Lindblad Investor Presentation Deck

Lindblad Expeditions Our Acquisition of Natural Habitat Has Proven Our Ability to Create Significant Shareholder Value Through M&A Track Record of Growing Complimentary Businesses Through the Lindblad Platform Revenue Growth +55% Adjusted EBITDA Growth +122% $80M $70M $60M $50M $40M $30M $45.7 2016* $49.7 2017 $63.4 2018 $70.7 *Reflects full-year revenue and adj. EBITDA. Acquisition by Lindblad in May 2016. 2019 $10M $9M $8M $7M $6M $5M $4M $3M $3.9 2016* $4.8 2017 $7.0 2018 $8.7 2019 Investment in infrastructure & marketing and strong cross-promotion has resulted in significant growth in guests, including a ~5x increase from Lindblad guests traveling with Natural Habitat 6

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