INVESTOR PRESENTATION AUGUST 2018 1 1 FORWARD-LOOKING STATEMENTS - - PowerPoint PPT Presentation

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INVESTOR PRESENTATION

AUGUST 2018

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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. Similarly, statements that describe our business strategy,

• utlook, objectives, plans, intentions or goals also are forward-looking statements. These forward-looking statements are not historical

facts, and are subject to a host of risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those in the forward-looking statements. Important factors that could cause actual results to differ materially from those described in our forward-looking statements include, but are not limited to, the following:

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• ur ability to successfully integrate and achieve established financial and strategic goals from acquisitions;

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• ur dependence on large exhibition event clients;

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the importance of key members of our account teams to our business relationships;

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the competitive nature of the industries in which we operate;

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travel industry disruptions;

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transportation disruptions and increases in transportation costs;

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seasonality of our businesses;

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terrorist attacks, natural disasters and other catastrophic events;

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fluctuations in general economic conditions;

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the impact of recent U.S. tax legislation;

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• ur exposure to currency exchange rate fluctuations;

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• ur multi-employer pension plan funding obligations;

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• ur exposure to labor cost increases and work stoppages related to unionized employees;

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• ur exposure to cybersecurity attacks and threats;

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compliance with laws governing the collection, storage, handling and transfer of personal data and our exposure to legal claims and fines for data breaches or improper handling of such data;

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unanticipated delays and cost overruns of our capital projects, and our ability to achieve established financial and strategic goals of such projects;

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adverse effects of show rotation on our periodic results and operating margins;

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the effects of the United Kingdom’s exit from the European Union; and

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liabilities relating to prior and discontinued operations. For a more complete discussion of the risks and uncertainties that may affect our business or financial results, please see Item 1A, “Risk Factors,”

• f our most recent annual report on Form 10-K filed with the SEC. We disclaim and do not undertake any obligation to update or revise any

forward-looking statement in this presentation except as required by applicable law or regulation.

FORWARD-LOOKING STATEMENTS

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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 total 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

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%

Note: Amounts presented above do not reflect the retrospective adoption of ASU 2017-07, which Viad adopted on January 1, 2018. Certain amounts above may not total due to rounding.

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NON-GAAP FINANCIAL MEASURES, CONTINUED

FORWARD-LOOKING NON-GAAP FINANCIAL MEASURES

We have also provided the following forward−looking non−GAAP financial measures: Adjusted Segment EBITDA and Adjusted Segment EBITDA Margin. We do 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 us without unreasonable

• efforts. Consequently, any attempt to disclose such reconciliations would imply a degree of 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 and THE GLACIER SKYWALK

Millions

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 $ 29.6 $ 47.1 $ 97.1 Segment Depreciation 9.7 16.8 26.4 6.9 0.4 8.7 16.1 42.5 Segment Amortization 10.7 0.1 10.8 1.5

• 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 $ 38.6 $ 65.2 $ 152.6 Revenue $ 133.2 $ 999.9 $ 1,133.1 $ 52.0 $ 7.9 $ 114.0 $ 173.9 $ 1,307.0 Adjusted Segment EBITDA Margin 17.7% 6.4% 7.7% 37.6% 90.0% 33.9% 37.5% 11.7%

Note - Amounts presented above do not reflect the retrospective adoption of ASU 2017-07, which Viad adopted on January 1, 2018. Certain amounts above may not total 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 13 - 20 Pursuit 21 - 28 Summary 30 - 33 Appendix 35 – 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

INVESTMENT HIGHLIGHTS ABOVE MARKET TOTAL SHAREHOLDER RETURN (4/30/14 to 7/31/18) SmallCap 600 70.2% Viad 161.9% Russell 2000 57.1%

• 20.0%

30.0% 80.0% 130.0% 180.0%

July 2018 April 2014

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INTRODUCTION TO VIAD

87% 13% GES Pursuit

REVENUE $1.3B ADJUSTED SEGMENT EBITDA1 $152.6M

57% 43% GES

2017

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 Adjusted Segment 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 Adjusted Segment 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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$337M

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% for GES’ AV business) and ~8.5% for Pursuit (excluding construction of the Glacier Skywalk, renovation of the Banff 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 Segment EBITDA1 (in millions)

($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

$506M

Reinvestment in Business

$201.8M Capex2 $304.5M Acquisitions3

$136M

Returned to Shareholders

$121.8M Dividends4 $14.4M Repurchases

2013 - 2017 STRONG EARNINGS GROWTH AND CASH GENERATION

21.6% 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 customer base to drive growth in new services and other live event segments 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

~$7.8B ~$1.1B Profit Margin

28% 14% 4%

Exhibitions Conferences Corporate Events

Consumer Events Live Event Market Total Addressable Market1 GES 2017 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 Higher margins 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.

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OPPORTUNITY FOR GROWTH IN HIGHER-MARGIN SERVICES

1.9 1.2 1.3 0.4 0.5 1.7 0.2 0.05 0.4

~$2.6B ~$1.8B ~$3.4B Exhibitions Conferences Corp Events

Total Addressable Market by Service1

MARGIN 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

$0.7B $2.6B $4.5B 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

>10 PTS

HIGHER FOR NEW SERVICES 2017 ADJUSTED

EBITDA1 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 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

TAM2 ~$0.7B

AV

TAM2 ~$2.6B

6%

Market Share

4%

Market Share

6.4% 17.7%

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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

+21.2%

EBITDA1 CAGR

2013-17

+290 BPS

EBITDA1 MARGIN EXPANSION

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 ~ 6.5M Visitors

PURSUIT – HIGH-VALUE ASSETS IN MARKETS WITH PERENNIAL DEMAND

Denali National Park Kenai Fjords National Park ~ 1M Visitors Glacier National Park Waterton Lakes National Park ~4M 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 ~ 10.5M 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: $52M growth from acquisitions

• f hotels and attractions during 2014-17

BUILD: $8M growth from Glacier Skywalk attraction REFRESH: ~10% CAGR from existing hotels and attractions TRIM: 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

~$22M INVESTMENT

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

~$8.5M

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

EBITDA1 growth

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

IN 2017 vs. PRE-RENOVATION

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BUILD - POWERFUL NEW EXPERIENCES THAT DRIVE POWERFUL RETURNS

~$20M 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.

~$7M

ADJUSTED

EBITDA1 in 2017

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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 Cruise 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 ACQUISITIONS FOR $111M

~27% AVERAGE IRR1

1 Assumes exit multiple of 10X EBITDA.

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

• Invested $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

Opened in July 2018

Mount Royal Hotel

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

Expected to Open 2019

FlyOver Iceland

Expected to Open 2019

West Glacier RV Park & Cabins

• Investing ~$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. The total investment is expected to be ~$35 million, including ~$16 million in 2017 and ~$19 million in 2018.

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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

+12.5%

REVENUE CAGR

2013-17

+22.3%

EBITDA1 CAGR

2013-17

+1,060 BPS

EBITDA1 MARGIN EXPANSION

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 – A COMPELLING INVESTMENT OPPORTUNITY

Viad is favorably-positioned to benefit from a number of growth catalysts

GES SHOW ROTATION IMPROVES

1

PURSUIT GROWTH PROJECTS

2

GES SHARE GAINS IN AV AND CORP EVENTS

3

STRONG ACQUISITION PIPELINE

4

2018 Est 2019 Est 2020 Est

~(40M) ~(25M) to (30M) ~100M

Expect ~$100M revenue increase from non-annual events in 2020 ~$55M capital investment with expected average IRR1 of ~22% $4.3B addressable market with 4% market share

• Mount Royal Hotel – opened July 2018
• FlyOver Iceland – expected to open 2019
• West Glacier RV Park – expected to open 2019
• Seward Windsong Lodge Expansion – 36 rooms expected to open 2019
• Proven ability to acquire at strong IRRs

AV - Other Events Corp Events - Other Services Corp Events - AV GES Rest of Market $0.9B TAM $1.7B TAM $1.7B TAM

1 Assumes exit multiple of 10X EBITDA.

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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

ECONOMIC FIT

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

CULTURAL FIT STRATEGIC FIT

• 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 EBITDA for Pursuit.

6 Acquisitions1

$202M Purchase Price

5 Acquisitions1

$137M Purchase Price

~16%

AVERAGE IRR3

~25%

AVERAGE IRR3 ~$24M EBITDA2 in 2017 ~$19.5M EBITDA2 in 2017

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VIAD OPPORTUNITY SUMMARY

WELL-DEFINED GROWTH STRATEGIES

VISION

Clear plans for meaningful growth BALANCED CAPITAL ALLOCATION STRATEGY

PERFORMANCE

Focus on shareholder return TWO SOLID BUSINESS 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.

$23.4M (765k shares) 1/1/2013 through 6/30/2018

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Appendix

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35

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

(265,449 remaining at 6/30/18)

• 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 6.3 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 ~7% of GES revenue (2017)
• Clients span broad range of industries; not
• verly exposed to any given industry
• > $1.43 billion future revenue contracted

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). 3 As of 6/30/18.

76% 18% 6% US EMEA Canada

3.1% 6.4% 8.0% 4.1% 4.8%

2013 2014 2015 2016 2017

% U.S. Organic Rev.

$(48) $65 ($71) $52 ($8) ~($40) ~ $100

Millions

($25) to ($30)

2013 2014 2015 2016 2017 2018 2019 2020 (est) (est) (est)

46% 39% 45% 39% 35%

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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

1M+ 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

56% 17% 21% 6%

Banff Jasper Collection Glacier Park Collection Alaska Collection FlyOver (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 Cruise 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 Hotel 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