Lindblad Investor Presentation Deck

Lindblad Expeditions Lindblad Audience Aligns with Adventure Travel Market We have significant room to grow in the 30-50 demographic, which accounts for nearly 40% of the adventure tourism market Lindblad's primary guest demographic (79% 50+ yrs old) accounts for half of the adventure travel market 28 Likely to be a Luxury Traveler Adventure Traveler Age Hiking & Camping 50+ 47% Our guests are highly interested in activities that align with the adventure travel market and the majority fall into the High Net Worth category ($1M+) Active Sports <30 16% >$1M 64% 30-50 38% <$500K 16% <$500K-$1M 20% Lindblad Guest Net Worth Adventure Traveler Age Adventure and Safari Small Group Journey Adventure travel is the largest premium travel category by far. Cruise-based expedition is the fastest-growing, and will double in size by 2026. Cruise Ship Expedition <30 16% 30-50 38% Special Events 50+ 47% Custom / Private 2019 2026 Premium Travel Segments Sources: World Bank 2015 Strengthening Tourism Competitiveness in the OECS countries // 2017 USAID Research Study comparing mass tourism with adventure tourism in Jordan // Market Watch 2020. Merkle M1 2019 9

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