IN INVES VESTOR PRES ESEN ENTAT ATIO ION March 2018 ch 2018 - - PowerPoint PPT Presentation

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IN INVES VESTOR PRES ESEN ENTAT ATIO ION March 2018 ch 2018

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FORWARD-LOOKING STATEMENTS

This presentation contains a number of forward-looking statements. Words, and variations of words, such as “will,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,” “target,” “outlook,” and similar expressions are intended to identify our forward-looking statements. These forward-looking statements are not historical facts, but reflect our current estimates, projections, expectations, or trends concerning future growth, operating cash flows, availability of short-term borrowings, consumer demand, new or renewal business, investment policies, productivity improvements,

• ngoing cost reduction efforts, efficiency, competitiveness, strategic actions, acquisitions, the timing of new and damaged hospitality

and attractions openings, the sufficiency of our legal reserves, projections of revenue, show rotation, same-show growth, adjusted segment EBITDA, attraction start-up costs, the realization of deferred tax assets, contributions to pension and postretirement benefit plans, legal expenses, tax rates and other tax matters, and foreign exchange rates. Actual results could differ materially from those discussed in the forward-looking statements. Viad’s businesses can be affected by a host of risks and uncertainties, many of which are beyond our control. For important factors that could cause actual results to differ materially from those described in our forward looking statements, please see our most recent annual report on Form 10-K file with the SEC. We disclaim and do not undertake any

• bligation to update or revise any forward-looking statement in this presentation except as required by applicable law or regulation.

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NON-GAAP FINANCIAL MEASURES

This document includes the presentation of “Income Before Other Items”, “Segment Operating Income”, and “Adjusted Segment EBITDA”, which are supplemental to results presented under accounting principles generally accepted in the United States of America (“GAAP”) and may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures are utilized by management to facilitate period-to-period comparisons and analysis of Viad’s operating performance and should be considered in addition to, but not as substitutes for, other similar measures reported in accordance with GAAP. The use of these non- GAAP financial measures is limited, compared to the GAAP measure of net income attributable to Viad, because they do not consider a variety of items affecting Viad’s consolidated financial performance as explained below. Because these non-GAAP measures do not consider all items affecting Viad’s consolidated financial performance, a user of Viad’s financial information should consider net income attributable to Viad as an important measure of financial performance because it provides a more complete measure of the Company’s performance. Income Before Other Items is defined by management as net income attributable to Viad, before income/loss from discontinued

• perations, restructuring charges/recoveries, impairment charges/recoveries, acquisition transaction-related costs, integration costs,
• ther non-recurring expenses and tax matters. Segment Operating Income is defined by management as net income attributable to

Viad before income (loss) from discontinued operations, corporate activities, interest expense and interest income, income taxes, restructuring charges, impairment losses and recoveries, and the reduction for income attributable to non-controlling interest. Segment operating income is utilized by management to measure the profit and performance of Viad’s operating segments to facilitate period-to-period comparisons. Income Before Other Items and Segment Operating Income are considered useful operating metrics, in addition to net income attributable to Viad, as potential variations arising from non-operational expenses/income are eliminated, thus resulting in additional measures considered to be indicative of Viad’s performance. Adjusted Segment EBITDA is defined by management as segment operating income (defined above) before acquisition integration costs and non-cash depreciation and amortization. Adjusted Segment EBITDA is considered a useful operating metric, in addition to net income attributable to Viad, as potential variations arising from non-recurring integration costs, non-cash amortization and depreciation, and non-operational expenses/income are eliminated, thus resulting in an additional measure considered to be indicative of Viad’s segment performance. Management believes that the presentation of Adjusted Segment EBITDA provides useful information to investors regarding Viad’s results of operations for trending, analyzing and benchmarking the performance and value

• f Viad’s business. Management also believes that the presentation of Adjusted Segment EBITDA for acquisitions and the Glacier

Skywalk enables investors to assess how effectively management is investing capital into major corporate development projects, both from a valuation and return perspective.

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NON-GAAP FINANCIAL MEASURES, CONTINUED

Note: Certain amounts above may not foot due to rounding.

INCOME BEFORE OTHER ITEMS

Millions (except per share amounts)

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

Net Income Attributable to Viad

21.6 52.4 26.6 42.3 57.7 1.06 $ 2.59 $ 1.32 $ 2.09 $ 2.83 $ (Income) Loss from Discontinued Operations Attributable to Viad (2.1) (11.6) 0.4 0.7 0.3 (0.10) (0.57) 0.02 0.03 0.01 Income from Continuing Operations Attributable to Viad 19.4 40.8 27.0 43.0 58.0 0.96 2.02 1.34 2.12 2.84 Other Items: Restructuring Charges, pre-tax 3.8 1.6 3.0 5.2 1.0 0.19 0.08 0.15 0.26 0.05 Impairment Charges (Recoveries), pres-tax 2.8 0.9 0.1 0.2 (29.1) 0.14 0.04

• 0.01

(1.43) Acquisition-Related and Other Non-Recurring Expenses, pre-tax1

• 7.6

3.0 2.3 1.3

• 0.38

0.15 0.12 0.06 Tax (Benefit) Expense on Above Items (2.3) (3.8) (2.2) (2.5) 7.4 (0.12) (0.18) (0.11) (0.13) 0.37 Charge Related to Tax Reform

• 16.1
• 0.79

Favorable Tax Matters (0.4) (12.0) (1.6)

• (1.2)

(0.02) (0.59) (0.07)

• (0.06)

Net Loss Attributable to FlyOver Iceland Noncontrolling Interest

• (0.0)
• Income Before Other Items

23.3 $ 35.2 $ 29.3 $ 48.2 $ 53.5 $ 1.15 $ 1.75 $ 1.46 $ 2.38 $ 2.62 $

1 Includes the following items (pre-tax)

Acquisition Integration Costs

• 0.8

$ 0.9 $ 1.1 $ 0.3 $ Included in segment operating income (loss) Acquisition Transaction-Related Costs - Pursuit

• 0.5

0.2 Included in segment operating income (loss) Acquisition Transaction-Related Costs - Corporate

• 4.1

1.4 0.6 0.6 Included in corporate activities Shareholder Nomination and Settlement Agreement Costs

• 0.7
• Included in corporate activities

CEO Transition Costs

• 2.7
• Included in corporate activities

FlyOver Iceland Start-Up Costs

• 0.1

Included in segment operating income (loss) Fire-related business interuption expense

• 0.1
• Included in segment operating income (loss)

Acquisition-Related and Other Non-Recurring Expenses

• $

7.6 $ 3.0 $ 2.3 $ 1.3 $ INCOME BEFORE OTHER ITEMS INCOME BEFORE OTHER ITEMS PER SHARE

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NON-GAAP FINANCIAL MEASURES, CONTINUED

Note: Certain amounts above may not foot due to rounding.

ADJUSTED SEGMENT EBITDA and SEGMENT OPERATING INCOME

GES PURSUIT VIAD TOTAL

Millions

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Net Income Attributable to Viad $ 21.6 $ 52.4 $ 26.6 $ 42.3 $ 57.7 Net Income Attributable to Noncontrolling Interest 0.1 3.2 0.4 0.5 0.5 Loss (Income) from Discontinued Operations (2.4) (14.4) 0.4 0.7 0.3 Income Tax Expense 8.3 0.1 10.5 21.3 45.9 Net Interest Expense 3.0 0.9 0.1 4.7 8.0 Impairment Charges (Recoveries) 3.8 1.6 3.0 0.2 (29.1) Restructuring Charges 0.7 1.7 3.9 5.2 1.0 Corporate Activities & Eliminations 6.8 14.3 9.7 11.1 12.8 Segment Operating Income $ 20.1 $ 31.7 $ 26.8 $ 50.2 $ 50.0 $ 21.8 $ 28.1 $ 27.8 $ 35.7 $ 47.1 $ 41.9 $ 59.9 $ 54.6 $ 85.9 $ 97.1 Segment Depreciation 19.6 20.0 20.2 21.3 26.4 6.9 7.9 7.7 12.1 16.1 26.5 27.9 27.9 33.4 42.5 Segment Amortization 0.8 2.4 6.9 8.3 10.8 0.4 0.4 0.3 0.9 1.6 1.3 2.7 7.2 9.2 12.4 FlyOver Iceland Start-up Costs

• - - - 0.1
• 0.1

Fire-related Business Interruption Matters

• - - 0.1
• 0.1
• Acquisition Integration & Transaction Costs
• 0.8 0.9 0.6 0.2
• - - 1.1

0.4

• 0.8

0.9 1.6 0.5 Adjusted Segment EBITDA $ 40.6 $ 54.9 $ 54.8 $ 80.4 $ 87.4 $ 29.1 $ 36.4 $ 35.8 $ 49.8 $ 65.2 $ 69.7 $ 91.3 $ 90.6 $ 130.2 $ 152.6 Revenue $ 844.9 $ 944.5 $ 976.9 $ 1,054.7 $ 1,133.1 $ 108.4 $ 120.5 $ 112.2 $ 153.4 $ 173.9 $ 953.3 $ 1,065.0 $ 1,089.0 $ 1,205.0 $ 1,307.0 Adjusted Segment EBITDA Margin 4.8% 5.8% 5.6% 7.6% 7.7% 26.9% 30.2% 31.9% 32.5% 37.5% 7.3% 8.6% 8.3% 10.8% 11.7%

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NON-GAAP FINANCIAL MEASURES, CONTINUED

FORWARD-LOOKING NON-GAAP FINANCIAL MEASURES

The Company has also provided the following forward−looking non−GAAP financial measures: Adjusted Segment EBITDA and Adjusted Segment EBITDA Margin. The Company does not provide reconciliations of these forward−looking non−GAAP financial measures to the most directly comparable GAAP financial measures because, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible, not all of the information necessary for quantitative reconciliations of these forward−looking non−GAAP financial measures to the most directly comparable GAAP financial measures are available to the Company without unreasonable efforts. Specifically, recent acquisitions include preliminary recordings of the fair values of the assets acquired and liabilities assumed as of the acquisition date; purchase price allocations are not yet finalized and are subject to change within the measurement period (up to one year from the acquisition date) as the assessment of property and equipment, intangible assets, and working capital are finalized. Consequently, any attempt to disclose such reconciliations would imply a degree

• f precision that could be confusing or misleading to investors.

It is probable that the forward−looking non−GAAP financial measures provided without the directly comparable GAAP financial measures may be materially different from the corresponding non−GAAP financial measures.

EBITDA FROM ACQUISITIONS, THE GLACIER SKYWALK and THE BANFF GONDOLA

Millions

Banff Gondola Net Income Attributable to Viad $ 57.7 Net Income Attributable to Noncontrolling Interest 0.5 Loss from Discontinued Operations 0.3 Income Tax Expense 45.9 Net Interest Expense 8.0 Impairment Recoveries (29.1) Restructuring Charges 1.0 Corporate Activities & Eliminations 12.8 Segment Operating Income (Loss) $ 3.1 $ 46.9 $ 50.0 $ 10.8 $ 6.7 $ 21.1 $ 8.5 $ 47.1 $ 97.1 Segment Depreciation 9.7 16.8 26.4 6.9 0.4 1.4 7.3 16.1 42.5 Segment Amortization 10.7 0.1 10.8 1.5

• 0.0

0.1 1.6 12.4 FlyOver Iceland Start-up Costs

• 0.1
• 0.1

0.1 Acquisition Integration & Transaction Costs 0.2

• 0.2

0.2

• 0.2

0.4 0.5 Adjusted Segment EBITDA $ 23.6 $ 63.8 $ 87.4 $ 19.5 $ 7.1 $ 22.5 $ 16.1 $ 65.2 $ 152.6 Revenue $ 133.2 $ 999.9 $ 1,133.1 $ 52.0 $ 7.9 $ 33.1 $ 80.9 $ 173.9 $ 1,307.0 Adjusted Segment EBITDA Margin 17.7% 6.4% 7.7% 37.6% 90.0% 68.1% 19.9% 37.5% 11.7%

Note - Certain amounts above may not foot due to rounding

1 GES acquisitions include: Blitz Communications, onPeak and N200 (all acquired in 2014), ON Services (acquired in August 2016) and Poken (acquired in March 2017). 2 Pursuit acquisitions include: the West Glacier Properties (acquired in 2014); Maligne Lake Tours (acquired in January 2016); CATC (acquired in March 2016); FlyOver Canada (acquired in December 2016) and Esja (acquired in November 2017).

Acquisitions1 Year Ended December 31, 2017 GES PURSUIT VIAD TOTAL Glacier Skywalk Acquisitions2 All Other Total Total All Other

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Introduction to Viad 8 - 11 GES 12 - 20 Pursuit 21 - 28 Summary 29 - 32 Appendix 33 - 41

Contents

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INTRODUCTION TO VIAD Viad is a S&P SmallCap 600 company with a clear strategy for

driving growth and shareholder value

• Leading and defensible

market positions

• Recurring revenues and

strong free cash flows

• Experienced management

team focused on shareholder value creation

• Proven strategy and strong

growth prospects

I NVESTMENT HI GHLI GHTS ABOVE MARKET TOTAL SHAREHOLDER RETURN (4/ 30/ 14 to 2/ 28/ 18) Viad 136.6% SmallCap 600 48.6% Russell 2000 41.5%

• 50.0%

0.0% 50.0% 100.0% 150.0% 200.0% Apr-14 Apr-15 Apr-16 Apr-17

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INTRODUCTION TO VIAD

87% 13% GES Pursuit

REVENUE $ 1 .3 B ADJUSTED SEGMENT EBI TDA1 $ 1 5 2 .6 M

57% 43% GES

2 0 1 7

1 Refers to Adjusted Segment EBITDA. Refer to pages 3-6 for important disclosures regarding this non-GAAP measure.

Pursuit

GES is a global, full-service

live events company offering a comprehensive range of services to the world’s leading brands and event organizers.

Pursuit is a collection of

inspiring and unforgettable travel experiences in Alaska, Glacier National Park, Banff, Jasper and Vancouver that include attractions, lodges and hotels, and sightseeing tours that connect guests with iconic places.

Viad generates revenue and shareholder value through its two business units

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STRATEGIC GOALS

Viad is executing a focused growth strategy to enhance shareholder value through

smart capital allocation and efficiently running and positioning our businesses for more strategic options, including a potential separation

GES Pursuit

• Scale to $250M+ in revenue

($174M in 2017)

• Leverage professional team and systems
• Maintain strong EBITDA1 margin

(37.5% in 2017)

• Transform into full-service live event company
• ~50% of revenue from non-Exhibition segments (36% in 2017)
• ≥$250M in revenue from AV and Event Technologies ($133M in 2017)
• Grow revenue mid-single digits (same-show)
• Increase EBITDA1 margin to ~8%

w/o benefit of major non-annual shows2 (6.0% in 2017)

1 Refers to Adjusted Segment EBITDA. Refer to pages 3-6 for important disclosures regarding this non-GAAP measure. 2 Major non-annual shows include IMTS (every two years), CONEXPO-CON/AGG (every three years) and MINExpo (every four years)

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$ 3 3 7 M

1 Refers to Adjusted Segment EBITDA. Refer to pages 3-6 for important disclosures regarding this non-GAAP measure. 2 Capex as a % of revenue was ~2% for GES (~10% of GES for AV business) and ~8.5% for Pursuit (excluding construction of the Glacier Skywalk, renovation of the Gondola, and reconstruction of the

Mount Royal Hotel) from 2013-17.

3 Net of proceeds from divestitures of non-strategic assets totaling $14.3M. 4 Includes $81.3M of Special Dividends paid out in connection with Viad’s Strategic Review.

$69.7 $91.3 $90.6 $130.2

7.3% 8.6% 8.3% 10.8% 11.7%

2013 2014 2015 2016 2017

Viad’s strong earnings growth and cash generation allow for reinvestment in the business and return of capital to shareholders

Adjusted Segm ent EBI TDA1

($72M) 27.8% 38.5% ($156M) 32.2% 47.5% $34M 3.2% 3.3% ($84M) 28.9% 40.6% Net Cash/(Debt) Debt-to-Capital Debt-to-Equity

Cash Generated from Operations

$ 5 0 6 M

Reinvestment in Business

$201.8M Capex2 $304.5M Acquisitions3

$ 1 3 6 M

Returned to Shareholders

$121.8M Dividends4 $14.4M Repurchases

2 0 1 3 - 2 0 1 7 STRONG EARNINGS GROWTH AND CASH GENERATION

2 1 .6 % CAGR

Margin

($230M) 40.3% 67.6%

$152.6

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GLOBAL REACH LIVE EVENTS FULL- SERVICE PROVIDER

Drive Expansion Improve Margins Differentiate

Addition of adjacent services creates a unique, integrated offering to deepen client relationships, expand client base and increase share of total event spend

Position GES as the Preferred Global, Full-Service Provider for Live Events

Penetration into other live event segments extends industry leadership and leverages capabilities Customer consolidation and continued global expansion creates increasing demand for global capabilities

GES GROWTH STRATEGY

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GLOBAL LEADER IN EXHIBITIONS MARKET WITH OPPORTUNITY FOR GROWTH

Leveraging global capabilities and large custom er base to drive grow th in new services and other live event segm ents ESTABLISHED POSITION1 IN KEY GLOBAL MARKETS RECOGNIZED ABILITY TO SERVICE BROADER GEOGRAPHIES

30% 55% 45%

US UK CANADA

1 GES official services contracting share of Exhibitions (internal estimates).

Countries GES Serves GES Facilities

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Congresses / Conferences Exhibitions

LIVE EVENT SEGMENTS

Consumer Events Industry leaders already select GES in every Live Event segment

64%

• f Revenue1

23% 11% 2%

Corporate Events

• f Revenue1

1 Percent of GES’ 2017 consolidated revenue.

• f Revenue1
• f Revenue1

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OPPORTUNITY FOR GROWTH IN HIGHER-MARGIN MARKET SEGMENTS

2.6 0.7 1.8 0.3 3.4 0.1

0.02

~ $ 7 .8 B ~ $ 1 .1 B Profit Margin

2 8 % 1 4 % 4 %

Exhibitions Conferences Corporate Events

Consumer Events Live Event Market Total Addressable Market 1 GES 2 0 1 7 Market Share

Market Share

Live Events is a big market and GES is under-penetrated in key segments

Leader in Exhibitions Low penetration in Corporate Events and Conferences

1 Total addressable market for events with more than 1,000 attendees in North America and the UK (GES’ major markets) based on internal estimates

Higher margins in Corporate Events and Conferences

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OPPORTUNITY FOR GROWH IN HIGHER-MARGIN SERVICES

1.9 1.2 1.3 0.4 0.5 1.7 0.2 0.05 0.4

~ $ 2 .6 B ~ $ 1 .8 B ~ $ 3 .4 B Exhibitions Conferences Corp Events

Total Addressable Market by Service 1

MARGI N Core Services Audio-Visual Event Technology

The addition of new services provides a more compelling offering to penetrate Corporate Events and Conferences where AV is a larger portion of total spend

Contracting Services Design & Build Creative / Strategic

1 Total addressable market for events with more than 1,000 attendees in North America and the UK (GES’ major markets) based on internal estimates.

Total Addressable Market

$ 0 .7 B $ 2 .6 B $ 4 .5 B AV is required to penetrate Corporate Events and Conferences Cross-sell

• pportunities

exist Event Technology can be a larger addressable market worldwide with a SaaS model

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 Leading positions in U.S. and U.K.  High-impact AV production across all Live Events  Strong corporate event client base  2,500+ events  Selected by over 40 venues to be the preferred provider

ACQUISITION OF NEW SERVICES TO FUEL GROWTH

With its recent acquisitions, GES has made significant progress creating the

most comprehensive suite of services for the live events industry

The strategic fit of acquisitions brings

immediate and long-term value

Best-in-Class Position Defensible Platform Scalable Offering Data Platform

 Leading provider of end-to-end accommodation solutions  Global and highly-scalable registration and data analytics platform  4M room nights booked for 160+ clients  ~4M pre-registrations processed at 1,000+ events in

• ver 40 countries

Audio-Visual 2 Acquisitions Event Technology 4 Acquisitions

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ATTRACTIVE MARGINS

> 1 0 PTS

HIGHER FOR NEW SERVICES 2 0 1 7 ADJUSTED

EBI TDA1 Margin CORE SERVICES NEW SERVICES

NEW SERVICES BRING ATTRACTIVE MARGINS AND GROWTH OPPORTUNITY

Newly acquired services provide a high-margin growth platform

1 Refers to Adjusted Segment EBITDA. Refer to pages 3-6 for important disclosures regarding this non-GAAP measure. 2 EBITDA Margin for New Services is expected to increase to approximately 21% in 2018 driven primarily by improvements at ON Services. 3 Total addressable market for events with more than 1,000 attendees in North America and the U.K. (GES’ major markets) based on internal estimates. GES’ addressable TAM for Event Technology is ~$350M with

current services.

GROWTH OPPORTUNITY

GES Rest of Market Event Technology

TAM 2 ~ $ 0 .7 B

AV

TAM 2 ~ $ 2 .6 B

6 %

Market Share

4 %

Market Share

6.4% 17.7% 2

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GES IS DRIVING GROWTH AND MARGIN EXPANSION

By positioning GES as the preferred global, full-service provider for live events, we are driving growth in higher-margin service lines, increasing our share within the live events market and differentiating GES to enhance customer loyalty

+ 7 .6 %

REVENUE CAGR

2013-17

+ 2 1 .2 %

EBI TDA1 CAGR

2013-17

+ 2 9 0 BPS

EBI TDA1 MARGI N EXPANSI ON

2013-17

1 Refers to Adjusted Segment EBITDA. Refer to pages 3-6 for important disclosures regarding this non-GAAP measure.

ADJUSTED ADJUSTED

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22 Banff National Park Jasper National Park ~ 6 M Visitors

PURSUIT – HIGH-VALUE ASSETS IN MARKETS WITH PERENNIAL DEMAND

Denali National Park Kenai Fjords National Park ~ 1 M Visitors Glacier National Park Waterton Lakes National Park ~3 M Visitors

Pursuit is comprised of attractions, hospitality, transportation and travel planning services that work together, driving economies of scope in iconic destinations

Vancouver, British Columbia ~ 1 0 M Visitors

2017 Visitation

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PURSUIT GROWTH STRATEGY

Position Pursuit as a leading experiential, adventure tourism provider and scale the business through a Refresh, Build, Buy framework

1 Revenue derived from Pursuit’s Canadian operations has been translated at the 2017 full year average exchange rate for all years presented. 2 Refers to Adjusted Segment EBITDA Margin. Refer to pages 3-6 for important disclosures regarding this non-GAAP measure.

BUY: $ 5 2 M growth from acquisitions

• f hotels and attractions during 2014-17

BUI LD: $ 8 M growth from Glacier Skywalk attraction REFRESH: ~ 1 0 % CAGR from existing hotels and attractions TRI M: De-emphasizing lower margin/return Package Tours & Transportation

GAAP Revenue: 108.4 120.5 112.2 153.4 173.9

$93.3 $107.5 $112.0 $154.8 $173.9

26.9% 30.2% 31.9% 32.5% 37.5% 2013 2014 2015 2016 2017

CONSTANT CURRENCY REVENUE1 ($M) & EBITDA MARGIN2 ~17% REVENUE CAGR

(CONSTANT CURRENCY)

Refresh Build Buy Trim

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REFRESH – POSITIONING FOR HIGHEST AND BEST USE

~ $ 2 2 M INVESTMENT

Our recent renovation of the Banff Gondola will help ensure its ongoing success as the must do attraction in Banff and position it for optimal returns

~ $ 2 2 .5 M

Increased Capacity for Guests

• 25% more square feet
• 8,000 SF rooftop viewing deck

Enhanced Retail & Dining Offerings

• Including sit down and grab-and-go
• New conference space to accommodate weddings and

corporate events

State of the Art Interpretive Areas

• New experiential areas including high definition theater

Driving Strong Visitation / Growth

• Passengers increased 20% and revenue per passenger

increased 31% in 2017 vs. prior 12 months of full

• perations (pre-renovation)

ADJUSTED EBI TDA1 in 2 0 1 7

1 Refers to Adjusted Segment EBITDA. Refer to pages 3-6 for important disclosures regarding this non-GAAP measure.

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BUILD - POWERFUL NEW EXPERIENCES THAT DRIVE POWERFUL RETURNS

~ $ 2 0 M INVESTMENT

The Glacier Skywalk is delivering a significant return on investment, surpassing

attendance expectations, and receiving international awards and media coverage

Extensive Awards and Media Coverage Glacier Skywalk Jasper National Park | Opened May 2014

1 Refers to Adjusted Segment EBITDA. Refer to pages 3-6 for important disclosures regarding this non-GAAP measure.

~ $ 7 M

ADJUSTED EBI TDA1 in 2 0 1 7

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BUY - ACQUISITIONS FUELING GROWTH WITH STRONG RETURNS

Compelling combination of attractions and hospitality assets in existing geographies and service lines provide cross-sell opportunities and operational synergies

January 2016

Maligne Lake Tours Interpretive boat tours, boat rentals, F&B

March 2016

CATC Wildlife and glacier sightseeing boat tours, 3 lodging properties, F&B, package tours

Jasper National Park Kenai Fjords and Denali National Parks

3 ACQUI SI TI ONS FOR $ 1 1 1 M

~ 2 7 % AVERAGE I RR1

1 Assumes Exit EBITDA of 10x.

December 2016

FlyOver Canada Experiential attraction that provides a multi- sensory, virtual flight ride experience

Vancouver, British Columbia

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CONTINUING TO ADD SCALE THROUGH HIGH-MARGIN GROWTH PROJECTS

• Investing $19M1 to

complete the reconstruction with a modern design and upgraded amenities

• Enhanced guest experience

expected to drive strong

RevPAR and returns

• Investing $10M to develop

FlyOver Iceland attraction

• Prime location in Reykjavik
• First expansion to capitalize on

high margin FlyOver concept

as growth platform

Expected to Open Midyear 2018

Mount Royal Hotel

Investments of approximately $36 million in 2018 deployed toward projects expected to drive strong growth and returns

Expected to Open 2019

FlyOver Iceland

Expected to Open 2019 (Partial)

West Glacier RV Park & Cabins

• Investing $6-$7M to develop

an RV park and cabin village

• Approximately 100 RV slips

and 20 cabins

• Ideally located near the west

entrance of the Park, near existing F&B and retail assets

1 The reconstruction of the Mount Royal Hotel is being funded primarily by property insurance proceeds

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PURSUIT IS DRIVING GROWTH AND MARGIN EXPANSION

By strategically investing in hospitality and attraction assets, which have the highest margins and a strong return on investment, Pursuit is adding meaningful scale to the business

+ 1 2 .5 %

REVENUE CAGR

2013-17

+ 2 2 .3 %

EBI TDA1 CAGR

2013-17

+ 1 ,0 6 0 BPS

EBI TDA1 MARGI N EXPANSI ON

2013-17

1 Refers to Adjusted Segment EBITDA. Refer to pages 3-6 for important disclosures regarding this non-GAAP measure.

ADJUSTED ADJUSTED

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Summary

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Viad has a disciplined and proactive acquisition program focused on proprietary deal-sourcing in support of our business unit strategies to drive shareholder value

ACTIVE ACQUISITION PIPELINE

Culture requirements:

• Integrity
• Customer-focus
• Innovation
• Continuous improvement

Strong cultural alignment:

• Facilitates integration
• Enhances opportunities for cross-sell

and other synergies

ECONOMI C FI T

Target EBITDA Multiples GES: 4-7x Pursuit: 7-10x Target IRR 15% + Evaluate relative to share repurchase

CULTURAL FI T STRATEGI C FI T

• New lines of business to drive

penetration across all Live Events segments

• Products and services that are essential

to Live Events while also supporting core contracting business

• Leading players with proven products
• Immediate cross-sell opportunities

Pursuit

• High-return tourism assets in iconic

destinations to scale the business

• Prioritize current geographies to maximize

scale and scope but consider new geographies that bring meaningful scale and market share

• Seek a combination of attractions and hotels

to realize cross-sell advantages

GES

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SUCCESSFUL TRACK RECORD OF ACQUISITIONS

Viad has demonstrated an ability to successfully acquire and integrate strategic assets for both GES and Pursuit

1 Acquisitions completed between 2014-2017. 2 Refers to Adjusted Segment EBITDA. Refer to pages 3-6 for important disclosures regarding this non-GAAP measure. 3 Assumes perpetual growth rates of 2-3% for GES and an exit multiple of 10x for Pursuit.

6 Acquisitions1

$202M Purchase Price

5 Acquisitions1

$137M Purchase Price

~ 1 6 %

AVERAGE IRR3

~ 2 5 %

AVERAGE IRR3 ~ $ 2 4 M EBITDA2 in 2017 ~ $ 1 9 .5 M EBITDA2 in 2017

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VIAD OPPORTUNITY SUMMARY

W ELL-DEFI NED GROW TH STRATEGI ES

VISION

Clear plans for meaningful growth BALANCED CAPI TAL ALLOCATI ON STRATEGY

PERFORMANCE

Focus on shareholder return TW O SOLI D BUSI NESS GROUPS

STRENGTH

Strong, proven foundation

Viad is in a strong position to enhance shareholder value

• Leading and defensible market positions
• Recurring revenue streams
• Strong growth prospects with solid balance sheet
• GES: Differentiating as preferred global, full-service

provider for live events

• Pursuit: Driving economies of scale and scope and

enhancing a unique portfolio of integrated tourism assets

• Business development remains the priority
• Opportunistically repurchase shares
• Pay quarterly dividend: $0.10 / share
• Credit facility leverage ratios

For acquisitions: ≤3.0x For return of capital >$20M1: ≤2.5x

1 In any calendar year.

$10.6M (448k shares) in 2014 $3.8M (141k shares) in 2015

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Appendix

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1987

Greyhound Lines, Inc. bus

• perations

LONG HISTORY OF STRATEGIC DIVESTITURES1

Over the last 30 years, Viad has spun-off or sold more than 20 lines of business, including:

1992

The FINOVA Group

1993

Motor Coach Industries

1996

The Dial Corp.

1997

Premier Cruise Lines

1999

Restaura dining service

• perations

1999

Dobbs Int’l Services airline food service

THOROUGH REVIEW OF STRATEGIC OPTIONS1

• Announced review of strategic options to enhance

shareholder value (including possible separation of GES and Pursuit businesses and increasing dividends or share repurchases), working with JP Morgan

• Announced repurchase authorization of 1M shares

(440,540 remaining at 12/31/17)

• Paid special dividends

totaling $4.00 per share as optimal mechanism to allocate capital at that time

POSITIVE CORPORATE GOVERNANCE CHANGES1

• Actively refreshed Board with industry expertise, reducing

average tenure from 8.7 to 6.6 years (since 2012)

• Eliminated Poison Pill (Feb 2013)
• Adopted No Hedging, No Pledging Policy (Feb 2013)
• Separated Chairman and CEO roles; elected independent

Chairman (Dec 2014)

• New CEO, Steve Moster, appointed (Dec 2014)
• Exec Comp Changes:
• CEO LTI award increased to 100% performance-based and
• ther executive officers increased from 50/50 to 70/30
• New LTI goals based on EBITDA, ROIC and TSR
• Holding requirements for vested restricted stock
• Eliminated tax gross-ups on perks, legacy payments
• Phase out of excise tax gross-ups and modified single-

trigger provisions in change-in-control arrangements

1 Representative list of actions taken; not comprehensive.

DEC 2012 NOV 2013 / FEB 2014

• Announced conclusion
• f review and go-

forward strategy to enhance shareholder value

FOCUSED ON SHAREHOLDER VALUE

2004

MoneyGram International

• Executing

against growth strategy with 11 acquisitions since July 2014 PRESENT APR 2014

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GES KEY METRICS

• 3-5 year contracts
• 90%+ renewal rate
• Largest client is ~6% of GES revenue
• Clients span broad range of industries;

not overly exposed to any given industry

US BASE SAME-SHOW GROWTH1 2017 GEOGRAPHIC REVENUE MIX SHOW ROTATION2 RECURRING & DIVERSE REVENUES

1 Year-over-year revenue growth of shows that occur every year in the same quarter and are produced out of the same GES location. 2 Net change in revenue due to non-annual shows produced by GES (shows occur every two, three or four years).

76% 18% 6% US EMEA Canada

3.1% 6.4% 8.0% 4.1% 4.8%

2013 2014 2015 2016 2017

$(48) $65 ($71) $52 ($10) ~($40)

Millions 2013 2014 2015 2016 2017 2018 (est)

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GES CORE SERVICES

Exhibitors: Exhibit Rental Furnishings & Carpet Graphics Installing & Dismantling Labor Logistics/Transportation Event Organizer: Event Planning & Production Look & Feel Design Layout & Floor Plan Designs Furnishings & Carpet Signage Show Traffic Analysis

1 Representative list of services; may vary across events/clients. 2 North American and U.K. total addressable market across Exhibitions, Conferences and Corporate Events based on internal estimates.

Exhibitors: Material Handling Electrical Distribution Cleaning Plumbing Overhead Rigging Booth Rigging

As the official services contractor for an event, GES is the exclusive provider of certain services to the event organizer and exhibitors with an opportunity to up-sell discretionary services to exhibitors

Holistic Exhibit Program Management Exhibit Design & Build, Storage Logistics/Transportation Event Marketing Campaigns Coordination of Show Services At-Event Activities

Exclusive Discretionary Up-Sell Across All Events

19% $4.5B TAM2

GES Market Share

OFFICIAL SERVICES CONTRACTING1 CORPORATE ACCOUNTS1

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All Other Variable COS Variable Labor COS Semi- Variable SG&A Fixed G&A

Cost Structure (2017)

OPERATIONAL EXCELLENCE

Culture of continuous improvement drives efficiencies and margin improvements

Lean Six Sigma Tools Utilized & Waste Addressed

 5-S  WIP Reduction  VA/NVA/BVA Analysis  Spaghetti Diagram  SIPOC  VSM  Kaizen  (T) Time  (I) Inventory  (M) Motion  (W) Waste  (O) Overproduction  (O) Overprocessing  (D) Defects Show site Distribution and construction Warehouse optimization Space, inventory, labor, and fabrication Internal Process Processes that consume internal resources, drive

• perational costs, and affect

service quality

1 M+ SF of facility space

eliminated1

Labor-to-Revenue

ratio improved in 3 of last 5 years2

1 Reduction in square feet of facility space since 2008. 2 Improvement measured on Base Same-Shows; the ratio of labor-to-revenue (LTR) is affected by many factors, including labor productivity, labor rates, pricing and mix of business.

LEAN SIX SIGMA TOOLS UTILIZED MEASURES OF SUCCESS FOCUS AREAS

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PURSUIT KEY METRICS

HOSPITALITY METRICS1 2017 GEOGRAPHIC REVENUE MIX 2017 LINE OF BUSINESS REVENUE MIX ATTRACTIONS METRICS1

62% 17% 21%

Banff Jasper Collection Glacier Park Collection Alaska Collection (Canada) (Montana) (Alaska)

33% 56% 3% 8% Hospitality Attractions Travel Planning Transportation

1 Metrics are presented on a “same-store” basis, which includes assets owned by Viad and operating at full capacity for the entirety of the periods presented, expressed on a constant

currency basis. Passenger counts are expressed in thousands.

$101 $103 $103 $117 $126

65.2% 67.6% 64.6% 68.1% 69.8%

2013 2014 2015 2016 2017

RevPAR Occupancy

916 1,053 1,065 1,131 1,317

$32 $32 $35 $35 $45

2013 2014 2015 2016 2017

Passengers Revenue / Passenger

(000’s)

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PURSUIT ATTRACTIONS - AWESOME EXPERIENCE WITH COMPELLING CROSS-SELL

Pursuit’s attractions have strong financial performance and offer cross-sell opportunities.

Visitation in 2017

Glacier Skywalk 361,000 visitors FlyOver Canada 590,000 visitors Kenai Fjords Tours 99,000 visitors Banff Gondola 738,000 visitors Glacier Adventure 502,000 visitors Banff Lake Cruise 77,000 visitors Maligne Lake Tours 115,000 visitors

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PURSUIT HOSPITALITY - LODGING PORTFOLIO Pursuit provides lodging accommodations in and around Glacier, Banff, Denali, Kenai Fjords and Jasper National Parks

Property Name Location Operating Season Rooms Talkeetna Alaskan Lodge Denali National Park, AK May – Sept 212 Seward Windsong Lodge Kenai Fjords National Park, AK May – Sept 180 Elk+Avenue Hotel Banff National Park, AB Year-round 164 Glacier Park Lodge East Glacier, MT June – Sept 162 Grouse Mountain Lodge Whitefish, MT Year-round 145 Mount Royal Hotel1 Banff National Park, AB Year-round 133

• St. Mary Lodge
• St. Mary, MT

June – Sept 117 Prince of Wales Hotel Waterton Lakes Nat’l Park, AB June – Sept 86 Apgar Village Lodge Glacier National Park, MT May – Sept 48 Denali Cabins Denali National Park, AK May – Sept 46 Denali Backcountry Lodge Denali National Park, AK June – Sept 42 Glacier View Inn Jasper National Park, AB April – Oct 32 West Glacier Motel West Glacier, MT May – Sept 32 Motel Lake McDonald Glacier National Park, MT May – Sept 27 Kenai Fjords Wilderness Lodge Kenai Fjords National Park, AK May – Sept 8 Total Room Count 1,434

1 The Mount Royal Hotel is closed due to a fire in December 2016 and is on pace to open by mid-year 2018.

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PURSUIT – MOUNT ROYAL HOTEL FIRE INSURANCE RESOLUTION

$ in millions

Q1 2017 Q2 2017 Q3 2017 Q4 2017 YTD Insurance Receivable(1) $ 2.2 $ - $ - $ - $2.2 Impairment Recoveries(2) 2.4 2.2 24.7

• 29.3

Contra-expense(3) 0.6 0.5

• 0.2

1.3 Business Interruption Gains(4) 0.1 1.0 1.1 0.3 2.5 Deferred Business Interruption Gains

• 1.5

(0.5) 1.0 TOTAL PROCEEDS RECEIVED $ 5.3 $ 3.7 $ 27.3 $ - $ 36.3

(1) Related to asset impairment loss recorded in the 2016 fourth quarter. (2) Recovery of construction-in-progress costs incurred to re-open the property. (3) Recovery of non-capitalizable costs incurred by the Company, recorded in Pursuit segment operating results. (4) Recovery of lost profits, recorded in Pursuit segment operating results.

In July 2017, Viad resolved its property and business interruption insurance claims for a total of $36.3M

• Reconstruction and upgrade efforts are under way; hotel is expected to re-open mid-year 2018
• The recoveries were recorded as follows in our financial statements: