<SEC-DOCUMENT>0001157523-11-002472.txt : 20110429
<SEC-HEADER>0001157523-11-002472.hdr.sgml : 20110429
<ACCEPTANCE-DATETIME>20110429082820
ACCESSION NUMBER:		0001157523-11-002472
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110429
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110429
DATE AS OF CHANGE:		20110429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VIAD CORP
		CENTRAL INDEX KEY:			0000884219
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				361169950
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11015
		FILM NUMBER:		11791055

	BUSINESS ADDRESS:	
		STREET 1:		1850 NORTH CENTRAL AVE
		STREET 2:		SUITE 800
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004-4545
		BUSINESS PHONE:		(602) 207-4000

	MAIL ADDRESS:	
		STREET 1:		1850 NORTH CENTRAL AVE
		STREET 2:		SUITE 800
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004-4545

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DIAL CORP /DE/
		DATE OF NAME CHANGE:	19930823

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW DIAL CORP
		DATE OF NAME CHANGE:	19921106
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a6702890.htm
<DESCRIPTION>VIAD CORP 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 Business Wire, a Berkshire Hathaway company.-->
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  </head>
  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt; font-family: Times New Roman"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><br><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>FORM
      8-K</b></font><br><br><br><font style="font-size: 11pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt"><b>Pursuant
      to Section 13 OR 15(d) of the Securities Exchange Act of 1934</b></font><br><br><br><font style="font-size: 11pt; font-family: Times New Roman"><b>April
      29, 2011</b></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt">Date
      of Report (Date of earliest event reported)</font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt; font-family: Times New Roman"><b>VIAD
      CORP</b></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt; font-family: Times New Roman">(Exact
      name of registrant as specified in its charter)</font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><br>
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt"><b>Delaware</b></font>
          </p>
        </td>
        <td style="white-space: nowrap; text-align: center; width: 34%; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>001-11015</b>
          </p>
        </td>
        <td style="white-space: nowrap; text-align: center; width: 33%; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>36-1169950</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            of incorporation)
          </p>
        </td>
        <td style="text-align: center; width: 34%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            File Number)
          </p>
        </td>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: center; width: 50%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1850 North Central Avenue, Suite 800, Phoenix, Arizona</b>
          </p>
        </td>
        <td style="width: 20%">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; width: 30%; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>85004-4545</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 50%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of principal executive offices)</font>
          </p>
        </td>
        <td style="width: 20%">

        </td>
        <td style="text-align: center; width: 30%; padding-left: 0.0px" valign="bottom">
          <font style="font-size: 10pt; font-family: Times New Roman">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">
      <br>
      <font style="font-size: 10pt; font-family: Times New Roman">Registrant&#8217;s
      telephone number, including area code: </font><font style="font-size: 10pt">(602)
      207-4000</font><br><br><font style="font-size: 10pt; font-family: Times New Roman">Check
      the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions (see General Instruction A.2. below):</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      &#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      &#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      &#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      &#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p>

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="white-space: nowrap">
      <b>Item 2.02&#160;&#160;&#160;&#160;RESULTS OF OPERATIONS AND FINANCIAL CONDITION</b>
    </p>
    <p style="text-align: justify">
      On April 29, 2011, Viad Corp (the &#8220;Company&#8221;) issued a press release
      announcing its unaudited financial results for the first quarter of
      2011. A copy of the Company&#8217;s press release is furnished herewith as
      Exhibit 99 and is incorporated by reference herein.
    </p>
    <p style="text-align: justify">
      The information in Item 2.02 of this current report on Form 8-K is being
      furnished and shall not be deemed &#8220;filed&#8221; for the purposes of Section 18
      of the Securities Exchange Act of 1934, as amended, or otherwise subject
      to the liabilities of that Section. The information in Item 2.02 of this
      current report shall not be incorporated by reference into any
      registration statement or other document pursuant to the Securities Act
      of 1933, as amended.
    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01&#160;&#160;&#160;&#160;FINANCIAL STATEMENTS AND EXHIBITS</b>
    </p>
    <p style="white-space: nowrap">
      <b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b>(d) Exhibits
    </p>
    <p style="white-space: nowrap">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;99 &#8211; Press Release dated April 29, 2011.
    </p>
    <p style="margin-left: 120.0px">
      <br>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p style="text-align: justify">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned thereunto duly authorized.</font>
    </p>
    <p style="text-indent: 330.0px">
      <br>

    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>VIAD&#160;CORP</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Registrant)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 16%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 16%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; width: 50%; padding-left: 0.0px" valign="top">
          April 29, 2011
        </td>
        <td style="padding-bottom: 2.0px; text-align: left; width: 4%; padding-left: 0.0px" valign="top">
          By:
        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; width: 30%; padding-left: 0.0px" valign="top">
          /s/ G. Michael Latta
        </td>
        <td style="width: 16%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          G. Michael Latta
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          Chief Accounting Officer &#8211; Controller
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      Page 2
    </p>
    <p>

    </p>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>a6702890_ex99.htm
<DESCRIPTION>EXHIBIT 99
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Viad Corp
      Announces First Quarter Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Net
      Income per Share of $0.48</b></font></i><b><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 12pt"></font><i><font style="font-size: 12pt; font-family: Times New Roman">Income
      Before Other Items per Share of $0.49</font></i></b>
    </p>
    <p>
      PHOENIX--(BUSINESS WIRE)--April 29, 2011--Viad Corp (NYSE:VVI) today
      announced first quarter 2011 net income of $9.8 million, or $0.48 per
      diluted share. Viad&#8217;s income before other items of $10.0 million, or
      $0.49 per diluted share, excludes net restructuring charges of $165,000
      after tax. This compares to the company&#8217;s prior guidance of income per
      share of $0.25 to $0.40 and the 2010 first quarter loss before other
      items of $0.02 per share.
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <b>Revenues of $290.1 million</b> were up $65.7 million (29.3%) from
        2010.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Segment operating income was $17.3 million </b>as compared to
        $199,000 in 2010.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Free cash flow improved by $10.0 million</b> to $11.9 million,
        primarily due to higher net income.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Cash and cash equivalents were $148.4 million </b>at March 31, 2011.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Debt was $8.9 million</b>, with a <b>debt-to-capital ratio of 2.2%</b>
        at March 31, 2011.
      </li>
    </ul>
    <p>
      Paul B. Dykstra, chairman, president and chief executive officer, said,
      &#8220;Viad&#8217;s first quarter 2011 earnings reflect better than expected results
      from our Marketing &amp; Events Group. U.S. base same-show growth was 13.6
      percent, driven by initiatives from our realigned sales force and an
      improved economy and industry conditions. Overall exhibitor spending was
      strong, and we had solid execution from our team. Our Travel &amp;
      Recreation Group met our guidance for its seasonally slow quarter. Our
      entire organization remains focused on driving continued growth in
      revenues and profits by capitalizing on market opportunities and
      leveraging the productivity gains we made during the past two years to
      further increase efficiencies and drive down costs.&#8221;
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>First Quarter 2011 Business Group Highlights</b>
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" colspan="17" valign="top">
          <b>First Quarter</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 5.0px" valign="top">
          <i>($ in millions)</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>2011</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>2010</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" colspan="5" valign="top">
          <b>Change</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Revenues:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Marketing &amp; Events Group:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          U.S.
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          231.7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          169.4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          62.3
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          36.8
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          International
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          54.0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          50.4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.6
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          7.1
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 30.0px" valign="top">
          Intersegment eliminations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1.3
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2.8
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1.5
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-bottom: 2.0px; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          53.8
        </td>
        <td style="white-space: nowrap; padding-bottom: 2.0px; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Total
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          284.3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          216.9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          67.4
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          31.1
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="top">
          Travel &amp; Recreation Group
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5.8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          7.4
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1.7
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td style="white-space: nowrap; padding-bottom: 2.0px; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -22.3
        </td>
        <td style="white-space: nowrap; padding-bottom: 2.0px; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Total
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          290.1
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          224.4
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          65.7
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-bottom: 4.0px; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          29.3
        </td>
        <td style="white-space: nowrap; padding-bottom: 4.0px; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Segment operating income (loss):
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Marketing &amp; Events Group:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          U.S.
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          17.9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          &#8211;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          18.0
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          **
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 30.0px" valign="top">
          International
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2.6
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1.1
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-bottom: 2.0px; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          43.5
        </td>
        <td style="white-space: nowrap; padding-bottom: 2.0px; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Total
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          21.7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2.6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          19.1
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          **
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="top">
          Travel &amp; Recreation Group
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (4.5
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2.4
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2.1
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td style="white-space: nowrap; padding-bottom: 2.0px; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -86.7
        </td>
        <td style="white-space: nowrap; padding-bottom: 2.0px; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Total
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          17.3
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.2
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          17.1
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-bottom: 4.0px; text-align: right; padding-left: 0.0px" valign="top">
          **
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Operating margins:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Marketing &amp; Events Group
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          7.6
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1.2
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          640
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          bps
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Travel &amp; Recreation Group
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -77.4
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -32.2
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          **
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Total
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5.9
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.1
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          590
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          bps
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="23" valign="top">
          ** Change is greater than +/- 100 percent.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="23" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Note: Calculated amounts presented above (including totals and
            percentages) are calculated using dollars in thousands.
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="22" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <p>
      <i><b>Viad&#8217;s Marketing &amp; Events Group</b></i>
    </p>
    <p>
      For the first quarter of 2011, Marketing &amp; Events Group results improved
      substantially compared to the 2010 quarter, with revenues and operating
      income increasing by $67.4 million and $19.1 million, respectively,
      driven primarily by the U.S. segment.
    </p>
    <p>
      U.S. segment revenues and operating income increased $62.3 million and
      $18.0 million, respectively, from the 2010 quarter. The substantially
      improved results were driven primarily by positive show rotation of $40
      million, base same-show revenue growth of 13.6 percent, greater
      penetration of discretionary exhibitor spending and increased spending
      by corporate clients.
    </p>
    <p>
      First quarter International segment revenues increased $3.6 million and
      operating income increased $1.1 million. Positive show rotation impacted
      revenues by $2 million, and foreign exchange rate variances had a
      favorable impact on revenues and operating income of approximately $2.2
      million and $196,000, respectively, as compared to the 2010 first
      quarter.
    </p>
    <p>
      Dykstra said, &#8220;The Marketing &amp; Events Group performed well during its
      seasonally strongest quarter of the year. U.S. base same-show revenue
      increased for the third straight quarter as many shows saw greater
      exhibitor participation, and we were successful in capturing additional
      discretionary spend from exhibitors while focusing on great execution
      and customer service.&#8221;
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <i><b>Viad&#8217;s Travel &amp; Recreation Group</b></i>
    </p>
    <p>
      Travel &amp; Recreation Group revenues and operating results for its
      seasonally slow first quarter were in line with the company&#8217;s prior
      guidance and down $1.7 million and $2.1 million, respectively, from the
      2010 quarter. Results for the 2010 quarter included higher revenue from
      transportation business related to the 2010 Winter Olympic and
      Paralympic Games. Additionally, foreign exchange rate variances had a
      favorable impact on revenue of $329,000 and an unfavorable impact on
      operating results of $184,000 as compared to the 2010 first quarter.
    </p>
    <p>
      Dykstra said, &#8220;The Travel &amp; Recreation Group met our expectations for
      the first quarter. Our main focus during this time is on preparing for
      the busy summer season and controlling costs. We look forward to the
      segment&#8217;s substantial contributions to operating income during the
      second and third quarters.&#8221;
    </p>
    <p>
      <b>2011 Outlook</b>
    </p>
    <p>
      Guidance provided by Viad is subject to change as a variety of factors
      can affect actual results. Those factors are identified in the safe
      harbor language at the end of this press release.
    </p>
    <p>
      Dykstra said, &#8220;The Marketing &amp; Events Group realized stronger than
      expected revenue growth during the first quarter, which was our biggest
      quarter of the year and our greatest opportunity to sell unidentified
      business. We expect full year base same-show growth to be in the
      mid-single digits. We also expect the Marketing &amp; Events Group to return
      to profitability in 2011 as a result of modest industry growth, positive
      show rotation, greater penetration of exhibitor discretionary services
      and the cost structure and efficiency gains we made during the past two
      years.&#8221;
    </p>
    <p>
      &#8220;The Travel &amp; Recreation Group is expected to have another strong year
      in 2011. The addition of Grouse Mountain Lodge earlier this year gave us
      a year-round presence in the market and will help to offset the impact
      of temporary room closures at our Many Glacier Hotel, part of which will
      be under renovation during the 2011 season and will reopen for the 2012
      season. The Travel &amp; Recreation team remains focused on its initiatives
      to enhance the guest experience and capture additional spend per guest.&#8221;
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>2011 Full Year Guidance</b>
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="7" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>Marketing &amp; Events Group</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8226;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="4" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Total revenues are</b> expected to increase at a high
            single-digit rate compared to 2010.
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#9702;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Base same-show revenues</b> are expected to increase at a
            mid-single-digit rate in the U.S. as year-over-year comparisons
            become more difficult in the back half of the year.
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#9702;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Annual show rotation,</b> which refers to shows that occur less
            frequently than annually, is expected to positively impact full
            year revenues by approximately $10 million. Quarterly show
            rotation also includes annual shows that shift quarters from one
            year to the next.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>First quarter</i> show rotation positively impacted revenues by
            $42 million.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Second quarter</i> show rotation is not expected to have a
            meaningful impact on revenues.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Third quarter</i> show rotation is expected to negatively
            impact revenues by approximately $30 million.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Fourth quarter</i> show rotation is not expected to have a
            meaningful impact on revenues.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8226;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="4" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Segment operating results</b> are expected to return to a
            profitable level driven by increased revenue, partially offset by
            higher performance-based incentives, as well as merit increases
            that did not occur in 2009 or 2010.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="7" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>Travel &amp; Recreation Group</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8226;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="4" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Revenues</b> are expected to increase at a high single-digit
            rate from 2010, reflecting continued improvement in tourism demand
            as well as the acquisition of Grouse Mountain Lodge, which will
            more than offset the lost room nights at Many Glacier Hotel due to
            construction.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8226;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="4" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Operating margins</b> are expected to decrease slightly from
            2010 as a result of high flow through on lost room nights at Many
            Glacier Hotel.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="7" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>Corporate &amp; Other</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8226;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="4" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Corporate activities</b> expense is expected to approximate $7
            million.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8226;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="4" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exchange rates</b> for the remainder of the year are assumed to
            approximate $1.03 U.S. Dollars per Canadian Dollar and $1.62 U.S.
            Dollars per British Pound. Currency translation is expected to
            favorably impact income per share by approximately $0.07.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8226;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="4" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>The effective tax rate</b> is assumed to be 38 to 39 percent,
            as compared to the 2010 effective tax rate on income before other
            items of 37 percent.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>2011 Second Quarter Guidance</b>
    </p>
    <p>
      For the second quarter, Viad&#8217;s income per share is expected to be in the
      range of $0.10 to $0.20. This compares to second quarter 2010 income
      before other items of $0.17 per share. Revenues are expected to be in
      the range of $228 million to $247 million as compared to $218.3 million
      in the 2010 second quarter. Segment operating income is expected to be
      in the range of $5 million to $9 million as compared to $7.7 million in
      2010. The revenue increase from 2010 is expected to be driven primarily
      by expected increases in trade show marketing spend (including continued
      same-show growth), favorable foreign exchange rate variances and greater
      penetration of exhibitor discretionary services. Foreign exchange rate
      variances are expected to impact revenues and operating income by
      approximately $6 million and $800,000, respectively, compared to the
      2010 quarter.
    </p>
    <p>
      Implicit within this guidance, are the following group revenues and
      operating income expectations:
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>($ in millions)</i>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="6" valign="bottom">
          <b>Group Revenues</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="6" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Group</b><br><b>Operating Income</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="2" valign="top">
          <b>Low End</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>High End</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="2" valign="top">
          <b>Low End</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>High End</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Marketing &amp; Events Group
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          205
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          to
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          220
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1.5
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          to
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5.0
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Travel &amp; Recreation Group
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          23
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          to
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          27
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.0
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          to
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4.5
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Conference Call and Web Cast</b>
    </p>
    <p>
      Viad Corp will hold a conference call with investors and analysts for a
      review of first quarter 2011 results on Friday, April 29 at 9 a.m. (ET).
      To join the live conference, call (800) 779-3189, passcode &#8220;Viad,&#8221; or
      access the webcast through Viad&#8217;s Web site at <u>www.viad.com</u>.
      A replay will be available for a limited time at (866) 381-6855 (no
      passcode required) or visit the Viad Web site and link to a replay of
      the webcast.
    </p>
    <p>
      <b>About Viad</b>
    </p>
    <p>
      Viad is an S&amp;P SmallCap 600 company. Viad operates through its Marketing
      &amp; Events Group, comprised of Global Experience Specialists and
      affiliates, and its Travel &amp; Recreation Group, comprised of Brewster and
      Glacier Park, Inc. For more information, visit the company's Web site at <u>www.viad.com</u>.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <i><b>Forward-Looking Statements</b></i>
    </p>
    <p>
      <i>As provided by the safe harbor provision under the Private Securities
      Litigation Reform Act of 1995, Viad cautions readers that, in addition
      to historical information contained herein, this press release includes
      certain information, assumptions and discussions that may constitute
      forward-looking statements. These forward-looking statements are not
      historical facts, but reflect current estimates, projections,
      expectations, or trends concerning future growth, operating cash flows,
      availability of short-term borrowings, consumer demand, new business,
      investment policies, productivity improvements, ongoing cost reduction
      efforts, efficiency, competitiveness, legal expenses, tax rates and
      other tax matters, foreign exchange rates, and the realization of
      restructuring cost savings. Actual results could differ materially from
      those discussed in the forward-looking statements. Viad&#8217;s businesses can
      be affected by a host of risks and uncertainties. Among other things,
      natural disasters, gains and losses of customers, consumer demand
      patterns, labor relations, purchasing decisions related to customer
      demand for exhibition and event services, existing and new competition,
      industry alliances, consolidation and growth patterns within the
      industries in which Viad competes, acquisitions, adverse developments in
      liabilities associated with discontinued operations and any
      deterioration in the economy, may individually or in combination impact
      future results. In addition to factors mentioned elsewhere, economic,
      competitive, governmental, technological, capital marketplace and other
      factors, including terrorist activities or war, a pandemic health crisis
      and international conditions, could affect the forward-looking
      statements in this press release. Additional information concerning
      business and other risk factors that could cause actual results to
      materially differ from those in the forward-looking statements can be
      found in Viad&#8217;s annual and quarterly reports filed with the Securities
      and Exchange Commission.</i>
    </p>
    <p>
      <i>Information about Viad Corp obtained from sources other than the
      company may be out-of-date or incorrect. Please rely only on company
      press releases, SEC filings and other information provided by the
      company,<b> </b>keeping in mind that forward-looking statements speak
      only as of the date made. Viad undertakes no obligation to update any
      forward-looking statements, including prior forward-looking statements,
      to reflect events or circumstances arising after the date as of which
      the forward-looking statements were made.</i>
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="18">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="18" valign="bottom">
          <b>VIAD CORP AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="18" valign="bottom">
          <b>TABLE ONE - QUARTERLY RESULTS</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="18" valign="bottom">
          <b>(UNAUDITED)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="14" valign="bottom">
          Three months ended March 31,
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" colspan="3" valign="bottom">
          (000 omitted, except per share data)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2011
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2010
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $ Change
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          % Change
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Revenues</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>290,098</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>224,353</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>65,745</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>29.3</b>
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Segment operating income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>17,259</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>199</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>17,060</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" colspan="2" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>**</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Corporate activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1,271
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (644
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (627
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -97.4
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Restructuring charges (Note A)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (269
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2,053
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,784
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          86.9
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Net interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (198
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (397
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          199
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          50.1
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Income (loss) before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          15,521
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2,895
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          18,416
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" colspan="2" valign="bottom">
          **
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Income tax expense (Note B)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (5,900
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (208
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (5,692
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px" colspan="2" valign="bottom">
          **
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Net income (loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          9,621
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (3,103
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          12,724
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" colspan="2" valign="bottom">
          **
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Net loss attributable to noncontrolling interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          166
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          121
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          45
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          37.2
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net income (loss) attributable to Viad</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>9,787</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>(2,982</b>
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>12,769</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px" colspan="2" valign="bottom">
          <b>**</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Diluted income (loss) per common share (Note C):
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Net income (loss) attributable to Viad common shareholders</b>
          </p>
        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>0.48</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>(0.15</b>
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>0.63</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px" colspan="2" valign="bottom">
          <b>**</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Basic income (loss) per common share (Note C):
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Net income (loss) attributable to Viad common shareholders</b>
          </p>
        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>0.48</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>(0.15</b>
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>0.63</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px" colspan="2" valign="bottom">
          <b>**</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common shares treated as outstanding for income per share
            calculations:
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Weighted-average outstanding shares
          </p>
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          19,778
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          20,051
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (273
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -1.4
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Weighted-average outstanding and potentially<br>dilutive shares
          </p>
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          20,080
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          20,051
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          29
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.1
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            ** Change is greater than +/- 100 percent
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>VIAD CORP AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>TABLE ONE - NOTES TO QUARTERLY RESULTS</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>(UNAUDITED)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          (A)
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Restructuring Charges &#8212; In the first quarter of 2011 and 2010,
            Viad recorded restructuring charges of $456,000 ($280,000
            after-tax) and $2.1 million ($1.2 million after-tax),
            respectively. The charges primarily related to reorganization
            activities in the Marketing &amp; Events Group, comprised of the
            elimination of certain positions as well as facility
            consolidations. Also in the first quarter of 2011, Viad reversed
            $187,000 ($115,000 after-tax) of restructuring reserves.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          (B)
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Income Taxes &#8212; Income taxes for the first quarter of 2010 include
            the resolution of tax matters of $1.3 million resulting from a tax
            adjustment due to health care legislation.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          (C)
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Income per Common Share &#8212; Following is a reconciliation of net
            income attributable to Viad to net income allocated to Viad common
            shareholders:
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="14" valign="bottom">
          Three months ended March 31,
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          (000 omitted, except per share data)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2011
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2010
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $ Change
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          % Change
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net income (loss) attributable to Viad</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>9,787</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>(2,982</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>12,769</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" colspan="2" valign="bottom">
          **
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Less: Allocation to nonvested shares
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (240
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (240
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px" colspan="2" valign="bottom">
          **
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Net income (loss) allocated to Viad common shareholders
          </p>
        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          9,547
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2,982
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          12,529
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px" colspan="2" valign="bottom">
          **
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Weighted-average outstanding shares
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          19,778
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          20,051
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (273
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -1.4
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Basic income (loss) per common share attributable to Viad
            common shareholders</b>
          </p>
        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>0.48</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>(0.15</b>
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>0.63</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px" colspan="2" valign="bottom">
          **
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          ** Change is greater than +/- 100 percent
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="16">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="16" valign="bottom">
          <b>VIAD CORP AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; padding-left: 0.0px" colspan="16" valign="bottom">
          <b>TABLE TWO - INCOME BEFORE OTHER ITEMS,</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="16" valign="bottom">
          <b>ADJUSTED EBITDA AND FREE CASH FLOW</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="16" valign="bottom">
          <b>(UNAUDITED)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="14" valign="bottom">
          Three months ended March 31,
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          (000 omitted)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2011
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2010
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $ Change
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            % Change
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Income (loss) before other items (Note A):
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Net income (loss) attributable to Viad
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          9,787
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2,982
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          12,769
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" colspan="2" valign="bottom">
          **
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Restructuring charges, net of tax
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          165
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,242
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1,077
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          86.7
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Resolution of tax matters
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,279
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1,279
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px" colspan="2" valign="bottom">
          **
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Income (loss) before other items</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>9,952</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>(461</b>
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>10,413</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px" colspan="2" valign="bottom">
          <b>**</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          (per diluted share)
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Income (loss) before other items:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Net income (loss) attributable to Viad
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.48
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (0.15
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.63
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" colspan="2" valign="bottom">
          **
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Restructuring charges, net of tax
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.01
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.06
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (0.05
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          83.3
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Resolution of tax matters
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.07
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (0.07
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px" colspan="2" valign="bottom">
          **
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Income (loss) before other items</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>0.49</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>(0.02</b>
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>0.51</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px" colspan="2" valign="bottom">
          <b>**</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" colspan="14" valign="bottom">
          Three months ended March 31,
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          (000 omitted)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2011
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2010
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $ Change
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            % Change
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Adjusted EBITDA (Note A):
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Net income (loss) attributable to Viad
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          9,787
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2,982
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          12,769
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" colspan="2" valign="bottom">
          **
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Interest expense
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          412
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          493
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (81
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          16.4
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Income tax expense
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,900
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          208
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,692
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" colspan="2" valign="bottom">
          **
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Depreciation and amortization
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          6,971
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          6,804
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          167
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -2.5
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Adjusted EBITDA</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>23,070</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>4,523</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>18,547</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px" colspan="2" valign="bottom">
          <b>**</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" colspan="14" valign="bottom">
          Three months ended March 31,
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          (000 omitted)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2011
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2010
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $ Change
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          % Change
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Free Cash Flow (Note A):
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Net cash provided by operating activities
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          20,344
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          7,748
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          12,596
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" colspan="2" valign="bottom">
          **
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Less:
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Capital expenditures
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (7,677
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (5,030
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2,647
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -52.6
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dividends paid
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (815
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (822
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          7
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.9
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Free cash flow</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>11,852</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>1,896</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>9,956</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px" colspan="2" valign="bottom">
          <b>**</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          ** Change is greater than +/- 100 percent
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          (A)
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Income before other items, Adjusted EBITDA and Free Cash Flow are
            supplemental to results presented under accounting principles
            generally accepted in the United States of America (&#8220;GAAP&#8221;) and
            may not be comparable to similarly titled measures presented by
            other companies. These non-GAAP measures are used by management to
            facilitate period-to-period comparisons and analysis of Viad&#8217;s
            operating performance and liquidity. Management believes these
            non-GAAP measures are useful to investors in trending, analyzing
            and benchmarking the performance and value of Viad&#8217;s business.
            These non-GAAP measures should be considered in addition to, but
            not as a substitute for, other similar measures reported in
            accordance with GAAP.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>Viad Corp</b><br>Melinda Keels<br><i>Investor Relations</i><br>(602)
      207-2681<br><u>mkeels@viad.com</u>
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
