Viad Corp Exploring Opportunities to Enhance Shareholder Value

Board of Directors Authorizes Repurchase of Up to Additional One Million Shares PHOENIX - Viad Corp's (NYSE: VVI) Board of Directors has authorized management to explore and evaluate opportunities to enhance shareholder value, including a potential separation of its Travel & Recreation and Marketing & Events businesses. The Viad Board previously hired and has been working with J.P. Morgan Securities LLC as its financial advisor to assist in this evaluation process. The Company noted that there can be no assurance that this evaluation process will result in any transaction. The Board has also authorized the repurchase of up to an additional one million shares of the Company's common stock, from time to time at prevailing market prices. As of September 30, 2012, the Company had repurchased approximately 610,000 shares since September 2010 pursuant to previously announced authorizations by the Board, which represents substantially all of the shares available for repurchase under existing announced authorizations. The Company also announced that its Amended and Restated Credit Agreement, dated May 18, 2011, was amended, effective as of December 12, 2012, to remove the prior limitation on share repurchases of $10 million in the aggregate per calendar year. The amendment now allows share repurchases unless the Company's leverage ratio, as defined in the Credit Agreement, is greater than 1.50 to 1.00 or a default or an unmatured default, as defined in the Credit Agreement, exists. As of September 30, 2012, the Company's leverage ratio was 0.21 to 1. This expanded stock repurchase authorization reflects the continued strength of the Company's balance sheet and operating cash flows. This position of strength enables Viad to support operations and strategic growth initiatives, as well as return value to its shareholders through share repurchases and the payment of a $0.10 per share quarterly dividend, which represented a dividend increase of 150% over the prior quarterly dividend of $0.04 per share. Paul B. Dykstra, chairman, president and chief executive officer of Viad, said, "The tangible initiatives the Board has taken and is undertaking demonstrate our continued commitment to enhancing value for all shareholders." The Company also noted that it has taken steps to increase the strength in the Travel & Recreation area of the Board of Directors with the recent appointment as a director of Edward Mace, who has nearly 30 years of experience in the hospitality and leisure industry. In addition, Margaret Pederson, who has nearly 30 years of experience in the exhibitions and events industry, was appointed to the Board in August 2011 to increase the strength of the Board in the Marketing & Events area. As announced yesterday, Jess Hay, lead independent director, has decided to retire from the Viad Board of Directors and not stand for re-election at the Company's 2013 Annual Meeting of Shareholders on May 21, 2013. Mr. Hay has served as a director of Viad since 1981 and as lead independent director since 2005. The independent members of the Board appointed Richard H. Dozer as lead independent director effective May 21, 2013. Mr. Dozer, a director since 2008, will serve a two-year term as lead independent director.