[September 21, 2022]

Chamiers Global Delivers Open Letter to Limeade, Inc. Board of Directors

Chamiers Global LLC ("Chamiers"), an entity that beneficially owns an interest in Limeade, Inc. ("Limeade" or "Company") (ASX:LME), announces that it has sent a letter to the Company's Board of Directors.

Chamiers believes Limeade is a highly recurring revenue business in a growing market that trades at a deep discount to Chamiers' assessment of its intrinsic value. Based on comparable peers, Chamiers estimates Limeade's intrinsic value to be approximately 4.6x to 10.6x higher than its September 21 closing price at current exchange rates. Urgent action is required to potentially narrow the gap.

Chamiers recommends Limeade commit to a financial path based on either high (10% or greater) organic growth or near-term profitability. Either option may highlight the Company's extreme valuation disconnect. Improved disclosures over the coming months on customer wins, contracted annual recurring revenue, and management compensation targets may also help restore lost investor confidence. Chamiers also believes Limeadeshould evaluate its Board stock ownership guidelines because a majority of Directors own zero Company stock.

The full letter, containing additional detail and recommendations, can be viewed at the following link:
https://www.chamiersglobal.com/letter/Chamiers_Limeade.pdf

Disclaimers
This press release is provided for informational purposes only and does not constitute an offer to purchase or sell any security or investment product. This press release is not and should not be construed as investment, financial, legal or other advice.

Chamiers currently has an economic interest in Limeade, Inc. and may buy or sell or otherwise change its investment and disclaims any obligation to notify recipients of the press release of any changes. No representation or warranty is provided in relation to the accuracy, completeness, or reliability of the information contained herein.

This press release may contain statements of a forward-looking nature relating to future events. Actual results may vary materially from the outcomes indicated by these statements. The views expressed in the press release represent the opinion of Chamiers based on publicly available data and Chamiers' analysis.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220921005938/en/

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