Caroline Levy

Caroline Levy is the founder of CLAS, an advisory firm in the consumer space. Ms. Levy serves as a public and private company Director on the boards of Celsius Holdings (CELH) and Health-Ade Kombucha, and is a member of the Audit and Nominating/Governance committees at Celsius and the Strategy
Committee at Health-Ade. Caroline is also a director of Athletic Brewing Company, the largest non-alcoholic beer company in the US, and serves on the compensation committee.

Ms. Levy had a renowned career as a consumer stock analyst for over thirty years, covering large and small companies across soft drinks, alcohol, cosmetics, household products, food, restaurants, and hotels. She was ranked by both the Institutional Investor and Wall Street Journal surveys as one of the top analysts in her sector. Her tenure has included senior analyst roles at Lehman Brothers, UBS, CLSA and Macquarie. At UBS, Caroline was promoted to COO of US research, where she chaired the investment review committee, directed the vetting process for investment banking transactions, and oversaw the over 100-person associate analyst team.

Her strategic reports uncovered key consumer trends well before they became mainstream, such as “value in values” and the squeeze on mid-size companies to the benefit of small innovators and large retailers and brands. Her work with Citic’s on-the-ground team, “China Reality Research,” revealed
unrecognized value in the Chinese operations of companies such as Estée Lauder, and uncovered risks in others (P&G in diapers).

Ms. Levy’s network spans CEOs and executives across public and private brand-owners and distributors, allowing her to key into trends and risks across industries. Long-standing relationships with sell-side and buy-side analysts and portfolio managers, give Ms. Levy a clear view into shifting investing and valuation methods.

Caroline joined the board of Celsius Holdings (CELH) in July 2020, a public company selling one of the fastest growing energy drinks in the category. She is a member of the audit and nominating/governance committees and was on the committee overseeing the transformational 2022 transaction with PepsiCo, in which PepsiCo invested 8% in CELH and became the sole distributor of the brand in the US. Ms. Levy serves on the board of Health-Ade Kombucha, a private-equity owned company which is the #2 player in
the Kombucha market and a leader in gut health. Ms. Levy is also a Director of the largest producer of non-alcoholic beers in the US, Athletic Brewing Company, a privately held entity where she serves on the compensation committee. Ms. Levy has advised nutritional supplement and enhanced water
companies and acted as a mentor to founders of young companies in the healthy food and beverage spaces.

Caroline is a member of Extraordinary Women on Boards (EWOB), an organization dedicated to
educating and furthering the success of women on private and public for-profit boards. She is active in
the Los Angeles circle of female founders in the consumer and wellness space. She is the mom of two
daughters and a fabulous pup called Lulu.