Lindblad Expeditions Holdings Inc. · NASDAQ:LIND
Lindblad Expeditions — Capitol Acquisition Corp. II — SPAC Merger (March 2015)
15 slides from Lindblad Expeditions's SPAC merger presentation, Mar 10, 2015
Slide 1: Investor Presentation
INVESTOR ri PRESENTATION.
Slide 2: Disclaimer and forward-looking statements
‘THIS PRESENTATION HAS GEEN PREPARED FOR USE BY CAPITOL ACQUISITION CORP. II (CAPITOL?) ANO LINDBLAD EXPEDITIONS, INC. LINDBLAD) IN CONNECTION WITH THEIR PROPOSED BUSINESS COMBINATION. SUCH PRESENTATION MAY BE PREGENTED TO CERTAIN OF GAPITOLS STOCKHOLDERS, SWELL AS OTHER PERSONS WHO MIGHT BE INTERES
Slide 3: Investment Highlights
INVESTMENT HIGHLIGHTS ‘» Premier Company in Industry ~ Lindblad is a global leader in expedition cruising and extraordinary travel experiences offering captivating trips to 40+ remarkable destinations on all seven continents '* Compelling Market Opportunity — As individuals accumulate wealth and fre
Slide 4: Explore
EXPLORE :
Slide 5: Pioneering Adventure Since 1958
PIONEERING ADVENTURE SINCE 1958 “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. LARS-
Slide 6: Discover: 40+ Remarkable Destinations, All Continents
DISCOVER 40+ REMARKABLE DESTINATIONS, ALL 7 CONTINENTS , aw pes = & g@ capiro. ACQUISITION
Slide 7: Extraordinary Places, Renowned Staff, Indelible Experiences
EXTRAORDINARY PLACES, RENOWNED STAFF, INDELIBLE EXPERIENCES Destinations include the world's most charismatic geographies World-class team of scientists historians and naturalists enlighten and educate guests Unique expedtion photography program, National Geographic photographers & certified photo i
Slide 8: Management
MANAGEMENT Sa) SVEN-OLOF LINDBLAD, FOUNDER AND PRESIDENT IAN ROGERS, CHIEF FINANCIAL OFFICER j ) © Founded Special Expeditions (now Lindblad Expeditions) in 1979 AND CHIEF OPERATING OFFICER Joined Lindblad in 2008 + Formed mulaceted strategie allance with National Geographic that combines the streng
Slide 9: Capitol Acquisition: Success of Capitol Acquisition I
CAPITOL ACQUISITION SUCCESS OF CAPITOL ACQUISITION I (On October 29, 2009, Capitol I, in partnership with Pine River Capital Management, created Two Harbors Investment Corp. (NYSE: “TWO") TWO HARBORS ‘one of the premier mortgage REITs, formed to capitalize on the severe dislocation in the RMBS Marke
Slide 10: National Geographic Exclusive Strategic Alliance
NATIONAL GEOGRAPHIC EXCLUSIV 2ATEGIC A NCE «© Partnership established in 2004 based on a shared '* Co-branding relationship includes all ovmed expedition ships heritage and passion for exploration carrying the National Geographic name © In conjunction with merger, partnership extended until ‘* Lindb
Slide 11: Intimately-Scaled Expedition Ships
INTIMATELY-SCALED EXPEDITION SHIPS ‘OWNED FLEET (CHARTERED FLEET = 2 eeapror : —
Slide 12: Award-Winning
AWARD-WINNING oi Condé Nast Traveler's 2014 Readers’ Poll - Top 20 ‘Small Cruise Ships in the World, 2014 Condé Nast Traveler World Savers “Doing it All" ‘Avard, 2018 ‘Condé Nast Traveler Readers’ Choice Award — Top 25 Cruise Lines, 2013, Condé Nast Traveler "Gold List”, 2013, 2009, 2008, 2007, 2008
Slide 13: Transaction Overview
TRANSACTION OVERVIEW ‘* Pro Forma Firm Value of $439 milion ‘¢ Up to $110 milion of cash projected to be available to fund expansion of fleet and other transaction expenses ‘© Lindblad will order two new coastal vessels shortly after closing for delivery in 2017 and 2018, and then opportunistically
Slide 14: Attractive Valuation
ATTRACTIVE VALUATION SIGNIFICANT DISCOUNT To COMPS Firm Value /Ad), EBITDA WELL CAPITALIZED FOR EXPANSION Net Debt /LTM Adj. EBITDA! 2009-14E Adj. EBITDA sox oe ‘CAGR 70% i: 0% 400 0% 26 100% 20x 50% oom LU 0% Unda NCL Rel ect Undllod—Comporabe ‘Company Medan! Sao: Caran Fngsand ae Ne argue ona nade
Slide 15: Slide 15
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