LEO HLDG : Local Bounti Investor Presentation

Investor Presentation

March 15, 2022

©2022 Local Bounti Corp

Disclaimer

FORWARD LOOKING STATEMENTS

This presentation of Local Bounti Corporation ("Local Bounti" or the "Company") includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "future," "growth," "opportunity," "well-positioned," "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include, but are not limited to, projected financial information, statements regarding estimates and forecasts of other financial and performance metrics, projected costs of building facilities or acquiring facilities, and projections of market opportunity and market share. Such forward-looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the business of Local Bounti are based on current expectations that are subject to risks and uncertainties. These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of Local Bounti's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability.

A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to: 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 or acquire additional facilities; Local Bounti's ability to complete its proposed acquisition of Hollandia Produce Group Inc. ("Pete's"); Local Bounti's ability to integrate Pete's if the proposed transaction closes; Local Bounti's ability to realize the perceived benefits of the proposed acquisition of Pete's, if completed; the impact of transaction costs on Local Bounti's first quarter and full year 2022 financial results as a result of the proposed acquisition of Pete's, if completed; Local Bounti's ability to retain Pete's customers following the proposed acquisition of Pete's, if completed; 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; 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 of Pete's into its own operations; 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, in each case, under "Risk Factors", 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. There may be additional risks that Local Bounti presently knows or that Local Bounti currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

You are cautioned not to place undue reliance upon any forward-looking statements, including the projections, which speak only as of the date made. Local Bounti does not undertake any commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Accordingly, forward-looking statements, including any projections or analysis, should not be viewed as factual and should not be relied upon as an accurate prediction of future results. The forward-looking statements contained in this presentation are based on the Company's current expectations and beliefs concerning future developments and their potential effects on Local Bounti. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

Should one or more of these risks or uncertainties materialize, or should any of management's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Local Bounti does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, you should not put undue reliance on these statements.

INDUSTRY AND MARKET DATA

In this presentation, Local Bounti relies on and refers to information and statistics regarding the sectors in which Local Bounti competes and other industry data. Local Bounti obtained this information and statistics from third-party sources, including reports by market research firms. Although Local Bounti believes these sources are reliable, the Company has not independently verified the information and does not guarantee its accuracy and completeness. Local Bounti has supplemented this information where necessary with information from discussions with Local Bounti customers and Local Bounti's own internal estimates, taking into account publicly available information about other industry participants and Local Bounti's management's best view as to information that is not publicly available.

TRADEMARKS AND TRADE NAMES

Local Bounti owns or has rights to various trademarks, service marks and trade names that it uses in connection with the operation of its business. This presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this presentation is not intended in, and does not imply, a relationship with Local Bounti, or an endorsement or sponsorship by or of Local Bounti. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that Local Bounti will not assert, to the fullest extent under applicable law, its rights or the right of the applicable licensor in these trademarks, service marks and trade names.

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Traditional Agriculture Is in Need of a Transformation

Imminent Agriculture Crisis

The world will need

~70% more food

to feed the global population in 2050, yet there will not be enough arable land and water to sustain traditional agriculture to meet these needs

1-in-4	200k	60%
People globally are	Deaths caused by	Total global cropland severely
food insecure	E. coli globally each year	depleted from irrigation use

9 mil	30%	10-30%
Deaths each year	Arable land lost in	Of product spoils at grocery
from hunger	the U.S. in last 40	before sale
	years

Sources: Canaccord Genuity, FAO, USDA, UN, Brauman et al. (2014), WHO, Mercy Corps, Food Safety News.

Strictly Confidential

3

Controlled Environment Agriculture ("CEA")

Is the Future of Farming

CEA Is Disrupting Conventional Agriculture

Key Advantages to CEA

Zero Residue	Up to 90%	Up to 90%	Year Round	Shorter Transit Time	Lower Greenhouse
Pesticides /	Reduction in Water	Reduction in Land	Production	to Retailer	Gas Emissions
Herbicides	Usage	Usage			During Transit

10x-1,000x Less	Consistent Yield	Waste Reduction	More Cost-	Improved Worker	Improved Taste,
Bacteria, Leading	and Supply to	with Shelf Life of Up	competitive than	Welfare	Texture and Flavor
to Less Spoilage	Retailers	to 5 Weeks	Traditional
			Agriculture

Sources: Equity research, industry research.

4

Local Bounti Is Addressing a

Significant Market Opportunity

One of the largest sustainability-related impacts

CEA offers is drastic food waste reduction

Traditional Agriculture	Local Bounti
40 DAY - QUALITY COMPARISON	40 DAY - QUALITY COMPARISON
3-5 days1	3-5 weeks1
Slimy, Smelly, Uneatable	Still Fresh, Delicious, Crisp

Sources: Publicly Available Market Research on Controlled Environment Agriculture, U.S. Census Bureau (2019).

1. Lettuce comparison test: 40 days.
2. U.S. TAM based on publicly available market research on Controlled Environment Agriculture's approximation of 2025 total U.S. TAM.

CEA Market Opportunity

CEA's fresh focus and local branding enable it to capture significant market share for vegetables and herbs, leading to explosive growth

$30bn

2025 U.S. TAM2

~$10.6bn

Western U.S. TAM

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