GET READY TO EXPLORE Company presentation September 0 IMPORTANT NOTICE AND DISCLAIMER This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Hurtigruten Group AS (the "Company") or any affiliated company thereof. This presentation may include certain forward-looking statements, estimates, predictions, influences and projections relating to the business, financial performance and results of the Company and its affiliates and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. 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Definitions and calculations of alternative performance measures are presented in the Company's interim reports. This presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. 1 Company profile 2 Leading expedition travel company focusing on sustainable expedition cruising Unparalleled commitment to An inspiring global brand Digital ownership of guests sustainability and to enhancing synonymous with experience-focused seeking authentic and unique travel local communities travel on sea and land experiences Unique land offerings that Global operational excellence; Able to A premium product with world operate safely and at scale in enhance and differentiate our cruise leading experts and the best local food sailings all areas of the world and beverages 3 Global leader in cruise-based exploration and adventure travel with strong financial performance pre Covid-19 (As of Q1 2020) Exploration and adventure travel – high growth and margin businesses Expedition Norwegian Coast Landbased Government agreement4 A B C D Honningsvåg Hammerfest Vardø Expedition-based cruises to the Arctic, Authentic exploration cruise offering along the Landbased operations at Svalbard and in Vadsø Contract with the NorwegianTromsø governmentKirkenes for Antarctica, North America and South America Norwegian coast Kirkenes, including hotels and activities transportationRisøyhamn of travelers and cargo Harstad Svolvær Bodø Øres Brønnøysund Kristiansund Torvik Trondheim Molde Måløy Ålesund Routes Bergen Ports CAGR 17-Q120 LTM 35.4% 2.6% -4.4% 1.8% 1 4% Expedition expected to account 5% 12% 27% for ~50% of capacity in 2021. Segment with >100% higher gross revenue yield compared 56% to Norwegian Coast historically2 Q1 2020 LTM2020 Q1 EUR 170m EUR 352m3 EUR 28m EUR 75m Revenue contributionRevenue EURm 2017 2018 2019 Q1 2020 LTM Revenue 527 566 619 630 EBITDA excl. gains/losses (Norm.)5,6 107 128 145 145 % Margin (adjusted) 20.3% 22.6% 23.8% 23.0% Note: All numbers presented are based on Hurtigruten Group AS on a consolidated basis 1) Figures shown before internal eliminations of EUR 1m 2) Gross revenue yield excluding government contract. Defined as (Total revenue – Contractual revenues – Goods revenues) / Passenger cruise nights 3) Excluding revenue from the Government agreement (contractual revenue and goods revenues) 4 4) Exclusive, fixed fee contract with the Norwegian Government for transportation of distance travelers and cargo between Bergen in the south of Norway and Kirkenes in the north, with 33 northbound and 32 southbound departures (i.e. 34 ports served along the coast in total) 7 days a week, 365 days a year with 11 vessels (expires end of 2020) – reported under Norwegian Coast segment 5) Normalisations and adjustments of,EUR 19m, 5m, 22m and 17m in 2017, 2018, 2019 and Q1 2020 LTM, respectively. Further details about normalisations and adjustments are provided on page 32 6) In 2018, 2019 and 2020, leasing contracts are booked in accordance with IFRS 16. 2016-2017 not restated We entered 2020 with a history of strong growth en-route for EBITDA >EUR 200m pre Covid-19 with two state of the art vessels just delivered Consistent positive normalised adjusted EBITDA improvement pre Covid-191 Clear bridge to achieve EBITDA >EUR 200m in 2020 pre Covid-192 EURm EURm 160 220 LTM normalised adjusted EBITDA EUR 150m LTM reported EBITDA before other gains/losses 150 207 CAGR 18% 140 200 130 120 180 110 100 160 150 90 80 140 LTM Feb Government Full year RA Full year FN Project ECO SG&A increase Pf norm adj 2020 norm agreement fixed contribution contribution EBITDA adj EBITDA • Consistent upward trajectory leading into Covid-19 • The uplift is mainly explained by full year earnings contribution from Amundsen and Nansen • LTM February 2020 EBITDA at all time high with EUR 150m • ~80% of the budgeted group revenues for 2020 were pre-booked as of 1 March 2020, up from ~60% in January 2020 1) As of 1st of January 2020 Hurtigruten is changing functional and reporting currency to EUR. LTM graph is based on last three years reported numbers and normalization as if the functional and reporting currency was EUR for the period 2017 to YE 2019 in accordance with IFRS 5 2) Numbers are converted from NOK to EUR using a EUR/NOK exchange rate of 9.8500 which was the basis of the 2020 budget Capacity deployment from 2021 and onwards to be split 50/50 between Expedition and Norwegian Coast 2020 year end 2021 Estimated available passenger cruise nights per segment Norwegian Coast Expedition Available passenger cruise nights (thousands) Expedition Norwegian Coast Expedition segment expected to constitute more than half of total capacity from 2021 and onwards. With the higher yield per PCN this is expected to drive topline and EBITDA growth when travelling resumes MS Vesterålen MS Lofoten1 MS Fram MS Vesterålen 85% 15% 81% 19% post Covid-19 MS Spitsbergen 1 619 1 649 341 552 MS Nordnorge MS Trollfjord MS Nordstjernen2 MS Maud MS Nordnorge (MS Maud) (MS Trollfjord) 45% 55% 37% 63% 1 059 1 062 1 080 MS Nordkapp MS Finnmarken MS Eirik Raude MS Nordkapp (MS Otto Sverdrup) (MS Midnatsol) 943 MS Polarlys MS Spitsbergen MS Otto Sverdrup MS Polarlys (MS Finnmarken) 489 288 MS Richard With MS Midnatsol MS Fram MS Richard With (MS Eirik Raude) 2019 2020e 2021e 2022e 3 MS Nordlys MS Fridtjof Nansen MS Fridtjof Nansen MS Nordlys 1 907 2 128 2 121 2 023 Norwegian Coast Expedition Total available passenger cruise nights MS Kong Harald MS Roald Amundsen MS Roald Amundsen MS Kong Harald % of total available passenger cruise nights Yield based on gross booking revenue (EUR) Note that yield based on booking figures does not include all revenue streams (such as e.g. 1) Will be taken out of service in December 2020 onboard spending) and can not be compared to yield calculated based on reported figures 2) Time charter used for Svalbard cruises 3) APCN reduced due to expected LNG docking of MS Kong Harald 6 Sustainability is at the core of Hurtigruten’s way of operating Several tangible initiatives to leave a footprint that our company and our guests can be proud of and to achieve the 2040 zero emission target Member/partner of climate/polar organisations and initiatives • First major travel company in the world and first cruise line to remove single- use plastic from all its ships and hotels • On track to reduce plastic waste by 32 tons annually • Advocates for a total ban on HFO1 – has used MGO/MSD1 since 2009 • Have built the world’s first hybrid-electric powered expedition cruise ships • Will retrofit several ships with LNG propulsion, also compatible with climate- neutral biogas, paving the way for low emission shipping on all routes • Takes an active role to reach zero emission target by 2040 through investing in R&D of fossil-free fuel alternatives UN Sustainable Development Goals interrelated in the core of our operations and governance system2 • Arranges beach clean-ups and climate lectures to raise awareness • Invites all guests to join crew members picking up litter at all destinations where this is possible Examples: • Focuses on minimising food waste • Dedicated to enhancing local communities – sources food and “All employees of Hurtigruten shall be given equal services/activities from local suppliers opportunities for employment and professional development, regardless of their gender, ethnic and cultural background,