Ms. Hamutal Yitzhak reports

ELSE ANNOUNCES RESULTS FROM ANNUAL GENERAL MEETING OF SHAREHOLDERS AND NEW DIRECTOR

At Else Nutrition Holdings Inc.'s annual general meeting of shareholders held on June 29, 2023, all resolutions put to its shareholders were passed. A total of 30,534,355 or 26.94 per cent of the company's issued and outstanding shares were represented at the meeting.

At the meeting, shareholders approved setting the number of directors at seven and re-electing all of management's director nominees, as listed in the management information circular dated May 8, 2023, to the board of directors to serve until the next annual general meeting. The election of directors was approved by a majority vote of shareholders.

         VOTING RESULTS FOR ELECTION OF DIRECTORS

Motions                    Votes for         Votes withheld  

                      Number   Per cent    Number   Per cent  

Hamutal Yitzhak   30,458,382      99.75%   75,973       0.25%  
Uriel Kesler      30,457,682      99.75%   76,673       0.25%  
Sokhie Puar       30,452,922      99.73%   81,433       0.27%  
Satwinder Mann    30,511,829      99.93%   22,526       0.07%  
Eli Ronen         30,512,029      99.93%   22,326       0.07%  
Akash Bedi        30,507,369      99.91%   26,986       0.09%  
Yaki Lutski       30,511,329      99.92%   23,026       0.08%   

At the meeting, shareholders also approved: (i) the reappointment of Kost Forer Gabbay & Kasierer, a member firm of Ernst & Young Global Ltd., as the company's auditor; (ii) the amendment of certain issued and outstanding common share purchase warrants; (iii) the issuance of common shares to Lind Global Fund II LP; and (iv) an amendment to the company's stock option plan to increase the number of common shares reserved for issuance to 15 per cent of the issued and outstanding common shares of the company from time to time at the date of the grant of options. For further details, please see the report of voting results available on the company's SEDAR profile.

The company welcomes Yaki Lutski to the board of directors following his election at the annual general meeting. Mr. Lutski began his career with the Israel Defence Forces, including serving as deputy chief medical officer. Subsequently, Mr. Lutski worked as a consultant for companies in strategic management, marketing systems control, pharmaceutical and energy sectors. From 2001 to 2003, he was chief executive officer of Seku Genes, a biotechnology company, and chairman of Dan Recycling. In 2004 and 2005, he served as CEO of Medisell, a mobile medical service company. From 2006 to 2014, he was chairman of Coppola Medical, a tattoo removal equipment company. From 2009 to 2004, he served as chairman of Elitar Medical Systems Inc. From 2009 to 2016, he was a member of senior management of Atlantium Technologies Ltd., a water system company. Mr. Lutski has been a shareholder and chairman of UniKo (formerly FCC Hanjin Shipping), a shipping and logistics group, since 2007. Mr. Lutski has also served as an external director for Aviation Links Ltd., Mivtach Shamir Holdings Ltd. and EL-AL. Mr. Lutski is a graduate of Bar Ilan University with a bachelor of arts degree from the department of economics, sociology and political science. Mr. Lutski also received a master of arts degree from the University of Haifa in public health systems management.

About Else Nutrition Holdings Inc.

Else is a food and nutrition company (in the international expansion stage) focused on developing innovative, clean and plant-based food and nutrition products for infants, toddlers, children and adults. Its revolutionary, plant-based, non-soy formula is a clean-ingredient alternative to dairy-based formulas. Since launching its plant-based complete nutrition for toddlers, made of whole foods, almonds, buckwheat and tapioca, the brand has received thousands of powerful testimonials and reviews from parents, gained national retailer support, and achieved rapid sales growth.

Awards and recognition:

• 2017 best health and diet solutions award at Milan's Global Food Innovation Summit;
• No. 1 bestseller on Amazon in the fall of 2020 in the new baby and toddler formula category;
• Best dairy alternative award 2021 at World Plant-Based Expo;
• Nexty award finalist at Expo West 2022 in the plant-based lifestyle category;
• During September, 2022, Else super cereal reached the No. 1 bestseller in baby cereal across all brands on Amazon.

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