Hamilton, November 5, 2021/PRNewswire/ — Groundbreaking U.S. indoor agricultural companies Local Bounti Corporation ("Local Bounti") and Leo Holdings III Corp (NYSE: LIII) ("Leo"), This is a publicly traded special purpose acquisition company. It was announced today that they have signed an additional $25 million private placement ("PIPE") subscription agreement with new and existing PIPE investors, with terms consistent with the previously announced corporate merger transaction. The initial PIPE financing is the same. Local Bounti and Leo on June 18, 2021 ("Business Combination"). This increases the expected total PIPE revenue to 150 million US dollars. The commitment to the expanded PIPE comes from new and old PIPE investors, including Fidelity Management & Research Company LLC, BNP Paribas Asset Management Ecosystem Restoration Fund, strategic partner Sarath Ratanavadi, CEO of Gulf Energy Development Public Company Limited, Scott McNealy, United Founder and former CEO of Sun Microsystems, and an affiliate of Leo Sponsor.

With the increase in the fully committed PIPE, the expected PIPE income of US$150 million will meet the minimum cash requirements for the completion of the business combination set out in the merger agreement between Local Bounti and Leo on June 18, 2021, regardless of what may happen to Leo shareholders Any potential redemptions. Therefore, based on Leo's shareholder approval and other customary closing conditions, Local Bounti and Leo are expected to complete the business combination as planned, thereby making Local Bounti a listed company.

"We thank the top PIPE investors for this vote of confidence and believe that this validates our focus on strong unit economy and capital efficiency differentiation and excellent business model. Local Bounti Co-CEO Craig Hurlbert said:" This expanded PIPE commitment provides certainty for our business combination with our partners, to properly utilize our business, and puts us in a favorable position to disrupt the traditional agricultural industry. "We are at the right time for business and industry growth. Completing the business combination that brings us to the open market will help us expand the coverage of sustainable locally produced products while focusing on promoting the best unit economics of any CEA field. Company," Mr. Herbert continued.

As a leader in the field of controlled environment agriculture (CEA), Local Bounti has reduced water consumption by 90% and land use by 90% compared with traditional agriculture, focusing on significantly extending product shelf life, reducing waste and emissions, and solving High availability issues. -High-quality products from local communities. Local Bounti's sustainable agricultural products are grown locally, reducing food mileage-the largest source of greenhouse gas emissions in the agricultural product supply chain. Environmental greenhouse conditions help ensure nutritional value and taste. Local Bounti's products are free of genetically modified ingredients and pesticides/herbicides. Local Bounti's sustainable, rooted, and living products can reduce environmental impact, carbon footprint and waste. To learn more about Local Bounti's unique growth process, diverse products and experienced leadership team, please visit localbounti.com.

In June 2021, Local Bounti and Leo announced that they had reached a final business combination agreement. After the completion of the business combination that is still subject to customary closing conditions, Local Bounti and Leo expect that the common stock and warrants of the combined company will be traded on the New York Stock Exchange under the new stock symbols "LOCL" and "LOCL." respectively.

Local Bounti is a leading controlled environment agriculture (CEA) company that redefines conversion efficiency and environmental, social and governance (ESG) standards for indoor agriculture. Local Bounti operates a state-of-the-art indoor growing facility in Hamilton, Montana, just a few hours’ drive from its retail and food service partners. Reaching retail shelves in record time after harvest, local Bounti products are superior in taste and quality compared to traditional field-grown vegetables. Local Bounti's United States Department of Agriculture Uniform Good Agricultural Practice (GAP Plus) and Non-GMO (GMO) products use proprietary technology to sustainably grow 365 days a year, do not use pesticides and herbicides, and use land and water The amount is 90% less than the local and 90% traditional outdoor farming methods. The local Bounti's mission is to "bring our farm to your kitchen in as few food miles as possible" and is destroying the cultivation and delivery of agricultural products. Local Bounti is also committed to making meaningful connections and giving back to every community it serves. To learn more, please visit localbounti.com or follow the company on LinkedIn for the latest news and developments.

In terms of business combination, Leo filed a registration statement on Form S-4 with the US Securities and Exchange Commission ("SEC") on July 19, 2021 (as amended or supplemented to the date of this agreement, "Registration Statement"" ), including the joint proxy statement/prospectus ("joint proxy statement/prospectus"). The SEC has declared the registration statement effective and will be mailed to Leo's shareholders and public warrant holders. Shareholders and public warrants Holders can also obtain a copy of the power of attorney/prospectus on the website of the US Securities and Exchange Commission www.sec.gov, or send the request to: Leo Holdings III Corp, 21 Grosvenor Pl, London SW1X 7HF, United Kingdom. Encouragement Leo shareholders and public warrant holders read the joint power of attorney/prospectus, which includes the unanimous recommendation of Leo’s board of directors that shareholders vote "in favor" of the business combination and other shareholders and warrant holders’ proposals. Background to the process of merging with local Bounti's pending business.

According to SEC rules, Leo and its directors, executive officers, other management members and employees can be regarded as agents involved in soliciting Leo shareholders and business combinations, as well as public warrant holders related to the proposed amendments to manage all of Leo’s Warrant agreement for unexercised warrants ("Warrant Amendment"). Investors and security holders can obtain more detailed information about the names of Leo's directors and executive officers and a description of their rights and interests in Leo in documents submitted by Leo to the SEC (including joint proxy statements/prospectus). Shareholders and public warrant holders can also obtain a copy of the joint power of attorney/prospectus on the SEC website www.sec.gov, or by sending the request to: Leo Holdings III Corp, 21 Grosvenor Pl, London SW1X 7HF, United Kingdom.

The local Bounti and its directors and executive officers may also be regarded as participating in the solicitation of the power of attorneys related to the business combination of Leo shareholders and the solicitation of the proposed warrant amendments by Leo's public warrant holders. The list of such directors and executive officers and information about their interests in the business combination are contained in the joint proxy statement/prospectus of the business combination.

This newsletter includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The actual results of Leo and Local Bounti may differ from their expectations, estimates and forecasts, therefore, you should not rely on these forward-looking statements as predictions of future events. Words such as "expected", "estimated", "project", "budget", "forecast", "anticipated", "intended", "plan", "may", "will", "may", "should", etc. , "Believe," "forecast," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, Leo and Local Bounti's future performance and expectations regarding the proposed business combination The expectation of financial impact, the satisfaction of the completion conditions of the business combination, and the completion time of the business combination. These forward-looking statements involve significant risks and uncertainties, which may cause actual results to differ materially from expected results. Most of these factors are not in Leo and Local Bounti. It is difficult to predict. Factors that may cause such differences include but are not limited to: (1) Any event, change or other circumstances that may cause the termination date of the agreement and the merger plan to be terminated on June 17, 2021 (Amended, supplemented or otherwise modified by Leo, Longleaf Merger Sub, Inc., Longleaf Merger Sub II, LLC and Local Bounti from time to time, "Merger Agreement"), (2) After announcing the merger agreement and the transactions contemplated in it Possible legal actions against Leo and Local Bounti; (3) Unable to complete the proposed business combination, including failure to obtain approval from Leo’s shareholders or other conditions to complete the merger agreement; (4) Occurrence may lead to termination of the merger agreement or possible Any events, changes, or other circumstances that make the business combination impossible to complete; (5) Redemption requests by Leo shareholders; (6) After the proposed business combination, it is impossible to obtain or maintain the common stock of the combined company on the New York Stock Exchange Listing; (7) The proposed business combination is subject to the risk of disrupting existing plans and operations due to the announcement and completion of the proposed business combination; (8) The ability to identify the expected benefits of the proposed business combination, which may be subject to (including) competition and merger The impact of the company’s ability to grow and manage growth and the ability to retain key employees; (9) costs associated with the proposed business combination; (10) changes in applicable laws or regulations; (11) Local Bounti or the combined company may The possibility of being adversely affected by other economic, business and/or competitive factors; (12) Other risks and uncertainties indicated from time to time in the joint power of attorney/prospectus related to the business combination, including the “risks” in the Leo Form 10 quarterly report Risks and Uncertainties under "Factors" and "Cautions Regarding Forward-Looking Statements"-Q is used for the fiscal quarter ending June 30, 2021, and the registration statement submitted by Leo and other documents submitted by Leo to the SEC Some of these risks and uncertainties may be amplified by the COVID-19 outbreak in the future, and may exist Other risks that we consider to be insignificant or unknown. It is impossible to predict or identify all such risks. Leo cautioned that the above list of factors is not exclusive. Leo cautions readers not to rely too much on any forward-looking statements, which are only effective from the date they are made. Leo does not undertake or accept any obligation or undertaking to update or modify any forward-looking statements to reflect any changes in its expectations or any changes in the events, conditions or circumstances on which any such statements are based.

This newsletter is for reference only. It is neither an offer to purchase, nor an invitation to sell, subscribe or purchase any securities, nor any voting request based on business combinations or other means in any jurisdiction, nor should it be in any jurisdiction Any sale, issuance or transfer or securities that violate applicable laws.

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