<SEC-DOCUMENT>0001683168-25-008775.txt : 20251201
<SEC-HEADER>0001683168-25-008775.hdr.sgml : 20251201
<ACCEPTANCE-DATETIME>20251201161723
ACCESSION NUMBER:		0001683168-25-008775
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251201
DATE AS OF CHANGE:		20251201

FILER:

	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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42398
		FILM NUMBER:		251539875

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>lifeway_defa14a.htm
<DESCRIPTION>FORM DEFA 14A
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SCHEDULE 14A</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>PROXY STATEMENT PURSUANT
TO SECTION 14(a) OF THE SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>EXCHANGE ACT OF 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Filed by the Registrant&nbsp;&nbsp;</B>&#9745;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Filed by a Party other than the Registrant&nbsp;&nbsp;</B>&#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Check the appropriate box:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Preliminary Proxy Statement</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidential, for Use of the Commission Only&nbsp;(as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Definitive Proxy Statement</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9745;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Definitive Additional Materials</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Soliciting Material Pursuant to 240.14a-12</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Registrant as Specified In Its Charter)</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">_______________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if other
than the Registrant)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check all boxes that apply):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9745;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><I>On December 1, 2025,
Lifeway Foods, Inc. (the &ldquo;Company&rdquo;) issued the following press release which updates and supplements the definitive
proxy statement filed by the Company on December 1, 2025:</I></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt; text-align: center"><FONT STYLE="background-color: white"><B>Lifeway
Issues Letter to Shareholders Regarding Dissident Director Nominees, Revealing Disqualifying Track Records and Ethical Failures </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt; text-align: center"><FONT STYLE="background-color: white"><I>Highly
concerning nominee backgrounds underscore questionable</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt; text-align: center"><FONT STYLE="background-color: white"><I>judgement by Edward Smolyansky and George Sent, Managing Director of</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt; text-align: center"><FONT STYLE="background-color: white"><I>Cascadia Capital</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt; text-align: center"><FONT STYLE="background-color: white"><I>Edward
and Ludmila Smolyansky&rsquo;s personal liquidity needs may be behind</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt; text-align: center"><FONT STYLE="background-color: white"><I>their demands for a quick sale of Lifeway at any price</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>MORTON GROVE, Ill., December
1, 2025 </B>&mdash; Lifeway Foods, Inc. (NASDAQ: LWAY) (&ldquo;Lifeway&rdquo; or the &ldquo;Company&rdquo;), a leading U.S. supplier of
kefir and fermented probiotic products, today issued the following statement in response to Edward Smolyansky&rsquo;s (the &ldquo;Dissident&rdquo;)
intent to nominate George Sent, Managing Director of Cascadia Capital, and the Dissident (the &ldquo;Dissident Nominees&rdquo;) for election
to the Company&rsquo;s Board of Directors:</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="background-color: white"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0"><FONT STYLE="background-color: white">Dear Fellow Shareholders,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="background-color: white">The track record of
the Dissident Nominees demonstrates they are unfit to serve on the Company&rsquo;s Board of Directors and lead the Company and pose a
clear risk to shareholder value. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0"><FONT STYLE="background-color: white"><B>The Dissident Nominees
have disqualifying issues raising ethical concerns.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0"></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Ed Smolyansky: </FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 9%"></TD><TD STYLE="width: 3%; text-align: left">o</TD><TD STYLE="text-align: justify; width: 88%"><FONT>Terminated for cause as
Lifeway&rsquo;s COO in 2022</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">o</TD><TD STYLE="text-align: justify"><FONT>Intoxicated on multiple
occasions during the performance of his duties while an employee and director of Lifeway</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">o</TD><TD STYLE="text-align: justify"><FONT>Subject to an emergency
protection order prohibiting him from communicating with or going near Lifeway&rsquo;s CEO, Julie Smolyansky</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">o</TD><TD STYLE="text-align: justify"><FONT>Founded a direct competitor
of Lifeway</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">o</TD><TD STYLE="text-align: justify"><FONT>Defaulted on a $10.4 million
mortgage</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">o</TD><TD STYLE="text-align: justify"><FONT>Created multiple false social
media accounts to post negative false statements about Lifeway, including while he was serving as a Director of Lifeway</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ludmila Smolyansky,
the Dissident&rsquo;s mother, with whom the Dissident files Schedule 13Ds and votes: </FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 9%"></TD><TD STYLE="width: 3%; text-align: left">o</TD><TD STYLE="text-align: justify; width: 88%"><FONT STYLE="background-color: white">Facing over $2.3 million
in federal and state tax liens</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0"><FONT STYLE="background-color: white"><B>George Sent, Managing
director of Cascadia Capital</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0"><FONT STYLE="background-color: white"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0"><FONT STYLE="background-color: white"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">As Lifeway&rsquo;s former Lead Independent Director and Chair of the
special committee that investigated the Dissident&rsquo;s misconduct and recommended removing several of his titles and responsibilities,
the Mr. Sent&rsquo;s sudden willingness to align himself with the Dissident is a disturbing reversal of principle that underscores questionable
judgment and deeply concerning ethics.</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0"><FONT STYLE="background-color: white"><B>The Dissident&rsquo;s
personal financial distress and that of Ludmila Smolyansky, his mother, and the limited amount of shares they can sell in the aggregate
each calendar year seem to be fueling their demands for a sale of the Company at any price and could cause the Dissident Nominees to vote
in ways that help the Dissident and his mother personally but are not in the best interests of other shareholders.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">The Dissident and his mother have repeatedly advocated for
a sale of the Company, including after the stock closed at $5.07 per share on February 18, 2022, which is well below both the Company&rsquo;s
current share price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="background-color: white">The Dissident&rsquo;s
</FONT>default on a $10.4 million mortgage in 2025 and federal and state tax liens against Ludmila Smolyansky, Dissident&rsquo;s mother,
among other debts, may have led Dissident and his mother to push for a quick sale of Lifeway at any price. In fact, <FONT STYLE="background-color: white">the
first of Ludmila Smolyansky&rsquo;s $2.3 million in federal and state tax liens was filed about a year before she and the Dissident
initially demanded that Lifeway run a </FONT>sale process in 2022.<FONT STYLE="font-size: 10pt"><SUP>[i]</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">In the last five years, neither the Dissident nor Ludmila
Smolyansky has purchased a single share of Lifeway common stock. Instead, they have sold a total of more than 2.5 million shares of Lifeway
common stock, including sales of more than 1.1 million shares at prices below $8.00 per share.<FONT STYLE="font-size: 10pt"><SUP>[ii]</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">The Dissident has not secured employment since his removal
from Lifeway and claims to have made a substantial investment in a new venture he has alternated between calling &ldquo;a joke&rdquo;
and describing as a kefir company intended to compete directly with Lifeway. In addition, he has created multiple false social media accounts
which he used to post negative false statements about Lifeway, including while he was a member of Lifeway&rsquo;s Board of Directors.
This pattern of contradictory statements, misinformation, and demonstrated financial irresponsibility raises grave concerns about his
fitness to serve as a fiduciary, his ability to act in the best interests of all shareholders rather than himself and his mother, and
his judgment in overseeing any public company. Even more troubling is that George Sent of Cascadia Capital has chosen to align himself
with the Dissident despite this highly concerning information being readily available in the public record.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[i]</SUP></FONT>
Source: Marion County Tax Warrant 30633661 for $93.48, filed December 29, 2022; Department of the Treasury &ndash; Internal Revenue Service,
Notice of Federal Tax Lien, Serial Number 464502222 for $649,758, dated December 19, 2022; Illinois Department of Revenue, Notice of Tax
Lien, Lien ID 76443 for $188,054.20, dated October 21, 2022; Department of the Treasury &ndash; Internal Revenue Service, Notice of Federal
Tax Lien, Serial Number 447760322 for $730,269.35, dated January 12, 2022; Department of the Treasury &ndash; Internal Revenue Service,
Notice of Federal Tax Lien, Serial Number 438465121 for $756,414.23.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>[ii]</SUP></FONT>
Source: SEC filings.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0"><FONT STYLE="background-color: white"><B>Institutional Shareholder
Services ISS, has warned shareholders about the Dissident&rsquo;s prior director nominees including George Sent and proposals.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="background-color: white">In its July 2025 report,
Institutional Shareholder Services (&ldquo;ISS&rdquo;), a leading proxy advisor, recommended Lifeway shareholders &ldquo;DO NOT VOTE&rdquo;
on all proposals put forth by the Dissident and Ludumila Smolyansky and their aligned group, including Mr. Sent. </FONT>The Dissident
continues to make the same arguments for change as he has in the past. It&rsquo;s of concern to all shareholders that the dissident nominee
George Sent a managing director of Cascadia capital, would stand for election with the dissident against ISS recommendations that are
developed for the benefit of all shareholders <FONT STYLE="background-color: white">ISS noted in connection with the Dissident&rsquo;s
failed consent solicitation in 2025: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0"></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: 3%">&#160;</TD>
    <TD STYLE="width: 3%; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; width: 94%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that the dissident
group &ldquo;has not presented a compelling case for change&rdquo; &ldquo;has not presented a plan should it successfully secure a majority
of board seats&rdquo; for governance and operational improvement.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lifeway&rsquo;s &ldquo;financial
performance has been directionally positive&rdquo; and its &ldquo;share price [has] rallied over the preceding year on multiple positive
earnings announcements,&rdquo; with total shareholder return significantly outperforming peers in the Russell 3000 Food Producers Index.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The dissident group&rsquo;s
critiques &ldquo;are generally presented without adequate context,&rdquo; and the dissident group &ldquo;does not clearly establish how
various developments have actually impacted shareholder returns.&rdquo; </FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The dissident group &ldquo;has
not presented a plan should it successfully secure a majority of board seats&rdquo; for governance or operational improvement.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The dissident nominees
include individuals who previously contributed to governance concerns during their past tenures at the Company.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="background-color: white"><B>Lifeway&rsquo;s Board
and management have delivered results.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="background-color: white"><B>&nbsp;</B></FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">788% total shareholder
return over the past five years, dramatically outperforming peers and the S&amp;P 500<FONT STYLE="font-size: 10pt"><SUP>[iii]</SUP></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">~123% revenue growth
since FY2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company&rsquo;s
record-breaking 3<SUP>rd</SUP> quarter 2025 marks six years of uninterrupted quarterly net sales growth</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company achieved
$57.1 million in net sales in the 3<SUP>rd</SUP> quarter of 2025, a 29% volume-led net sales increase on a comparable basis, driven by
the Company&rsquo;s flagship Lifeway Kefir</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company&rsquo;s
3<SUP>rd</SUP> quarter 2025 gross margin expansion of 300 basis points and net income growth of 19% reflects the Company&rsquo;s disciplined
operational execution</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>[iii]</SUP></FONT>
Source: Bloomberg data; covers the five-year period ended September 23, 2024, the last full trading day before Danone North America PBC
publicly disclosed its initial unsolicited proposal to acquire all of the outstanding shares of the Company for $25.00 per share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="background-color: white"><B>Lifeway&rsquo;s Board
is committed to refreshing the Board in a thoughtful manner replacing long serving directors and adding new directors whose skills and
knowledge increase the Board&rsquo;s independence, breadth of experience and effectiveness</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&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: 3%">&#160;</TD>
    <TD STYLE="text-align: justify; width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; width: 94%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In 2021 the Board
added Dorri McWhorter, providing additional accounting and finance expertise, as well as experience growing a business as the CEO and
adding an additional independent director.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In 2022 Mr. Sanchez
and Mr. Dalto, each with expertise in dairy consumer products at Danone and other global entities, joined the Board and Mr. Smolyansky
was not renominated for election to the Board, replacing one non-independent director with an independent one and increasing the Board
again with an additional independent director.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In 2023 Ludmila Smolyansky,
mother of Julie Smolyansky and Edward Smolyansky, was not renominated for election to the Board and ceased to serve as a director. As
a result, the Board again became more independent, with only one non-independent member (the CEO).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In 2024, the Company&rsquo;s
Board refreshment proceedings were delayed to give time for the Board to review, negotiate and address various shareholder-related activities.
</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 30,
2025, the Company and the Danone North America PBC (&ldquo;Danone&rdquo;) entered into a Cooperation Agreement (the &ldquo;Cooperation
Agreement&rdquo;).</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&#160;</TD>
    <TD STYLE="text-align: justify; width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; width: 94%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the Cooperation Agreement:</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0"></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: 9%">&#160;</TD>
    <TD STYLE="text-align: justify; width: 3%"><FONT STYLE="font-family: Symbol"></FONT>&cir;</TD>
    <TD STYLE="text-align: justify; width: 88%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October and November 2025, the Board appointed Rachel
Drori, Andee Harris, Susie Hultquist and Kirk Chartier (the &ldquo;New Independent Board Members&rdquo;), each of whom is (1) independent
under Nasdaq rules; (2) unaffiliated with Julie Smolyansky, her spouse, the Dissident, Ludmila Smolyansky, the Company and any current
director of the Company; and (3) received prior written approval from Danone;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&#160;</TD>
    <TD STYLE="text-align: justify; width: 3%"><FONT STYLE="font-family: Symbol"></FONT>&cir;</TD>
    <TD STYLE="text-align: justify; width: 88%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The New Independent Board Members bring expertise in growing
and selling businesses, accounting, finance, public company corporate governance, and expertise in the &ldquo;good for you&rdquo; food consumer product
business, including in &ldquo;good for you&rdquo; drink products; and</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&#160;</TD>
    <TD STYLE="text-align: justify; width: 3%"><FONT STYLE="font-family: Symbol"></FONT>&cir;</TD>
    <TD STYLE="text-align: justify; width: 88%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pol Sikar, the longest serving director on the Board, has
not been nominated for re-election at the 2025 Annual Meeting.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&#160;</TD>
    <TD STYLE="text-align: justify; width: 3%"><FONT STYLE="font-family: Symbol"></FONT>&cir;</TD>
    <TD STYLE="text-align: justify; width: 88%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jason Scher, the next longest serving director on the Board
will not be nominated for re-election at the 2026 Annual Meeting; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0"><FONT STYLE="background-color: white">At or prior to the 2026
Annual Meeting, the Board will be made up of a majority of New Independent Board Members.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0"><FONT STYLE="background-color: white"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="background-color: white">Under the current Board
as adjusted in 2026, Lifeway is well positioned for continued success, whether as an independent company or in a transaction that achieves
a compelling value for Lifeway shareholders. Replacing any of the Company&rsquo;s current directors with the dissident candidates is not
in the best interests of Lifeway or its shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="background-color: white">We urge you to reject
the Dissidents&rsquo; solicitation on behalf of the Dissident Nominees and the Dissident&rsquo;s proposal and protect the value of your
investment.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">The Board of Directors of Lifeway</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Lifeway Foods, Inc., which has been recognized as one of America&rsquo;s
Growth Leaders by TIME, as Dairy Foods&rsquo; Processor of the Year 2025 and one of Forbes&rsquo; Best Small Companies, is America&rsquo;s
leading supplier of the probiotic, fermented beverage known as kefir. In addition to its line of drinkable kefir, the Company also produces
a variety of cheeses and a ProBugs&reg; line for kids. Lifeway&rsquo;s tart and tangy fermented dairy products are now sold across the
United States, Mexico, Ireland, South Africa, United Arab Emirates, and France. Learn how Lifeway is good for more than just you at lifewayfoods.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><B>Forward-Looking Statements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">This press release contains &ldquo;forward-looking statements&rdquo;
as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, unaudited estimated net sales. These
statements use words, and variations of words, such as &ldquo;anticipate,&rdquo; &ldquo;plan,&rdquo; &ldquo;project,&rdquo; &ldquo;estimate,&rdquo;
&ldquo;potential,&rdquo; &ldquo;forecast,&rdquo; &ldquo;will,&rdquo; &ldquo;continue,&rdquo; &ldquo;future,&rdquo; &ldquo;increase,&rdquo;
&ldquo;believe,&rdquo; &ldquo;outlook,&rdquo; &ldquo;expect,&rdquo; and &ldquo;predict.&rdquo; You are cautioned not to rely on these
forward-looking statements. These forward-looking statements are made as of the date of this press release, are based on current expectations
of future events and thus are inherently subject to a number of risks and uncertainties, many of which involve factors or circumstances
beyond Lifeway&rsquo;s control. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual
results could vary materially from Lifeway&rsquo;s expectations and projections. These risks, uncertainties, and other factors include:
price competition; the decisions of customers or consumers; the actions of competitors; changes in the pricing of commodities; the effects
of government regulation; possible delays in the introduction of new products; and customer acceptance of products and services. A further
list and description of these risks, uncertainties, and other factors can be found in Lifeway&rsquo;s Annual Report on Form 10-K for the
year ended December 31, 2024, filed with the SEC on March 14, 2025 (the &ldquo;2024 Form 10-K&rdquo;) and Lifeway&rsquo;s Quarterly Reports
on Form 10-Q for the fiscal quarters ended March 31, 2025, June 30, 2025 and September 30, 2025. Copies of these filings are available
online at https://www.sec.gov, http://lifewaykefir.com/investor-relations/. Lifeway expressly disclaims any obligation to update any forward-looking
statements (including, without limitation, to reflect changed assumptions, the occurrence of anticipated or unanticipated events or new
information), except as required by law.<B></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><B>Important Additional Information</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">The Company has filed a proxy statement on Schedule 14A, an accompanying
<B>WHITE</B> proxy card and other relevant documents with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) in connection
with the solicitation of proxies from the Company&rsquo;s shareholders for the Company&rsquo;s 2025 annual meeting of shareholders. <B>THE
COMPANY&rsquo;S SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY&rsquo;S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS
OR SUPPLEMENTS THERETO), THE ACCOMPANYING WHITE PROXY CARD, AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.</B> Investors and shareholders may obtain a copy of the definitive
proxy statement, an accompanying <B>WHITE</B> proxy card, any amendments or supplements to the definitive proxy statement and other documents
filed by the Company with the SEC at no charge at the SEC&rsquo;s website at www.sec.gov. Copies will also be available at no charge by
visiting the &ldquo;Investor Relations&rdquo; tab of the Company&rsquo;s website at http://lifewaykefir.com/investor-relations/.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Information Regarding Participants in Solicitation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company, each of its independent directors (Kirk Chartier, Juan
Carlos Dalto, Rachel Drori, Andee Harris, Susie Hultquist, Dorri McWhorter, Jason Scher and Pol Sikar) and certain of its executive officers
(Julie Smolyansky, Chief Executive Officer, President and Secretary, and Eric Hanson, Chief Financial and Accounting Officer and Treasurer)
are deemed to be &ldquo;participants&rdquo; (as defined in Schedule 14A under the Securities Exchange Act of 1934, as amended) in the
solicitation of proxies from the Company&rsquo;s shareholders in connection with matters to be considered at the Company&rsquo;s 2025
annual meeting of shareholders. Information about the names of the Company&rsquo;s directors and officers, their respective interests
in the Company by security holdings or otherwise, and their respective compensation is set forth in Company&rsquo;s Definitive Proxy Statement
on Schedule 14A for its 2025 annual meeting of shareholders, filed with the SEC on December 1, 2025, the Company&rsquo;s 2024 Form 10-K
and Amendment No. 1 to the 2024 Form 10-K, filed with the SEC on April 29, 2025. Copies of these filings are available free of charge
online at https://www.sec.gov and http://lifewaykefir.com/investor-relations/
or by writing to the Company&rsquo;s Secretary, Lifeway Foods, Inc., 6431 West Oakton St., Morton Grove, IL 60053.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lifeway expressly disclaims any obligation to update any forward-looking
statements (including, without limitation, to reflect changed assumptions, the occurrence of anticipated or unanticipated events or new
information), except as required by law.</P>

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

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

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