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Lindblad Expeditions Investor Presentation

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Lindblad Expeditions Investor Presentation LINDBLAD EXPEDITIONS INVESTOR PRESENTATION JUNE 2020 DISCLAIMERS This presentation (including any oral statements transmitted to the recipients of this presentation) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s current expectations about its future operating results, prospects and opportunities. The Company has tried to identify these forward looking statements by using words such as “expect,” “anticipate,” “potential,” “estimate,” “plan,” “will,” “would,” “should,” “believe” or similar expressions, but these words are not the exclusive means for identifying such statements. The Company cautions that a number of risks, uncertainties and other important factors could cause the Company’ s actual results, prospects and opportunities to differ materially from those expressed in, or implied by, the forward-looking statements. For a detailed discussion of factors that could affect the Company’s future operating results, prospects and opportunities, please see the Company’s filings with the SEC, including the disclosures under “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements,” which are available at http://www.sec.gov or in the Investor Relations section of the Company’s website at http://www.expeditions.com. You should not place undue reliance on any forward-looking statements. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason. The Company uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, Occupancy, Net Yields and Net Cruise Costs, to enable it to analyze its performance and financial condition. The Company utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of performance. Some of these measures are commonly used in the cruise and tourism industry to evaluate performance. The Company believes these non-GAAP measures provide expanded insight to assess revenue and cost performance, in addition to the standard GAAP-based financial measures. There are no specific rules or regulations for determining non-GAAP measures, and as such, they may not be comparable to measures used by other companies within the industry. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The definitions of non-GAAP financial measures along with a reconciliation of non-GAAP financial information to GAAP are included in the Appendix. This presentation is neither an offer to sell nor a solicitation of an offer to purchase securities of the Company. Such an offer or solicitation can only be made by way of a prospectus and otherwise in accordance with applicable securities laws. 1 Proprietary LINDBLAD EXPEDITIONS OVERVIEW PREMIER COMPANY IN INDUSTRY: Lindblad is a global EXTRAORDINARY OPERATING METRICS: Lindblad enjoys leader in expedition cruising and extraordinary travel experiences industry leading Net Yields over $1,000, occupancy levels over offering captivating trips featuring highly curated content to 40+ 90%, and consistently high guest satisfaction ratings. Long lead remarkable destinations on all seven continents. time on bookings creates outstanding revenue visibility. COMPELLING MARKET OPPORTUNITY: As individuals STRONG FINANCIAL PERFORMANCE: Revenue and accumulate wealth and free time, they seek unique experiences adjusted EBITDA is expected to grow significantly over the next which has led the expedition sector to some of the highest growth few years as new ships are added to the fleet. Proven ability to rates in the travel industry. add new capacity with high financialreturns. EXCLUSIVE NATIONAL GEOGRAPHIC PARTNERSHIP: PLATFORM FOR SIGNIFICANT GROWTH: Attractive future Long term strategic alliance featuring co-branding, co-selling and growth opportunities enabled by a strong balance sheet includes curated content. new ship builds, expanded charters and potential acquisitions. VISIONARY AND PROVEN MANAGEMENT TEAM: Deeply experienced management team led by Sven-Olof Lindblad who founded the company over 40 years ago. 2 Proprietary HERITAGE PIONEERING ADVENTURE SINCE 1958 “If Lars-Eric Lindblad had lived in the year 1000, he probably would have set foot on the North American continent before Leif Ericson. O r, turning eastward, he might have reached China before Marco Polo.” – ORNITHOLOGIST ROGER TORY PETERSON, PASSPORT TO ANYWHERE LARS-ERIC LINDBLAD (1927-1994) For over 50 years, the Lindblad name has been synonymous with innovation and excellence in expedition travel and eco-tourism ⊲ A pioneer of expedition travel, Lars-Eric Lindblad began Lindblad Travel, predecessor to Lindblad Expeditions, in 1958 ⊲ Led the first tourist expeditions to Antarctica and Galápagos in 1966-1969 ⊲ HISTORY OF LINDBLAD EXPEDITIONS UNDER CURRENT PRESIDENT SVEN-OLOF LINDBLAD Celebrates 50th Expands offerings Signs strategic anniversary of National National to Canada, alliance with Acquires Orion Antarctic Geographic Geographic Alaska, & Baja CA National Geographic Expedition Cruises expedition travel Quest launches Venture launches 1979 1997 2008 2015 2017 2019 1980-85 2004 2013 2016 2018 Sven-Olof Lindblad, Begins to Forms Fund for Closes merger with Acquires Celebrates 50th Orders new blue Orders National founds Special permanently Conservation and Capitol Acquisition control of anniversary of water vessel – Geographic Expeditions (now station ship in Exploration in Corp. II. Orders two Natural Galápagos National Resolution Lindblad the Galápagos partnership with new coastal vessels. Habitat expedition travel. Geographic Expeditions) National Geographic Public listing on the National Endurance NASDAQ under Geographic ticker “LIND” Endeavour II launches 3 Proprietary AWARD-WINNING CONSISTENTLY INDUSTRY-HONORED AFAR Vanguard Award – Sven Lindblad, Tourism Cares Travel Philanthropy Awards: Ensemble Travel Group Purpose Award: 2018 Legacy in Travel Philanthropy, 2015 Caring for Community, Environment and ⊲ ⊲ ⊲ Condé Nast Traveler’s Readers’ Choice Condé Nast Traveler’s “Gold List,” 2018, Protecting Local Heritage, 2019 Award—Top Small Ship Cruise Lines, 2019, 2013, 2009, 2008, 2007, 2006, 2005 ⊲ ⊲ 2018, 2017, 2016, 2015, 2014 Virtuoso “Sustainable Tourism Leadership- Virtuoso “Best VAST Partner” Award, 2016 Partner” Award, 2018, 2013 ⊲ ⊲ Cruise Critic Editor’s Pick Awards “Best Travel + Leisure “World’s Best” Award for for Adventure,” 2018, 2017, 2016, 2013, Small-Ship Cruise Lines, 2019, 2018, 2017, ⊲ ⊲ 2013, 2012, 2011, 2010, 2009, 2008 2012, 2011, 2010 Travel + Leisure “World’s Best for Families” World Tourism Award, 2016 Award for Small-Ship Cruise Lines, 2012, ⊲ ⊲ Andrew Harper’s Reader Choice 2011, 2010, 2009 Awards: Best Cruise Lines, 2016 ⊲ USA Today’s 10Best.com Readers’ Choice Town & Country Cruise Awards: Best for Awards: Best Adventure Cruise Lines, 2017 ⊲ Families and Onboard Activities, Expedition ⊲ Cruises, 2017, 2016 Cruise Critic Cruisers’ Choice Awards: Best Small Cruises Overall, 2018 Porthole Cruise Magazine Readers’ Choice ⊲ Awards: Best Expedition Cruise Line, 2017, Cruise Critic Cruisers’ Choice Awards: ⊲ 2015 Top Small Ship Cruise Line in Alaska, 2019 ⊲ 4 Proprietary DISCOVER 130+ UNIQUE ITINERARIES, ALL 7 CONTINENTS, 1,100+ ANNUAL DEPARTURES ARCTIC GREENLAND ICELAND EUROPE ALASKA CANADA RUSSIA PACIFIC NW MEDITERRANEAN US NAT’L PARKS BHUTAN/NEPAL CHINA BAJA CALIFORNIA CARRIBEAN EGYPT INDIA MEXICO BELIZE VIETNAM/CAMBODIA CENTRAL AMERICA SRI LANKA AFRICA BORNEO GALÁPAGOS AMAZON PERU FRENCH BRAZIL POLYNESIA AUSTRALIA NEW ZEALAND PATAGONIA ANTARCTICA 5 Proprietary ITINERARIES UNFORGETTABLE JOURNEYS TO REMARKABLE DESTINATIONS Frameworks for genuine exploration; with flexibility and spontaneity built-in ⊲ Unique onboard tools: Zodiacs, kayaks, ROVs, hydrophones, video microscopes & more ⊲ Knowledgeable, engaging expedition staff ⊲ National Geographic photographers/certified photo instructors aboard ⊲ Fine dining, amenities, wellness spa to make exploring holistic ⊲ Itineraries run from 4 to 31 days, with an average of ~8 days ⊲ Trip prices range from $2,620 to $123,700 with an average of ~$13,000 ⊲ GALÁPAGOS * JOURNEY TO ANTARCTICA * DAY 1: Fly from U.S. to Guayaquil, Ecuador DAY 1: Fly from US to Buenos Aires, Argentina DAY 2: Fly from Guayaquil to the Galápagos DAY 2: Spend the remainder of the day and embark ship. & overnight in Buenos Aires DAY 3-8: While exact routing is governed by the DAY 3: Fly private charter to Ushuaia, National Park Service, we will explore diverse Argentina, embark ship islands, seeing a variety of habitats and DAY 4: Transit the Drake encounter Galápagos’ famous endemic species Passage DAY 9: Disembark ship; fly to Guayaquil DAY 5-10: Explore Antarctica to overnight; explore the city at your DAY 11-12: Sail to Ushuaia leisure DAY 13-14: Disembark Ushuaia, return DAY 10: Fly to U.S. charter flight to Buenos Aires and U.S. * Example itineraries 6 Proprietary CURRENT FLEET INTIMATELY-SCALED EXPEDITION SHIPS OWNED FLEET NATIONAL GEOGRAPHIC ENDURANCE * NATIONAL GEOGRAPHIC RESOLUTION * NATIONAL GEOGRAPHIC EXPLORER NATIONAL GEOGRAPHIC ORION NATIONAL GEOGRAPHIC ENDEAVOUR II 69 CABINS, 126 GUESTS 69 CABINS,
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