does not have an employment agreement and, in 2024, his total compensation was $313,800.</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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    <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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WHITE CONSENT CARD<BR>
CONSENT OF SHAREHOLDERS OF LIFEWAY FOODS, INC. TO ACTION WITHOUT A MEETING:</B></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: center"><B>THIS CONSENT IS SOLICITED&nbsp;<FONT STYLE="text-transform: uppercase">BY
Ludmila Smolyansky, Edward Smolyansky, Richard Beleutz, Cindy Curry, Michael Leydervuder, George Sent AND Robert Whalen</FONT></B></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"><B>THE BOARD OF DIRECTORS OF LIFEWAY FOODS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>IS NOT SOLICITING THIS CONSENT</B></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">Unless otherwise indicated below, the undersigned,
a shareholder of Lifeway Foods, Inc. (the &ldquo;Company&rdquo;) as of July&nbsp;2, 2025 (the &ldquo;Record Date&rdquo;), hereby consents
for purposes of Section 7.10 of the Illinois Business Corporation Act and for purposes of Section&nbsp;2.13 of the Second Amended and
Restated By-Laws of the Company with respect to all shares of the Company&rsquo;s common stock, no par value (the &ldquo;Shares&rdquo;),
held by the undersigned to the taking of the following actions without a meeting of the shareholders of the Company, as described in the
consent statement of Ludmila Smolyansky, Edward Smolyansky, Richard Beleutz, Cindy Curry, Michael Leydervuder, George Sent and Robert
Whalen (the &ldquo;Shareholder Consent Statement&rdquo;):</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: justify"><B>FAILURE TO RETURN A PROPERLY EXECUTED CONSENT
CARD WILL HAVE THE SAME EFFECT AS DECLINING TO CONSENT TO THE PROPOSALS. IF NO BOX IS MARKED FOR A PROPOSAL, THE UNDERSIGNED WILL BE DEEMED
TO CONSENT TO SUCH PROPOSAL. IF THE ABSTAIN BOX IS MARKED FOR A PROPOSAL, IT WILL HAVE THE SAME EFFECT AS DECLINING TO CONSENT TO SUCH
PROPOSAL. THE CONCERNED SHAREHOLDERS RECOMMEND THAT YOU&nbsp;<U>CONSENT</U>&nbsp;TO EACH OF THE FOLLOWING PROPOSALS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></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"><B>1.</B></TD><TD STYLE="text-align: justify"><B>The Bylaws Restoration Proposal. </B>To repeal any amendment to the Company&rsquo;s by-laws that is
made by the Company&rsquo;s board of directors (the &ldquo;Board&rdquo;) and becomes effective on or after March 24, 2023 and prior to
this Proposal becoming effective:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Consent</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Against Consent</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Abstain</FONT></TD>
    </TR>
  </TABLE>
<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"><B>2.</B></TD><TD STYLE="text-align: justify"><B>The Board Removal Proposal: </B>To remove each director of the Company, including Julie Smolyansky,
Juan Carlos Dalto, Jody Levy, Dorri McWhorter, Perfecto Sanchez, Jason Scher, Pol Sikar and any other director appointed by the Board
on or after June 15, 2024 and prior to this Proposal becoming effective, subject to the election of at least one Nominee pursuant to the
Director Election Proposal below:</TD></TR></TABLE>

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

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  <TR>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Consent</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Against Consent</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Abstain</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>The Director Election Proposal</B>: To elect each of Edward Smolyansky, Ludmila Smolyansky, Richard
Beleutz, Cindy Curry, Michael Leydervuder, George Sent and Robert Whalen (each a &ldquo;Nominee&rdquo;), to serve as directors of the
Company until the Company&rsquo;s next annual meeting of shareholders and until their respective successors are duly elected and qualified
(or, if any such Nominee is unable or unwilling to serve as a director of the Company, or if the Board changes the number of directorships
to be a number other than seven, the persons designated as Nominees by the then-remaining Nominee(s)), subject to the approval of the
Board Removal Proposal:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Consent</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Against Consent</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Abstain</FONT></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; text-align: justify"><B>INSTRUCTION: TO CONSENT, INDICATE THAT YOU
ARE AGAINST CONSENTING, OR ABSTAIN FROM CONSENTING TO THE ELECTION OF ALL THE PERSONS NAMED ABOVE IN THIS DIRECTOR ELECTION PROPOSAL,
CHECK THE APPROPRIATE BOX ABOVE. IF YOU WISH TO CONSENT TO THE ELECTION OF CERTAIN OF THE PERSONS NAMED IN THIS DIRECTOR ELECTION PROPOSAL,
BUT NOT ALL OF THEM, CHECK THE &ldquo;CONSENT&rdquo; BOX ABOVE AND WRITE THE NAME OF EACH SUCH PERSON YOU <U>DO NOT</U> WISH ELECTED IN
THE SPACE BELOW:</B></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; text-align: justify; text-indent: 6.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 6.5in"></P>

<!-- Field: Page; Sequence: 22 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 6.5in"></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"><B>4.</B></TD><TD STYLE="text-align: justify"><B>The Anti-Nepotism Proposal</B>: To amend the Company&rsquo;s by-laws, as reflected in Appendix A to
the Shareholder Consent Statement, to prohibit the Company from employing or engaging any immediate family member of the Company&rsquo;s
president or chief executive officer:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Consent</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Against Consent</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Abstain</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Bylaws Restoration Proposal and Anti-Nepotism
Proposal are not subject to, or conditioned upon, the effectiveness of the other Proposals. The Board Removal Proposal is conditioned
upon the election of at least one Nominee pursuant to the Director Election Proposal, and the Director Election Proposal is conditioned
upon the effectiveness of the Board Removal Proposal.</B></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"><B>IN THE ABSENCE OF DISSENT BEING INDICATED ABOVE,
THE UNDERSIGNED HEREBY CONSENTS TO EACH ACTION LISTED ABOVE.</B></P>

<TABLE CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 9%; text-align: left"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="width: 91%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>NOTE</B>: Date of signature must be on or after July 8, 2025.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Signature of Shareholder</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Signature (if held jointly)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Name and Title of Representative (if applicable)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>IMPORTANT NOTE TO SHAREHOLDERS:</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Please sign exactly as name appears in the Company&rsquo;s books and records. If the Shares are held by joint tenants or as community property, both should sign. When signing as executor, administrator, trustee, guardian, or other representative, please give full title. If a corporation, please sign in full corporate name by a duly authorized officer. If a partnership, please sign in partnership name by an authorized person.</FONT></TD></TR>
  </TABLE>
<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: justify"><B>THIS SOLICITATION IS BEING MADE BY THE CONCERNED
SHAREHOLDERS AND NOT ON BEHALF OF THE COMPANY.</B></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: justify"><B>PLEASE SIGN,&nbsp;DATE&nbsp;AND MAIL YOUR CONSENT
PROMPTLY IN THE POSTAGE-PAID ENVELOPE ENCLOSED.</B></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">&nbsp;</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">&nbsp;</P>

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
