Lindblad Investor Presentation Deck

Lindblad Expeditions Disclaimer 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. Additionally, many of these risks and uncertainties are currently amplified by and will continue to be amplified by, or in the future may be amplified by, the coronavirus disease (COVID-19) pandemic: the extent, duration and severity of the spread of the COVID-19 pandemic and the extent, duration and severity of the economic consequences stemming from the COVID-19 crisis (including a potential significant economic contraction) as well as related risks such as governmental regulation (including those that preclude or strictly limit travel or recreation), changes in patterns of commerce or consumer activities and changes in consumer attitudes and the impact of any of the foregoing on our business; results of operations and liquidity; adverse developments or the absence of sustained improvement in general business, economic or political conditions or the global travel and recreation markets; a decline in consumer confidence or spending; weak capital and financial markets and/or the instability of financial institutions; increased levels of unemployment and/or declining wages or stagnant wage growth in the U.S. and globally; inability to afford down travel and recreation due to disrupted earnings; the potential negative impact of certain provisions of the Tax Cuts and Jobs Act of 2017; geopolitical and economic instability; economic stagnation or contraction in the U.S. economy, including the impact of recessions, slow economic growth, or a deterioration in other economic factors (including potential consumer, business or governmental defaults due to the COVID-19 crisis) that particularly impact the global travel and recreation and the business segments in which we operate whether broadly or by geography and price segments; risks related to our ability to comply with the leverage ratios under our credit facilities as a result of a material decline in our ability to generate EBITDA calculated on a Pro Forma Basis (as defined in the agreements governing those facilities) or otherwise; risks associated with our substantial indebtedness and interest obligations and restrictions contained in our debt agreements, including risks relating to our ability to generate sufficient cash flows to service our debt (in particular if the COVID-19 crisis continues for a prolonged period) and having to dedicate a significant portion of our cash flows from operations to service our debt and risks relating to our ability to refinance or repay our indebtedness or incur additional indebtedness. 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. By accepting this presentation, the recipient acknowledges and agrees (in addition to any obligations it may have under any confidentiality agreement) that (1) neither it nor its agents, representatives, directors, officers, affiliates or employees will copy, reproduce or distribute to others the information contained herein, in whole or in part, at any time without the prior written consent of the Company and (2) the Company and its affiliates, directors, officers, employees, partners, members, controlling persons, agents or advisors (collectively, the "Representatives") (a) does not make any express or implied representation or warranty as to the accuracy or completeness of the information contained herein or (b) shall have any liability to the recipient or its representatives relating to or arising from the information contained herein or any omissions from such information, or any other written or oral communication transmitted to any interested party in the course of its evaluation of the Company. The recipient should become familiar with this and other obligations to which the recipient is subject pursuant to any confidentiality agreement. 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. The recipient understands that this presentation may contain material non-public information and acknowledges the restrictions on trading in the Company's securities based upon such information. 2