Lindblad Investor Presentation Deck

Lindblad Expeditions Rapid Growth of E-Bike Market U.S. E-Bike market exploding, with +140% YoY growth in Jan-Oct 2020 The market has grown over 8x since 2014 Expands bike touring opportunity and accessibility to wider audience 3.3M 2015 5.6M 2020 5.8X 12.2M 2025 Global E-Bike Units Sold Source: National bicycle dealers association, NPD Group, Grand View Research 19.0M 2030 U.S. Market Size 2019 $24B ↑ DUVINE CYCLING ADVENTURE CO. Projected Market Size 2026 $47B 19

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