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.

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.

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 ⊲

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

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, 126 GUESTS 81 CABINS, 148 GUESTS 53 CABINS, 102 GUESTS 52 CABINS, 95 GUESTS

NATIONAL GEOGRAPHIC QUEST NATIONAL GEOGRAPHIC VENTURE NATIONAL GEOGRAPHIC SEA BIRD NATIONAL GEOGRAPHIC SEA LION NATIONAL GEOGRAPHIC ISLANDER 50 CABINS, 96 GUESTS 50 CABINS, 96 GUESTS 31 CABINS, 62 GUESTS 31 CABINS, 62 GUESTS 24 CABINS, 47 GUESTS

CHARTERED FLEET

SEA CLOUD LORD OF THE GLENS OBEROI PHILAE JAHAN DELFIN II 28 CABINS, 58 GUESTS 26 CABINS, 48 GUESTS 22 CABINS, 44 GUESTS 24 CABINS, 48 GUESTS 14 CABINS, 28 GUESTS

* National Geographic Endurance scheduled for launch in Q3 2020; National Geographic Resolution scheduled for launch in Q4 2021 7

Proprietary FLEET EXPANSION NEW COASTAL VESSELS

Lindblad expanded its fleet with two new U.S. flagged coastal vessels VESSEL FEATURES • The first vessel, National Geographic Quest, was delivered in July 2017 and is sailing in ⊲ • 100 guest capacity Alaska, British Columbia, Costa Rica & The Panama Canal • 50 cabins, 22 with balconies • The second vessel, National Geographic Venture, was delivered in November 2018 and is • Public spaces designed for sailing in Alaska, Baja and the Pacific Northwest maximum viewing National Geographic Quest contract spend was $54 million and the National Geographic Venture • Fleet of sea kayaks, paddle boards, spend was $59 million specially designed landing craft ⊲ ROIC on coastal vessels anticipated to exceed 20% • Fitness room and wellness spa • State-of-the-art expedition ⊲ technology: ROV, video microscope, hydrophone and bow-cam, underwater cameras • Warm and cold weather diving gear

Proprietary FLEET EXPANSION NEW BLUE WATER VESSELS

Lindblad has contracted with Ulstein Verft AS shipyard in Norway to build two new ice-class VESSEL FEATURES expedition vessels ⊲ • 126 guest capacity Design based on highest safety and environmental standards and features Ulstein’s • 69 cabins (53 with balconies) with in trademarked X-BOW hull for reduced motion in waves and improved fuel efficiency cabin command center ⊲ National Geographic Endurance scheduled for launch in Q3 2020 and National Geographic – 12 solos and 13 suites Resolution in Q4 2021 • Strongest ice class rating (PC5) on the ⊲ market when it launches in 2020; The National Geographic Endurance contracted at a cost of $135 million (including hedging Ability to access deep into polar costs) with 20% due at signing and 80% at delivery ⊲ regions The National Geographic Resolution contracted at a cost of approx. $150 million (including • Fleet of sea kayaks, cross country hedging costs) with installment payments over the build period skis, specially designed landing craft ⊲ ROIC for each vessel anticipated to be in the high teens • Fitness room, saunas, yoga room, two Infinity whirlpool baths and a ⊲ treatment room • State-of-the-art expedition technology: ROV, video microscope, hydrophones, underwater video cameras • Public spaces designed for maximum viewing

Proprietary NATIONAL GEOGRAPHIC EXCLUSIVE STRATEGIC ALLIANCE

Partnership established in 2004 based on a shared heritage Co-selling arrangement includes National Geographic and passion for exploration sales of Lindblad’s expeditions through National ⊲ ⊲ Partnership contracted through December 31, 2025 and Geographic Expeditions National Geographic is an equity partner Lindblad and National Geographic closely align marketing ⊲ efforts to promote expedition travel Lindblad is the exclusive provider of all National ⊲ Geographic Expeditions ocean-going, ship-based voyages Expeditions feature National Geographic photographers, ⊲ writers, field researchers and film crews Partnership expanded in August 2018 to include all of ⊲ the Americas ⊲ Co-branding relationship includes all owned expedition ships carrying the National Geographic name ⊲

Proprietary NATIONAL GEOGRAPHIC SIGNIFICANT REACH ACROSS A VARIETY OF PLATFORMS

Travel ~5 million brochures sent annually

~495 million homes across 172 countries Television in 43 languages

~195 million Facebook followers ~142 million Instagram followers ~42 million Twitter followers Social Media ~13 million YouTube subscribers ~13 million Weibo followers ~7 million Snapchat followers

Website ~18 million monthly unique users

Print ~67 million readers in 37 languages

Note: Information as of November 2019 11

Proprietary MANAGEMENT TEAM HIGHLY EXPERIENCED, TENURED TEAM

SVEN-OLOF LINDBLAD, FOUNDER AND PRESIDENT CRAIG FELENSTEIN, CHIEF FINANCIAL OFFICER • Founded Special Expeditions (now Lindblad Expeditions) in 1979 • 20+ years of public company experience • Formed multi-faceted strategic alliance with National • Previously held senior finance roles within Shutterstock, Discovery Communications, Geographic that combines the strengths of two pioneers in News Corp. and Viacom exploration and travel, with the goal of further inspiring the world through expedition travel TREY BYUS, CHIEF EXPEDITION OFFICER • Founding member of Ocean Elders - a collection of fourteen • 20+ years of travel industry experience global leaders working to protect, value and celebrate the • Oversees all vessel programming, itinerary development, and leads over 200 ocean expedition staff including expedition leaders, naturalists, photographers and • Member of National Geographic’s International Council of Advisors undersea specialists • Chairman of the Lindblad-National Geographic Fund for TYLER SKARDA, SVP MARINE OPERATIONS Exploration and Conservation • 20+ years of maritime industry experience, focused on strategy, capital equipment • United Nations Environmental Program Global 500 Roll-of-Honor procurement cost reduction, and shipbuilding/ship operations process improvement

PHILIP AUERBACH, CHIEF COMMERCIAL OFFICER • Previously served as consultant at A.T. Kearney and in the U.S. Navy • Previously served as SVP and Regional Chief Marketing Officer of Caesars Entertainment Corporation responsible for revenue and marketing for nine Caesars casino resorts in Las Vegas • Previously, partner at McKinsey & Co.

NIKOLAOS DOULIS, SVP NEWBUILDING • 20+ years of cruise experience including fleet technical management, newbuild program management and vessel revitalizations • Previously served as Fleet Technical Director for Celebrity Cruises of Royal Caribbean International, responsible for implementing and managing technical operations for brand start-ups Azamara Cruises, TUI Cruises, Sky Seas, Island Cruises, and Expeditions

LEO CHANG, VP STRATEGIC FINANCE • 20+ years of leading strategic growth, capital markets and operational initiatives through various senior investment banking and corporate roles • Previously held a number of senior positions over 18 years at Jefferies, and served as CFO at Frontida BioPharm 12

Proprietary UNIQUE BUSINESS MODEL DIFFERENTIATED AMONG PUBLICLY TRADED OPERATORS

Expedition Adventure Focus

Attractive Target Affluent 50+ Mass Market Mass Market Mass Market Demographic

Industry- Leading Net $1,130 $160 $196 $204 Yields (1)

Coastal: Est. ~$55m New Vessel Cost ~$700m ~$1,050m ~$800m Blue Water: Est. ~$140m-$150m

Net Leverage (2) 4.5x 2.0x 4.4x 4.9x

(1) (Revenues – Commissions – Onboard and Other Expenses) / Available Passenger Cruise Days for the quarter ended 3/30/20 for Lindblad, RCL and NCLH and three months ended 2/28/20 for CCL. (2) Source: Company filings: Lindblad, NCLH and RCL as of 3/31/20 and CCL as of 2/28/20. Lindblad net debt excludes restricted cash.

Proprietary MARKET OPPORTUNITIES

65+ population will grow by over 17%, or 9.5 million people, between 2020 and 2025, and continues to become ⊲ more educated. 1 GROWING The Lindblad core guest is an active retiree – someone who has the time Share of 55+ population having completed 4 or more years TARGET and means to take our Expeditions – of college up 22% between 2015 and 2019 1 ⊲ POPULATION with a passion for lifelong learning Largest group of adventure travel tour operator guests (40 percent) are between the ages of 50-70 2 ⊲ “The US remains the largest source market…” 6

⊲ Access is the new luxury; travelers are setting sights on destinations that were previously out of reach – some only EXPERIENCES The collection of experiences, and ⊲ accessible now buy cruise ship – from the Galapagos Islands meaningful ones, continues to be an to Antarctica 3 MATTER increasingly driving force in travel Adventure Tourism market value to grow by 277% from 2018-2026 4 ⊲

40 million passengers estimated to cruise annually over the next 10 years 5 ⊲ SHIP-BASED Like Experiential Travel, ship-based “…vacationers are looking for experiences beyond TRAVEL ON travel is on the rise, and across a sightseeing…and cruise lines are meeting these demands” 3 wide range of age groups ⊲ THE RISE More than 66% of Generation X and 71% of Millennials have a more positive attitude about cruising compared to two ⊲ years ago 6

(1) US Census Bureau, Population Division (2) ATTA: March 2017 (3) CLIA: December 2019 (4) ReportLinker: September 2019 (5) Cruise Industry News: Expedition Market Report 2019 (6) Cruise Industry News: Expedition Market Report 2020 14

Proprietary GUEST PROFILE & BOOKING SOURCES

DISTRIBUTION OF 2019 DISTRIBUTION OF 2019 BOOKED GUESTS SALES BY BOOKING CHANNEL*

10% 16%

8% 40% 26%

60% 16%

24%

First Timers Second Timers Third Timers Four + Direct National Geographic Travel Agents & Wholesalers Other

Average guest is 59 years old and tends to be an active retiree National Geographic promotes our offerings in its marketing campaigns and sells Lindblad expeditions through its internal 93% of guests sourced from the United States ⊲ ⊲ travel division Lindblad attracts a significant family presence with nearly 10% of ⊲ Preferred partner agreements with Virtuoso, Signature, American guests traveling with children under 18 ⊲ Express, and Ensemble 13% of guests make contributions to the Lindblad Expeditions- ⊲ Developed relationships with diverse affinity groups including National Geographic (LEX-NG) Fund ⊲ colleges, alumni associations and niche travel organizations ⊲

* Presented as a percentage of ticket revenue 15

Proprietary NATURAL HABITAT PLATFORM FOR LAND-BASED ADVENTURE TRAVEL

• World leader in responsible adventure travel and ecotourism since its founding in 1985

• Known for their small groups, secluded accommodations, and unique itineraries, the trips provide exclusive access to nature you won’t find anywhere else

• Offers approximately 100 nature adventures from Antarctica to Zambia. Polar bear tours in Churchill, Canada, Galapagos small-ship cruises, Alaska grizzly bear encounters and African safaris are among a wide range of artfully crafted nature journeys conducted by professional naturalist guides

• Exclusive travel partner of World Wildlife Fund since 2003

• 80.1% of Natural Habitat, Inc. acquired in 2016 for approx. $20 million (Company had no debt and approximately $5 million in cash at closing)

• Numerous awards including:

W orld’s Best Adventure Outfitters TRIP PICK

Proprietary FINANCIAL OVERVIEW

Proprietary REVENUE GROWTH

• Revenue growth has been driven by Lindblad’s increased marketing spend and ability to increase capacity and raise prices without sacrificing high occupancy levels

• The acquisition of National Geographic Orion in 2013 and Natural Habitat in 2016, as well as the launch of National Geographic Endurance in Q2 2020 and Quest and Venture in 2017 and 2018, respectively, added significant additional inventory and revenue

Gross Revenue ($ in millions) $405 2010-20 CAGR $343 +13% $310 $279 $242 $192 $198 $210 $154 $115 $133

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Forecast *

Key Metrics Avail. Guest Nights 145,408 154,158 154,804 177,135 180,206 184,336 181,990 186,719 200,849 221,516 Occupancy % 89% 87% 92% 92% 93% 92% 90% 87% 91% 91% Guests 16,695 16,480 17,157 19,327 18,819 19,824 19,735 20,140 23,102 25,325 Net Yield $685 $750 $861 $931 $950 $971 $976 $985 $1,044 $1,051

Note: 2017 includes estimated $12.4M of revenue on cancelled highly booked voyages on the National Geographic Orion, National Geographic Quest and National Geographic Sea Lion 2020 forecast is at midpoint of public guidance as of 2/25/2020; excludes potential indirect Coronavirus impact 18

Proprietary ADJUSTED EBITDA GROWTH

• Adjusted EBITDA margin anticipated to expand primarily from increased capacity and scale

• Stable cost structure enables majority of revenue expansion to translate into adjusted EBITDA growth

Adjusted EBITDA ($ in millions)

$84 2010-20 CAGR +17% $67 $53 $55 $47 $45 $42 $34 $36 $27 $17

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Forecast *

Key Metrics Margin 15% 20% 22% 19% 22% 22% 17% 19% 18% 21%

Maint. Capex $2 $5 $4 $6 $6 $5 $6 $9 $11 $23

Growth Capex / $0 $0 $0 $30 $0 $10 $70 $71 $43 $73 Acquisition

Note: 2016 reflects impact of Zika virus, terrorism, delayed marketing materials and voyage cancellations for unplanned repairs 2017 includes estimated $9.0M of adjusted EBITDA for cancelled highly booked voyages on the National Geographic Orion, National Geographic Quest and National Geographic Sea Lion 2019 maintenance CAPEX includes $6M of CRM and Seaware related expenses 2020 forecast is at midpoint of public guidance as of 2/25/2020; excludes potential indirect Coronavirus impact 19

Proprietary APPENDIX BOARD OF DIRECTORS

MARK D. EIN, CHAIRMAN L. DYSON DRYDEN, DIRECTOR JOHN M. FAHEY, DIRECTOR • Founder, Chairman, and CEO of Capitol IV • President, Chief Financial Officer and Director of • Former Chairman (2011 - 2016) and Former • Vice Chairman of Cision Capitol IV Chief Executive Officer (1998 - 2013) of the National Geographic Society • Co-Chairman and controlling shareholder • Director on the board of Cision • Previously Chairman, President and CEO of Time of Kastle Systems • Vice Chairman of CDS Logistics Life Inc., a wholly owned subsidiary of Time • Previously, Founder, Chairman, and CEO of • Previously, President, Chief Financial Officer and Warner Inc. (1989 - 1996) Capitol I, Capitol II, and Capitol III Director of Capitol III and Chief Financial Officer • Currently serves on the boards of Time Inc. and Director of Capitol II • Previously served as Non-Executive Vice (Lead Director); and Johnson Outdoors Inc. Chairman of Two Harbors (2009 - 2015) • Prior to Capitol, was a Managing Director in the • In February 2014, President Obama appointed Global TMT investment banking group at Citi • Strong track record of value creation having been Fahey to a six-year term on the Smithsonian involved in the early stages of six companies that DANIEL J. HANRAHAN, DIRECTOR Board of Regents, the governing body of the reached $1 billion valuation Smithsonian Institution • President, Chief Executive Officer and a director • Serves on the board of directors of many civic, of Regis Corporation (2012-2017) • Serves on the board and executive committee philanthropic and charitable organizations of the Smithsonian National Museum of Natural • President and Chief Executive Officer of Celebrity History SVEN-OLOF LINDBLAD, DIRECTOR Cruises (2007-2012) • Founded Special Expeditions (now Lindblad • Currently a director and a member of the audit CATHERINE B. REYNOLDS, DIRECTOR Expeditions) in 1979 and compensation committees of Cedar Fair, • Chairman, Chief Executive Officer and • Formed multi-faceted strategic alliance L.P., a leader in regional amusement parks, President of Educap, Inc., which has with National Geographic water parks and active entertainment provided more than $5 billion in education loans to hundreds of thousands of qualified • Founding member of Ocean Elders, a collection BERNARD W. ARONSON, DIRECTOR students and families of fourteen global leaders working to protect, • Founder and Managing Partner of ACON value, and celebrate the ocean • Business leader and social entrepreneur Investments L.L.C. primarily dedicated to philanthropic pursuits • Chairman of the Lindblad-National Geographic • Served as the U.S. Special Envoy to the Colombian through the Catherine B. Reynolds Foundation Fund for Exploration and Conservation Peace Process, appointed by President Obama in • Selected by Businessweek magazine, in 2004, • United Nations Environmental Program Global 500 February 2015 as one of the 50 most philanthropic living Roll of Honor • Previously, international advisor to Goldman, Sachs Americans & Co. (1993-1996), Assistant Secretary of State for • Recipient of the Woodrow Wilson Award ELLIOTT BISNOW, DIRECTOR Inter-American Affairs (1989-1993) and several for Corporate Citizenship White House positions under the Carter • Co-founder of Summit, a growing global administration • Current or former trustee of organizations collective that hosts eclectic events for including New York University, Vanderbilt young social entrepreneurs and leaders • Previously served as a director of Royal Caribbean University, Harvard Kennedy School’s Center for across all disciplines Cruises Ltd. (1993-2015), Hyatt Hotels Corporation Public Leadership, the John F. Kennedy Center and Kate Spade Inc. for the Performing Arts, and the American • Co-founded Bisnow Media Corporation, the largest commercial real estate media and events • Currently serves on several non-profit boards, Academy of Achievement company in North America including The Amazon Conservation Team, and the National Democratic Institute for International • Founding board member of the United Nations Affairs, and is a Member of the Council on Foreign Foundation's Global Entrepreneurs Council Relations 21

Proprietary LINDBLAD’S GUIDING PRINCIPLES

These guiding principles were formed during 1. Ensure that everything adds value to the guest experience. a gathering of more than 50 of our leaders, naturalists, scientists, and office staff. We 2. Integrity is our prime equity—never compromise it. arrived at these principles collectively, after 3. Positively impact the areas we explore and in which we work. spending a few days at sea together im- 4. Treat everyone with dignity and respect. mersed in the expedition environment. 5. Honor the value of service. These principles guide our conduct towards 6. Maintain our expedition heritage by fostering a spirit of the guests we serve and define the manner exploration and discovery. in which we explore the world. –Sven-Olof Lindblad 7. Demonstrate leadership; excel in knowledge; inspire others. 8. Innovate, test and evaluate. Be open to new ideas.

9. Strive for clarity in communication.

10. Maintain a balance between adventure and safety.

Proprietary RECONCILIATION OF NON-GAAP ITEMS

($ in millions) Year ended December 31,

Reconciliation of Adjusted EBITDA to Net Income 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Net income (loss) ($2.2) $7.2 $5.2 $14.8 $22.2 $19.7 $5.1 ($7.5) $11.5 $18.7 Income tax expense (benefit) 0.2 0.5 1.1 1.7 2.8 (2.6) (3.2) 10.0 0.6 2.2 Interest expense, net 10.8 11.8 9.8 7.9 5.3 10.9 10.1 9.7 10.8 12.3 Depreciation and amortization expense 8.3 8.1 8.6 11.6 11.3 11.6 18.4 17.4 20.8 25.8 EB ITDA $17.1 $27.6 $24.7 $36.0 $41.6 $39.6 $30.4 $29.6 $43.8 $59.0 Change in fair value of obligation to repurchase shares of Class A common stock ------0.4 (0.0) ------Loss (gain) on foreign currency translation ------(1.3) 0.1 0.1 0.7 (1.1) 2.2 (0.1) Other expense (income), net (0.2) (0.0) (0.0) (0.0) (0.1) (5.0) 1.2 ------(Gain) / Loss on transfer of assets ------(7.5) 0.1 (0.3) 0.2 0.1 Stock-based compensation -- -- 9.0 -- 0.3 4.9 5.4 10.6 4.4 3.6 National Geographic fee amortization (non-cash) ------1.4 2.9 2.9 2.9 2.9 One-time merger-related expenses ------13.3 0.9 1.9 1.4 1.2 One-time acquisition-related expenses ------1.3 0.1 ------One-time retention payments ------2.5 ------Adjus ted EBITDA $16.9 $27.6 $33.6 $36.5 $44.6 $46.8 $41.7 $43.5 $54.8 $66.6 Impact of voyage cancellations ------9.0 -- -- Adjusted EBITDA excluding voyage cancellations $16.9 $27.6 $33.6 $36.5 $44.6 $46.8 $41.7 $52.5 $54.8 $66.6

Proprietary DEFINITIONS

Adjusted Net Cruise Cost represents Net Cruise Cost adjusted for Non-GAAP other supplemental adjustments which include certain non-operating items such as stock-based compensation, the National Geographic fee amortization, merger-related expenses, and acquisition-related expenses.

Available Guest Nights is a measurement of capacity and represents double occupancy per cabin (except single occupancy for a single capacity cabin) multiplied by the number of cruise days for the period. We also record the number of guest nights available on our limited land programs in this definition.

Gross Cruise Cost represents the sum of cost of tours plus merger-related expenses, selling and marketing expense, and general and administrative expense.

Gross Yield represents tour revenues divided by Available Guest Nights.

Guest Nights Sold represents the number of guests carried for the period multiplied by the number of nights sailed within the period.

Maximum Guests is a measure of capacity and represents the maximum number of guests in a period and is based on double occupancy per cabin (except single occupancy for a single capacity cabin).

Net Cruise Cost represents Gross Cruise Cost excluding commissions and certain other direct costs of guest ticket revenues and other tour revenues.

Net Cruise Cost Excluding Fuel represents Net Cruise Cost excluding fuel costs.

Net Revenue represents tour revenues less commissions and direct costs of other tour revenues.

Net Yield represents Net Revenue divided by Available Guest Nights.

Number of Guests represents the number of guests that travel with us in a period.

Occupancy is calculated by dividing Guest Nights Sold by Available Guest Nights.

Voyages represent the number of ship expeditions completed during the period. 24

Proprietary TM

Proprietary