Additional Information
In connection with the Business Combination, Leo filed with the Securities and Exchange Commission (the SEC), on July 19, 2021, a Registration
Statement on Form S-4 (as amended or supplemented through the date hereof, the Registration Statement), which includes a joint proxy statement/prospectus (the Joint Proxy
Statement/Prospectus). The Registration Statement has been declared effective by the SEC and is being mailed to Leos shareholders and public warrant holders. Shareholders and public warrant holders will also be able to obtain copies of
the Proxy Statement/Prospectus at the SECs website at www.sec.gov or by directing a request to: Leo Holdings III Corp, 21 Grosvenor Pl, London SW1X 7HF, United Kingdom. Leo shareholders and public warrant holders are encouraged to read the
Joint Proxy Statement/Prospectus, including, among other things, the reasons for Leos Board of Directors unanimous recommendation that shareholders vote FOR the Business Combination and the other shareholder and warrant
holder proposals set forth therein as well as the background of the process that led to the pending Business Combination with Local Bounti.
Participants in the Solicitation
Leo and its
directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of Leos shareholders in connection with the Business Combination and public warrant
holders in connection with the proposed amendment to the warrant agreement that governs all of Leos outstanding warrants (the Warrant Amendment). Investors and security holders may obtain more detailed information
regarding the names of Leos directors and executive officers and a description of their interests in Leo in Leos filings with the SEC, including the Joint Proxy Statement/Prospectus. Shareholders and public warrant holders will
also be able to obtain copies of the Joint Proxy Statement/Prospectus at the SECs website at www.sec.gov or by directing a request to: Leo Holdings III Corp, 21 Grosvenor Pl, London SW1X 7HF, United Kingdom.
Local Bounti and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Leo in
connection with the Business Combination and the public warrant holders of Leo in connection with the proposed Warrant Amendment. A list of the names of such directors and executive officers and information regarding their interests in the Business
Combination is included in the Joint Proxy Statement/Prospectus for the Business Combination.
Forward Looking Statements
This communication includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Leos and Local Bountis actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events.
Words such as expect, estimate, project, budget, forecast, anticipate, intend, plan, may, will, could,
should, believes, predicts, potential, continue, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without
limitation, Leos and Local Bountis expectations with respect to future performance and anticipated financial impacts of the proposed Business Combination, the satisfaction of the closing conditions to the Business Combination and the
timing of the completion of the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside
Leos and Local Bountis control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the
termination of the Agreement and Plan of Merger, dated as of June 17, 2021 (as it may be amended, supplemented or otherwise modified from time to time, the Merger Agreement), by and among Leo, Longleaf Merger Sub, Inc., Longleaf
Merger Sub II, LLC and Local Bounti, (2) the outcome of any legal proceedings that may be instituted against Leo and Local Bounti following the announcement of the Merger Agreement and the transactions contemplated therein; (3) the
inability to complete the proposed Business Combination, including due to failure to obtain