LINDBLAD EXPEDITIONSINVESTOR PRESENTATION

JUNE 2020

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DISCLAIMERSThis presentation (including any oral statements transmitted to the recipients of this presentation) contains forward-looking statements within the meaning of the Private Securities Litigation ReformAct 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 forwardlooking statements by using words such as “expect,” “anticipate,” “potential,” “estimate,” “plan,” “will,” “would,” “should,” “believe” or similar expressions, but these words are not the exclusivemeans 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 andopportunities to differ materially from those expressed in, or implied by, the forward-looking statements. 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 areavailable 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-lookingstatements. 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 newinformation, 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 toanalyze 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 measuresof 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 insightto 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 substitutefor, 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 financialinformation to GAAP are included in the Appendix.

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 otherwisein accordance with applicable securities laws.

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PREMIER COMPANY IN INDUSTRY: Lindblad is a globalleader in expedition cruising and extraordinary travel experiencesoffering captivating trips featuring highly curated content to 40+remarkable destinations on all seven continents.

COMPELLING MARKET OPPORTUNITY: As individualsaccumulate wealth and free time, they seek unique experienceswhich has led the expedition sector to some of the highest growthrates in the travel industry.

EXCLUSIVE NATIONAL GEOGRAPHIC PARTNERSHIP:Long term strategic alliance featuring co-branding, co-selling andcurated content.

EXTRAORDINARY OPERATING METRICS: Lindblad enjoysindustry leading Net Yields over $1,000, occupancy levels over90%, and consistently high guest satisfaction ratings. Long leadtime on bookings creates outstanding revenue visibility.

STRONG FINANCIAL PERFORMANCE: Revenue andadjusted EBITDA is expected to grow significantly over the nextfew years as new ships are added to the fleet. Proven ability toadd new capacity with high financial returns.

PLATFORM FOR SIGNIFICANT GROWTH: Attractive futuregrowth opportunities enabled by a strong balance sheet includesnew ship builds, expanded charters and potential acquisitions.

VISIONARY AND PROVEN MANAGEMENT TEAM: Deeplyexperienced management team led by Sven-Olof Lindblad whofounded the company over 40 years ago.

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LINDBLAD EXPEDITIONS OVERVIEW

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“If Lars-Eric Lindblad had lived in the year 1000, he probably would have set foot on the North American continent before Leif Ericson. Or, turning eastward, he might have reached China before Marco Polo.”

– ORNITHOLOGIST ROGER TORY PETERSON, PASSPORT TO ANYWHERE

HISTORY OF LINDBLAD EXPEDITIONS UNDER CURRENT PRESIDENT SVEN-OLOF LINDBLAD

Sven-Olof Lindblad, founds Special

Expeditions (now Lindblad

Expeditions)

Begins to permanently

station ship in the Galápagos

Forms Fund for Conservation and

Exploration in partnership with

National Geographic

Expands offerings to Canada,

Alaska, & Baja CA

Signs strategic alliance with

National Geographic

1979 1997

1980-85 2004 2013 2016

2008 2015 2017

Acquires Orion Expedition Cruises

NationalGeographic

Quest launches

Celebrates 50th anniversary of

Antarctic expedition travel

Orders new blue water vessel –

National Geographic Endurance

Closes merger with Capitol Acquisition

Corp. II. Orders two new coastal vessels. Public listing on the

NASDAQ under ticker “LIND”

Acquires control of NaturalHabitat

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Celebrates 50th anniversary of

Galápagos expedition travel.

National Geographic

Endeavour II launches

National Geographic

Venture launches

HERITAGEPIONEERING ADVENTURE SINCE 1958

LARS-ERIC LINDBLAD (1927-1994)⊲ For over 50 years, the Lindblad name has been synonymous with innovation and excellence in expedition travel

and eco-tourism

⊲ A pioneer of expedition travel, Lars-Eric Lindblad began Lindblad Travel, predecessor to Lindblad Expeditions, in 1958

⊲ Led the first tourist expeditions to Antarctica and Galápagos in 1966-1969

Orders National Geographic Resolution

2018

2019

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CONSISTENTLY INDUSTRY-HONORED⊲ AFAR Vanguard Award – Sven Lindblad,

2018⊲ Condé Nast Traveler’s Readers’ Choice

Award—Top Small Ship Cruise Lines, 2019, 2018, 2017, 2016, 2015, 2014

⊲ Virtuoso “Best VAST Partner” Award, 2016

⊲ Cruise Critic Editor’s Pick Awards “Bestfor Adventure,” 2018, 2017, 2016, 2013, 2012, 2011, 2010

⊲ World Tourism Award, 2016

⊲ Andrew Harper’s Reader ChoiceAwards: Best Cruise Lines, 2016

⊲ Town & Country Cruise Awards: Best for Families and Onboard Activities, Expedition Cruises, 2017, 2016

⊲ Porthole Cruise Magazine Readers’ Choice Awards: Best Expedition Cruise Line, 2017, 2015

⊲ Tourism Cares Travel Philanthropy Awards: Legacy in Travel Philanthropy, 2015

⊲ Condé Nast Traveler’s “Gold List,” 2018, 2013, 2009, 2008, 2007, 2006, 2005

⊲ Virtuoso “Sustainable Tourism Leadership-Partner” Award, 2018, 2013

⊲ Travel + Leisure “World’s Best” Award for Small-Ship Cruise Lines, 2019, 2018, 2017, 2013, 2012, 2011, 2010, 2009, 2008

⊲ Travel + Leisure “World’s Best for Families” Award for Small-Ship Cruise Lines, 2012, 2011, 2010, 2009

⊲ USA Today’s 10Best.com Readers’ Choice Awards: Best Adventure Cruise Lines, 2017

⊲ Cruise Critic Cruisers’ Choice Awards: Best Small Cruises Overall, 2018

⊲ Cruise Critic Cruisers’ Choice Awards: Top Small Ship Cruise Line in Alaska, 2019

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AWARD-WINNING

⊲ Ensemble Travel Group Purpose Award: Caring for Community, Environment and Protecting Local Heritage, 2019

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GREENLAND ARCTIC

ICELAND

GALÁPAGOS

PATAGONIA

PERU

CARRIBEAN

AMAZON

EUROPE

AFRICA

MEDITERRANEAN

VIETNAM/CAMBODIA

AUSTRALIAFRENCH

POLYNESIA

ALASKA

PACIFIC NW

ANTARCTICA

RUSSIACANADA

US NAT’L PARKS

MEXICO BELIZE

BAJA CALIFORNIA

CENTRAL AMERICA

BRAZIL

NEW ZEALAND

BORNEO

SRI LANKA

INDIA

BHUTAN/NEPAL CHINA

DISCOVER130+ UNIQUE ITINERARIES, ALL 7 CONTINENTS, 1,100+ ANNUAL DEPARTURES

EGYPT

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⊲ Frameworks for genuine exploration; with flexibility and spontaneity built-in⊲ Unique onboard tools: Zodiacs, kayaks, ROVs, hydrophones, video microscopes & more⊲ Knowledgeable, engaging expedition staff⊲ National Geographic photographers/certified photo instructors aboard⊲ Fine dining, amenities, wellness spa to make exploring holistic⊲ Itineraries run from 4 to 31 days, with an average of ~8 days⊲ Trip prices range from $2,620 to $123,700 with an average of ~$13,000

GALÁPAGOS *DAY 1: Fly from U.S. to Guayaquil, EcuadorDAY 2: Fly from Guayaquil to the Galápagos and embark ship.DAY 3-8: While exact routing is governed by the National Park Service, we will explore diverse islands, seeing a variety of habitats and encounter Galápagos’ famous endemic speciesDAY 9: Disembark ship; fly to Guayaquil to overnight; explore the city at yourleisureDAY 10: Fly to U.S.

JOURNEY TO ANTARCTICA *DAY 1: Fly from US to Buenos Aires, ArgentinaDAY 2: Spend the remainder of the day & overnight in Buenos AiresDAY 3: Fly private charter to Ushuaia, Argentina, embark shipDAY 4: Transit the Drake PassageDAY 5-10: Explore Antarctica DAY 11-12: Sail to UshuaiaDAY 13-14: Disembark Ushuaia, return charter flight to Buenos Aires and U.S.

* Example itineraries 6

ITINERARIESUNFORGETTABLE JOURNEYS TO REMARKABLE DESTINATIONS

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OBEROI PHILAE22 CABINS, 44 GUESTS

LORD OF THE GLENS 26 CABINS, 48 GUESTS

SEA CLOUD28 CABINS, 58 GUESTS

JAHAN24 CABINS, 48 GUESTS

NATIONAL GEOGRAPHIC SEA LION31 CABINS, 62 GUESTS

NATIONAL GEOGRAPHIC VENTURE50 CABINS, 96 GUESTS

NATIONAL GEOGRAPHIC SEA BIRD 31 CABINS, 62 GUESTS

NATIONAL GEOGRAPHIC QUEST50 CABINS, 96 GUESTS

NATIONAL GEOGRAPHIC ISLANDER24 CABINS, 47 GUESTS

NATIONAL GEOGRAPHIC ENDEAVOUR II 52 CABINS, 95 GUESTS

NATIONAL GEOGRAPHIC ORION53 CABINS, 102 GUESTS

NATIONAL GEOGRAPHIC EXPLORER81 CABINS, 148 GUESTS

NATIONAL GEOGRAPHIC ENDURANCE *69 CABINS, 126 GUESTS

DELFIN II14 CABINS, 28 GUESTS

CHARTERED FLEET

* National Geographic Endurance scheduled for launch in Q3 2020; National Geographic Resolution scheduled for launch in Q4 2021

OWNED FLEET

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CURRENT FLEETINTIMATELY-SCALED EXPEDITION SHIPS

NATIONAL GEOGRAPHIC RESOLUTION *69 CABINS, 126 GUESTS

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VESSEL FEATURES• 100 guest capacity• 50 cabins, 22 with balconies• Public spaces designed for

maximum viewing• Fleet of sea kayaks, paddle boards,

specially designed landing craft• Fitness room and wellness spa• State-of-the-art expedition

technology: ROV, video microscope, hydrophone and bow-cam,underwater cameras

• Warm and cold weather diving gear

⊲ Lindblad expanded its fleet with two new U.S. flagged coastal vessels• The first vessel, National Geographic Quest, was delivered in July 2017 and is sailing in

Alaska, British Columbia, Costa Rica & The Panama Canal• The second vessel, National Geographic Venture, was delivered in November 2018 and is

sailing in Alaska, Baja and the Pacific Northwest

⊲ National Geographic Quest contract spend was $54 million and the National Geographic Venture spend was $59 million

⊲ ROIC on coastal vessels anticipated to exceed 20%

FLEET EXPANSIONNEW COASTAL VESSELS

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⊲ Lindblad has contracted with Ulstein Verft AS shipyard in Norway to build two new ice-class expedition vessels

⊲ Design based on highest safety and environmental standards and features Ulstein’strademarked X-BOW hull for reduced motion in waves and improved fuel efficiency

⊲ National Geographic Endurance scheduled for launch in Q3 2020 and National Geographic Resolution in Q4 2021

⊲ The National Geographic Endurance contracted at a cost of $135 million (including hedging costs) with 20% due at signing and 80% at delivery

⊲ The National Geographic Resolution contracted at a cost of approx. $150 million (including hedging costs) with installment payments over the build period

⊲ ROIC for each vessel anticipated to be in the high teens

FLEET EXPANSIONNEW BLUE WATER VESSELS

VESSEL FEATURES• 126 guest capacity• 69 cabins (53 with balconies) with in

cabin command center– 12 solos and 13 suites

• Strongest ice class rating (PC5) on the market when it launches in 2020; Ability to access deep into polar regions

• Fleet of sea kayaks, cross country skis, specially designed landing craft

• Fitness room, saunas, yoga room, two Infinity whirlpool baths and a treatment room

• State-of-the-art expedition technology: ROV, video microscope, hydrophones, underwater video cameras

• Public spaces designed for maximum viewing

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⊲ Partnership established in 2004 based on a shared heritage and passion for exploration

⊲ Partnership contracted through December 31, 2025 andNational Geographic is an equity partner

⊲ Lindblad is the exclusive provider of all National Geographic Expeditions ocean-going, ship-based voyages

⊲ Partnership expanded in August 2018 to include all of the Americas

⊲ Co-branding relationship includes all owned expedition ships carrying the National Geographic name

⊲ Co-selling arrangement includes National Geographic sales of Lindblad’s expeditions through National Geographic Expeditions

⊲ Lindblad and National Geographic closely align marketing efforts to promote expedition travel

⊲ Expeditions feature National Geographic photographers, writers, field researchers and film crews

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NATIONAL GEOGRAPHICEXCLUSIVE STRATEGIC ALLIANCE

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Travel ~5 million brochures sent annually

Television ~495 million homes across 172 countriesin 43 languages

Social Media

~195 million Facebook followers~142 million Instagram followers~42 million Twitter followers~13 million YouTube subscribers~13 million Weibo followers~7 million Snapchat followers

Website ~18 million monthly unique users

Print ~67 million readers in 37 languages

Note: Information as of November 2019

NATIONAL GEOGRAPHICSIGNIFICANT REACH ACROSS A VARIETY OF PLATFORMS

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SVEN-OLOF LINDBLAD, FOUNDER AND PRESIDENT• Founded Special Expeditions (now Lindblad Expeditions) in 1979• Formed multi-faceted strategic alliance with National

Geographic that combines the strengths of two pioneers in exploration and travel, with the goal of further inspiring the world through expedition travel

• Founding member of Ocean Elders - a collection of fourteen global leaders working to protect, value and celebrate theocean

• Member of National Geographic’s International Council of Advisors• Chairman of the Lindblad-National Geographic Fund for

Exploration and Conservation• United Nations Environmental Program Global 500 Roll-of-Honor

PHILIP AUERBACH, CHIEF COMMERCIAL OFFICER• Previously served as SVP and Regional Chief Marketing Officer of

Caesars Entertainment Corporation responsible for revenue and marketing for nine Caesars casino resorts in Las Vegas

• Previously, partner at McKinsey & Co.

CRAIG FELENSTEIN, CHIEF FINANCIAL OFFICER• 20+ years of public company experience• Previously held senior finance roles within Shutterstock, Discovery Communications,

News Corp. and Viacom

TREY BYUS, CHIEF EXPEDITION OFFICER• 20+ years of travel industry experience• Oversees all vessel programming, itinerary development, and leads over 200

expedition staff including expedition leaders, naturalists, photographers and undersea specialists

TYLER SKARDA, SVP MARINE OPERATIONS• 20+ years of maritime industry experience, focused on strategy, capital equipment

procurement cost reduction, and shipbuilding/ship operations process improvement• Previously served as consultant at A.T. Kearney and in the U.S. Navy

NIKOLAOS DOULIS, SVP NEWBUILDING• 20+ years of cruise experience including fleet technical

management, newbuild program management and vessel revitalizations

• Previously served as Fleet Technical Director for Celebrity Cruises of Royal Caribbean International, responsible for implementing and managing technical operations for brand start-ups Azamara Cruises, TUI Cruises, Sky Seas, Island Cruises, and Expeditions

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LEO CHANG, VP STRATEGIC FINANCE• 20+ years of leading strategic growth, capital markets and operational

initiatives through various senior investment banking and corporate roles• Previously held a number of senior positions over 18 years at Jefferies, and

served as CFO at Frontida BioPharm

MANAGEMENT TEAMHIGHLY EXPERIENCED, TENURED TEAM

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(1) (Revenues – Commissions – Onboard and Other Expenses) / Available Passenger Cruise Days for the quarter ended 3/30/20 for Lindblad, RCL and NCLH and three months ended 2/28/20 for CCL.(2) Source: Company filings: Lindblad, NCLH and RCL as of 3/31/20 and CCL as of 2/28/20. Lindblad net debt excludes restricted cash.

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UNIQUE BUSINESS MODELDIFFERENTIATED AMONG PUBLICLY TRADED OPERATORS

TM

ExpeditionAdventure Focus

AttractiveTarget Demographic

Affluent 50+ Mass Market Mass Market Mass Market

Industry-Leading Net Yields (1)

$1,130 $160 $196 $204

New Vessel Cost Coastal: Est. ~$55m Blue Water: Est. ~$140m-$150m ~$700m ~$1,050m ~$800m

Net Leverage (2) 4.5x 2.0x 4.4x 4.9x

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(1) US Census Bureau, Population Division(2) ATTA: March 2017(3) CLIA: December 2019(4) ReportLinker: September 2019(5) Cruise Industry News: Expedition Market Report 2019(6) Cruise Industry News: Expedition Market Report 2020

⊲ 65+ population will grow by over 17%, or 9.5 million people, between 2020 and 2025, and continues to become more educated. 1

⊲ Share of 55+ population having completed 4 or more years of college up 22% between 2015 and 2019 1

⊲ Largest group of adventure travel tour operator guests (40 percent) are between the ages of 50-70 2

⊲ “The US remains the largest source market…” 6

The Lindblad core guest is an active retiree – someone who has the time and means to take our Expeditions –with a passion for lifelong learning

⊲ Access is the new luxury; travelers are setting sights on destinations that were previously out of reach – some only accessible now buy cruise ship – from the Galapagos Islands to Antarctica 3

⊲ Adventure Tourism market value to grow by 277% from 2018-2026 4

The collection of experiences, and meaningful ones, continues to be an increasingly driving force in travel

⊲ 40 million passengers estimated to cruise annually over the next 10 years 5

⊲ “…vacationers are looking for experiences beyond sightseeing…and cruise lines are meeting these demands” 3

⊲ More than 66% of Generation X and 71% of Millennials have a more positive attitude about cruising compared to two years ago 6

Like Experiential Travel, ship-based travel is on the rise, and across a

wide range of age groups

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MARKET OPPORTUNITIES

GROWING TARGET

POPULATION

EXPERIENCES MATTER

SHIP-BASED TRAVEL ON THE RISE

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⊲ Average guest is 59 years old and tends to be an active retiree⊲ 93% of guests sourced from the United States⊲ Lindblad attracts a significant family presence with nearly 10% of

guests traveling with children under 18⊲ 13% of guests make contributions to the Lindblad Expeditions-

National Geographic (LEX-NG) Fund

60%16%

8%

16%

Four +First Timers Third TimersSecond Timers

DISTRIBUTION OF 2019 BOOKED GUESTS

40%

24%

26%

10%

OtherDirect National Geographic Travel Agents & Wholesalers

DISTRIBUTION OF 2019 SALES BY BOOKING CHANNEL*

⊲ National Geographic promotes our offerings in its marketing campaigns and sells Lindblad expeditions through its internal travel division

⊲ Preferred partner agreements with Virtuoso, Signature, American Express, and Ensemble

⊲ Developed relationships with diverse affinity groups including colleges, alumni associations and niche travel organizations

15* Presented as a percentage of ticket revenue

GUEST PROFILE & BOOKING SOURCES

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W o r l d ’ s B e s tA d v e n tu r e O u tf i t te r s

T RIP PICK

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• World leader in responsible adventure travel and ecotourism since its founding in 1985

• Known for their small groups, secluded accommodations, and unique itineraries, the trips provide exclusive access to nature you won’t find anywhere else

• Offers approximately 100 nature adventures from Antarctica to Zambia. Polar bear tours in Churchill, Canada, Galapagos small-ship cruises, Alaska grizzly bear encounters and African safaris are among a wide range of artfully crafted nature journeys conducted by professional naturalist guides

• Exclusive travel partner of World Wildlife Fund since 2003

• 80.1% of Natural Habitat, Inc. acquired in 2016 for approx. $20 million (Company had no debt and approximately $5 million in cash at closing)

• Numerous awards including:

NATURAL HABITATPLATFORM FOR LAND-BASED ADVENTURE TRAVEL

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FINANCIAL OVERVIEW

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• Revenue growth has been driven by Lindblad’s increased marketing spend and ability to increase capacity and raise prices without sacrificing high occupancy levels

• The acquisition of National Geographic Orion in 2013 and Natural Habitat in 2016, as well as the launch of National Geographic Endurance in Q2 2020 and Quest and Venture in 2017 and 2018, respectively, added significant additional inventory and revenue

Note: 2017 includes estimated $12.4M of revenue on cancelled highly booked voyages on the National Geographic Orion, National Geographic Quest and National Geographic Sea Lion2020 forecast is at midpoint of public guidance as of 2/25/2020; excludes potential indirect Coronavirus impact 18

REVENUE GROWTH

Key MetricsAvail. Guest Nights 145,408 154,158 154,804 177,135 180,206 184,336 181,990 186,719 200,849 221,516

Occupancy % 89% 87% 92% 92% 93% 92% 90% 87% 91% 91%

Guests 16,695 16,480 17,157 19,327 18,819 19,824 19,735 20,140 23,102 25,325

Net Yield $685 $750 $861 $931 $950 $971 $976 $985 $1,044 $1,051

Gross Revenue($ in millions)

$115 $133 $154$192 $198 $210

$242$279

$310$343

$405

201520142010 2011 20172012 2013 2016 2018 2019 2020Forecast *

2010-20 CAGR+13%

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• Adjusted EBITDA margin anticipated to expand primarily from increased capacity and scale

• Stable cost structure enables majority of revenue expansion to translate into adjusted EBITDA growth

Note: 2016 reflects impact of Zika virus, terrorism, delayed marketing materials and voyage cancellations for unplanned repairs2017 includes estimated $9.0M of adjusted EBITDA for cancelled highly booked voyages on the National Geographic Orion, National Geographic Quest and National Geographic Sea Lion2019 maintenance CAPEX includes $6M of CRM and Seaware related expenses2020 forecast is at midpoint of public guidance as of 2/25/2020; excludes potential indirect Coronavirus impact 19

ADJUSTED EBITDA GROWTH

Key MetricsMargin 15% 20% 22% 19% 22% 22% 17% 19% 18% 21%

Maint. Capex $2 $5 $4 $6 $6 $5 $6 $9 $11 $23

Growth Capex / Acquisition $0 $0 $0 $30 $0 $10 $70 $71 $43 $73

($ in millions)Adjusted EBITDA

$17$27

$34 $36$45 $47 $42

$53 $55$67

$84

2010 20172011 20142012 2013 2015 2016 2018 2019 2020Forecast *

2010-20 CAGR+17%

APPENDIX

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MARK D. EIN, CHAIRMAN• Founder, Chairman, and CEO of Capitol IV• Vice Chairman of Cision• Co-Chairman and controlling shareholder

of Kastle Systems• Previously, Founder, Chairman, and CEO of

Capitol I, Capitol II, and Capitol III• Previously served as Non-Executive Vice

Chairman of Two Harbors (2009 - 2015)• Strong track record of value creation having been

involved in the early stages of six companies that reached $1 billion valuation

• Serves on the board of directors of many civic, philanthropic and charitable organizations

SVEN-OLOF LINDBLAD, DIRECTOR• Founded Special Expeditions (now Lindblad

Expeditions) in 1979• Formed multi-faceted strategic alliance

with National Geographic• Founding member of Ocean Elders, a collection

of fourteen global leaders working to protect, value, and celebrate the ocean

• Chairman of the Lindblad-National Geographic Fund for Exploration and Conservation

• United Nations Environmental Program Global 500 Roll of Honor

L. DYSON DRYDEN, DIRECTOR• President, Chief Financial Officer and Director of

Capitol IV• Director on the board of Cision• Vice Chairman of CDS Logistics• Previously, President, Chief Financial Officer and

Director of Capitol III and Chief Financial Officer and Director of Capitol II

• Prior to Capitol, was a Managing Director in the Global TMT investment banking group at Citi

JOHN M. FAHEY, DIRECTOR• Former Chairman (2011 - 2016) and Former

Chief Executive Officer (1998 - 2013) of the National Geographic Society

• Previously Chairman, President and CEO of Time Life Inc., a wholly owned subsidiary of Time Warner Inc. (1989 - 1996)

• Currently serves on the boards of Time Inc. (Lead Director); and Johnson Outdoors Inc.

• In February 2014, President Obama appointed Fahey to a six-year term on the Smithsonian Board of Regents, the governing body of the Smithsonian Institution

• Serves on the board and executive committee of the Smithsonian National Museum of NaturalHistory

BERNARD W. ARONSON, DIRECTOR• Founder and Managing Partner of ACON

Investments L.L.C.• Served as the U.S. Special Envoy to the Colombian

Peace Process, appointed by President Obama in February 2015

• Previously, international advisor to Goldman, Sachs & Co. (1993-1996), Assistant Secretary of State for Inter-American Affairs (1989-1993) and several White House positions under the Carteradministration

• Previously served as a director of Royal Caribbean Cruises Ltd. (1993-2015), Hyatt Hotels Corporation and Kate Spade Inc.

• Currently serves on several non-profit boards, including The Amazon Conservation Team, and the National Democratic Institute for International Affairs, and is a Member of the Council on Foreign Relations

CATHERINE B. REYNOLDS, DIRECTOR• Chairman, Chief Executive Officer and

President of Educap, Inc., which has provided more than $5 billion in education loans to hundreds of thousands of qualified students and families

• Business leader and social entrepreneur primarily dedicated to philanthropic pursuits through the Catherine B. Reynolds Foundation

• Selected by Businessweek magazine, in 2004,as one of the 50 most philanthropic livingAmericans

• Recipient of the Woodrow Wilson Award for Corporate Citizenship

• Current or former trustee of organizations including New York University, Vanderbilt University, Harvard Kennedy School’s Center for Public Leadership, the John F. Kennedy Center for the Performing Arts, and the American Academy of Achievement

DANIEL J. HANRAHAN, DIRECTOR• President, Chief Executive Officer and a director

of Regis Corporation (2012-2017)• President and Chief Executive Officer of Celebrity

Cruises (2007-2012)• Currently a director and a member of the audit

and compensation committees of Cedar Fair, L.P., a leader in regional amusement parks, water parks and active entertainment

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ELLIOTT BISNOW, DIRECTOR• Co-founder of Summit, a growing global

collective that hosts eclectic events for young social entrepreneurs and leaders across all disciplines

• Co-founded Bisnow Media Corporation, the largest commercial real estate media and events company in North America

• Founding board member of the United Nations Foundation's Global Entrepreneurs Council

BOARD OF DIRECTORS

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These guiding principles were formed during a gathering of more than 50 of our leaders, naturalists, scientists, and office staff. We arrived at these principles collectively, after spending a few days at sea together im-mersed in the expedition environment.

These principles guide our conduct towardsthe guests we serve and define the mannerin which we explore the world.

–Sven-Olof Lindblad

1. Ensure that everything adds value to the guest experience.

2. Integrity is our prime equity—never compromise it.

3. Positively impact the areas we explore and in which we work.

4. Treat everyone with dignity and respect.

5. Honor the value of service.

6. Maintain our expedition heritage by fostering a spirit of exploration and discovery.

7. Demonstrate leadership; excel in knowledge; inspire others.

8. Innovate, test and evaluate. Be open to new ideas.

9. Strive for clarity in communication.

10. Maintain a balance between adventure and safety.

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LINDBLAD’S GUIDING PRINCIPLES

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RECONCILIATION OF NON-GAAP ITEMS

($ in millions) Year ended December 31,

Reconciliation of Adjusted EBITDA to Net Income 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Net income (loss) ($2.2) $7.2 $5.2 $14.8 $22.2 $19.7 $5.1 ($7.5) $11.5 $18.7Income tax expense (benefit) 0.2 0.5 1.1 1.7 2.8 (2.6) (3.2) 10.0 0.6 2.2Interest expense, net 10.8 11.8 9.8 7.9 5.3 10.9 10.1 9.7 10.8 12.3Depreciation and amortization expense 8.3 8.1 8.6 11.6 11.3 11.6 18.4 17.4 20.8 25.8

EBITDA $17.1 $27.6 $24.7 $36.0 $41.6 $39.6 $30.4 $29.6 $43.8 $59.0Change in fair value of obligation to repurchase

shares of Class A common stock -- -- -- 0.4 (0.0) -- -- -- -- --Loss (gain) on foreign currency translation -- -- -- (1.3) 0.1 0.1 0.7 (1.1) 2.2 (0.1)Other expense (income), net (0.2) (0.0) (0.0) (0.0) (0.1) (5.0) 1.2 -- -- --(Gain) / Loss on transfer of assets -- -- -- -- -- (7.5) 0.1 (0.3) 0.2 0.1Stock-based compensation -- -- 9.0 -- 0.3 4.9 5.4 10.6 4.4 3.6National Geographic fee amortization (non-cash) -- -- -- -- -- 1.4 2.9 2.9 2.9 2.9One-time merger-related expenses -- -- -- -- -- 13.3 0.9 1.9 1.4 1.2One-time acquisition-related expenses -- -- -- 1.3 0.1 -- -- -- -- --One-time retention payments -- -- -- -- 2.5 -- -- -- -- --

Adjusted EBITDA $16.9 $27.6 $33.6 $36.5 $44.6 $46.8 $41.7 $43.5 $54.8 $66.6

Impact of voyage cancellations -- -- -- -- -- -- -- 9.0 -- --Adjusted EBITDA excluding voyage cancellations $16.9 $27.6 $33.6 $36.5 $44.6 $46.8 $41.7 $52.5 $54.8 $66.6

Proprietary

Adjusted Net Cruise Cost represents Net Cruise Cost adjusted for Non-GAAP other supplemental adjustments which includecertain non-operating items such as stock-based compensation, the National Geographic fee amortization, merger-relatedexpenses, and acquisition-related expenses.

Available Guest Nights is a measurement of capacity and represents double occupancy per cabin (except single occupancyfor a single capacity cabin) multiplied by the number of cruise days for the period. We also record the number of guest nightsavailable on our limited land programs in this definition.

Gross Cruise Cost represents the sum of cost of tours plus merger-related expenses, selling and marketing expense, andgeneral and administrative expense.

Gross Yield represents tour revenues divided by Available Guest Nights.

Guest Nights Sold represents the number of guests carried for the period multiplied by the number of nights sailed withinthe period.

Max imum Guests is a measure of capacity and represents the maximum number of guests in a period and is based ondouble occupancy per cabin (except single occupancy for a single capacity cabin).

Net Cruise Cost represents Gross Cruise Cost excluding commissions and certain other direct costs of guest ticket revenuesand other tour revenues.

Net Cruise Cost Excluding Fuel represents Net Cruise Cost excluding fuel costs.

Net Revenue represents tour revenues less commissions and direct costs of other tour revenues.

Net Yield represents Net Revenue divided by Available Guest Nights.

Number of Guests represents the number of guests that travel with us in a period.

Occupancy is calculated by dividing Guest Nights Sold by Available Guest Nights.

Voyages represent the number of ship expeditions completed during the period.24

DEFINITIONS

Proprietary

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