Lindblad Investor Presentation Deck

Lindblad Expeditions Explosive Peloton / Spin Class Growth is Accelerating Popularity of Cycling Cycling-based workout growth is increasing demand for cycling experiences Source: Peloton investor materials 123 168 Connected Fitness Subscriptions 217 245 CAGR 107% Current Penetration: approximately 4% of SAM, represented by 577,000 Connected Fitness Products 276 362 457 511 92m 67m 52m 14 562 712 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 886 1,091 Peloton Demographic Households aged 18-70 and $50k+ total income Total Workouts CAGR 213% 5,902 6.223 7.069 Peloton TAM: Households open to a subscription fitness that could be interested in purchasing a product from Peloton either day or in the future 9,336 17,988 17,759 Peloton Interest: Households that express interest in learning more about at least one Peloton product without seeing price DUVINE CYCLING ADVENTURE CO. Peloton Connected Fitness Products SAM: Interest in Peloton Connected Fitness Products in current fitness verticals and price points 19,200 2,501 3,231 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 04 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 24,300 44,200 76,800 20

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