#1VIAD WE ARE ALL ABOUT the experience AWARDS NIGHT INVESTOR PRESENTATION NOVEMBER 2018#2FORWARD-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. Similarly, statements that describe our business strategy, outlook, 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: our ability to successfully integrate and achieve established financial and strategic goals from acquisitions; our 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; transportation disruptions and increases in transportation costs; seasonality of our businesses; terrorist attacks, natural disasters and other catastrophic events; fluctuations in general economic conditions; the impact of recent U.S. tax legislation; our exposure to currency exchange rate fluctuations; our multi-employer pension plan funding obligations; our exposure to labor cost increases and work stoppages related to unionized employees; our exposure to cybersecurity attacks and threats; 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; unanticipated delays and cost overruns of our capital projects, and our ability to achieve established financial and strategic goals of such projects; adverse effects of show rotation on our periodic results and operating margins; the effects of the United Kingdom's exit from the European Union; and 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," of 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. VIAD 2#3NON-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 operations, restructuring charges/recoveries, impairment charges/recoveries, acquisition transaction-related costs, integration costs, other 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 of 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. VIAD 3#4NON-GAAP FINANCIAL MEASURES, CONTINUED INCOME BEFORE OTHER ITEMS Millions (except per share amounts) INCOME BEFORE OTHER ITEMS 2013 2014 2015 2016 2017 2013 INCOME BEFORE OTHER ITEMS PER SHARE 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 Income from Continuing Operations Attributable to Viad (2.1) (11.6) 0.4 0.7 0.3 (0.10) (0.57) 0.02 0.03 0.01 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 Impairment Charges (Recoveries), pres-tax Acquisition-Related and Other Non-Recurring Expenses, pre-tax¹ - Tax (Benefit) Expense on Above Items Charge Related to Tax Reform Favorable Tax Matters Net Loss Attributable to FlyOver Iceland Noncontrolling Interest Income Before Other Items Includes the following items (pre-tax) Acquisition Integration Costs Acquisition Transaction-Related Costs - Pursuit Acquisition Transaction-Related Costs - Corporate Shareholder Nomination and Settlement Agreement Costs CEO Transition Costs 3.8 1.6 3.0 5.2 1.0 0.19 0.08 0.15 0.26 0.05 2.8 0.9 0.1 0.2 (29.1) 0.14 0.04 0.01 (1.43) 7.6 3.0 2.3 1.3 0.38 0.15 0.12 0.06 (2.3) (3.8) (2.2) (2.5) 7.4 (0.12) (0.18) (0.11) (0.13) 0.37 16.1 0.79 (0.4) (12.0) (1.6) (1.2) (0.02) (0.59) (0.07) (0.06) (0.0) $ 23.3 $ 35.2 $ 29.3 $ 48.2 $ 53.5 $ 1.15 $ 1.75 $ 1.46 $ 2.38 $ 2.62 $ 0.8 ՄԴ $ 0.9 ՄՌ $ 1.1 ՄԴ 0.5 0.3 0.2 Included in segment operating income (loss) Included in segment operating income (loss) 4.1 1.4 0.6 0.6 Included in corporate activities 0.7 Included in corporate activities 2.7 Included in corporate activities 0.1 Included in segment operating income (loss) Included in segment operating income (loss) FlyOver Iceland Start-Up Costs Fire-related business interuption expense 0.1 Acquisition-Related and Other Non-Recurring Expenses $ $ 7.6 $ 3.0 $ 2.3 $ 1.3 Note: Certain amounts above may not total due to rounding. VIAD 4#5NON-GAAP FINANCIAL MEASURES, CONTINUED ADJUSTED SEGMENT EBITDA and SEGMENT OPERATING INCOME Millions Net Income Attributable to Viad Net Income Attributable to Noncontrolling Interest Loss (Income) from Discontinued Operations Income Tax Expense Net Interest Expense 2013 2014 GES 2015 2016 2017 2013 2014 PURSUIT 2015 VIAD TOTAL 2016 2017 2013 2014 2015 2016 2017 $ 21.6 $ 52.4 $ 26.6 $ 42.3 $ 57.7 0.1 3.2 0.4 0.5 0.5 (2.4) (14.4) 0.4 0.7 0.3 8.3 0.1 10.5 21.3 45.9 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 Corporate Activities & Eliminations 0.7 1.7 3.9 5.2 1.0 6.8 14.3 9.7 11.1 12.8 Segment Operating Income Segment Depreciation $ 20.1 19.6 $ 31.7 20.0 $ 26.8 20.2 $ 50.2 $ 50.0 21.3 26.4 $ 21.8 6.9 $ 28.1 7.9 $ 27.8 $ 35.7 7.7 $ 12.1 47.1 16.1 $ 41.9 $ 59.9 $ 54.6 $ 85.9 $ 97.1 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 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 0.8 $ 91.3 0.9 $ 90.6 1.6 0.5 $ 130.2 $ 152.6 Revenue $ 844.9 Adjusted Segment EBITDA Margin 4.8% $ 944.5 5.8% $ 976.9 5.6% $ 1,054.7 7.6% $ 1,133.1 7.7% $ 108.4 26.9% $ 120.5 $ 112.2 30.2% 31.9% $ 153.4 $ 173.9 32.5% $ 953.3 37.5% 7.3% $ 1,065.0 8.6% $ 1,089.0 8.3% $ 1,205.0 10.8% $ 1,307.0 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. VIAD 5#6NON-GAAP FINANCIAL MEASURES, CONTINUED EBITDA FROM ACQUISITIONS and THE GLACIER SKYWALK Year Ended December 31, 2017 GES PURSUIT Acquisitions¹ All Other Total Acquisitions² Glacier Skywalk VIAD TOTAL All Other Total Millions Net Income Attributable to Viad Net Income Attributable to Noncontrolling Interest Loss from Discontinued Operations Income Tax Expense Net Interest Expense Impairment Recoveries Restructuring Charges 57.7 0.5 0.3 45.9 8.0 (29.1) 1.0 Corporate Activities & Eliminations 12.8 Segment Operating Income (Loss) $ es 3.1 $ 46.9 $ 50.0 10.8 $ 6.7 $ 29.6 $ 47.1 $ 97.1 Segment Depreciation Segment Amortization 9.7 10.7 16.8 26.4 6.9 0.4 8.7 16.1 42.5 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 Adjusted Segment EBITDA Margin $ 133.2 17.7% $ 999.9 6.4% $ 1,133.1 7.7% $ 52.0 $ 37.6% 7.9 $ 90.0% 114.0 33.9% $ 173.9 37.5% $ 1,307.0 11.7% 1 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. 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). 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. VIAD 6#7Introduction to Viad 8-11 GES 13-20 Pursuit 21-28 Summary 30-33 Appendix VIAD Contents 35-41#8INTRODUCTION TO VIAD Viad is a S&P SmallCap 600 company with a clear strategy for driving growth and shareholder value INVESTMENT HIGHLIGHTS ABOVE MARKET TOTAL SHAREHOLDER RETURN (4/30/14 to 10/30/18) • Leading and defensible market positions 210.0% Recurring revenues and 160.0% strong free cash flows 110.0% Experienced management team focused on shareholder 60.0% value creation . Proven strategy and strong 10.0% growth prospects VIAD Viad 119.6% um S&P SmallCap 600 54.8% Russell 2000 42.1% -40.0% Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 April 2014 October 2018 8#9INTRODUCTION TO VIAD Viad generates revenue and shareholder value through its two business units JARCEN GES GES is a global, full-service live events company offering a comprehensive range of services to the world's leading brands and event organizers. 2017 REVENUE $1.3B 13% Pursuit 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. 1 Refers to Adjusted Segment EBITDA. Refer to pages 3-6 for important disclosures regarding this non-GAAP measure. VIAD 87% GES Pursuit ADJUSTED SEGMENT EBITDA¹ $152.6M 43% 57% 9#10STRATEGIC 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 • 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) Pursuit ($174M in 2017) . Scale to $250M+ in revenue • Leverage professional team and systems • Maintain strong Adjusted Segment EBITDA¹ margin (37.5% 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). VIAD 10#11STRONG EARNINGS GROWTH AND CASH GENERATION 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) Margin $91.3 $69.7 21.6% → CAGR $90.6 $130.2 10.8% 8.6% 8.3% 7.3% $152.6 11.7% 2013-2017 Cash Generated from Operations $337M Reinvestment in Business $506M $201.8M Capex² $304.5M Acquisitions³ $136M $121.8M Dividends4 $14.4M Repurchases 2013 2014 2015 2016 2017 Net Cash (Debt) $34M ($84M) ($72M) ($230M) ($156M) Returned to Shareholders Debt-to-Capital 3.2% 28.9% 27.8% 40.3% 32.2% Debt-to-Equity 3.3% 40.6% 38.5% 67.6% 47.5% 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. VIAD 11#12WE ARE ALL ABOUT the experience TIGH VIAD EMPOWER WOMEN GES#13GES GROWTH STRATEGY Position GES as the Preferred Global, Full-Service Provider for Live Events Customer consolidation and continued global expansion creates increasing demand for global capabilities GLOBAL REACH Drive Expansion Improve Margins Addition of adjacent services creates a unique, integrated offering to deepen client relationships, expand client base and increase share of total event spend FULL- SERVICE PROVIDER VIAD Differentiate LIVE EVENTS Penetration into other live event segments extends industry leadership and leverages capabilities 13#14GLOBAL LEADER IN EXHIBITIONS MARKET WITH OPPORTUNITY FOR GROWTH ESTABLISHED POSITION¹ IN KEY GLOBAL MARKETS 30% US 55% UK 45% CANADA RECOGNIZED ABILITY TO SERVICE BROADER GEOGRAPHIES Leveraging global capabilities and large customer base to drive growth in new services and other live event segments Countries GES Serves GES Facilities BERPILLAR 1 GES official services contracting share of Exhibitions (internal estimates). VIAD CAT GES 14#15LIVE EVENT SEGMENTS Industry leaders already select GES in every live event segment Exhibitions Congresses/ Conferences Corporate Events Consumer Events 64% 23% 11% of Revenue¹ of Revenue¹ of Revenue¹ IMTS International Manufacturing Technology Show ASCRS EUROPEAN SOCIETY OF CARDIOLOGY informa exhibitions Bei! Helicopter A Textron Company Pfizer 1 Percent of GES' 2017 consolidated revenue. VIAD 2% of Revenue¹ DELL DISNEY Microsoft MERCK MARY KAY A TimeWarner Company UNIVERSAL 15#16OPPORTUNITY FOR GROWTH IN HIGHER-MARGIN MARKET SEGMENTS Live Events is a big market and GES is under-penetrated in key segments Live Event Market Total Addressable Market¹ ~$7.8B Corporate 3.4 Events GES 2017 Market Share ~$1.1B Consumer Market Share 0.02 Events 0.1 4% 0.3 14% Conferences 1.8 0.7 28% Exhibitions 2.6 Profit Margin 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. VIAD Leader in Exhibitions Low penetration in Corporate Events and Conferences Higher margins in Corporate Events and Conferences 16#17OPPORTUNITY FOR GROWTH IN HIGHER-MARGIN SERVICES 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 Total Addressable Market by Service¹ ~$2.6B ~$1.8B ~$3.4B Total Addressable Market Event Technology 0.2 0.05 0.4 $0.7B 0.4 0.5 Audio-Visual Core Services Contracting Services 1.9 1.2 Design & Build Creative/Strategic Exhibitions 1.7 $2.6B 1.3 $4.5B Conferences Corp Events 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. VIAD MARGIN AV is required to penetrate Corporate Events and Conferences Cross-sell opportunities exist Event Technology can be a larger addressable market worldwide with a SaaS model 17#18ACQUISITION 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 Audio-Visual 2 Acquisitions ✓ 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 Event Technology 4 Acquisitions ✓ 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 VIAD 18#19NEW SERVICES BRING ATTRACTIVE MARGINS AND GROWTH OPPORTUNITY Newly acquired services provide a high-margin growth platform ATTRACTIVE MARGINS 2017 ADJUSTED EBITDA¹ Margin 6.4% 17.7% >10 PTS HIGHER FOR NEW SERVICES CORE SERVICES NEW SERVICES GROWTH OPPORTUNITY AV Event Technology TAM² ~$2.6B TAM² ~$0.7B 4% Market Share 6% Market Share GES Rest of Market 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. VIAD 19#20GES 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% +290 BPS ADJUSTED EBITDA¹ CAGR 2013-17 ADJUSTED EBITDA¹ MARGIN EXPANSION 2013-17 1 Refers to Adjusted Segment EBITDA. Refer to pages 3-6 for important disclosures regarding this non-GAAP measure. VIAD 20#21VIAD WE ARE ALL ABOUT the experience PURSU, T#22PURSUIT - HIGH-VALUE ASSETS IN MARKETS WITH PERENNIAL DEMAND 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 FlyQuer LT CANADA Med Banff National Park Jasper National Park JASPER M ~ 6.5M Visitors Glacier National Park Waterton Lakes National Park ~4M Visitors CANADA Waterton Lov No Part Ancha Ca Calgary there Denali National Park Kenai Fjords National Park ~ 1M Visitors DEMILI BACKCOUNTRY VENTORE DERMI ACCOUNT LOSE SRAJMY B DENALI CABINE FAIRBANKS BY PURSU, T 2017 Visitation. VIAD ELACHE ERTWALK ICE EXPLORER GLACIER TOUR MAUGHT LAKE CHASE Cald Divery Center QA ALBERTA BRITISH COLUMBIA Paoay Bast Mateo LAKE LOUASE BANFF Toes Pas SENDULA PRINCE OF WILES HOTEL ANADA Glacier Nationn Pank Chica Moordo CANADA Donal Masina Park on eve TALNECTHA ALASKA ALASKAN LEOGE LAKE MACDONALD APGAR Lagen Pre ale tem GROBSE VILLAGE MOUNTA LOBE the 2.1 can ST. MARY'S LONCE NASHA BEHALESCAPES ALASKA RENTAGE TOURS ANCHORAGE WES GLADE Glacier National Part To Exounting MOTEL Case ohan MONTANA USA Fee GLACIES SEVARD WINDSONE LODGE PIRK LOSSE ALFJERDS SEWARD HEJ FATICH 22 222#23PURSUIT GROWTH STRATEGY Position Pursuit as a leading experiential, adventure tourism provider and scale the business through a Refresh, Build, Buy framework CONSTANT CURRENCY REVENUE1 ($M) & EBITDA MARGIN² 37.5% 32.5% 31.9% 30.2% $173.9 26.9% $154.8 $107.5 $112.0 $93.3 2013 2014 2015 Refresh Build Buy GAAP Revenue: $ 108.4 120.5 112.2 2016 2017 Trim 153.4 173.9 ~17% REVENUE CAGR (CONSTANT CURRENCY) REFRESH: ~10% CAGR from existing hotels and attractions BUILD: $8M growth from Glacier Skywalk attraction BUY: $52M growth from acquisitions of hotels and attractions during 2014-17 TRIM: De-emphasizing lower margin/return Package Tours & Transportation 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. VIAD 23#24REFRESH-POSITIONING FOR HIGHEST AND BEST USE 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 ~$22M INVESTMENT ADJUSTED ~$8.5M EBITDA¹ growth IN 2017 vs. PRE-RENOVATION tripadvisor 2017 WINNER CERTIFICATE OF EXCELLENCE 1 Refers to Adjusted Segment EBITDA. Refer to pages 3-6 for important disclosures regarding this non-GAAP measure. VIAD 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 operations (pre-renovation) 24#25BUILD POWERFUL NEW EXPERIENCES THAT DRIVE POWERFUL RETURNS The Glacier Skywalk is delivering a significant return on investment, surpassing attendance expectations, and receiving international awards and media coverage ~$20M INVESTMENT ADJUSTED ~$7M EBITDA¹ in 2017 Glacier Skywalk Jasper National Park | Opened May 2014 Extensive Awards and Media Coverage 1 Refers to Adjusted Segment EBITDA. Refer to pages 3-6 for important disclosures regarding this non-GAAP measure. VIAD TOP 2013 PROJECTS CANADIAN berin construction DB ՀՈՐԱՏ DESIGN E World Architecture Festival Barcelona 2-4 November 2011 ARCHITECTURAL DIGEST TRAVEL+ USA NATIONAL GEOGRAPHIC LEISURE TODAY TRAVEL 25#26BUY 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 3 ACQUISITIONS FOR $111M ~27% AVERAGE IRR¹ January 2016 Jasper National Park Maligne Lake Cruise Interpretive boat tours, boat rentals, F&B March 2016 Kenai Fjords and Denali National Parks CATC Wildlife and glacier sightseeing boat tours, 3 lodging properties, F&B, package tours December 2016 Vancouver, British Columbia FlyOver Canada Experiential attraction that provides a multi- sensory, virtual flight ride experience Fly Over CANADA 1 Assumes exit multiple of 10X EBITDA. VIAD tripadvisor 2017 WINNER CERTIFICATE OF DOCELLENCE tripadvisor 2017 WINNER CERTIFICATE OF EXCELLENCE tripadvisor 2017 WINNER CERTIFICATE OF EXCELLENCE 26#27CONTINUING TO ADD SCALE THROUGH HIGH-MARGIN GROWTH PROJECTS Investments of approximately $36 million to be deployed in 2018 toward projects expected to drive strong growth and returns Mount Royal Hotel Opened in July 2018 ⚫ Invested $19M¹ to complete • the reconstruction with a modern design and upgraded amenities • Enhanced guest experience expected to drive strong RevPAR and returns FlyOver Iceland Expected to Open 2019 • Investing $10M to develop FlyOver Iceland attraction. • Prime location in Reykjavik • First expansion to capitalize on high margin FlyOver concept as growth platform West Glacier RV Park & Cabins Expected to Open 2019 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 was funded primarily by insurance proceeds. The total investment was $35 million, including ~$16 million in 2017 and $19 million in 2018. VIAD 27#28PURSUIT 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% +22.3% +1,060 BPS REVENUE CAGR 2013-17 ADJUSTED EBITDA¹ CAGR 2013-17 ADJUSTED EBITDA¹ MARGIN EXPANSION 2013-17 Refers to Adjusted Segment EBITDA. Refer to pages 3-6 for important disclosures regarding this non-GAAP measure. VIAD 28#2910 IN 28 HOURS-GOMENT PUSH LINK 247 CAT WE ARE ALL ABOUT the experience VIAD BUILT FOR IT. THE PAYLOAD The practition NOPTLINE DAT 261- GRADE KOMATSU Summary#30VIADA COMPELLING INVESTMENT OPPORTUNITY 1 Viad is favorably-positioned to benefit from a number of growth catalysts GES SHOW ROTATION IMPROVES 2018 Est 2019 Est 2020 Est ~100M Expect $100M ~ revenue increase from non-annual events in 2020 2 3 • ~(35M) to (40M) ~(25M) to (30M) PURSUIT GROWTH PROJECTS 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 GES SHARE GAINS IN AV AND CORP EVENTS Corp Events - AV Corp Events Other Services AV Other Events $1.7B TAM GES $1.7B TAM Rest of $0.9B TAM Market ~$55M capital investment with expected average IRR¹ of ~22% $4.3B addressable market with 4% market share 4 STRONG ACQUISITION PIPELINE Proven ability to acquire at strong IRRs 1 Assumes exit multiple of 10X EBITDA. VIAD 30#31ACTIVE ACQUISITION PIPELINE Viad has a disciplined and proactive acquisition program focused on proprietary deal-sourcing in support of our business unit strategies to drive shareholder value VIAD 1 STRATEGIC FIT GES • 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 Pursuit: 7-10x Evaluate relative to share repurchase 2 ECONOMIC FIT Target EBITDA Multiples | GES: 4-7x Target IRR 15%+ Culture requirements: 3 • CULTURAL Integrity • FIT Customer-focus • Innovation . Continuous improvement Strong cultural alignment: • Facilitates integration Enhances opportunities for cross-sell and other synergies 31#32SUCCESSFUL TRACK RECORD OF ACQUISITIONS Viad has demonstrated an ability to successfully acquire and integrate strategic assets for both GES and Pursuit GES 6 Acquisitions1 $202M Purchase Price ~$24M EBITDA² in 2017 ~16% AVERAGE IRR³ PURSUIT 5 Acquisitions¹ $137M Purchase Price ~$19.5M EBITDA² in 2017 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. VIAD ~25% AVERAGE IRR³ 32#33VIAD OPPORTUNITY SUMMARY STRENGTH Viad is in a strong position to enhance shareholder value Strong, proven foundation VISION Clear plans for meaningful growth · . TWO SOLID BUSINESS GROUPS Leading and defensible market positions Recurring revenue streams Strong growth prospects with solid balance sheet WELL-DEFINED GROWTH STRATEGIES 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 PERFORMANCE Focus on shareholder return • BALANCED CAPITAL ALLOCATION STRATEGY Business development remains the priority Opportunistically repurchase shares • Pay quarterly dividend: $0.10/share • $23.4M (765k shares) 1/1/2013 through 9/30/2018 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 VIAD 33#34EY YOUR އ XXXX MARLEY WE ARE ALL ABOUT the experience 104 VIAD VIBRAN 8 WORLEY WORKING FOR A BETTER TOGETHER WORL Appendix BOOM#35FOCUSED ON SHAREHOLDER VALUE LONG HISTORY OF STRATEGIC DIVESTITURES¹ Over the last 30 years, Viad has spun-off or sold more than 20 lines of business, including: 1987 Greyhound Lines, Inc. bus 1992 The FINOVA Group 1993 Motor Coach Industries 1996 The Dial Corp. 1997 Premier Cruise Lines operations 1999 Restaura dining service operations 1999 Dobbs Int'l Services airline food service THOROUGH REVIEW OF STRATEGIC OPTIONS¹ DEC 2012 NOV 2013 FEB 2014 APR 2014 2004 MoneyGram International PRESENT • Announced review of strategic options to enhance . • Paid special dividends • share as optimal mechanism to shareholder value (including possible separation of GES and totaling $4.00 per Pursuit businesses and increasing dividends or share repurchases), working with JP Morgan Announced repurchase authorization of 1M shares (265,449 remaining at 9/30/18) allocate capital at that time Announced conclusion of review and go- forward strategy to enhance shareholder value • Executing against growth strategy with 11 acquisitions since July 2014 POSITIVE CORPORATE GOVERNANCE CHANGES¹ . Actively refreshed Board with industry expertise, reducing • average tenure from 8.7 to 6.4 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) 1 Representative list of actions taken; not comprehensive. VIAD • • • • • Exec Comp Changes: CEO LTI award increased to 100% performance-based and other 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 35#36GES KEY METRICS US BASE SAME-SHOW GROWTH¹ 3.1% 8.0% 6.4% 4.8% 4.1% 2013 2014 2015 2016 2017 % U.S. Organic 46% 39% 45% 39% 35% Rev. Millions SHOW ROTATION² $65 $52 ($8) 2017 GEOGRAPHIC REVENUE MIX US EMEA Canada 6% 18% 76% RECURRING & DIVERSE REVENUES ~ $100 3-5 year contracts 90%+ renewal rate Largest client is ~7% of GES revenue (2017) Clients span broad range of industries; not overly exposed to any given industry $(48) ($71) ~ ($35) to ~ ($25) to ($40) ($30) • > $1.43 billion future revenue contracted 2013 2014 2015 2016 2017 2018 2019 2020 (est) (est) (est) 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 9/30/18. VIAD 36#37GES CORE SERVICES 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 OFFICIAL SERVICES CONTRACTING¹ Exclusive Event Organizer: Exhibitors: Event Planning & Production Material Handling Look & Feel Design Electrical Distribution Layout & Floor Plan Designs Cleaning Furnishings & Carpet Plumbing Signage Overhead Rigging Show Traffic Analysis Booth Rigging CORPORATE ACCOUNTS¹ Across All Events - Discretionary Up-Sell Exhibitors: Exhibit Rental Furnishings & Carpet Graphics Installing & Dismantling Labor Logistics/Transportation Holistic Exhibit Program Management Exhibit Design & Build, Storage Logistics/Transportation Event Marketing Campaigns Coordination of Show Services At-Event Activities $4.5B TAM² 19% GES Market Share 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. VIAD 37#38OPERATIONAL EXCELLENCE Culture of continuous improvement drives efficiencies and margin improvements LEAN SIX SIGMA TOOLS UTILIZED MEASURES OF SUCCESS 5-S WIP Reduction VA/NVA/BVA Analysis Spaghetti Diagram SIPOC VSM Kaizen Internal Process Processes that consume (T) Time (I) Inventory (M) Motion (W) Waste (O) Overproduction (O) Overprocessing (D) Defects internal resources, drive operational costs, and affect service quality FOCUS AREAS Cost Structure (2017) Semi- Variable SG&A Fixed G&A 1M+ SF of facility space eliminated1 Labor-to-Revenue ratio improved in 3 of last 5 years² Warehouse optimization Space, inventory, labor, and fabrication All Other Variable COS Variable Labor COS Show site Distribution and construction 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. VIAD 38#39PURSUIT KEY METRICS HOSPITALITY METRICS¹ RevPAR -Occupancy $126 $117 $101 $103 $103 2017 GEOGRAPHIC REVENUE MIX Banff Jasper Collection ■Glacier Park Collection (Canada) (Montana) 6% 21% 56% 65.2% 67.6% 64.6% 68.1% 69.8% 17% 2013 2014 2015 2016 2017 916 ATTRACTIONS METRICS¹ Revenue / Passenger Passengers (000's) 1,131 1,053 1,065 1,317 $45 $32 $32 $35 $35 2013 2014 2015 2016 2017 Alaska Collection ■FlyOver (Alaska) 2017 LINE OF BUSINESS REVENUE MIX Attractions Transportation ■■■Hospitality Travel Planning 3% 8% 33% 56% 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. VIAD 39#40PURSUIT ATTRACTIONS - AWESOME EXPERIENCE WITH COMPELLING CROSS-SELL Pursuit's attractions have strong financial performance and offer cross-sell opportunities. Glacier Skywalk 361,000 visitors Visitation in 2017. VIAD Banff Gondola 738,000 visitors Glacier Adventure FlyOver Canada 590,000 visitors 502,000 visitors Maligne Lake Cruise 115,000 visitors Kenai Fjords Tours Banff Lake Cruise 99,000 visitors 77,000 visitors 40 40#41PURSUIT HOSPITALITY - LODGING PORTFOLIO VIAD Pursuit provides lodging accommodations in and around Glacier, Banff, Denali, Kenai Fjords, and Jasper National Parks Property Name Talkeetna Alaskan Lodge Seward Windsong Lodge Elk+Avenue Hotel Glacier Park Lodge Grouse Mountain Lodge Mount Royal Hotel St. Mary Lodge Prince of Wales Hotel Apgar Village Lodge Location Denali National Park, AK Kenai Fjords National Park, AK Banff National Park, AB East Glacier, MT Whitefish, MT Operating Season Rooms May - Sept 212 May - Sept 180 Year-round 164 June - Sept 162 Year-round 145 Banff National Park, AB Year-round 133 St. Mary, MT June - Sept 117 Waterton Lakes Nat'l Park, AB June - Sept 86 Denali Cabins Glacier National Park, MT Denali National Park, AK May - Sept 48 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 Total Room Count Kenai Fjords National Park, AK May - Sept 8 1,434 41