LEO HLDG : Pete’s Strategic Acquisition Summary Presentation

Pete's® Strategic

Acquisition Summary

March 15, 2022

©2022 Local Bounti Corp

Disclaimer

FORWARD LOOKING STATEMENTS

This presentation is for the purpose of summarizing certain aspects of the proposed acquisition (the "Transaction") of the Hollandia Produce Group, Inc. (including related entities and subsidiaries), which does business as Pete's ("Pete's") by Local Bounti Corporation (the "Company" or "Local Bounti") pursuant to certain purchase agreements entered into among the parties (the "Purchase Agreements"). Certain statements in this presentation are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are often identified by words such as "anticipate," "approximate," "believe," "commit," "continue," "could," "estimate," "expect," "hope," "intend," "may," "outlook," "plan," "project," "potential," "should," "would," "will" and other similar words or expressions. Such forward-looking statements reflect current expectations or beliefs concerning future events and actual events may differ materially from historical results or current expectations. The reader is cautioned not to place undue reliance on these forward-looking statements, which are not a guarantee of future performance and are subject to a number of uncertainties, risks, assumptions and other factors, many of which are outside the control of the Company. The forward-looking statements in this presentation address a variety of subjects including, for example, the Transaction, the Company's potential issuance of shares in satisfaction of the terms and conditions of the Purchase Agreements and the business prospects of the Company following the Transaction. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the effects of disruption to Local Bounti's businesses as a result of the Transaction; the impact of transaction costs on Local Bounti's quarterly 2022 and full year 2022 financial results; Local Bounti's ability to retain Pete's customers following the consummation of the Transaction; Local Bounti's ability to achieve the anticipated benefits from the Transaction; the uncertainty of water supply (and related uncertainty for certain water rights) for Pete's facilities located in California; Local Bounti's ability to effectively integrate the acquired operations into its own operations; the ability of Local Bounti to retain and hire key personnel; the uncertainty of projected financial information; the diversion of management time on Transaction-related issues; Local Bounti's increased leverage as a result of additional indebtedness incurred in connection with the Transaction; restrictions contained in the Company's debt facility agreements with Cargill; Local Bounti's ability to repay, refinance, restructure and/or extend its indebtedness as it comes due; and unknown liabilities that may be assumed in the Transaction. In addition, actual results are subject to other risks and uncertainties that relate more broadly to the Company's overall business, including Local Bounti's ability to generate revenue; the risk that Local Bounti may never achieve or sustain profitability; the risk that Local Bounti could fail to effectively manage its future growth; the risk that Local Bounti will fail to obtain additional necessary capital when needed on acceptable terms, or at all; Local Bounti's ability to build out additional facilities; reliance on third parties for construction, delays relating to material delivery and supply chains, and fluctuating material prices; Local Bounti's ability to decrease its cost of goods sold over time; potential for damage to or problems with Local Bounti's CEA facilities; Local Bounti's ability to attract and retain qualified employees; Local Bounti ability to develop and maintain its brand or brands it may acquire; Local Bounti's ability to maintain its company culture or focus on its vision as it grows; Local Bounti's ability to execute on its growth strategy; the risks of diseases and pests destroying crops; Local Bounti's ability to compete successfully in the highly competitive natural food market; Local Bounti's ability to defend itself against intellectual property infringement claims; changes in consumer preferences, perception and spending habits in the food industry; seasonality; Local Bounti's ability to achieve its sustainability goals; and other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Current Report on Form 8-K filed with the SEC on November 24, 2021, and subsequent annual reports on Form 10-K and quarterly reports on Form 10-Q, which reports are available on the SEC's website at www.sec.gov. The forward-looking statements in this presentation speak only as of its date. Local Bounti undertakes no obligation to revise or update publicly any forward-looking statement, except as required by law.

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Strategic Rationale

Key Investment Considerations

Pete's represents an opportunity

to invest in one of the country's

leading CEA platforms

Synergistic Footprint

Expansive CEA Retail Distribution

Category Penetration/Differentiation

Local Bounti Stack & Flow Technology™

Retrofit Opportunity

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Pete's Distribution Footprint

Pete's footprint is synergistic with
Local Bounti's expansion plan	DETAIL VIEW
	Georgia Site

Canada

Carpinteria	Warner	400 Miles
Oxnard
Robins, GA

LB Farm

Distribution Centers

LB Farm, Construction

• Walmart
• Publix

Pete's Farm

Pete's Farm, Construction

Distribution

• Kroger
• Albertson's
• Sprouts

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Pete's Expansive CEA Retail Distribution Creates Immediate Scale for Local Bounti

Diverse Blue-Chip Customer Base

Pete's has built a nationwide sales network, laying the groundwork to serve existing customers, nationally, through the development of new facilities

Select Customers

~10,000

RETAIL DOORS

Pete's Customer Base

West Central East

Customers 93 27 23

Customer

6,416 2,965 619

Door Count

% TTM July	81% 14% 5%
2021 Revenue1

1. Unaudited. Provided by Pete's.

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