Lindblad Investor Presentation Deck

Lindblad Expeditions Complementary Brands / Guests Across Companies DUVINE OFF The BEATEN PATH CYCLING + ADVENTURE CO. Focus Area Attractive Target Demo High Repeat Guests Annual Guests Avg Daily Net Yields* Strong Track Record Strong Leadership Lindblad Expeditions Nature / Wildlife Cruise, Culture Affluent 55 - 70+ yrs (avg 60 yrs) ~40% 25,000+ $1,050+ Founded in 1979 Natural Habitat Nature / Wildlife Land-Based Expedition Affluent 55-70+ yrs (avg 60 yrs) ~40% 7,000+ $1,100+ Founded in 1985 Cycling Tours Culture & Culinary Affluent 50 - 65+ yrs (avg 55 yrs) ~40% 2,000+ $950+ Founded in 1996 Outdoor Adventure & National Parks Affluent 50- (avg 50 yrs) ~40% 2,500+ $650+ 70+ Founded in 1986 yrs ClastikNEYS JOURNEYS Walking Tours Culture & Culinary Affluent 50 - 75+ yrs (avg 55 yrs) ~33% 2,000+ $950+ Founded in 1995 Sven Lindblad (Founder) Ben Bressler (Founder) Andy Levine (Founder) Cory Lawrence (CEO Since 2005) *For Lindblad, represents Net Yield (tour revenue less commissions and direct costs of other tour revenues) divided by available guest nights. For other companies, represents average price per guest per night. Edward & Susie Piegza (Co-Founders) 11

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