PRESENTATION JUNE 2019 1 1 FORWARD-LOOKING STATEMENTS This - - PowerPoint PPT Presentation

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INVESTOR PRESENTATION

JUNE 2019

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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, outlook, objectives, plans, initiatives, intentions or goals also are forward looking statements. These forward-looking statements are not historical facts and are subject to a host

• f risks and uncertainties, many of which are beyond our control, which 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:

• ur ability to successfully integrate and achieve established financial and strategic goals from acquisitions;
• fluctuations in general economic conditions;
• ur dependence on large exhibition event clients;
• the importance of key members of our account teams to our business relationships;
• the competitive nature of the industries in which we operate;
• travel industry disruptions;
• unanticipated delays and cost overruns of our capital projects, and our ability to achieve established financial and strategic goals for such projects;
• seasonality of our businesses;
• transportation disruptions and increases in transportation costs;
• natural disasters and other catastrophic events;
• the impact of recent U.S. tax legislation;
• ur multi-employer pension plan funding obligations;
• ur exposure to labor cost increases and work stoppages related to unionized employees;
• liabilities relating to prior and discontinued operations;
• adverse effects of show rotation on our periodic results and operating margins;
• ur exposure to currency exchange rate fluctuations;
• ur exposure to cybersecurity attacks and threats;
• compliance with laws governing the storage, collection, handling, and transfer of personal data and our exposure

to legal claims and fines for data breaches or improper handling of such data;

• the effects of the United Kingdom’s exit from the European Union; and
• the effects of changes in the U.S. trade policy.

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

• ur 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/increase for income/loss attributable to non-redeemable and redeemable 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 2018 2013 2014 2015 2016 2017 2018

Net Income Attributable to Viad

21.6 52.4 26.6 42.3 57.7 49.2 1.06 $ 2.59 $ 1.32 $ 2.09 $ 2.83 $ 2.40 $ (Income) Loss from Discontinued Operations Attributable to Viad (2.1) (11.6) 0.4 0.7 0.3 (1.5) (0.10) (0.57) 0.02 0.03 0.01 (0.07) Income from Continuing Operations Attributable to Viad 19.4 40.8 27.0 43.0 58.0 47.7 0.96 2.02 1.34 2.12 2.84 2.33 Other Items: Restructuring Charges, pre-tax 3.8 1.6 3.0 5.2 1.0 1.6 0.19 0.08 0.15 0.26 0.05 0.08 Impairment Charges (Recoveries), pre-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 1.7

• 0.38

0.15 0.12 0.06 0.08 Tax (Benefit) Expense on Above Items (2.3) (3.8) (2.2) (2.5) 7.4 (0.7) (0.12) (0.18) (0.11) (0.13) 0.37 (0.03) Adjustment Related to Tax Reform

• 16.1

(3.1)

• 0.79

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

• (1.2)

0.9 (0.02) (0.59) (0.07)

• (0.06)

0.05 Net Loss Attributable to FlyOver Iceland Noncontrolling Interest

• (0.1)

(0.3)

• (0.02)

Income Before Other Items

23.3 $ 35.2 $ 29.3 $ 48.2 $ 53.5 $ 47.7 $ 1.15 $ 1.75 $ 1.46 $ 2.38 $ 2.62 $ 2.34 $

1 Includes the following items (pre-tax)

Acquisition Integration Costs

• 0.8

$ 0.9 $ 1.1 $ 0.3 $ 0.2 $ Included in segment operating income Acquisition Transaction-Related Costs - Pursuit

• 0.5

0.2 0.1 Included in segment operating income Acquisition Transaction-Related Costs - Corporate

• 4.1

1.4 0.6 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

0.9 Included in segment operating income Fire-related business interuption expense

• 0.1
• Included in segment operating income

Acquisition-Related and Other Non-Recurring Expenses

• $

7.6 $ 3.0 $ 2.3 $ 1.3 $ 1.7 $ INCOME BEFORE OTHER ITEMS INCOME BEFORE OTHER ITEMS PER SHARE

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NON-GAAP FINANCIAL MEASURES, CONTINUED

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

ADJUSTED SEGMENT EBITDA and SEGMENT OPERATING INCOME

GES PURSUIT VIAD TOTAL

Millions

2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 Net Income Attributable to Viad $ 21.6 $ 52.4 $ 26.6 $ 42.3 $ 57.7 $ 49.2 Net Income Attributable to Noncontrolling Interest 0.1 3.2 0.4 0.5 0.5 0.5 Net Loss Attributable to Redeemable Noncontrolling Interest

• (0.1) (0.3)

Loss (Income) from Discontinued Operations (2.4) (14.4) 0.4 0.7 0.3 (1.5) Income Tax Expense 8.3 0.1 10.5 21.3 45.9 17.1 Net Interest Expense 0.7 1.7 3.9 4.7 8.0 9.3 Other Expense 1.7 1.4 1.8 1.7 2.0 1.7 Impairment Charges (Recoveries) 3.0 0.9 0.1 0.2 (29.1)

• Restructuring Charges

3.8 1.6 3.0 5.2 1.0 1.6 Corporate Activities & Eliminations 6.0 13.8 8.8 10.3 12.3 10.9 Segment Operating Income $ 20.9 $ 32.6 $ 27.6 $ 51.1 $ 50.7 $ 39.6 $ 22.0 $ 28.2 $ 27.8 $ 35.8 $ 47.9 $ 48.9 $ 42.9 $ 60.8 $ 55.5 $ 86.9 $ 98.6 $ 88.5 Segment Depreciation 19.6 20.0 20.2 21.3 26.4 28.5 6.9 7.9 7.7 12.1 16.1 17.2 26.5 27.9 27.9 33.4 42.5 45.6 Segment Amortization 0.8 2.4 6.9 8.3 10.8 9.5 0.4 0.4 0.3 0.9 1.6 1.5 1.3 2.7 7.2 9.2 12.4 11.0 FlyOver Iceland Start-up Costs

• - -
• - - - 0.1 0.9
• 0.1 0.9

Fire-related Business Interruption Matters

• - -
• - - 0.1
• -
• 0.1
• Acquisition Integration & Transaction Costs
• 0.8 0.9 0.6 0.2 0.2
• - - 1.1 0.4 0.1
• 0.8 0.9 1.6 0.5 0.3

Adjusted Segment EBITDA $ 41.4 $ 55.7 $ 55.6 $ 81.2 $ 88.2 $ 77.7 $ 29.3 $ 36.4 $ 35.8 $ 49.9 $ 66.0 $ 68.6 $ 70.7 $ 92.1 $ 91.4 $ 131.1 $ 154.2 $ 146.3 Revenue $ 844.9 $ 944.5 $ 976.9 $ 1,054.7 $ 1,133.1 $ 1,110.9 $ 108.4 $ 120.5 $ 112.2 $ 153.4 $ 173.9 $ 185.3 $ 953.3 $ 1,065.0 $ 1,089.0 $ 1,205.0 $ 1,307.0 $ 1,296.2 Adjusted Segment EBITDA Margin 4.9% 5.9% 5.7% 7.7% 7.8% 7.0% 27.0% 30.2% 31.9% 32.5% 38.0% 37.0% 7.4% 8.7% 8.4% 10.9% 11.8% 11.3%

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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 $ 49.2 Net Income Attributable to Noncontrolling Interest 0.5 Net Loss Attributable to Redeemable Noncontrolling Interest (0.3) Loss from Discontinued Operations (1.5) Income Tax Expense 17.1 Net Interest Expense 9.3 Other Expense 1.7 Impairment Recoveries

• Restructuring Charges

1.6 Corporate Activities & Eliminations 10.9 Segment Operating Income (Loss) $ (0.1) $ 39.7 $ 39.6 $ 11.5 $ 6.2 $ 31.2 $ 48.9 $ 88.5 Segment Depreciation 10.7 17.8 28.5 6.8 0.3 10.1 17.2 45.6 Segment Amortization 9.4 0.1 9.5 1.4

• 0.1

1.5 11.0 FlyOver Iceland Start-up Costs

• 0.9
• 0.9

0.9 Acquisition Integration & Transaction Costs 0.2

• 0.2
• 0.1

0.1 0.3 Adjusted Segment EBITDA $ 20.1 $ 57.6 $ 77.7 $ 20.6 $ 6.5 $ 41.5 $ 68.6 $ 146.3 Revenue $ 136.2 $ 974.7 $ 1,110.9 $ 54.4 $ 7.5 $ 123.4 $ 185.3 $ 1,296.2 Adjusted Segment EBITDA Margin 14.8% 5.9% 7.0% 37.9% 86.1% 33.6% 37.0% 11.3%

Note - Certain amounts above may not total due to rounding

1 GES acquisitions include: Blitz Communications, onPeak, Travel Planners, and N200 (all acquired in 2014); ON Services (acquired in 2016); and Poken (acquired in 2017). 2 Pursuit acquisitions include: the West Glacier Properties (acquired in 2014); Maligne Lake Tours, CATC, and FlyOver Canada (all acquired in 2016); and FlyOver Iceland (acquired in 2017); and Maligne Canyon (acquired in 2018).

Acquisitions1 Year Ended December 31, 2018 GES PURSUIT VIAD TOTAL Glacier Skywalk Acquisitions2 All Other Total Total All Other

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Introduction to Viad 8 - 11 GES 12 - 19 Pursuit 20 - 29 Summary 30 - 33 Appendix 34 – 41

Contents

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8 TO TAL S H AR E H O L D E R R E T U R N

( 4 / 3 0 / 1 4 T O 5 / 3 1 / 1 9 )

INTRODUCTION TO VIAD

V I A D I S A N S & P S M A L LC A P 6 0 0 C O M PA N Y W I T H A C L E A R ST R AT EGY F O R D R I V I N G G R O W T H A N D S H A R E H O L D E R VA LU E

• 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

S&P SmallCap 600 36.3% Viad 172.6% Russell 2000 30.1% I N V E S T M E N T H I G H L I G H T S

(50%) 0% 50% 100% 150% 200% Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 May-19

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INTRODUCTION TO VIAD

86% 14% GES Pursuit

REVENUE $1.3B ADJUSTED SEGMENT EBITDA1 $146.3M

53% 47%

2018

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

GES is a global, full-service

live events company offering a comprehensive range of services to help clients gain a greater return from their events and enhance the exhibitor and attendee experience.

Pursuit is a collection of

inspiring and unforgettable experiences that includes world-class attractions, distinctive lodges, and sightseeing tours that enable visitors to discover and connect with iconic destinations. V I A D G E N E R AT E S R E V E N U E A N D S H A R E H O L D E R VA LU E T H R O U G H I T S T W O B U S I N E S S U N I T S G E S P U R S U I T

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STRATEGIC GOALS

V I A D I S E X EC U T I N G A F O C U S E D G R O W T H ST R AT EGY TO E N H A N C E S H A R E H O L D E R VA LU E T H R O U G H S M A R T C A P I TA L A L LO C AT I O N A N D E F F I C I E N T LY R U N N I N G A N D P O S I T I O N I N G O U R B U S I N E S S E S F O R M O R E ST R AT EG I C O P T I O N S , I N C LU D I N G A P OT E N T I A L S E PA R AT I O N

Scale to $250M+ in revenue

($185M in 2018)

Leverage professional team and systems Maintain strong Adjusted Segment EBITDA1 margin

(37% in 2018)

Transform into full-service live event company

• ~50% of revenue from non-Exhibition segments (41% in 2018)
• ≥$250M in revenue from AV and Event Technologies ($136M in 2018)

Grow revenue mid-single digits (same-show) Increase Adjusted Segment EBITDA1 margin to ~8%

w/o benefit of major non-annual shows2 (5.9% in 2018)

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).

G E S P U R S U I T

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$428M

1 Refers to Adjusted Segment EBITDA. Refer to pages 3-6 for important disclosures regarding this non-GAAP measure. 2 Includes $31.5M insurance proceeds received for the reconstruction of the Mount Royal Hotel. 3 Net of proceeds from divestitures of non-strategic assets totaling $14.3M. 4 Includes $81.3M of Special Dividends paid out in 2013-14 in connection with Viad’s Strategic Review.

V I A D ’ S ST R O N G E A R N I N G S G R O W T H A N D C A S H G E N E R AT I O N A L LO W F O R R E I N V E ST M E N T I N T H E B U S I N E S S A N D R E T U R N O F C A P I TA L TO S H A R E H O L D E R S

($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

$594M

Reinvestment in Business

$285.1M Capex2 $309.1M Acquisitions3

$161M

Returned to Shareholders

$129.9M Dividends4 $31.6M Repurchases

2013 - 2018 STRONG EARNINGS GROWTH AND CASH GENERATION

~16% CAGR

Margin

($230M) 40.3% 67.6%

$70.7 $92.1 $91.4 $131.1 $154.2 $146.3

7.4% 8.7% 8.4% 10.9% 11.8% 11.3%

2013 2014 2015 2016 2017 2018

($188M) 34.0% 51.6%

AD J U S T E D S E G M E N T E B I T D A 1

( I N M I L L I O N S )

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GLOBAL REACH LIVE EVENTS FULL- SERVICE PROVIDER Addition of adjacent services creates a unique, integrated offering to deepen client relationships, expand client base, and increase share of total event spend

P O S I T I O N G E S A S T H E P R E F E R R E D G LO B A L , F U L L - S E RV I C E P R OV I D E R F O R L I V E E V E N T S

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

D R I V E E X P A N S I O N I M P R O V E M A R G I N S D I F F E R E N T I A T E

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GLOBAL LEADER IN EXHIBITIONS MARKET WITH OPPORTUNITY FOR GROWTH

E S T A B L I S H E D P O S I T I O N 1 I N K E Y G L O B A L M A R K E T S R E C O G N I Z E D A B I L I T Y T O S E R V I C E B R O A D E R G E O G R A P H I E S

30% 55% 45%

US UK CANADA

1 GES official services contracting share of Exhibitions (internal estimates). 2 Estimated revenue from events under contract as of 12/31/18.

Countries GES Serves GES Facilities H I G H L I G H T S

3-5 year contracts 90%+ renewal rate Largest client is ~9% of GES revenue

(2018)

Clients span broad range of industries; not overly exposed to any given industry > $1.9 billion2 future revenue contracted

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Congresses / Conferences Exhibitions

LIVE EVENT SEGMENTS

Consumer Events

I N D U ST RY L E A D E R S A L R E A DY S E L EC T G E S I N E V E RY L I V E E V E N T S EG M E N T

59%

• f Revenue1

24% 14% 3%

Corporate Events

• f Revenue1

1 Percent of GES’ 2018 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 0.2

0.03

~$7.8B ~$1.1B

Profit Margin

26% 15% 5%

Exhibitions Conferences Corporate Events

Consumer Events

Live Event Market Total Addressable Market1 GES 2018 Market Share Market Share

L I V E E V E N T S I S A B I G M A R K E T A N D G E S I S U N D E R - P E N E T R AT E D I N K E Y S EG M E N T S

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

G E S L E V E R A G E S I T S F U L L S U I T E O F S E R V I C E S TO D R I V E G R O W T H A C R O S S A L L L I V E E V E N T C AT EG O R I E S , PA R T I C U L A R LY C O R P O R AT E E V E N T S W H E R E AV I S A L A R G E R P O R T I O N O F TOTA L S P E N D

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 an 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 IS FUELING GROWTH AND MARGINS

G E S H A S ST R AT EG I C A L LY I N V E ST E D I N A C Q U I S I T I O N S TO C R E AT E T H E M O S T C O M P R E H E N S I V E S U I T E O F S E R V I C E S F O R T H E L I V E E V E N T S I N D U ST RY, A N D A M O R E C O M P E L L I N G O F F E R I N G TO P E N E T R AT E C O R P O R AT E E V E N T S

 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 over 40 countries

Audio-Visual 2 Acquisitions Event Technology 4 Acquisitions

Facilitating Growth in Corporate Events

• Corporate event revenue grew

25% in 2018

Strong EBITDA Margins

• ~10 percentage points higher

than Core Services

Substantial Growth Opportunity

• ~4% market share in Audio-

Visual

• ~6% market share in Event

Technology

• ~5% market share in Corporate

Events

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GES IS DRIVING GROWTH AND MARGIN EXPANSION

BY P O S I T I O N I N G G E S A S T H E P R E F E R R E D G LO B A L , F U L L - S E RV I C E P R OV I D E R F O R L I V E E V E N T S , W E A R E D R I V I N G G R O W T H I N H I G H E R - M A RG I N S E R V I C E L I N E S , I N C R E A S I N G O U R S H A R E W I T H I N T H E L I V E E V E N T S M A R K E T, A N D D I F F E R E N T I AT I N G G E S TO E N H A N C E C U STO M E R LOYA LT Y

+5.6%

REVENUE CAGR

2013-18

+13.4%

EBITDA1 CAGR

2013-18

+210 BPS

EBITDA1 MARGIN EXPANSION

2013-18

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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REFRESH

to optimize guest experience, market position, and maximize returns

BUILD

to create new guest experiences & revenue streams with economies of scale and scope

BUY

strategic assets that drive guest experience, economies

• f scale and scope, improving financial performance

TO BECOME THE WORLD ’S LEADING PROVIDER OF EXPERIENTIAL ADVENTURE TRAVEL

H I G H L I G H T S Strong margins, perennial demand, unique assets, and a wide moat Established track record of driving enhanced guest experience and strong financial returns Proven ability to manage complex renovation and development projects

PURSUIT GROWTH STRATEGY

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REFRESH, BUILD, BUY EFFORTS ARE DRIVING ENHANCED PERFORMANCE

P O S I T I O N P U R S U I T A S A L E A D I N G E X P E R I E N T I A L , A DV E N T U R E TO U R I S M P R OV I D E R A N D S C A L E T H E B U S I N E S S T H R O U G H A R E F R E S H , B U I L D, B U Y F R A M E W O R K

1 Revenue derived from Pursuit’s Canadian operations has been translated at the 2018 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: $54M growth from acquisitions

• f hotels and attractions during 2014-18

BUILD: $8M growth from Glacier Skywalk attraction REFRESH: ~10% CAGR from existing hotels and attractions TRIM: De-emphasized lower margin/return Package Tours & Transportation

GAAP Revenue: $ 108.4 120.5 112.2 153.4 173.9 185.3

~15% REVENUE CAGR

(CONSTANT CURRENCY)

Refresh Build Buy Trim

92.3 106.4 110.8 153.5 172.2 185.3

27.0% 30.2% 31.9% 32.5% 38.0% 37.0%

2013 2014 2015 2016 2017 2018

C O N S TAN T C U R R E N C Y R E V E N U E 1 ( $ M ) & E B I T D A M AR G I N 2

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~ $ 2 2 M I N V E S T M E N T

INCREASED CAPACITY FOR GUESTS 25% more square feet 8,000 SF rooftop viewing deck ENHANCED RETAIL AND DINING OFFERINGS Sit down and grab-and-go New conference space for group events STATE OF THE ART INTERPRETIVE AREAS New experiential areas including high-definition theater

I M P R O V E M E N T V S . P R E - R E N O V A T I O N

17%

increase in visitors (2018)

43%

increase in revenue/visitor (2018)

$9.7M

increase in EBITDA1 in 2018

REFRESH – POSITIONING FOR HIGHEST AND BEST USE

W E A R E S U C C E S S F UL LY R E - P O S I T I O N I N G A S S E T S A C R O S S P U R S U I T ’ S P O R T F O L I O F O R O P T I M A L R E T U R N S

Gondola’s new Sky Bistro named “Best Restaurant with a View” by Open Table.

BANFF GONDOLA | RE-OPENED IN 2016

~ $ 3 6 M I N V E S T M E N T

FUNDED PRIMARILY FROM INSURANCE PROCEEDS Fire damage in 2016 enabled a complete update of this ideally- located hotel MODERN DESIGN WITH UPGRADED AMENITIES

MOUNT ROYAL HOTEL | RE-OPENED JULY 2018

I M P R O V E M E N T V S . P R E - R E N O V A T I O N

30%

increase in RevPAR (2018)

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

E X T E N S I V E A W A R D S A N D M E D I A C O V E R A G E I N V E S T M E N T A N D R E S U L T S

~$20M

investment

~1.6M

visitors since opening

~$6.5M

EBITDA1 in 2018

GLACIER SKYWALK JASPER NATIONAL PARK | OPENED MAY 2014

T H E G L A C I E R S K Y WA L K I S D E L I V E R I N G A S I G N I F I C A N T R E T U R N O N I N V E ST M E N T, H A S S U R PA S S E D AT T E N DA N C E E X P EC TAT I O N S , A N D H A S R EC E I V E D I N T E R N AT I O N A L AWA R D S A N D M E D I A C OV E R A G E

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

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BUILD - FLYOVER IS A HIGH MARGIN GROWTH PLATFORM

F L Y O V E R C A N A D A

10.3M Visitors to Vancouver 61 seats ~$51M purchase price 593K passengers in 2018

F L Y O V E R I C E L A N D 1 2.2M Visitors to Iceland 40 seats ~$12M estimated capex 1.5 year build time F L Y O V E R L A S V E G A S 42M Visitors to Las Vegas 80 seats ~$40M estimated capex ~2 year build time

P R OV E N C O N C E P T W I T H ST R O N G O R G A N I C G R O W T H O P P O R T U N I T Y

1 Viad holds 54.5% equity stake in FlyOver Iceland.

Latest reported tourism data provided by: Metro Vancouver Convention and Visitors Bureau (2017); Icelandic Tourist Board (2017); and Las Vegas Convention and Visitors Authority (2018).

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BUY - ACQUISITIONS FUELING GROWTH WITH STRONG RETURNS

JANUARY 2016 2016 MARCH 2016 2016

GLACIER NA NATIONAL PARK

WEST GLACIER PROPERTIES Lodging, F&B and Retail

JA JASP SPER NA NATIONAL PARK RK

MALIGNE LAKE TOURS Interpretive boat tours, boat rentals, F&B, retail

KEN ENAI FJO JORDS S AND DEN ENALI NA NATIONAL PARKS

CATC Sightseeing boat tours, 3 lodging properties, F&B, retail, travel planning

VANCOUVER, BRI RITISH SH COLUMBIA

FLYOVER CANADA Multi-sensory, virtual flight ride experience, retail

DECEMBER 2016 2016 JULY 2014 2014

3 LEADING ATTRACTIONS 5 LODGING PROPERTIES

5 ACQUISITIONS FOR $132M1

1 Acquisitions completed between 2014-2018; does not include acquisition of majority stake in Esja (Icelandic entity that is building the new FlyOver Iceland attraction) for ~$10M in 2017. 2 Refers to Adjusted Segment EBITDA. Refer to pages 3-6 for important disclosures regarding this non-GAAP measure.

C O M P E L L I N G C O M B I N AT I O N O F AT T R AC T I O N S A N D H O S P I TA L I T Y A S S E T S P R OV I D E C R O S S - S E L L I N G O P P O R T U N I T I E S A N D O P E R AT I O N A L SY N E R G I E S MARCH 2018 2018

JA JASP SPER NA NATIONAL PARK RK

MALIGNE CANYON F&B and Retail

$20.6M 6M EBITDA2 IN 2018

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BUY - MOUNTAIN PARK LODGES

T R A N S A C T I O N D E T A I L S

• Closing expected mid-June
• ~$75M purchase price
• 60% equity stake

H I G H L I G H T S

• 31% market share of Jasper

area bed base (735 rooms)

• Compelling cross-sell with

nearby attractions

• Revenue management and

refresh opportunity

• High barriers to entry
• Strong perennial demand

O N M AY 2 7 , 2 0 1 9 W E E N T E R E D I N TO A G R E E M E N TS TO E X PA N D P U R S U I T ’ S B A N F F JA S P E R C O L L EC T I O N W I T H T H E A D D I T I O N O F 7 LO D G I N G P R O P E R T I E S I N JA S P E R N AT I O N A L PA R K

* Refers to Adjusted Segment EBITDA. Refer to pages 3-6 for important disclosures regarding this non-GAAP measure. As majority owner, we will consolidate results of these properties into Viad’s financial statements and record noncontrolling interest expense related to the 40% owners’ share of the income.

NEW PROPERTIES EXISTING ATTRACTIONS A D J U S T E D E B I T D A * ( E S T )

$9M - $10M TOTAL

$5.5M - $6.5M

ATTRIBUTABLE TO VIAD SHAREHOLDERS

$11.5M - $13.5M TOTAL

$7.5M - $8.5M

ATTRIBUTABLE TO VIAD SHAREHOLDERS

2019 2020

mid-June through December

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O U R F O C U S ATTRACTIONS HOTELS ASSETS EXPERIENCES RETAIL FOOD & BEVERAGE TECHNOLOGY LEADERSHIP CULTURE

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I T ' S A B O U T Q U A L I T Y A N D E X P E R I E N T I A L I M P R O V E M E N T S T H A T D R I V E G U E S T S A T I S F A C T I O N

REFRESH, BUILD, BUY

I S N ’ T J U S T A B O U T B U I L D I N G S …

RIGHT CHANNEL RIGHT PRICE RIGHT TIME RIGHT CUSTOMER RIGHT PRODUCT

REVENUE MANAGEMENT

Selling the RIGHT PRODUCT to the RIGHT CUSTOMER at the RIGHT TIME with the RIGHT PRICE

• n the RIGHT DISTRIBUTION

channel with the best commission efficiency

R E V M A X REVENUE MANAGEMENT FOR MAXIMUM YIELD

PURSUIT REVMAX FOCUS

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PURSUIT IS DRIVING GROWTH AND MARGIN EXPANSION

BY ST R AT EG I C A L LY I N V E ST I N G I N H O S P I TA L I T Y A N D AT T R AC T I O N A S S E T S , W H I C H H AV E T H E H I G H E ST M A R G I N S A N D A ST R O N G R E T U R N O N I N V E ST M E N T, P U R S U I T I S A D D I N G M E A N I N G F U L S C A L E TO T H E B U S I N E S S

+11.3%

REVENUE CAGR

2013-18

+18.6%

EBITDA1 CAGR

2013-18

+1,000 BPS

EBITDA1 MARGIN EXPANSION

2013-18

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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31

VIAD – A COMPELLING INVESTMENT OPPORTUNITY

V I A D I S FAVO R A B LY - P O S I T I O N E D TO B E N E F I T F R O M A N U M B E R O F G R O W T H C ATA LYST S

GES SHOW ROTATION IMPROVES

1

PURSUIT GROWTH PROJECTS

2

GES SHARE GAINS IN AV AND CORP EVENTS

3

STRONG ACQUISITION PIPELINE

4

2018 Actual 2019 Est 2020 Est

~(25M) ~100M

Expect ~$100M revenue increase from non-annual events in 2020 Expect revenue of $15M - $17M in 2019 from growth projects coming

• nline this year

$4.3B addressable market with 4% market share

Opening 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 (35M)

BUILD: FlyOver Iceland; West Glacier RV Park; Seward Windsong Lodge Expansion REFRESH: Maligne Lake & Canyon F&B and Retail; FlyOver Canada Exterior Structure; Glacier View Inn Opening 2021 BUILD: FlyOver Las Vegas

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32 V I A D H A S A D I S C I P L I N E D A N D P R OA C T I V E A C Q U I S I T I O N P R O G R A M F O C U S E D O N P R O P R I E TA RY D E A L - S O U R C I N G I N S U P P O R T O F O U R B U S I N E S S U N I T ST R AT E G I E S TO D R I V E S H A R E H O L D E R VA LU E

ACTIVE ACQUISITION PIPELINE WITH DISCIPLINED APPROACH

Culture requirements:

• Integrity
• Customer-focus
• Innovation
• Continuous improvement

Strong cultural alignment:

• Facilitates integration
• Enhances opportunities for cross-sell

and other synergies

ECONOMIC FIT

Proven Track Record

11 Acquisitions1 $335M Purchase Price $40.7M EBITDA2 in 2018 ~19% Average IRR3

Target IRR 15%+

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

1 Acquisitions completed between 2014-2018; does not include acquisition of majority stake in Esja (Icelandic entity that is building the new FlyOver Iceland attraction) for ~$10M in 2017. 2 Refers to Adjusted Segment EBITDA. Refer to pages 3-6 for important disclosures regarding this non-GAAP measure. 3 Assumes an exit multiple of 10X for Pursuit acquisitions and a perpetual growth rate of 2-3% for GES acquisitions.

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33

VIAD OPPORTUNITY SUMMARY

V I A D I S I N A ST R O N G P O S I T I O N TO E N H A N C E S H A R E H O L D E R VA LU E

TWO SOLID BUSINESS GROUPS

STRENGTH

Strong, proven foundation

• Leading and defensible market positions
• Recurring revenue streams
• Strong growth prospects with solid balance sheet

WELL-DEFINED GROWTH STRATEGIES

VISION

Clear plans for meaningful growth

• 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

BALANCED CAPITAL ALLOCATION STRATEGY

PERFORMANCE

Focus on shareholder return

• Business development remains the priority
• Opportunistically repurchase shares
• Pay quarterly dividend: $0.10 / share
• Credit facility maximum leverage ratio: ≤3.5x1

1 For acquisitions ≥ $50 million step-up to 4.0x for 4 quarters, with one quarter cooling off period prior to another step-up

600,067 shares remaining under existing authorizations

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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
• 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 6.2 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 from 2014 - 2018 PRESENT APR 2014

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GES KEY METRICS

US BASE SAME-SHOW GROWTH1 2018 GEOGRAPHIC REVENUE MIX SHOW ROTATION2 2018 COST STRUCTURE

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).

75% 19% 6%

US EMEA Canada 3.1% 6.4% 8.0% 4.1% 4.8% 2.8%

2013 2014 2015 2016 2017 2018

% U.S. Organic Rev.

$(48) $65 ($71) $52 ($8) $(35) ~ $(25) ~ $100

Millions

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

46% 39% 45% 39% 35% 34%

43% 25% 26% 6%

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

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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

A S T H E O F F I C I A L S E R V I C E S C O N T R A C TO R F O R A N E V E N T, G E S I S T H E E XC LU S I V E P R OV I D E R O F C E R TA I N S E R V I C E S TO T H E E V E N T O R G A N I Z E R A N D E X H I B I TO R S W I T H A N O P P O R T U N I T Y TO U P - S E L L D I S C R E T I O N A RY S E R V I C E S TO E X H I B I TO R S

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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PURSUIT KEY METRICS

HOSPITALITY METRICS1 2018 GEOGRAPHIC REVENUE MIX 2018 LINE OF BUSINESS REVENUE MIX ATTRACTIONS METRICS1

57% 17% 20% 6%

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

35% 56% 2% 7% 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.

$100 $103 $103 $116 $125 $129

65.2% 67.6% 64.6% 68.1% 69.8% 69.6%

2013 2014 2015 2016 2017 2018

RevPAR Occupancy

916 1,053 1,065 1,131 1,317 1,285

$31 $31 $34 $34 $45 $50

2013 2014 2015 2016 2017 2018

Visitors Revenue / Visitor

(000’s)

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PURSUIT – HIGH-VALUE ASSETS IN MARKETS WITH PERENNIAL DEMAND

P U R S U I T I S C O M P R I S E D O F AT T R A C T I O N S , H O S P I TA L I T Y, T R A N S P O R TAT I O N , A N D T R AV E L P L A N N I N G S E R V I C E S T H AT W O R K TO G E T H E R , D R I V I N G EC O N O M I E S O F S C O P E I N I C O N I C D E ST I N AT I O N S

Banff National Park Jasper National Park ~ 6M Visitors Denali National Park Kenai Fjords National Park ~ 1M Visitors Glacier National Park Waterton Lakes National Park ~ 4M Visitors Vancouver, British Columbia ~ 10M Visitors Reykjavik, Iceland ~ 2M Visitors

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Glac lacie ier Skyw ywalk 355,000 visitors FlyO lyOver Can anada 593,000 visitors Kenai ai Fjo jords Tours 95,000 visitors Ban anff Gondola la 717,000 visitors Glac lacie ier Adventure 490,000 visitors Lak Lake Minnewanka 77,000 visitors Mali aligne Lak Lake Tours 115,000 visitors

PURSUIT ATTRACTIONS - AWESOME EXPERIENCE WITH COMPELLING CROSS-SELL

P U R S U I T ’ S AT T R AC T I O N S H AV E ST R O N G F I N A N C I A L P E R F O R M A N C E A N D O F F E R C R O S S - S E L L O P P O R T U N I T I E S

Visitation in 2018.

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41 B A N F F | J A S P E R Elk + Avenue Hotel (164 rooms) Mount Royal Hotel (133 rooms) Glacier View Lodge (32 rooms) Sawridge Inn* (152 rooms) Lobstick Lodge* (139 rooms) Chateau Jasper Hotel* (119 rooms) Marmot Lodge* (107 rooms) The Crimson Hotel* (99 rooms) Pyramid Lake Resort* (62 rooms) Pocahontas Cabins* (57 rooms) G L A C I E R | W AT E R T O N Glacier Park Lodge (162 rooms) Grouse Mountain Lodge (145 rooms)

• St. Mary Lodge (116 rooms)

Prince of Wales Hotel (86 rooms) Apgar Village Lodge (48 rooms) West Glacier Motel (32 rooms) Belton Chalet (28 rooms) Motel Lake McDonald (27 rooms) West Glacier RV Park and Cabins (20 rooms) D E N A L I | K E N A I F J O R D S Denali Backcountry Lodge (42 rooms) Denali Cabins (46 rooms) Talkeetna Alaskan Lodge (212 rooms) Seward Windsong Lodge (216 rooms) Kenai Fjords Wilderness Lodge (8 rooms)

PURSUIT HOSPITALITY - LODGING PORTFOLIO

O U R 2 4 LO D G I N G P R O P E R T I E S F I L L OV E R 3 5 0 , 0 0 0 R O O M N I G H T S A N N UA L LY *

* Transaction with Mountain Park Lodges is expected to close mid-June.