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<P align="center"><B>As filed with the Securities and Exchange Commission on
March&nbsp;17, 2000</B>

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</DIV>

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<B><FONT size="5">SECURITIES AND EXCHANGE COMMISSION</FONT></B>

<DIV align="center">
<B>Washington, DC 20549</B>
</DIV>

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<P align="center">
<B><FONT size="5">FORM 10-K</FONT></B>

<P align="center">
<B>ANNUAL REPORT PURSUANT TO SECTION 13 OF</B>

<DIV align="center">
<B>THE SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>

<P align="center">
<B>For the Fiscal Year Ended December&nbsp;31, 1999</B>

<DIV align="center">
<B>Commission File Number 001-11015</B>
</DIV>

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<B><FONT size="6">VIAD CORP</FONT></B>

<DIV align="center">
<B><FONT size="2">(Exact name of registrant as specified in its
charter)</FONT></B>
</DIV>

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<TR>
<TD align="center" valign="top"><FONT size="2">
<B>Delaware</B></FONT></TD>
<TD></TD>
<TD align="center" valign="top"><FONT size="2">
<B>36-1169950</B></FONT></TD>
</TR>

<TR>
<TD align="center" valign="top"><FONT size="2">
<B>(State or Other Jurisdiction<BR>
of Incorporation or Organization)</B></FONT></TD>
<TD></TD>
<TD align="center" valign="top"><FONT size="2">
<B>(I.R.S. Employer Identification No.)</B></FONT></TD>
</TR>

<TR>
<TD colspan="3">&nbsp;</TD>
</TR>

<TR>
<TD align="center" valign="top"><FONT size="2">
<B>Viad Tower, Phoenix, Arizona</B></FONT></TD>
<TD></TD>
<TD align="center" valign="top"><FONT size="2">
<B>85077</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="center" valign="top"><FONT size="2">
<B>(Address of principal executive offices)</B></FONT></TD>
<TD></TD>
<TD align="center" valign="top"><FONT size="2">
<B>(Zip Code)</B></FONT></TD>
</TR>

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<P align="center">
<B>Registrant&#146;s telephone number, including area code:
602-207-4000</B>

<DIV align="center">
<B>Securities registered pursuant to Section&nbsp;12(b) of the
Act:</B>
</DIV>

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<TD width="56%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="41%">&nbsp;</TD>
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<TD></TD>
<TD></TD>
<TD align="center" nowrap><FONT size="2"><B>Name of each exchange</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap><FONT size="2"><B>Title of each class</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap><FONT size="2"><B>on which registered</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
<TD align="center" valign="top"><FONT size="2">
<B>Common Stock, $1.50 par value</B></FONT></TD>
<TD></TD>
<TD align="center" valign="top"><FONT size="2">
<B>New York Stock Exchange</B></FONT></TD>
</TR>

<TR>
<TD align="center" valign="top"><FONT size="2">
<B>$4.75 Preferred Stock<BR>
(stated value $100 per share)</B></FONT></TD>
<TD></TD>
<TD align="center" valign="top"><FONT size="2">
<B>New York Stock Exchange</B></FONT></TD>
</TR>

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<P align="center">
<B>Securities registered pursuant to Section&nbsp;12(g) of the
Act: None</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Indicate by check mark whether the registrant (1)&nbsp;has filed
all reports required to be filed by Section&nbsp;13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding
12&nbsp;months, and (2)&nbsp;has been subject to such filing
requirements for the past 90&nbsp;days.&nbsp;&nbsp;Yes
[X]&nbsp;&nbsp;No [&nbsp;&nbsp;&nbsp;]

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Indicate by check mark if disclosure of delinquent filers
pursuant to Item&nbsp;405 of Regulation&nbsp;S-K is not contained
herein, and will not be contained, to the best of
registrant&#146;s knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this
Form&nbsp;10-K or any amendment to this
Form&nbsp;10-K.&nbsp;&nbsp;[X]

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of March&nbsp;10, 2000, 94,063,572 shares of Common Stock
($1.50 par value) were outstanding and the aggregate market value
of the Common Stock (based on its closing price per share on
such date) held by nonaffiliates was approximately $2.0 billion.

<P align="center"><B>Documents Incorporated by Reference</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A portion of the Proxy Statement for the Annual Meeting of
Stockholders of Viad Corp to be held May&nbsp;9, 2000 is
incorporated by reference into Part&nbsp;III of this Report.

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<P align="center"><B>INDEX</B>

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<TD width="3%">&nbsp;</TD>
<TD width="13%">&nbsp;</TD>
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<TD width="3%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
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<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Page</B></FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
<B>Part I</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Item&nbsp;1.</FONT></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
Business</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Item&nbsp;2.</FONT></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
Properties</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Item&nbsp;3.</FONT></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
Legal Proceedings</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Item&nbsp;4.</FONT></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
Submission of Matters to a Vote of Securityholders</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
Executive Officers of Registrant</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="8">&nbsp;</TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
<B>Part II</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Item&nbsp;5.</FONT></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
Market for Registrant&#146;s Common Equity and Related
Stockholder Matters</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Item&nbsp;6.</FONT></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
Selected Financial Data</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Item&nbsp;7.</FONT></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
Management&#146;s Discussion and Analysis of Results of
Operations and Financial Condition</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Item&nbsp;7a.</FONT></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
Quantitative and Qualitative Disclosures about Market Risk</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Item&nbsp;8.</FONT></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
Financial Statements and Supplementary Data</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Item&nbsp;9.</FONT></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
Disagreements on Accounting and Financial Disclosure</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="8">&nbsp;</TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
<B>Part III</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Item&nbsp;10.</FONT></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
Directors and Executive Officers of the Registrant</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Item&nbsp;11.</FONT></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
Executive Compensation</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Item&nbsp;12.</FONT></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
Security Ownership of Certain Beneficial Owners and Management</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Item&nbsp;13.</FONT></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
Certain Relationships and Related Transactions</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="8">&nbsp;</TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
<B>Part IV</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Item&nbsp;14.</FONT></TD>
<TD></TD>
<TD align="left" valign="bottom"><FONT size="2">
Exhibits, Financial Statement Schedules, and Reports on
Form&nbsp;8-K</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
<TD></TD>
</TR>

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<P align="center"><B>PART I</B>

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<P align="left"><B>Item 1.&nbsp;&nbsp;<I>Business</I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad Corp (&#147;Viad&#148; or the &#147;Corporation&#148;) is
comprised of operating companies and a division which constitute
a diversified services business. Most of Viad&#146;s services are
provided to businesses for use by their customers. Accordingly,
the Corporation markets its services through approximately 76,000
retail and financial locations primarily in the U.S. (payment
services), to numerous trade show organizers and exhibitors
(convention and event services), and others. Occupying the number
one or number two position in many of the markets in which they
compete, each of the Corporation&#146;s businesses seek to
provide quality, convenient and cost-effective services with a
discernible difference to the ultimate users and thereby be
considered a value-added provider by Viad&#146;s business
customers.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad&#146;s services are classified into two reportable business
segments, namely (1)&nbsp;Payment Services, and
(2)&nbsp;Convention and Event Services. The Corporation also
provides Travel and Recreation Services. A description of each of
the Viad reportable business segments, the travel and recreation
businesses, and recent developments relating to each follows.

<P align="left"><B>Viad Business Units</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad is built around several operating groups which are leading
competitors in their businesses, including companies engaged in
payment services (Travelers Express Company, Inc., MoneyGram
Payment Systems, Inc., and Game Financial Corporation), and
convention and event services (GES Exposition Services, Inc. and
Exhibitgroup/ Giltspur division). Viad business units also
provide travel tour services (Brewster Transport Company Limited)
and recreation services (ProDine division and Glacier Park,
Inc.).

<P align="left"><B>Payment Services</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad&#146;s payment services business is conducted by the
Travelers Express group of companies. These companies engage in a
variety of payment service activities, including issuance and
processing of money orders, processing of official checks and
share drafts, and money transfer and cash access services.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Travelers Express sells money orders to the public through more
than 60,000 agent locations in the United States and Puerto Rico,
and is one of the nation&#146;s leading issuers of money orders,
issuing more than 300 million money orders in 1999. Travelers
Express also provides processing services for approximately 5,000
banks, credit unions and other financial institutions which
offer official checks (used by financial institutions in place of
their own bank check or cashier&#146;s check) and share drafts
(the credit union industry&#146;s version of a personal check).
In addition, MoneyGram Payment Systems, Inc.
(&#147;MoneyGram&#148;), a subsidiary of Travelers Express
acquired in June&nbsp;1998, provides money transfer services
through approximately 28,000 agent locations in more than 120
countries worldwide. Another subsidiary, Game Financial
Corporation (&#147;Game Financial&#148;), provides cash access
services to the gaming industry, including credit card advances,
check cashing and ATM services to approximately 75 casinos. The
company also provides in-person electronic bill payment services
for utility companies and others (whose consumers pay their
utility and other bills at conveniently located retail stores),
and high volume processing of refund and rebate checks, food
vouchers, gift certificates and other financial instruments.

<P align="left"><B>Convention and Event Services</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Convention and event services are provided by the
Corporation&#146;s GES Exposition Services and Exhibitgroup/
Giltspur companies.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
GES Exposition Services (&#147;GES&#148;), North America&#146;s
leading supplier of convention services to trade associations,
show management companies and exhibitors, provides tradeshow
design and planning, decorating, exhibit design, installation and
dismantling, display rental, custom graphics, furnishings, audio
visual, electrical, freight handling, logistics, transportation
and management services for conventions, tradeshows, and
corporate and special events. GES provides convention services
through a network of offices in North

<P align="center">

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<DIV align="left">
America&#146;s most active and popular tradeshow service markets,
including full service operations in 21 U.S. and four Canadian
cities. In January&nbsp;1999, GES acquired Tradeshow Convention
Services, Inc., a tradeshow and corporate/special events company
headquartered in Seattle, Washington. GES also acquired ESR
Exposition Services, Inc., a tradeshow contractor headquartered
in Teterboro, New Jersey, in May&nbsp;1998, the trade show
business of Puliz of Utah, Inc. and Puliz Moving and Storage,
Inc., in June&nbsp;1998, and the electrical contractor business
of Ainsworth Electric Company Limited in July&nbsp;1998. The
Puliz businesses are headquartered in Reno, Nevada, and Ainsworth
Electric is headquartered in Toronto, Ontario, Canada.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Exhibitgroup/ Giltspur (&#147;EXG&#148;) operates the largest
exhibit and display business in the world. EXG is a designer,
builder, installer and warehouser of convention, tradeshow,
museum and other exhibits and displays with locations in 23 U.S.
cities, one Canadian city, one city in England, and two German
cities, and an international network of strategic partners in 21
countries. The company also offers exhibition marketing, planning
and strategy services, including advertising, multimedia, video
and event design. In February&nbsp;2000, EXG acquired Gardner
Displays Company, a full service exhibit and display business
headquartered in Pittsburgh, Pennsylvania. In March&nbsp;1999,
EXG acquired the business of SDD Exhibitions Limited, a leading
European design and project management company headquartered in
Sheffield, England. The acquisition of SDD Exhibitions
complements the acquisition of an 80% interest in Voblo
Innenausbau, an exhibit company headquartered outside of
Dusseldorf, Germany, completed in September&nbsp;1998, and
permits the company to effectively compete in the European trade
show market. In September 1999, EXG also acquired Ontario Design,
Inc., a full service exhibit marketing, design and fabrication
company headquartered in Rochester, New York. The company added
retail kiosks to its product mix in April&nbsp;1998, by acquiring
T.L. Horton Design, a business headquartered in Dallas, Texas,
and acquired Dimension Works, Inc. and the business of Impact
Group, Inc., each located in Chicago, Illinois, in
November&nbsp;1998. EXG is operated as a division of Viad.

<P align="left"><B>Travel and Recreation Services</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Travel and recreation services are provided by the Brewster
Transport and ProDine business units.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Brewster Transport Company Limited, an Alberta, Canada
corporation, operates tour and charter buses in the Canadian
Rockies, and conducts travel agency, hotel and snocoach tour
operations. Brewster Transport owns and operates 94 intercity
coaches and four transit buses, as well as 19 snocoaches which
transport sightseers on tours of the glaciers of the Columbia
Icefield. In September&nbsp;1999, Brewster Transport acquired 71%
of Banff Lifts Ltd., the owner and operator of the Sulphur
Mountain Gondola lift located in Banff, Alberta, Canada, one of
the two largest tourist attractions in the Canadian Rockies. The
remaining minority interest was acquired in February&nbsp;2000.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporation&#146;s ProDine recreation division acts as the
prime concessionaire for all food and beverage services at the
America West Arena and Bank One Ballpark in Phoenix, Arizona.
America West Arena is the home of the Phoenix Suns basketball and
Phoenix Coyotes hockey teams, and Bank One Ballpark is the home
of the Arizona Diamondbacks major league baseball franchise. The
division, through a subsidiary, also operates seven historic
lodges in and around Glacier National Park in Montana and Canada.

<P align="left"><B>Competition</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporation&#146;s businesses generally compete on the basis
of price, value, quality, discernible difference, convenience and
service, and encounter substantial competition from a large
number of providers of similar services, including numerous
well-known local, regional and national companies, private
payment service companies and the U.S. Postal Service (money
orders), many of which have greater resources than the
Corporation. Travelers Express also competes on the basis of
number and location of sales outlets, business automation,
technology and accounting controls for security and reporting.
The U.S. Postal Service, First Data Corporation and its
subsidiary Western Union Financial Services, Inc., and American
Express are the principal competitors of Travelers Express. On a
national basis, Freeman Decorating Company is the principal
competitor of GES Exposition, and George P. Johnson, Co. Inc. is
the principal competitor of Exhibitgroup/ Giltspur.

<P align="center">2

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<P align="left"><B>Patents and Trademarks</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
United States patents are currently granted for a term of
20&nbsp;years from the date a patent application is filed. The
Viad companies own a number of patents which give them
competitive advantages in the marketplace, including a number of
patents owned by Exhibitgroup/ Giltspur covering exhibit systems
and by Travelers Express for automated money order dispensing
systems. The Travelers Express patents cover security, automated
reporting and control, and other features which are important in
the issuance of money orders.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
United States trademark registrations are for a term of
10&nbsp;years, renewable every 10&nbsp;years as long as the
trademarks are used in the regular course of trade. The Viad
companies maintain a portfolio of trademarks representing
substantial goodwill in the businesses using the marks.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Many trademarks used by Viad and its subsidiaries, including the
TRAVELERS EXPRESS, MONEYGRAM, EXHIBITGROUP/ GILTSPUR, and GES
service marks, have substantial importance and value. Certain
rights in processing equipment and software held by Travelers
Express and its subsidiaries also provide competitive advantage.

<P align="left"><B>Government Regulation</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Compliance with legal requirements and government regulations are
a day-to-day integral part of the Corporation&#146;s operations
and represent a normal cost of doing business. Financial
transaction reporting and state banking department regulations
affect Travelers Express and MoneyGram, and state gaming
department regulations affect Game Financial. Environmental,
labor and employment and other regulations affect virtually all
operations. As is the case with many companies, the Corporation
faces exposure to actual or potential claims and lawsuits
involving environmental matters. Although the Corporation is a
party to certain environmental disputes, the Corporation believes
that any liabilities resulting therefrom, after taking into
consideration amounts already provided for, exclusive of any
potential insurance recoveries, will not have a material effect
on the Corporation&#146;s financial statements.

<P align="left"><B>Employees</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad operating units had approximately 7,400 employees at
December&nbsp;31, 1999 as follows:

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="57%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="9%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="8%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="9%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="9%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Regular Full</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Time Employees</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Covered by</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Approximate Number</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Collective Bargaining</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap><FONT size="2"><B>Segment</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>of Employees</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Agreements</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Payment Services</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,900</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Convention and Event Services</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,800</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,000</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Travel and Recreation Services</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">700</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad believes that relations with its employees are satisfactory
and that collective bargaining agreements expiring in 2000 will
be renegotiated in the ordinary course of business without
adverse effect on Viad&#146;s operations.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad had 105 employees at its corporate center at
December&nbsp;31, 1999, providing management, financial and
accounting, tax, administrative, legal and other services to its
operating units and handling residual matters pertaining to
businesses previously discontinued or sold by the Corporation.
Viad is managed by a Board of Directors comprised of seven
nonemployee directors and one employee director and has an
executive management team consisting of seven Viad officers
(including the one employee director) and four principal
executives of significant operating divisions or companies.

<P align="left"><B>Seasonality</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The first quarter is normally the slowest quarter of the year for
Viad. Due to increased leisure travel during the summer and
year-end holidays, Viad&#146;s travel and recreation operations
generally experience peak

<P align="center">3

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left">
activity at these times. Convention and event service companies
experience moderately increased activity during the first half of
the year. However, activity may vary depending on the frequency
and timing of shows (some shows are not held each year and some
shows may shift between quarters). As a result of these factors,
Viad&#146;s 1999 quarterly diluted earnings per share (before
nonrecurring income), as a percentage of the full year&#146;s
earnings, were approximately 12% (first quarter), 26% (second
quarter), 33% (third quarter), and 29% (fourth quarter). See
Notes&nbsp;R and S of Notes to Consolidated Financial Statements.
</DIV>

<P align="left"><B>Other Matters</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporation disposed of the contract food operations of
Restaura, Inc. on January&nbsp;27, 1999, and disposed of
Restaura&#146;s public service division units in March&nbsp;1999.

<P align="left"><B>Discontinued Operations</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporation completed the sale of its airline catering
business, conducted by Dobbs International Services, Inc. in the
United States and by Dobbs International (U.K.) Limited in the
United Kingdom (collectively &#147;Dobbs&#148;), on July&nbsp;1,
1999. Effective April&nbsp;1, 1998, the Corporation sold its
Aircraft Services International Group, which conducted aircraft
fueling and ground handling operations. The sale of Dobbs
completed the disposition of the Corporation&#146;s airline
catering and services segment.

<P align="left"><B>Shelf Registration</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporation has a shelf registration on file with the
Securities and Exchange Commission covering $500 million of debt
and equity securities. To date, no securities have been offered
under the registration.

<P align="left"><B>Financial Information about Segments</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Business segment financial information is provided in Note&nbsp;R
of Notes to Consolidated Financial Statements of the
Corporation.

<P align="left"><B>Financial Information about Geographic Areas</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Geographic area financial information is provided in Note&nbsp;R
of Notes to Consolidated Financial Statements of the Corporation.

<!-- link2 "Item 2. Properties" -->

<P align="left"><B>Item 2.&nbsp;&nbsp;<I>Properties</I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad and its subsidiaries operate service or production
facilities and maintain sales and service offices in the United
States, Canada, the United Kingdom and Germany. The Corporation
also conducts business in certain other foreign countries.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad&#146;s headquarters are located at Viad Tower in Phoenix,
Arizona. Viad leases seven floors (consisting of approximately
159,000 square feet) some of which is subleased.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Payment Services</B> operates five offices (including
Travelers Express corporate headquarters located in Minneapolis,
Minnesota), three payment services processing centers, two of
which are located in Minnesota and one in Colorado, and one
warehouse in Colorado. All of the facilities are leased.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Convention and Event Services</B> operates 16 offices and 76
multi-use facilities (exhibit construction, office and/or
warehouse). The principal facilities, used in the design and
production of exhibits and in connection with providing trade
show and exposition services, range in size from approximately
100,000 square feet to 475,000 square feet. All of the properties
are in the United States, except for two offices and nine
multi-use facilities that are located in Canada, three multi-use
facilities that are located in Germany, and one multi-use
facility that is located in England. Four of the multi-use
facilities are owned; all other properties are leased. GES and
Exhibitgroup/ Giltspur corporate headquarters are located in Las
Vegas, Nevada, and Roselle, Illinois, respectively.

<P align="center">4

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Travel and Recreation Services</B> operates two offices, two
retail stores, three bus terminals, four garages, an icefield
tour facility, a gondola lift operation, and nine hotels/ lodges
(with approximately 900&nbsp;rooms, and ancillary foodservice and
recreational facilities). All of the properties are in the
United States, except for one retail store, the bus terminals,
garages, icefield tour facility, gondola lift operation, and
three hotels/ lodges that are located in Canada. Travel and
Recreation Services owns four hotels/ lodges and five other
hotels/ lodges are operated pursuant to a concessionaire
agreement. One bus terminal and three garages are owned; the
icefield tour facility and gondola lift operation are jointly
owned and operated with Parks Canada; all other properties are
leased.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Management believes that Viad&#146;s facilities in the aggregate
are adequate and suitable for their purposes and that capacity is
sufficient for current needs.

<!-- link2 "Item 3. Legal Proceedings" -->

<P align="left"><B>Item 3.&nbsp;&nbsp;<I>Legal Proceedings</I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporation and certain subsidiaries are plaintiffs or
defendants to various actions, proceedings and pending claims.
Certain of these pending legal actions are or purport to be class
actions. Some of the foregoing involve, or may involve,
compensatory, punitive or other damages. Litigation is subject to
many uncertainties and it is possible that some of the legal
actions, proceedings or claims could be decided against the
Corporation. Although the amount of liability at
December&nbsp;31, 1999, with respect to these matters is not
ascertainable, Viad believes that any resulting liability, after
taking into consideration amounts already provided for, will not
have a material effect on the Corporation&#146;s financial
statements. Potential liability for previously reported
railroad-asbestos related claims has been resolved favorably for
the Corporation.

<!-- link2 "Item 4. Submission of Matters to a Vote of Securityholders" -->

<P align="left"><B>Item 4.&nbsp;&nbsp;<I>Submission of Matters to a Vote of
Securityholders</I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No matters were submitted to a vote of securityholders during the
fourth quarter of 1999.

<!-- link2 "Optional Item. Executive Officers of Registrant" -->

<P align="left"><B>Optional Item.&nbsp;&nbsp;<I>Executive Officers of Registrant
</I></B>

<P align="left"><B>Executive Officers of Viad Corp</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The names, ages and positions of the executive officers of the
Corporation as of March&nbsp;10, 2000, are listed below:

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="26%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="64%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap><FONT size="2"><B>Business Experience During the Past</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap><FONT size="2"><B>Name</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Age</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap><FONT size="2"><B>Five Years and Other Information</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Robert H. Bohannon</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">55</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Chairman of the Board, President and Chief Executive Officer
since January&nbsp;1997; President and Chief Operating Officer
since August&nbsp;1996; prior thereto, President and Chief
Executive Officer of Travelers Express Company, Inc., a
subsidiary of Viad, since 1993.</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Kimbra A. Fracalossi</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">40</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Vice President-Strategic Planning and Investor Relations since
May&nbsp;1999; prior thereto, Executive Director of Corporate
Development since January&nbsp;1998; previously, partner at
Harrell/ Wright Management Consultants since 1994.</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Ronald G. Nelson</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">58</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Vice President-Finance and Treasurer since 1994.</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Peter J. Novak</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">60</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Vice President and General Counsel since February&nbsp;1996;
prior thereto, Deputy General Counsel and Group General Counsel
since 1993.</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Scott E. Sayre</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">53</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Secretary and Associate General Counsel since January&nbsp;1997;
prior thereto, Assistant General Counsel since 1992 and Assistant
Secretary since 1996.</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">5

<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="26%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="64%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap><FONT size="2"><B>Business Experience During the Past</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap><FONT size="2"><B>Name</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Age</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap><FONT size="2"><B>Five Years and Other Information</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Catherine L. Stevenson</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">43</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Vice President-Controller since April&nbsp;1999; prior thereto,
Assistant Controller since October&nbsp;1997; prior thereto,
Director-Financial Reporting since 1994.</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Wayne A. Wight</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">57</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Vice President-Corporate Development since February&nbsp;1998;
prior thereto, Executive Director-Corporate Development since
1992.</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left"><B>Executive Officers of Viad Corp&#146;s Subsidiaries or
Divisions Not Listed Above</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="26%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="64%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap><FONT size="2"><B>Business Experience During the Past</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap><FONT size="2"><B>Name</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Age</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap><FONT size="2"><B>Five Years and Other Information</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Charles J. Corsentino</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">53</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
President and Chief Executive Officer of Exhibitgroup/ Giltspur,
a division of Viad, since 1991.</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Paul B. Dykstra</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">38</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
President and Chief Executive Officer of GES Exposition Services,
Inc., a subsidiary of Viad, since January&nbsp;2000; prior
thereto, Executive Vice President-International and Corporate
Development since 1999; and prior thereto, Vice President-General
Manager or similar executive positions with Travelers Express
Company, Inc., a subsidiary of Viad, since 1994.</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Philip W. Milne</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">41</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
President and Chief Executive Officer of Travelers Express
Company, Inc., a subsidiary of Viad, since August&nbsp;1996;
prior thereto, Vice President-General Manager-Retail Payment
Products of Travelers Express Company, Inc. since 1993.</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Paul B. Mullen</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">45</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Chairman of the Board of GES Exposition Services, Inc., a
subsidiary of Viad, since January&nbsp;2000; President and Chief
Executive Officer since May&nbsp;1996; previously was President
and Chief Executive Officer of Giltspur, Inc. since 1995.</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The term of office of the executive officers is until the next
annual organization meetings of the Boards of Directors of Viad
or appropriate subsidiaries, all of which are scheduled for May
or June of this year.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Directors of Viad are divided into three classes, with the
terms of one class of Directors to expire at each Annual Meeting
of Stockholders. The current term of office of Robert&nbsp;H.
Bohannon is scheduled to expire at the 2000 Annual Meeting of
Stockholders.

<P align="center">6
<!-- PAGEBREAK -->
<P><HR noshade><P>

<!-- link1 "PART II" -->

<P align="center"><B>PART II</B>

<!-- link2 "Item 5. Market for Registrant&#146;s Common Equity and Related Stockholder Matters" -->

<P align="left"><B>Item 5.&nbsp;&nbsp;<I>Market for Registrant&#146;s Common
Equity and Related Stockholder Matters</I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The principal market on which the common stock of Viad is traded
is the New York Stock Exchange. The common stock is also admitted
for trading on the Midwest, Pacific, Philadelphia and Cincinnati
Exchanges. The following tables summarize the high and low
market prices as reported on the New York Stock Exchange
Composite Tape and the cash dividends declared for the two years
ended December&nbsp;31, 1999:

<P align="center"><B>SALES PRICE RANGE OF COMMON STOCK</B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="50%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="7"></TD>
<TD></TD>
<TD colspan="7"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>High</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Low</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>High</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Low</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
First Quarter</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">30.4375</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">25.2500</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">25.0625</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">18.5625</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Second Quarter</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">33.5000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">27.3750</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">27.7500</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">23.4375</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Third Quarter</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">33.8750</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">27.2500</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">29.7500</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">20.6250</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Fourth Quarter</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">29.8750</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">24.0000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">30.5625</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">21.5625</FONT></TD>
<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><B>DIVIDENDS DECLARED ON COMMON STOCK</B>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="76%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
February</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">.08</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">.08</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
May</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">.09</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">.08</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
August</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">.09</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">.08</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
November</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">.09</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">.08</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Total</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">.35</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">.32</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Regular quarterly dividends have been paid on the first business
day of January, April, July and October.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of March&nbsp;10, 2000, there were 30,666 stockholders of
record of Viad&#146;s common stock.

<P align="center">7

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">

<!-- link2 "Item 6. Selected Financial Data" -->

<DIV align="left">
<B>Item&nbsp;6.&nbsp;&nbsp;<I>Selected Financial Data</I></B>
</DIV>

<P align="center"><B>VIAD CORP</B>

<P align="center">
<B>SELECTED FINANCIAL AND OTHER DATA</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="37%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD colspan="19"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="19"><FONT size="2"><B>Year Ended December 31,</B></FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="19"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1996</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1995</B></FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD colspan="19"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="19"><FONT size="2"><B>(000 omitted, except per share data)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
<B>Operations</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Revenues:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Ongoing operations(1)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,570,241</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,337,221</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,118,177</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,028,057</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">826,204</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Sold businesses</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,928</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">275,538</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">368,174</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">369,868</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">344,152</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Revenues from continuing operations</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,581,169</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,612,759</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,486,351</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,397,925</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,170,356</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Income from continuing operations(2)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">128,559</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">97,344</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">56,519</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">30,142</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">36,059</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Income (loss)&nbsp;from discontinued operations(3)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">218,954</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">53,296</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">41,275</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,765</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(38,743</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Extraordinary item</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(8,458</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Cumulative effect of change in accounting principle</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(13,875</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Net income (loss)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">347,513</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">150,640</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">89,336</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">28,377</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(16,559</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
<B>Diluted income per common share</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Continuing operations(2)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.32</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.98</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.59</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.32</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.40</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Discontinued operations(3)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2.27</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.54</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.44</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(0.02</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(0.44</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Extraordinary item</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(0.09</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Cumulative effect of change in accounting principle</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(0.16</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Diluted net income (loss)&nbsp;per common share</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3.59</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.52</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.94</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.30</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(0.20</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Average outstanding and potentially dilutive common shares</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">96,396</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">98,367</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">93,786</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">91,339</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">88,479</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
<B>Basic income per common share</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Continuing operations</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.37</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.02</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.61</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.33</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.40</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Discontinued operations(3)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2.35</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.56</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.45</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(0.02</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(0.44</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Extraordinary item</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(0.09</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Cumulative effect of change in accounting principle</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(0.16</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Basic net income (loss)&nbsp;per common share</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3.72</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.58</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.97</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.31</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(0.20</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Average outstanding common shares</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">93,007</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">94,382</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">90,804</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">88,814</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">86,543</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Dividends declared per common share</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.35</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.32</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.32</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.48</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.62</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
<B>Financial position at year-end</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Total assets</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5,210,871</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,665,746</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,609,208</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,344,844</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,615,596</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Total debt</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">389,272</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">534,453</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">410,049</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">520,954</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">888,967</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
$4.75 Redeemable preferred stock</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,640</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,625</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,612</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,604</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,597</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Common stock and other equity</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">708,645</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">645,881</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">529,161</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">432,218</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">548,169</FONT></TD>
<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">8
<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="40%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="19"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="19"><FONT size="2"><B>Year Ended December 31,</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="19"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1996</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1995</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="19"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="19"><FONT size="2"><B>(000 omitted, except per share data)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
<B>Other data</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
EBITDA (000&nbsp;omitted)(4)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">295,820</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">229,187</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">179,455</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">150,543</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">130,017</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Debt-to-capital ratio(5)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">35</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">43</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">54</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">61</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(1)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">Viad Payment Services subsidiaries invest
substantial amounts in tax-exempt securities. On a fully taxable
equivalent basis using a combined income tax rate of 39%,
revenues would be higher by $52,034,000, $39,309,000,
$28,724,000, $21,489,000, and $16,000,000 for 1999, 1998, 1997,
1996, and 1995, respectively.</FONT></TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(2)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">Includes nonrecurring income (expense)&nbsp;of
$6,131,000, or $0.06 per diluted share in 1999, $12,737,000, or
$0.13 per diluted share in 1998, and $(9,960,000), or $(0.11) per
diluted share in 1996. See Note&nbsp;C of Notes to Consolidated
Financial Statements. Excluding these items, diluted income per
share from continuing operations was $1.26 in 1999, $0.85 in 1998
and $0.43 in 1996.</FONT></TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(3)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">See Note D of Notes to Consolidated Financial
Statements.</FONT></TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(4)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">EBITDA is defined by Viad as income from
continuing operations before interest expense, income taxes,
depreciation and amortization and nonrecurring items and includes
the fully taxable equivalent adjustment. EBITDA data are
presented as a measure of the ability to service debt, fund
capital expenditures and finance growth. Such data should not be
considered an alternative to net income, operating income, cash
flows from operations or other operating or liquidity performance
measures prescribed by generally accepted accounting principles.
Cash expenditures for various long-term assets, interest expense
and income taxes have been, and will be, incurred which are not
reflected in the EBITDA presentations.</FONT></TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(5)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">Debt-to-capital is defined as total debt divided
by capital. Capital is defined by Viad as total debt plus
minority interests, preferred stock and common stock and other
equity.</FONT></TD>
</TR>

</TABLE>

<P align="center">9
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<P align="left">

<!-- link2 "Item 7. Management&#146;s Discussion and Analysis of Results of Operations and Financial Condition" -->

<DIV align="left">
<B>Item&nbsp;7.&nbsp;&nbsp;<I>Management&#146;s Discussion and
Analysis of Results of Operations and Financial Condition</I></B>
</DIV>

<P align="left"><B>Results of Operations:</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On July&nbsp;1, 1999, Viad Corp (&#147;Viad&#148;) completed the
sale of its airline catering business, conducted by Dobbs
International Services, Inc. in the United States and by Dobbs
International (U.K.) Limited in the United Kingdom (referred to
collectively as &#147;Dobbs&#148;). Effective April&nbsp;1, 1998,
Viad sold its Aircraft Services International Group
(&#147;ASIG&#148;), which conducted aircraft fueling and
ground-handling operations. The sale of Dobbs completed the
disposition of Viad&#146;s airline catering and services segment.
The financial statements have been prepared to reflect
Viad&#146;s historical financial position and results of
operations as adjusted for the reclassification of the airline
catering and services businesses up to the respective disposition
dates of Dobbs and ASIG, as well as the gains on sales of Dobbs
and ASIG, as discontinued operations. See Note&nbsp;D of Notes to
Consolidated Financial Statements.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad has also disposed of several additional noncore businesses
(not classified as discontinued operations) in order to
concentrate on its core businesses. On January&nbsp;27, 1999,
Viad completed the sale of the contract foodservice operations of
Restaura, Inc. The public service division units of Restaura,
Inc. were sold in March&nbsp;1999. In September&nbsp;1998, Viad
sold its duty-free and shipboard concession business, Greyhound
Leisure Services, Inc. (&#147;GLSI&#148;). In October&nbsp;1997,
Viad completed the sale of two small United Kingdom travel tour
companies. The gains on sale, after providing for costs of sale
and related expense provisions, have been reported as
nonrecurring income as described in Note&nbsp;C of Notes to
Consolidated Financial Statements. The revenues and results of
these sold businesses are included in Viad&#146;s &#147;Sold
businesses&#148; category up to the respective dates of sale.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad now focuses on two principal service businesses: Payment
Services and Convention and Event Services.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Effective June&nbsp;1, 1998, Viad acquired MoneyGram Payment
Systems, Inc. (&#147;MoneyGram&#148;), a provider of consumer
money wire transfer services. MoneyGram&#146;s operations from
the date of acquisition are included in Viad&#146;s Payment
Services reportable segment.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following discussion and analysis should be read in
conjunction with the accompanying Consolidated Financial
Statements, which include the accounts of Viad and all of its
subsidiaries. All per share figures discussed are stated on the
diluted basis.

<P align="left"><B>&nbsp;&nbsp;</B><I>1999 vs. 1998:</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Revenues were $1.6 billion in both 1999 and 1998. Viad Payment
Services subsidiaries continue to invest substantial amounts of
funds from the sale of money orders and other payment instruments
in tax-exempt securities, which have lower pre-tax yields but
produce higher income on an after-tax basis than comparable
taxable investments. On a fully taxable equivalent basis, and
excluding the effects of the sold businesses not classified as
discontinued operations noted above, revenues of ongoing
operations were $1.6 billion, up 18 percent from $1.4 billion in
1998.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Including the nonrecurring income described in Note&nbsp;C of
Notes to Consolidated Financial Statements, income from
continuing operations for 1999 was $128.6 million, or $1.32 per
share, compared with income from continuing operations of $97.3
million, or $0.98 per share in 1998. Income from continuing
operations before nonrecurring income was $122.4 million, or
$1.26 per share, compared with comparable income of $84.6
million, or $0.85 per share, in 1998.

<P align="center">10
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<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="69%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="7%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="6%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="7"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>(000 omitted, except per</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>share data)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
<B>Income from continuing operations before nonrecurring income
</B></FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">122,428</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">84,607</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Nonrecurring income, net of tax</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,131</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">12,737</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Income from continuing operations</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">128,559</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">97,344</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
<B>Diluted income per common share from continuing operations
before nonrecurring income</B></FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.26</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.85</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Nonrecurring income, net of tax</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.06</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.13</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Income per common share from continuing operations</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.32</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.98</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net income for 1999 was $347.5 million, or $3.59 per share,
including income from discontinued operations of $219.0 million,
or $2.27 per share. Income from discontinued operations in 1999
included the gain on the sale of Dobbs of $213.4 million, or
$2.21 per share. Net income for 1998 was $150.6 million, or $1.52
per share, including income from discontinued operations of
$53.3 million, or $0.54 per share. Income from discontinued
operations in 1998 included the gain on sale of ASIG of $13.2
million, or $0.13 per share.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
There were two million fewer average outstanding and potentially
dilutive common shares in 1999 than in 1998, due primarily to the
stock repurchase programs described in &#147;Liquidity and
Capital Resources.&#148; In addition, a lower Viad stock price
during 1999 contributed to fewer additional dilutive shares
related to unexercised stock options.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Payment Services. </B>Revenues of the Payment Services segment
on the fully taxable equivalent basis were $581.5 million in
1999, a 35&nbsp;percent increase over 1998 segment revenues of
$431.2 million. On the same basis, operating margins increased to
22.1&nbsp;percent in 1999 from 20.2&nbsp;percent in 1998.
Excluding the effects of the nonrecurring patent litigation items
discussed in Note&nbsp;C of Notes to Consolidated Financial
Statements, net income increased $24.6 million, or
48&nbsp;percent, in 1999. These results were driven by continuing
strong growth in traditional Travelers Express money order and
official check operations and by the inclusion of MoneyGram
(acquired as of June&nbsp;1, 1998) for the full year of 1999.
Excluding the results of MoneyGram from both periods, revenues on
the fully taxable equivalent basis increased 21&nbsp;percent.
Average investable balances were $3.1 billion, up 34&nbsp;percent
from 1998 levels, resulting in higher investment income. In
addition, expenses for Year 2000 compliance projects were lower
in 1999 than in 1998.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Convention and Event Services. </B>Revenues of the Convention
and Event Services segment were $932.8 million in 1999, an
increase of 10&nbsp;percent from 1998 revenues of $849.2 million.
Net income for the segment also increased 10 percent to $47.2
million in 1999 from $42.9 million in 1998. Operating margins
improved slightly to 10.7&nbsp;percent in 1999 from
10.3&nbsp;percent in 1998. Both GES Exposition Services
(&#147;GES&#148;) and Exhibitgroup/ Giltspur posted solid results
for the year. GES&#146; 1999 fourth quarter and full year
results were impacted by cancellation or cutbacks of certain
millennium events and by increased investment in new products and
exhibitor services programs and spending on productivity and
quality initiatives, designed to position growth and improvement
in the future.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Travel and Recreation Services. </B>The ongoing travel and
recreation businesses include the Canadian travel tour service
subsidiary, which operates tours and charters in the Canadian
Rockies and conducts hotel operations and snocoach tours of the
Columbia Icefield; and the Recreation Division of Viad, which
operates concessions at America West Arena and Bank One Ballpark
in Phoenix, Arizona, and also operates the historic lodges at
Glacier National Park. Revenues of the travel and recreation
businesses increased $10.7 million, or 10 percent, to $113.7
million in 1999. The revenue increase resulted primarily from
increased package and snocoach tour business, as well as more
events held at America West Arena in 1999 than in 1998. Net
income for the travel and recreation businesses was $11.0
million, an increase of $1.4 million, or 15 percent, over that of
1998, primarily from the increases in revenue mentioned above.

<P align="center">11
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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Corporate Activities, Net. </B>These expenses decreased $4.8
million from 1998 to 1999, primarily due to ongoing cost
reduction efforts. Corporate expenses allocated to the operating
companies were essentially even with the 1998 allocations.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Other Investment Income. </B>Other investment income of $14.5
million in 1999 was generated from the investment of a portion of
the cash proceeds from the July&nbsp;1, 1999 sale of Dobbs.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Interest Expense. </B>Interest expense decreased from $27.2
million in 1998 to $26.9 million in 1999. The decrease in
interest expense was due primarily to the repayment of short-term
borrowings with a portion of the cash proceeds from the sale of
Dobbs and the repayment of debt and termination of related
interest rate swap agreements with proceeds from sales of other
noncore assets and businesses in 1998 and 1999. These items more
than offset the increased interest expense from new borrowings
for the June&nbsp;1998 acquisition of MoneyGram and Viad&#146;s
stock repurchase programs.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Income Taxes. </B>Excluding the effect of nonrecurring income,
the 1999 effective tax rate was 20.5&nbsp;percent, up from
19.4&nbsp;percent in 1998. The relatively low effective tax rate
is primarily attributable to tax-exempt investment income from
Viad&#146;s Payment Services businesses. The tax rate is expected
to increase gradually as tax-exempt investment income becomes a
lower proportion of pre-tax income from continuing operations.

<P align="left"><B>&nbsp;&nbsp;</B><I>1998 vs. 1997:</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Revenues for 1998 were $1.6 billion compared with $1.5 billion in
1997. On a fully taxable equivalent basis, and excluding
businesses sold but not classified as discontinued operations,
revenues of ongoing operations were $1.4 billion, up
20&nbsp;percent from $1.1 billion in 1997.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Including the nonrecurring income described in Note&nbsp;C of
Notes to Consolidated Financial Statements, income from
continuing operations for 1998 was $97.3 million, or $0.98 per
share. Income from continuing operations before nonrecurring
income in 1998 was $84.6 million, or $0.85 per share, compared to
income from continuing operations of $56.5 million, or $0.59 per
share, in 1997.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net income for 1998 was $150.6 million, or $1.52 per share. The
1998 net income includes income from discontinued operations of
$53.3 million, or $0.54 per share. Net income for 1997 was $89.3
million, or $0.94 per share, including income from discontinued
operations of $41.3 million, or $0.44 per share, and after
deducting an extraordinary charge of $8.5 million, or $0.09 per
share, for the early retirement of debt.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
There were 4.6 million more average outstanding and potentially
dilutive common shares in 1998 than in 1997, due primarily to the
acquisition of Game Financial Corporation (&#147;Game&#148;) in
December&nbsp;1997 (for approximately 2.6 million shares of Viad
stock), stock option exercises and the effects of a higher Viad
stock price on the calculation of additional common shares
arising from unexercised stock options. A stock repurchase
program was initiated in July&nbsp;1998 to replace common shares
issued upon exercise of stock options and in connection with
other stock compensation plans.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Payment Services. </B>Revenues of the Payment Services segment
on the fully taxable equivalent basis were $431.2 million in
1998 compared to $234.9 million in 1997, an 84&nbsp;percent
increase over 1997 segment revenues. On the same basis, operating
margins were 20.2&nbsp;percent in 1998, down from
27.8&nbsp;percent in 1997, due to the inclusion of MoneyGram
(acquired as of June&nbsp;1, 1998) and Game (acquired in
December&nbsp;1997) which have lower margins than the traditional
Travelers Express businesses. Excluding the results of MoneyGram
and Game from both periods, revenues on the fully taxable
equivalent basis increased 26 percent. Excluding the effects of
the 1998 nonrecurring patent litigation charge discussed in Note
C of Notes to Consolidated Financial Statements, net income
increased $10.2 million, or 25&nbsp;percent, in 1998. These
results were accomplished despite increased costs of Year 2000
compliance projects and were driven by continuing strong growth
in traditional Travelers Express money order and official check
operations, supplemented by Game and MoneyGram results.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Convention and Event Services. </B>Revenues of the Convention
and Event Services segment were $849.2 million in 1998, an
increase of 3&nbsp;percent from 1997 revenues of $827.5 million.
GES concentrated on eliminating low-margin business during 1998,
resulting in a disproportionately low revenue increase. Operating

<P align="center">12

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<DIV align="left">
margins increased to 10.3&nbsp;percent in 1998 versus
8.8&nbsp;percent in 1997. Net income for the segment increased
22&nbsp;percent to $42.9 million in 1998 from $35.3 million in
1997. Both GES and Exhibitgroup/ Giltspur had solid gains in net
income due to improved cost controls and higher margin business
in 1998.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Travel and Recreation Services. </B>Revenues of the travel and
recreation businesses increased $11.7 million, or
13&nbsp;percent, to $103.0 million in 1998. The revenue increase
resulted primarily from the first year&#146;s operation of
concessions at Bank One Ballpark, partially offset by a decline
in Japanese and other Asian tourism into Canada. Net income for
the travel and recreation businesses was $9.5 million, an
increase of $1.7 million, or 21&nbsp;percent, over that of 1997,
primarily from the addition of the Bank One Ballpark operation as
well as improved cost controls.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Corporate Activities, Net. </B>These expenses decreased $7.2
million from 1997 to 1998. In addition to ongoing cost reduction
efforts, Viad charged its operating companies an increased
allocation of corporate expenses in 1998.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Interest Expense. </B>Interest expense decreased from $34.3
million in 1997 to $27.2 million in 1998. Interest expense from
new borrowings for the June&nbsp;1998 acquisition of MoneyGram
was more than offset by the effects of repayment of debt and
termination of related interest rate swap agreements with
proceeds from the sales of noncore assets and businesses in 1997
and 1998.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Income Taxes. </B>Excluding the effect of nonrecurring income,
the 1998 effective tax rate was 19.4&nbsp;percent, up from
16.5&nbsp;percent in 1997. The relatively low effective tax rate
is primarily attributable to tax-exempt investment income. The
tax rate is expected to increase gradually as tax-exempt
investment income becomes a lower proportion of pre-tax income
from continuing operations.

<P align="left"><B>Liquidity and Capital Resources:</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On July&nbsp;1, 1999, Viad received approximately $780 million in
cash proceeds from the sale of Dobbs. A portion of the proceeds
was used to repay short-term borrowings, repurchase treasury
shares and to repay a portion of the commercial paper issued to a
Payment Services subsidiary. In December&nbsp;1999, Viad
contributed approximately $50 million of the Dobbs&#146; sale
proceeds to the capital of a Payment Services subsidiary. The
repayment of commercial paper and the capital contribution have
been invested by the Payment Services subsidiary in debt
securities that are included in the Consolidated Balance Sheets
under the caption &#147;Investments restricted for payment
service obligations.&#148; After paying estimated taxes on the
gain on sale of Dobbs, the balance of the Dobbs&#146; sale
proceeds is being invested in debt securities, pending
Viad&#146;s use to fund strategic acquisitions in Viad&#146;s
core businesses, purchase treasury shares, reduce debt, or for
other general corporate purposes. The debt securities, totaling
$268.9 million at December&nbsp;31, 1999, are classified in the
Consolidated Balance Sheets as &#147;Short-term investments&#148;
and &#147;Investments in securities.&#148;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Proceeds from the previously discussed sales of other noncore
assets and businesses in 1998 and 1999 were used to repay
short-term borrowings and, in 1998, to terminate certain related
interest rate swap agreements, resulting in lower ongoing
interest expense.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In mid-1998, Viad completed its cash tender offer for MoneyGram
at $17.35 per share, for a total acquisition cost of
approximately $286.5 million. The acquisition was financed with
cash and short-term borrowings supported by Viad&#146;s long-term
revolving bank credit agreement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad&#146;s total debt at December&nbsp;31, 1999, was $389.3
million compared with $534.5 million at December&nbsp;31, 1998.
The debt-to-capital ratio at December&nbsp;31, 1999, was 0.35 to
1, compared to 0.45 to 1 at December&nbsp;31, 1998. Capital is
defined by Viad as total debt plus minority interests, preferred
stock and common stock and other equity. The decrease in the
debt-to-capital ratio was due primarily to the repayment of debt
with a portion of the proceeds from the sale of Dobbs and the
increase in equity resulting from the gain on the sale of Dobbs,
partially offset by the reduction in equity due to the repurchase
of treasury shares and the unrealized holding losses arising
during 1999 on securities classified as available for sale.

<P align="center">13

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<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under a Shelf Registration filed in 1994 with the Securities and
Exchange Commission, Viad can issue up to an aggregate $500
million of debt and equity securities. No securities have been
issued under the program.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In July&nbsp;1998, Viad announced a stock repurchase program for
the purpose of replacing common shares issued upon exercise of
stock options and in connection with other stock compensation
plans, with the intended effect of reducing dilution caused by
the issuance of such shares. After the sale of Dobbs in
July&nbsp;1999, Viad announced a $150 million stock repurchase
plan, and in November&nbsp;1999, Viad announced its intent to
repurchase an additional $30 million to $50 million of its common
stock. Under these plans, 6,720,600 and 909,000 shares were
repurchased in 1999 and 1998 for $204.1 million and $23.0
million, respectively. Net proceeds from the exercise of stock
options, including tax benefits on stock option exercises,
totaled $29.4 million and $17.2 million in 1999 and 1998,
respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With respect to working capital, in order to minimize the effects
of borrowing costs on earnings, Viad strives to maintain current
assets at the lowest practicable levels while at the same time
taking advantage of the payment terms offered by trade creditors
and obtaining advance deposits from customers for certain
projects and services. In spite of these efforts, working capital
requirements may fluctuate significantly from seasonal factors
as well as changes in levels of receivables and inventories
caused by numerous business factors.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad satisfies a portion of its working capital and other
financing requirements with short-term borrowings (through
commercial paper, bank note programs and bank lines of credit)
and the sale of trade accounts receivable. Short-term borrowings
are supported by a $300 million long-term revolving bank credit
agreement. No borrowings were outstanding under the bank credit
agreement at December&nbsp;31, 1999 or 1998.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad has an agreement to sell up to $60 million of trade accounts
receivable under which the purchaser has agreed to invest
collected amounts in new purchases on a revolving basis. The
receivables sold totaled $60 million and $27.4 million at
December&nbsp;31, 1999 and 1998, respectively. The agreement
expires in August&nbsp;2000 but is expected to be extended
annually.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Capital spending has been reduced by obtaining, where
appropriate, equipment and other property under operating leases.
Cash flows from operations, trade accounts receivable sales and
proceeds from the sales of noncore businesses and assets during
the past three years have generally been sufficient to fund
capital expenditures, acquire businesses and pay cash dividends
to stockholders. Viad expects operating cash flows, sales of
trade accounts receivable, use of investment proceeds from the
sale of Dobbs and short-term borrowings to be sufficient to
finance its ongoing businesses and to fund acquisitions. Should
financing requirements exceed such sources of funds, Viad
believes it has adequate external financing sources available,
including Viad&#146;s $300 million long-term revolving bank
credit and its $500 million Shelf Registration, to cover any
shortfall.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
EBITDA is a measure of Viad&#146;s ability to service debt, fund
capital expenditures and finance growth, and should be considered
in addition to, but not as a substitute for, other measures of
financial performance reported in accordance with generally
accepted accounting principles. EBITDA, defined as income from
continuing operations before interest expense, income taxes,
depreciation and amortization and nonrecurring items and
including the fully taxable equivalent adjustment, increased
29&nbsp;percent to $296 million in 1999, while EBITDA in 1998
increased 28&nbsp;percent to $229 million.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad&#146;s Payment Services subsidiaries generate funds from the
sale of money orders and other payment instruments, with the
related liabilities classified as &#147;Payment service
obligations.&#148; Substantially all of the proceeds of such
sales are invested in permissible securities, principally
high-quality debt instruments. These investments are restricted
by state regulatory agencies for use by the subsidiaries to
satisfy the liability to pay, upon presentment, the face amount
of such payment service obligations. Such assets are not
available to satisfy working capital or other financing
requirements of Viad. Accordingly, the securities are included in
the Consolidated Balance Sheets under the caption,
&#147;Investments restricted for payment service
obligations.&#148; Certain additional assets of the Payment
Services subsidiaries relating to payment service obligations,
including cash on hand, funds in transit from agents and
securities expected to be sold or maturing within one

<P align="center">14

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<P><HR noshade><P>

<DIV align="left">
year, are included under the caption, &#147;Funds, agents&#146;
receivables and current maturities of investments restricted for
payment service obligations.&#148; Before consolidating
eliminations, this caption also included investment-grade
commercial paper issued by Viad and supported along with the rest
of Viad&#146;s outstanding commercial paper by a credit
commitment under a long-term revolving bank credit agreement. As
noted above, a portion of the commercial paper held by the
Payment Services subsidiary was repaid by Viad in 1999. In
addition, certain other assets of Payment Services subsidiaries
are available for the payment service obligations. Fluctuations
in the balances of Payment Service assets and obligations result
from varying levels of sales of money orders and other payment
instruments, the timing of the collections of agents&#146;
receivables and the timing of the presentment of such
instruments.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A Viad Payment Services subsidiary has an agreement to sell, on a
periodic basis, undivided percentage ownership interests in
certain receivables from bill payment and money order agents in
an amount not to exceed $400 million. The agreement expires in
June&nbsp;2003. The receivables are sold in order to accelerate
payment services&#146; cash flow for investments in admissible
securities. In addition, a Viad Payment Services subsidiary has
various lines of credit and overdraft facilities totaling $250
million available to assist in the management of its investments
and the clearing of payment service obligations. No borrowings
were outstanding under these facilities at December&nbsp;31, 1999
or 1998.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad sold treasury stock in 1992 to Viad&#146;s Employee Equity
Trust (the &#147;Trust&#148;) to fund certain existing employee
compensation and benefit plans over the scheduled 15-year term of
the Trust. For financial reporting purposes, the Trust is
consolidated with Viad. The fair market value of the shares held
by the Trust, representing unearned employee benefits, is
recorded as a deduction from common stock and other equity and is
reduced as employee benefits are funded. At December&nbsp;31,
1999, a total of 3,939,671 shares remained in the Trust and were
available to fund future benefit obligations.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad has certain unfunded pension and other postretirement
benefit plans that require payments over extended periods of
time. Such future benefit payments are not expected to materially
affect Viad&#146;s liquidity.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of December&nbsp;31, 1999, Viad has recorded U.S. deferred
income tax assets totaling $152 million, which Viad believes to
be fully realizable in future years. The realization of such
benefits will require average annual taxable income over the next
15&nbsp;years (the current federal net operating loss
carryforward period) of approximately $29 million. Viad&#146;s
average U.S. pre-tax income from continuing operations, exclusive
of nondeductible goodwill amortization and minority interests,
over the past three years has been $112 million. Furthermore, $43
million of the deferred income tax benefits relate to unfunded
pension, compensation and other employee benefits which will
become deductible for income tax purposes as paid, which will
occur over extended periods of time.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad is subject to various environmental laws and regulations of
the United States as well as of the states and other countries in
whose jurisdictions Viad has or had operations and is subject to
certain international agreements. As is the case with many
companies, Viad faces exposure to actual or potential claims and
lawsuits involving environmental matters. Although Viad is a
party to certain environmental disputes, Viad believes that any
liabilities resulting therefrom, after taking into consideration
amounts already provided for, exclusive of any potential
insurance recovery, should not have a material effect on
Viad&#146;s financial position, results of operations or cash
flows.

<P align="left"><B>Year 2000 Update:</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad completed its Year 2000 compliance projects by the end of
1999 and accomplished the Year 2000 transition without any
material adverse effect on its business operations, products,
financial position, results of operations or cash flows.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cumulative Year 2000 costs incurred totaled $14.7 million, of
which approximately 35&nbsp;percent, 55&nbsp;percent and
10&nbsp;percent were expensed in 1999, 1998 and 1997,
respectively. The Year 2000 costs are exclusive of costs which
would have been incurred as part of normal systems and
applications replacements and/or upgrades to meet current and
future business needs.

<P align="center">15

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<P align="left">

<!-- link2 "Item 7A. Quantitative and Qualitative Disclosures about Market Risk" -->

<DIV align="left">
<B>Item&nbsp;7A.&nbsp;&nbsp;<I>Quantitative and Qualitative
Disclosures about Market Risk</I></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad&#146;s primary market risk exposures are fluctuations in
interest rates and foreign exchange rates. Certain derivative
financial instruments are used as part of Viad&#146;s risk
management strategy to manage exposure to changes in these rates.
Derivatives are not used for speculative purposes.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad utilizes forward contracts to hedge its exposure to
fluctuations in foreign exchange rates on receivables and
payables denominated in foreign currencies, which generally arise
from wire transfer transactions. The forward contracts generally
have maturities less than thirty days. The forward contracts are
recorded on the Consolidated Balance Sheets, and the effect of
changes in foreign exchange rates on the foreign-denominated
receivables and payables, net of the effect of the related
forward contracts, is not significant.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As discussed in Note&nbsp;F of Notes to Consolidated Financial
Statements, Viad&#146;s portfolio of &#147;Investments restricted
for payment service obligations&#148; arises primarily from the
sale of money orders and other payment instruments by Viad
Payment Services subsidiaries. The proceeds of such sales are
invested in permissible securities (primarily debt instruments)
in accordance with applicable state laws pending the settlement,
upon presentment, of the payment instrument obligations. Although
Payment Services subsidiaries&#146; investment portfolio exposes
Viad to certain credit risks, Viad believes the high quality of
the investments reduces this risk substantially. Approximately
99&nbsp;percent of the investments at December&nbsp;31, 1999,
have a rating of A- or higher or are collateralized by federal
agency securities.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A portion of Viad&#146;s Payment Services business involves the
payment of commissions to selling agents of its official check
program. A Viad Payment Services subsidiary has also entered into
agreements to sell receivables from its bill payment and money
order agents. As discussed in Note&nbsp;P of Notes to
Consolidated Financial Statements, the commissions and expense of
selling receivables are computed based on short-term variable
interest rates that subject Viad to risk arising from changes in
such rates. Viad has hedged a substantial portion of this risk
through the purchase of swap agreements which convert the
variable rate payments to fixed rates. The fair value of such
swap agreements, while not recorded on Viad&#146;s Consolidated
Balance Sheets, generally increases when the market value of
fixed rate debt investments declines and vice versa.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad is also exposed to short-term interest rate risk on certain
of its debt obligations and trade accounts receivable sales. Viad
currently does not use derivative financial instruments to hedge
cash flows for such obligations.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based on a hypothetical 10&nbsp;percent proportionate increase in
interest rates from the average level of interest rates during
the last twelve months, and taking into consideration expected
investment positions, commissions paid to selling agents, growth
in new business, the effects of the swap agreements and the
expected borrowing level of variable-rate debt, the decrease in
pre-tax income would be approximately $1.2 million. A
hypothetical 10&nbsp;percent proportionate decrease in interest
rates, based on the same set of assumptions, would result in an
increase in pre-tax income of approximately $1.7 million.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The fair value of securities classified as available for sale,
the fair value of the swap agreements and the fair value of
fixed-rate debt are sensitive to changes in interest rates. A
10&nbsp;percent proportionate increase in interest rates would
result in an estimated decrease in the fair value of securities
classified as available for sale of approximately $90.8 million
(along with an after-tax decrease in accumulated other
comprehensive income of approximately $55.4 million), an
estimated off-balance-sheet increase in the fair value of
Viad&#146;s swap agreements of approximately $41.6 million and an
estimated off-balance-sheet decrease in the fair value of
Viad&#146;s fixed-rate debt of approximately $3.6 million. A
10&nbsp;percent proportionate decrease in interest rates would
result in an estimated increase in the fair value of securities
classified as available for sale of approximately $89.2 million
(along with an after-tax increase in accumulated other
comprehensive income of approximately $54.4 million), an
estimated off-balance-sheet decrease in the fair value of
Viad&#146;s swap agreements of approximately $41.6 million and an
estimated off-balance-sheet increase in the fair value of
Viad&#146;s fixed-rate debt of approximately $3.6 million.

<P align="center">16

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<P align="left"><B>Forward-Looking Statements:</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As provided by the safe harbor provision under the &#147;Private
Securities Litigation Reform Act of 1995,&#148; Viad cautions
readers that, in addition to the historical information contained
herein, this Annual Report on Form&nbsp;10-K includes certain
forward-looking statements, assumptions and discussions,
including those relating to expectations of or current trends in
future growth, productivity improvements, consumer demand, new
business, investment policies, ongoing cost reduction efforts and
market risk disclosures. Such statements involve risks and
uncertainties which may cause results to differ materially from
those set forth in those statements. Among other things, consumer
demand patterns, purchasing decisions related to customer demand
for convention and event services, existing and new competition,
industry alliances and consolidation and growth patterns within
the industries in which Viad competes may individually or in
combination impact future results. In addition to the factors
mentioned elsewhere, economic, competitive, governmental,
technological, capital marketplace and other factors could affect
the forward-looking statements contained in this Annual Report.

<P align="left">

<!-- link2 "Item 8. Financial Statements and Supplementary Data" -->

<DIV align="left">
<B>Item&nbsp;8.&nbsp;&nbsp;<I>Financial Statements and
Supplementary Data</I></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Refer to Index to Financial Statements on page&nbsp;21 for
required information.

<P align="left">

<!-- link2 "Item 9. Disagreements on Accounting and Financial Disclosure" -->

<DIV align="left">
<B>Item&nbsp;9.&nbsp;&nbsp;<I>Disagreements on Accounting and
Financial Disclosure</I></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
None.

<P align="left">

<!-- link1 "PART III" -->

<DIV align="center">
<B>PART III</B>
</DIV>

<P align="left">

<!-- link2 "Item 10. Directors and Executive Officers of the Registrant" -->

<DIV align="left">
<B>Item&nbsp;10.&nbsp;&nbsp;<I>Directors and Executive Officers
of the Registrant</I></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Information regarding Directors of the Registrant is included in
the Proxy Statement for the Annual Meeting of Stockholders of
Viad Corp to be held on May&nbsp;9, 2000 and is incorporated
herein by reference. Information regarding executive officers of
Registrant is located at page&nbsp;5 of this Report.

<!-- link2 "Item 11. Executive Compensation" -->

<P align="left"><B>Item 11.&nbsp;&nbsp;<I>Executive Compensation</I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Information regarding executive compensation is contained in the
Proxy Statement for the Annual Meeting of Stockholders of Viad
Corp to be held on May&nbsp;9, 2000 and is incorporated herein by
reference.

<!-- link2 "Item 12. Security Ownership of Certain Beneficial Owners and Management" -->

<P align="left"><B>Item 12.&nbsp;&nbsp;<I>Security Ownership of Certain
Beneficial Owners and Management</I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Information regarding security ownership of certain beneficial
owners and management is contained in the Proxy Statement for the
Annual Meeting of Stockholders of Viad Corp to be held on
May&nbsp;9, 2000 and is incorporated herein by reference.

<!-- link2 "Item 13. Certain Relationships and Related Transactions" -->

<P align="left"><B>Item 13.&nbsp;&nbsp;<I>Certain Relationships and Related
Transactions</I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
None.

<P align="center">17

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<!-- link1 "PART IV" -->

<P align="center"><B>PART IV</B>

<!-- link2 "Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K" -->

<P align="left"><B>Item 14.&nbsp;&nbsp;<I>Exhibits, Financial Statement
Schedules, and Reports on Form 8-K</I></B>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="5%"></TD>
<TD width="92%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>(a)1.&nbsp;</TD>
<TD align="left">
The financial statements listed in the accompanying Index to
Financial Statements are filed as part of this report.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="5%"></TD>
<TD width="92%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;</TD>
<TD align="left">
None.</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;</TD>
<TD align="left">
The exhibits listed in the accompanying Exhibit&nbsp;Index are
filed as part of this report.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="4%"></TD>
<TD width="93%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>(b)&nbsp;</TD>
<TD align="left">
Reports on Form&nbsp;8-K filed since Third Quarter 1999</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD align="left">
None.</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>(c)&nbsp;</TD>
<TD align="left">
Exhibits</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="4%"></TD>
<TD width="93%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD>
<TD align="left">
See Exhibit&nbsp;Index.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="4%"></TD>
<TD width="93%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>(d)&nbsp;</TD>
<TD align="left">
Financial Statement Schedules</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="4%"></TD>
<TD width="93%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD>
<TD align="left">
None.</TD>
</TR>

</TABLE>

<P align="center">18
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<P align="center"><B>SIGNATURES</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of Section&nbsp;13 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, in Phoenix, Arizona, on the 17th day of March, 2000.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="62%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">
VIAD CORP</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="3%"></TD>
<TD width="3%"></TD>
<TD width="56%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>By:&nbsp;</TD>
<TD>/s/</TD>
<TD align="center">
ROBERT H. BOHANNON</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="3%"></TD>
<TD width="3%"></TD>
<TD width="56%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD colspan="2" align="left">
<HR size="1" align="left"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align="center">
Robert H. Bohannon</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align="center">
Chairman of the Board,</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align="center">
President and Chief Executive Officer</TD>
</TR>


</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons
on behalf of the Registrant and in the capacities and on the
dates indicated:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="62%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">
Principal Executive Officer</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="3%"></TD>
<TD width="3%"></TD>
<TD width="56%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>By:&nbsp;</TD>
<TD>/s/</TD>
<TD align="center">
ROBERT H. BOHANNON</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="3%"></TD>
<TD width="3%"></TD>
<TD width="56%"></TD>
</TR>

<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD colspan="2" align="left">
<HR size="1" align="left"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align="center">
Robert H. Bohannon</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align="center">
Director; Chairman of the Board,</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align="center">
President and Chief Executive Officer</TD>
</TR>

</TABLE>

<P align="left">
Date: March&nbsp;17, 2000
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="62%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">
Principal Financial Officer</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="3%"></TD>
<TD width="3%"></TD>
<TD width="56%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>By:&nbsp;</TD>
<TD>/s/</TD>
<TD align="center">
RONALD G. NELSON</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="3%"></TD>
<TD width="3%"></TD>
<TD width="56%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD colspan="2" align="left">
<HR size="1" align="left"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align="center">
Ronald G. Nelson</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align="center">
Vice President&nbsp;&#151; Finance</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align="center">
and Treasurer</TD>
</TR>

</TABLE>

<P align="left">
Date: March&nbsp;17, 2000
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="62%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">
Principal Accounting Officer</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="3%"></TD>
<TD width="3%"></TD>
<TD width="56%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>By:&nbsp;</TD>
<TD>/s/</TD>
<TD align="center">
CATHERINE L. STEVENSON</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="3%"></TD>
<TD width="3%"></TD>
<TD width="56%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD colspan="2" align="left">
<HR size="1" align="left"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align="center">
Catherine L. Stevenson</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align="center">
Vice President&nbsp;&#151; Controller</TD>
</TR>

</TABLE>

<P align="left">
Date: March&nbsp;17, 2000

<P align="center">19

<!-- PAGEBREAK -->
<P><HR noshade><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="62%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">
Directors</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">
Jess Hay</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">
Judith K. Hofer</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">
Jack F. Reichert</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">
Linda Johnson Rice</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">
Douglas L. Rock</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">
John C. Tolleson</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD align="left">
Timothy R. Wallace</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="3%"></TD>
<TD width="3%"></TD>
<TD width="56%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>By:&nbsp;</TD>
<TD>/s/</TD>
<TD align="center">
CATHERINE L. STEVENSON</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="3%"></TD>
<TD width="3%"></TD>
<TD width="56%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD colspan="2" align="left">
<HR size="1" align="left"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align="center">
Attorney-in-Fact</TD>
</TR>

</TABLE>

<P align="left">
Date: March&nbsp;17, 2000

<P align="center">20

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>INDEX TO FINANCIAL STATEMENTS</B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="90%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Page</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Consolidated Balance Sheets&nbsp;&#151; December&nbsp;31, 1999
and 1998</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">F-</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Consolidated Statements of Income&nbsp;&#151; Years ended
December&nbsp; 31, 1999, 1998 and 1997</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">F-</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Consolidated Statements of Comprehensive Income&nbsp;&#151; Years
ended December&nbsp;31, 1999, 1998 and 1997</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">F-</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Consolidated Statements of Cash Flows&nbsp;&#151; Years ended
December&nbsp;31, 1999, 1998 and 1997</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">F-</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Consolidated Statements of Common Stock and Other
Equity&nbsp;&#151; Years ended December&nbsp;31, 1999, 1998 and
1997</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">F-</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Notes to Consolidated Financial Statements</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">F-</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Report of Management</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">F-</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">32</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Independent Auditors&#146; Report</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">F-</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">33</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">21
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>VIAD CORP</B>

<P align="center">
<B>CONSOLIDATED BALANCE SHEETS</B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="62%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="7%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="7%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD colspan="7"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>December 31,</B></FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD colspan="7"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>(000 omitted, except</B></FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>share data)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
<B>Assets</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Current assets:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Cash and cash equivalents</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">33,106</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">15,554</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Short-term investments</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">95,545</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Receivables</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">43,276</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">95,796</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Inventories</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">73,687</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">61,185</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Deferred income taxes</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">36,990</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">31,954</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Other current assets</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">36,664</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">32,992</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">319,268</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">237,481</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Funds, agents&#146; receivables and current maturities of
investments restricted for payment service obligations, after
eliminating $50,000 and $90,000 invested in<BR>
Viad commercial paper</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">602,893</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">533,625</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Total current assets</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">922,161</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">771,106</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Investments in securities</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">173,359</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Investments restricted for payment service obligations</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,936,171</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,415,588</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Property and equipment</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">313,623</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">294,595</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Investment in discontinued operations</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">386,300</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Other investments and assets</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">121,159</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">128,417</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Deferred income taxes</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">115,058</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">66,814</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Intangibles</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">629,340</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">602,926</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5,210,871</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,665,746</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
<B>Liabilities and Stockholders&#146; Equity</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Current liabilities:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Short-term bank loans</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">13,855</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Accounts payable</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">82,465</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">108,927</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Other current liabilities</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">204,228</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">182,626</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Current portion of long-term debt</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">32,814</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,105</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">333,362</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">294,658</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Payment service obligations</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,587,834</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,971,228</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Total current liabilities</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,921,196</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,265,886</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Long-term debt</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">342,603</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">531,348</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Pension and other postretirement benefits</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">71,402</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">74,529</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Other deferred items and insurance liabilities</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">154,435</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">138,381</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Commitments and contingent liabilities (Notes O, P and Q)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Minority interests</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5,950</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,096</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
$4.75 Redeemable preferred stock</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,640</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,625</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Common stock and other equity:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Common stock, $1.50 par value, 200,000,000 shares authorized,
99,739,925 shares issued</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">149,610</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">149,610</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Additional capital</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">289,798</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">327,866</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Retained income</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">643,352</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">329,258</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Unearned employee benefits and other</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(129,818</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(162,543</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Accumulated other comprehensive income:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Unrealized (loss)&nbsp;gain on securities classified as available
for sale</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(70,021</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">18,231</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Cumulative translation adjustments</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(4,935</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(7,009</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Minimum pension liability adjustment</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,674</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(953</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Common stock in treasury, at cost, 5,497,132 and 344,858 shares</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(167,667</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(8,579</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Total common stock and other equity</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">708,645</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">645,881</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5,210,871</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,665,746</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
See Notes to Consolidated Financial Statements.

<P align="center">F-1
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>VIAD CORP</B>

<P align="center">
<B>CONSOLIDATED STATEMENTS OF INCOME</B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="56%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD colspan="11"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><FONT size="2"><B>Year Ended December 31,</B></FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD colspan="11"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><FONT size="2"><B>(000 omitted, except per share data)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Revenues:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
&nbsp;&nbsp;Ongoing operations</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,570,241</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,337,221</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,118,177</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
&nbsp;&nbsp;Sold businesses</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,928</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">275,538</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">368,174</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
&nbsp;&nbsp;Revenues from continuing operations</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,581,169</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,612,759</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,486,351</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Costs and expenses:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
&nbsp;&nbsp;Costs of sales and services</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,393,383</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,454,152</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,351,717</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
&nbsp;&nbsp;Corporate activities</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">19,369</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">24,207</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">31,388</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
&nbsp;&nbsp;Other investment income</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(14,468</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
&nbsp;&nbsp;Interest expense</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">26,888</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">27,212</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">34,296</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
&nbsp;&nbsp;Nonrecurring income</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(9,676</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(22,842</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
&nbsp;&nbsp;Minority interests</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,078</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,165</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,237</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,417,574</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,484,894</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,418,638</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Income before income taxes</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">163,595</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">127,865</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">67,713</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Income taxes</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">35,036</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">30,521</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">11,194</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
<B>Income from continuing operations</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">128,559</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">97,344</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">56,519</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Income from discontinued operations</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">218,954</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">53,296</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">41,275</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Income before extraordinary item</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">347,513</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">150,640</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">97,794</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Extraordinary item</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(8,458</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
<B>Net income</B></FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">347,513</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">150,640</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">89,336</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
<B>Diluted income per common share</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Continuing operations</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.32</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.98</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.59</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Discontinued operations</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2.27</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.54</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.44</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Income before extraordinary item</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3.59</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.52</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.03</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Extraordinary item</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(0.09</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Diluted net income per common share</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3.59</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.52</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.94</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Average outstanding and potentially dilutive common shares</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">96,396</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">98,367</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">93,786</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
<B>Basic income per common share</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Continuing operations</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.37</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.02</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.61</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Discontinued operations</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2.35</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.56</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.45</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Income before extraordinary item</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3.72</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.58</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.06</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Extraordinary item</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(0.09</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Basic net income per common share</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3.72</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.58</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.97</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Average outstanding common shares</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">93,007</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">94,382</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">90,804</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Dividends declared per common share</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.35</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.32</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.32</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
See Notes to Consolidated Financial Statements.

<P align="center">F-2
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>VIAD CORP</B>

<P align="center">
<B>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="59%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD colspan="11"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><FONT size="2"><B>Year ended December 31,</B></FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD colspan="11"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
<B>Net income</B></FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">347,513</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">150,640</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">89,336</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Other comprehensive income:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Unrealized (losses) gains on securities classified as available
for sale:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Holding (losses) gains arising during the period, net of tax
(benefit) provision of $(53,748), $7,694, and $11,410</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(84,068</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">12,035</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17,846</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Reclassification adjustment for net realized gains included in
net income, net of tax provision of $2,675, $4,749, and $2,830</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(4,184</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(7,429</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(4,426</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(88,252</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,606</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">13,420</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Unrealized foreign currency translation adjustments:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Holding gains (losses) arising during the period</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,066</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(4,038</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(2,591</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Reclassification adjustment for sales of investments in foreign
entities included in net income</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,008</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">51</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,088</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,074</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(3,987</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,503</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Minimum pension liability adjustment, net of tax (benefit)
provision of $(389), $(205) and $3</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(721</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(381</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Other comprehensive (loss) income</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(86,899</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">238</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">11,921</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Comprehensive income</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">260,614</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">150,878</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">101,257</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
See Notes to Consolidated Financial Statements.

<P align="center">F-3

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>VIAD CORP</B>

<P align="center">
<B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="55%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD colspan="11"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><FONT size="2"><B>Year ended December 31,</B></FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD colspan="11"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
<B>Cash flows provided (used) by operating activities</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Net income</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">347,513</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">150,640</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">89,336</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Adjustments to reconcile net income to net cash provided by
operating activities:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Depreciation and amortization</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">62,979</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">57,643</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">48,722</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Deferred income taxes</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,700</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,563</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,437</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Income from discontinued operations</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(218,954</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(53,296</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(41,275</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Extraordinary item</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8,458</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Gains on sales of businesses, property and other assets, net</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(7,659</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(52,375</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(17,341</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Other noncash items, net</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">9,653</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">13,438</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8,849</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Change in operating assets and liabilities:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Receivables and inventories</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">48,980</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(31,113</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(5,822</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Payment service assets and obligations, net</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">549,691</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">778,156</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">466,559</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Accounts payable and accrued compensation</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(51,229</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17,506</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">11,865</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Other assets and liabilities, net</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(53,256</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(30,230</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(49,486</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Net cash provided by operating activities</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">690,418</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">851,932</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">521,302</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
<B>Cash flows provided (used) by investing activities</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Capital expenditures</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(62,010</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(54,832</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(72,104</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Purchase of asset previously leased</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(20,986</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Acquisitions of businesses, net of cash acquired</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(29,521</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(343,771</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(10,495</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Proceeds from sales of businesses, property and other assets, net</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">57,215</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">109,319</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">204,723</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Proceeds from sales and maturities of securities classified as
available for sale</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,403,277</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">839,128</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">819,813</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Proceeds from maturities of securities classified as held to
maturity</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">111,204</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">103,231</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">48,201</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Purchases of securities classified as available for sale</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(2,100,239</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,602,002</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,141,753</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Purchases of securities classified as held to maturity</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(349,362</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(96,309</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(191,340</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Cash provided by discontinued operations</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">650,748</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">124,839</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">996</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Net cash used by investing activities</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(318,688</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(920,397</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(362,945</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
<B>Cash flows provided (used) by financing activities</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Proceeds from long-term borrowings</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,926</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Payments on long-term borrowings</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(3,709</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(32,639</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(75,946</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Premium paid upon early retirement of debt</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(13,012</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Net change in short-term borrowings classified as long-term debt</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(142,145</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">150,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(34,000</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Cash payments on interest rate swap agreements related to debt</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(17,122</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(6,424</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Dividends on common and preferred stock</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(33,713</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(31,480</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(30,295</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Exercise of stock options</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">29,448</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17,216</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">12,466</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Common stock purchased for treasury</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(204,059</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(22,979</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Net cash (used) provided by financing activities</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(354,178</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">66,922</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(147,211</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Net increase (decrease) in cash and cash equivalents</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17,552</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,543</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">11,146</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Cash and cash equivalents, beginning of year</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">15,554</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17,097</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5,951</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
<B>Cash and cash equivalents, end of year</B></FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">33,106</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">15,554</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17,097</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
See Notes to Consolidated Financial Statements.

<P align="center">F-4

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>VIAD CORP</B>

<P align="center">
<B>CONSOLIDATED STATEMENTS OF COMMON STOCK AND OTHER EQUITY</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="34%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="2%">&nbsp;</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 align="center" nowrap colspan="3"><FONT size="2"><B>Unearned</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Accumulated</B></FONT></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD colspan="3"></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 align="center" nowrap colspan="3"><FONT size="2"><B>Employee</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Other</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Common</B></FONT></TD>
<TD></TD>
<TD colspan="3"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Common</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Additional</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Retained</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Benefits</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Comprehensive</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Stock in</B></FONT></TD>
<TD></TD>
<TD colspan="3"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Stock</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Capital</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Income</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>and Other</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Income</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Treasury</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Total</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="27"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="27"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
<B>Balance, December&nbsp;31, 1996</B></FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">145,663</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">282,203</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">147,240</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(118,766</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,890</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(22,232</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">432,218</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Net income</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">89,336</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">89,336</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Dividends on common and preferred stock</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(30,295</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(30,295</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Treasury shares acquired in connection with dividend reinvestment
plan</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(329</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,817</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(2,146</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Employee benefit plans</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(7,017</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">11,591</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">15,410</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">19,984</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Employee Equity Trust adjustment to market value</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">14,793</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(14,793</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Acquisition of subsidiary accounted for as a pooling of interests</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,947</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">875</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,382</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">9,204</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Unrealized translation loss</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,503</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,503</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Unrealized gain on securities classified as available for sale</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">13,420</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">13,420</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Minimum pension liability adjustment</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Other, net</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">889</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(964</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(986</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,061</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
<B>Balance, December&nbsp;31, 1997</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">149,610</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">291,414</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">209,699</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(121,968</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,031</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(9,625</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">529,161</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Net income</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">150,640</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">150,640</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Dividends on common and preferred stock</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(31,480</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(31,480</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Employee benefit plans</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(15,422</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">11,317</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">24,027</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">19,922</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Employee Equity Trust adjustment to market value</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">51,892</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(51,892</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Treasury shares acquired</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(22,979</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(22,979</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Unrealized translation loss</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(3,987</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(3,987</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Unrealized gain on securities classified as available for sale</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,606</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,606</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Minimum pension liability adjustment</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(381</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(381</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Other, net</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(18</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">399</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(2</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">379</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
<B>Balance, December&nbsp;31, 1998</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">149,610</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">327,866</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">329,258</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(162,543</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,269</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(8,579</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">645,881</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Net income</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">347,513</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">347,513</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Dividends on common and preferred stock</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(33,713</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(33,713</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Employee benefit plans</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(26,809</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">21,487</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">44,950</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">39,628</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Employee Equity Trust adjustment to market value</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(11,238</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">11,238</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Treasury shares acquired</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(204,059</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(204,059</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Unrealized translation gain</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,074</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,074</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Unrealized loss on securities classified as available for sale</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(88,252</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(88,252</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Minimum pension liability adjustment</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(721</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(721</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Other, net</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(21</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">294</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">294</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
<B>Balance, December&nbsp;31, 1999</B></FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">149,610</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">289,798</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">643,352</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(129,818</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(76,630</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(167,667</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">708,645</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
See Notes to Consolidated Financial Statements.

<P align="center">F-5

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<P><HR noshade><P>

<P align="center"><B>VIAD CORP</B>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B>

<DIV align="center">
<B>Years ended December&nbsp;31, 1999, 1998 and 1997</B>
</DIV>

<P align="left"><B>A.&nbsp; Significant Accounting Policies</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Principles of Consolidation. </B>The Consolidated Financial
Statements of Viad Corp (&#147;Viad&#148;) include the accounts
of Viad and all of its subsidiaries.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On July&nbsp;1, 1999, Viad completed the sale of its airline
catering business, conducted by Dobbs International Services,
Inc. in the United States and by Dobbs International (U.K.)
Limited in the United Kingdom (referred to collectively as
&#147;Dobbs&#148;). Effective April&nbsp;1, 1998, Viad sold its
Aircraft Services International Group (&#147;ASIG&#148;), which
conducted aircraft fueling and ground-handling operations. The
sale of Dobbs completed the disposition of Viad&#146;s airline
catering and services segment. The accompanying financial
statements have been prepared to reflect Viad&#146;s historical
financial position and results of operations as adjusted for the
reclassification of the airline catering and services businesses
up to the respective dates of disposition of Dobbs and ASIG, as
well as the gains on sales, as discontinued operations. See
Note&nbsp;D.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Consolidated Financial Statements are prepared in accordance
with generally accepted accounting principles, which require
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures at the
date of the financial statements and the reported results of
operations during the period. Actual results may vary from those
estimates.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Intercompany accounts and transactions between Viad and its
subsidiaries have been eliminated in consolidation.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Described below are those accounting policies significant to
Viad, including those selected from acceptable alternatives.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Cash Equivalents. </B>Viad considers all highly liquid
investments with original maturities of three months or less as
cash equivalents. Certain cash equivalents are classified as
&#147;Short-term investments.&#148; See Note&nbsp;E.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Investments in Securities. </B>A portion of the proceeds from
the sale of Dobbs has been invested in securities. These
securities are included in the Consolidated Balance Sheets under
the caption, &#147;Investments in securities&#148; with the
current portion and investments with original maturities of three
months or less included under the caption, &#147;Short-term
investments.&#148; In accordance with Statement of Financial
Accounting Standards (&#147;SFAS&#148;) No.&nbsp;115,
&#147;Accounting for Certain Investments in Debt and Equity
Securities,&#148; Viad classifies these investments as available
for sale. See Note E.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Assets Restricted for Payment Service Obligations. </B>
Viad&#146;s Payment Services subsidiaries generate funds from the
sale of money orders and other payment instruments, with the
related liabilities classified as &#147;Payment service
obligations.&#148; Substantially all of the proceeds of such
sales are invested in permissible securities, principally
high-quality debt instruments. These investments are restricted
by state regulatory agencies for use by the subsidiaries to
satisfy the liability to pay, upon presentment, the face amount
of the payment service obligations. Such assets are not available
to satisfy working capital or other financing requirements of
Viad. Accordingly, the securities are included in the
Consolidated Balance Sheets under the caption, &#147;Investments
restricted for payment service obligations.&#148; Certain
additional assets of the Payment Services subsidiaries relating
to payment service obligations, including cash on hand, funds in
transit from agents and securities expected to be sold or
maturing within one year, are included under the caption,
&#147;Funds, agents&#146; receivables and current maturities of
investments restricted for payment service obligations.&#148;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In accordance with SFAS No.&nbsp;115, Viad classifies these
investment securities restricted for payment service obligations
as either available for sale or held to maturity. See
Note&nbsp;F.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Inventories. </B>Inventories, which consist primarily of
exhibit materials and supplies used in providing services, are
stated at the lower of cost (first-in, first-out and average cost
methods) or market.

<P align="center">F-6

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Property and Equipment. </B>Property and equipment are stated
at cost, net of accumulated depreciation and any impairment
write-downs pursuant to SFAS No. 121. Property and equipment are
depreciated principally on the straight-line basis over the
following useful lives: buildings, from 15 to 40&nbsp;years;
equipment, from 3 to 10&nbsp;years; and leasehold improvements
over the shorter of the lease term or useful life.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Intangibles and Long-Lived Assets. </B>Intangibles, including
goodwill, are carried at cost less accumulated amortization.
Intangibles are amortized on the straight-line method over the
estimated lives or periods of expected benefit, but not in excess
of 40&nbsp;years. Viad reviews the carrying values of its
long-lived assets and intangibles for possible impairment
whenever events or changes in circumstances indicate that the
carrying amounts may not be recoverable in accordance with the
provisions of SFAS No.&nbsp;121, &#147;Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to Be
Disposed Of.&#148;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Insurance Liabilities. </B>Viad is self-insured up to certain
limits for workers&#146; compensation, automobile, product and
general liability, property loss and medical claims. Viad has
also retained and provided for certain insurance liabilities in
conjunction with the sales of businesses. Provisions for losses
for claims incurred, including estimated claims incurred but not
yet reported, are made based on Viad&#146;s prior historical
experience, claims frequency and other factors. Viad has
purchased insurance for amounts in excess of the self-insured
levels.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Derivative Financial Instruments. </B>Viad uses derivative
financial instruments as part of its risk management strategy to
manage exposure to fluctuations in interest and foreign currency
rates. Derivatives are not used for speculative purposes. Amounts
receivable or payable under swap agreements used to hedge
exposure of interest rate changes on variable rate commission
payments are accrued and recognized as an adjustment to the
expense of the related transaction. Forward contracts used to
hedge wire transfer assets and liabilities denominated in foreign
currencies are recorded on the Consolidated Balance Sheets. The
effect of changes in foreign exchange rates on the
foreign-denominated receivables and payables, net of the effect
of the related forward contracts, is not significant.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In June&nbsp;1998, the Financial Accounting Standards Board
(&#147;FASB&#148;) issued SFAS No.&nbsp;133, &#147;Accounting for
Derivative Instruments and Hedging Activities.&#148; SFAS
No.&nbsp;133, which was amended by SFAS No.&nbsp;137,
&#147;Deferral of the Effective Date of FASB Statement
No.&nbsp;133,&#148; will be effective for Viad&#146;s financial
statements as of January&nbsp;1, 2001. The statement requires
that entities record all derivatives as assets or liabilities,
measured at fair value, with the change in fair value recognized
in earnings or in other comprehensive income, depending on the
use of the derivative and whether it qualifies for hedge
accounting. Viad is in the process of evaluating the impact which
will result upon adoption of this standard.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Revenue Recognition. </B>Revenue is recognized when services
are performed or products are delivered. Revenue on certain
long-term exhibit contracts is recognized on the percentage of
completion method. Revenues include investment earnings on assets
restricted for payment service obligations.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Stock-Based Compensation. </B>As permitted by SFAS
No.&nbsp;123, &#147;Accounting for Stock-Based
Compensation,&#148; Viad uses the intrinsic value method
prescribed by APB No.&nbsp;25, &#147;Accounting for Stock Issued
to Employees,&#148; and related interpretations in accounting for
its stock-based compensation plans.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Net Income Per Common Share. </B>Employee Stock Ownership Plan
(&#147;ESOP&#148;) shares are treated as outstanding for net
income per share calculations. Shares held by the Employee Equity
Trust (the &#147;Trust&#148;) are not considered outstanding for
net income per share calculations until the shares are released
from the Trust.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Reclassifications.</B> Certain prior year amounts have been
reclassified to conform with the 1999 presentation.

<P align="center">F-7

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left"><B>B.&nbsp; Acquisitions of Businesses</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During 1999, Viad purchased several Convention and Event Services
companies and a small Travel and Recreation Services company.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Effective June&nbsp;1, 1998, Viad acquired MoneyGram Payment
Systems, Inc. (&#147;MoneyGram&#148;), a provider of consumer
money wire transfer services. Also during 1998, Viad acquired
several Convention and Event Services companies.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During 1997, Viad acquired several Payment Services businesses.
In addition, in December&nbsp;1997, Viad acquired all of the
common stock of Game Financial Corporation (&#147;Game&#148;) in
exchange for 2,631,000 shares of Viad&#146;s common stock. The
Game acquisition was accounted for as a pooling of interests.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except for the Game pooling, the acquisitions were accounted for
as purchases. The purchase prices, including acquisition costs,
were allocated to the net tangible and identifiable intangible
assets acquired based on estimated fair values at the dates of
the acquisitions. The difference between the purchase prices and
the related fair values of net assets acquired represents
goodwill.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The accompanying financial statements include the accounts and
results of operations from the dates of acquisition. The results
of operations of the acquired companies from the beginning of the
year to the dates of acquisition are not material to the
consolidated results of operations. In addition, prior period
financial statements have not been restated for the pooling of
interests, as the results of Game for such periods were not
significant.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net cash paid, assets acquired and debt and other liabilities
assumed in all acquisitions of businesses accounted for as
purchases for the years ended December&nbsp;31 were as follows:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="61%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998(1)</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD colspan="11"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Assets acquired:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Property and equipment</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8,533</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17,509</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">367</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Intangibles, primarily goodwill</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">25,213</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">371,707</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,128</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Other assets</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,838</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">41,723</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Debt and other liabilities assumed</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(11,063</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(87,168</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Net cash paid</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">29,521</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">343,771</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,495</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(1)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">During 1999, amounts were revised to reflect final
purchase accounting adjustments for 1998 acquisitions. The
impact of such adjustments was to increase property and
equipment, goodwill and liabilities by $1,427,000, $13,764,000
and $15,191,000, respectively. Amounts previously reported for
1998 have been modified to reflect these adjustments.</FONT></TD>
</TR>

</TABLE>

<P align="left"><B>C.&nbsp; Nonrecurring Income</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the second quarter of 1998, Viad&#146;s Payment Services
subsidiary, Travelers Express Company (&#147;TECI&#148;),
petitioned the Federal District Court to set aside a settlement
term sheet under a patent infringement litigation initiated by
TECI against Integrated Payment Systems (&#147;IPS&#148;), a
subsidiary of First Data Corporation, because of the
parties&#146; failure to agree on final settlement terms. At that
time, TECI recorded a one-time provision totaling $10,642,000
($6,917,000 after-tax) and tendered back to IPS amounts which IPS
had paid to TECI pursuant to the term sheet. In
December&nbsp;1999, the Court reinstated the settlement and
ordered IPS to pay back to TECI the amounts paid in 1998 and to
resume scheduled payments as provided by the term sheet.
Accordingly, after deducting legal and other costs, TECI recorded
a one-time gain of $8,176,000 ($5,314,000 after-tax) in the
fourth quarter of 1999.

<P align="center">F-8
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 1999, Viad adopted the equity method of accounting for its
approximately 10% investment in the Arizona Diamondbacks
(&#147;Diamondbacks&#148;) baseball franchise limited
partnership. Noncash charges totaling $8,252,000 ($5,268,000
after-tax) were recorded in 1999 representing Viad&#146;s
pro-rata share of the Diamondbacks cumulative losses. On
December&nbsp;31, 1999, Viad contributed a portion of its
investment in the Diamondbacks limited partnership to the Viad
Corp Medical Plan Trust to fund certain postretirement benefits.
The contribution, which was recorded at fair value, resulted in a
one-time gain of $2,377,000 ($1,483,000 after-tax). Going
forward, Viad&#146;s remaining ownership interest will be
accounted for under the cost method.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subsequent to Viad&#146;s press release reporting earnings for
the year ended December&nbsp;31, 1999, Viad settled in
February&nbsp;2000 certain litigation in existence at the end of
the year and recorded a nonrecurring provision totaling
$9,950,000 ($6,209,000 after-tax) including legal and other
costs. Because Viad had not yet filed its 1999 Annual Report on
Form&nbsp;10-K, the settlements were required to be recognized in
1999, in accordance with SFAS No.&nbsp;5, &#147;Accounting for
Contingencies,&#148; regarding subsequent events. The settlements
will have no impact on future operations.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On January&nbsp;27, 1999, Viad sold the contract foodservice
operations of Restaura, Inc. The public service division units of
Restaura were sold in March&nbsp;1999. After providing for costs
of sale and related expense provisions, the net gain was not
material.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad completed the sale of its duty-free and shipboard
concessions business, Greyhound Leisure Services, Inc.
(&#147;GLSI&#148;) on September&nbsp;15, 1998. The gain on sale
recorded in 1998, after deducting costs of sale and related
expense provisions, was $26,684,000 ($15,650,000 after-tax). Upon
Viad&#146;s collection of a subordinated note receivable and
resolution of contingencies related to the sale of GLSI, gains of
$9,400,000 ($5,866,000 after-tax) and $7,925,000 ($4,945,000
after-tax), respectively, were recorded in 1999.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the fourth quarter of 1998, Viad obtained release of all
guarantees and bonding relating to its former United Kingdom
travel and tour subsidiaries, Crystal Holidays and Jetsave, which
had been sold in October&nbsp;1997. The $6,800,000 ($4,004,000
after-tax) gain on sale, after deducting costs of sale and
related expense provisions, was recorded in 1998.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Results of operations up to dates of sale of these sold
businesses (not classified as discontinued operations) are
included in Viad&#146;s &#147;Sold businesses&#148; category. See
Note&nbsp;R. In connection with the sales, Viad has retained and
provided for certain environmental, insurance and other
liabilities.

<P align="left"><B>D.&nbsp; Discontinued Operations</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As discussed in Note&nbsp;A, on July&nbsp;1, 1999, Viad completed
the sale of Dobbs, its airline catering business. Effective
April&nbsp;1, 1998, Viad sold ASIG, which conducted aircraft
fueling and ground-handling operations. The sale of Dobbs
completed the disposition of Viad&#146;s airline catering and
services segment. In connection with the sales, Viad has retained
and provided for certain environmental and other liabilities.

<P align="center">F-9

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Revenues applicable to the airline catering and services segment
totaled $438,179,000 in 1999, $922,632,000 in 1998 and
$924,373,000 in 1997. The caption &#147;Income from discontinued
operations&#148; in the Consolidated Statements of Income for the
years ended December&nbsp;31 includes the following:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="65%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="11"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Income from operations, net of tax provision of $11,950, $28,573
and $29,959(1)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">16,678</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">40,095</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">41,275</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Gain on sale of businesses, net of tax provision of $99,160 and
$7,954</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">213,437</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">13,201</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Provision related to previously discontinued businesses, net of
tax provision of $6,111(2)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(11,161</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Income from discontinued operations</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">218,954</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">53,296</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">41,275</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(1)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">Interest expense not directly attributable to
other Viad operations of $2,593,000 in 1999, $6,862,000 in 1998,
and $7,610,000 in 1997, was allocated to the airline catering and
services segment based on the amount of intercompany interest
that had historically been charged by Viad on interest-bearing
advances based on the prime lending rate.</FONT></TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(2)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">Represents additional provisions for self
insurance, environmental and other liabilities arising from
previously discontinued businesses.</FONT></TD>
</TR>

</TABLE>

<P align="left"><B>E.&nbsp; Investments in Securities</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A portion of the proceeds from the sale of Dobbs has been
invested in securities. These securities are included in the
Consolidated Balance Sheets under the caption, &#147;Investments
in securities&#148; with the current portion and investments with
original maturities of three months or less included under the
caption, &#147;Short-term investments.&#148; Proceeds have been
temporarily invested in securities pending Viad&#146;s use to
fund strategic acquisitions, purchase treasury shares, reduce
debt or for other general corporate purposes. Accordingly, such
investments are classified as available for sale and are carried
at fair market value in accordance with SFAS No.&nbsp;115. The
net unrealized holding loss of $1,979,000 (net of a deferred tax
asset of $1,265,000) at December&nbsp;31, 1999, is included in
the Consolidated Balance Sheets as a component of
&#147;Accumulated other comprehensive income.&#148; Income
arising from these investments is included in the Consolidated
Statements of Income under the caption, &#147;Other investment
income.&#148;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A summary of securities classified as available for sale at
December&nbsp;31, 1999 is presented below:

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="47%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
<TD></TD>
<TD colspan="3"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amortized</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Unrealized</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Unrealized</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fair</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Cost</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gains</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Losses</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Value</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="15"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="15"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Corporate debt securities</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">95,543</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">95,545</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Mortgage-backed and other asset-backed securities</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">176,605</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,246</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">173,359</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Securities classified as available for sale</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">272,148</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,246</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">268,904</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All corporate debt securities will mature in 2000. Maturities of
mortgage-backed and other asset-backed securities depend on the
repayment characteristics and experience of the underlying
obligations.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Gross losses of $34,000 were realized during 1999. Gross gains
and losses are based on the specific identification method of
determining cost.

<P align="center">F-10
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left"><B>F.&nbsp; Assets Restricted for Payment Service Obligations</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad&#146;s Payment Services subsidiaries generate funds from the
sale of money orders and other payment instruments, with the
related liabilities classified as &#147;Payment service
obligations.&#148; Substantially all of the proceeds of such
sales are invested in permissible securities, principally
high-quality debt instruments. These investments are restricted
by state regulatory agencies for use by the subsidiaries to
satisfy the liability to pay, upon presentment, the face amount
of the payment service obligations. Such assets are not available
to satisfy working capital or other financing requirements of
Viad. Accordingly, the securities are included in the
Consolidated Balance Sheets under the caption, &#147;Investments
restricted for payment service obligations.&#148; Certain
additional assets of the Payment Services subsidiaries relating
to payment service obligations, including cash on hand, funds in
transit from agents and securities expected to be sold or
maturing within one year, are included under the caption,
&#147;Funds, agents&#146; receivables and current maturities of
investments restricted for payment service obligations.&#148;
Before consolidating eliminations, this caption also included
investment-grade commercial paper issued by Viad and supported
along with the rest of Viad&#146;s outstanding commercial paper
by a credit commitment under a long-term revolving bank credit
agreement. A portion of the commercial paper held by the Payment
Services subsidiary was repaid by Viad in 1999. In
December&nbsp;1999, Viad made a capital contribution of
approximately $50,000,000 to a Payment Services subsidiary. The
repayment of commercial paper and the capital contribution have
been invested by the subsidiary in debt securities that are
included in the caption, &#147;Investments restricted for payment
service obligations.&#148; In addition, certain other assets of
Payment Services subsidiaries are available for the payment
service obligations.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad regularly monitors credit and market risk exposures and
takes steps to mitigate the likelihood of these exposures
resulting in actual loss. Although Payment Services
subsidiaries&#146; investment portfolio exposes Viad to certain
credit risks, Viad believes the high quality of its investments
reduces this risk substantially (approximately 99% of the
investments at December&nbsp;31, 1999, have rating of A- or
higher or are collateralized by federal agency securities).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As described in Note&nbsp;P, a Payment Services subsidiary hedges
a substantial portion of the variable rate commission payments
to its selling agents through the purchase of swap agreements,
which convert the variable rate commission payments to fixed rate
payments. The fair value of such swap agreements, while not
recorded on Viad&#146;s Consolidated Balance Sheets, generally
increases when market values of fixed rate debt investments held
by Payment Services subsidiaries decline and vice versa.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under normal circumstances, the swap agreements will not be
terminated prior to maturity, nor is there any requirement to
sell long-term debt securities prior to maturity, as the funds
flow from ongoing sales of money orders and other payment
instruments and funds from maturing long-term and short-term
investments are expected to be adequate to settle payment service
items as they are presented. In addition, a Viad Payment
Services subsidiary has various lines of credit and overdraft
facilities totaling $250,000,000 available to assist in the
management of investments and the clearing of payment service
obligations.

<P align="center">F-11
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Presented as additional information below is a summary of asset
and liability carrying amounts related to the payment service
obligations, along with the fair value of related
off-balance-sheet swap agreements at December&nbsp;31:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="66%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="7%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="7%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="6%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="6%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="7"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Funds, agents&#146; receivables and current maturities of
investments restricted for payment service obligations, including
$50,000 and $90,000 invested in Viad commercial paper(1)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">652,893</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">623,625</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Investments restricted for payment service obligations(2)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,936,171</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,415,588</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Other assets available for payment service obligations</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,009</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">23,568</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Payment service obligations</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(3,587,834</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(2,971,228</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Fair value (liability) of off-balance-sheet swap agreements(3)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">56,708</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(25,097</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Total</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">60,947</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">66,456</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(1)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">See Note&nbsp;I for description of Viad&#146;s
revolving bank credit agreement, which supports its commercial
paper obligations.</FONT></TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(2)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">As noted below, securities classified as available
for sale are carried at fair market value, and securities
classified as held to maturity are carried at amortized cost.
</FONT></TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(3)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">The fair value represents the estimated amount
that Viad would receive from (pay to) counterparties to terminate
the swap agreements at December&nbsp;31.</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
Payment Services securities classified in accordance with SFAS
No.&nbsp;115 are presented below.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Securities Classified as Available for Sale. </B>Securities
that are being held for indefinite periods of time, including
those securities which may be sold in response to needs for
liquidity or changes in interest rates, are classified as
securities available for sale and are carried at fair value. The
net unrealized holding loss of $68,042,000 (net of deferred tax
asset of $43,501,000) at December&nbsp;31, 1999 and the net
unrealized holding gain of $18,231,000 (net of deferred tax
liability of $11,656,000) at December&nbsp;31, 1998 are included
in the Consolidated Balance Sheets as a component of
&#147;Accumulated other comprehensive income.&#148; The
unrealized loss during 1999 was due to increases in market
interest rates, while the unrealized gain during 1998 was due
principally to decreases in longer-term market interest rates.

<P align="center">F-12
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A summary of securities classified as available for sale at
December&nbsp;31, 1999 is presented below:

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="44%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
<TD></TD>
<TD colspan="3"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amortized</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Unrealized</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Unrealized</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fair</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Cost</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gains</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Losses</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Value</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="15"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="15"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
U.S. Government agencies</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">29,750</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,126</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">26,624</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Obligations of states and political subdivisions</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,212,141</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,419</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">61,546</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,152,014</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Corporate debt securities</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">19,969</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">874</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">19,095</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Mortgage-backed and other asset-backed securities</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">904,086</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">927</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">43,575</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">861,438</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Debt securities issued by foreign governments</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,973</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">265</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,708</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Preferred stock</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">105,874</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">53</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,556</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">101,371</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Securities classified as available for sale</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,278,793</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,399</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">113,942</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,167,250</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A summary of securities classified as available for sale at
December&nbsp;31, 1998 is presented below:

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="45%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
<TD></TD>
<TD colspan="3"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amortized</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Unrealized</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Unrealized</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fair</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Cost</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gains</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Losses</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Value</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="15"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="15"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
U.S. Government agencies</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">16,193</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">16,181</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Obligations of states and political subdivisions</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">954,237</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">30,613</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">397</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">984,453</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Corporate debt securities</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">9,967</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,179</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7,788</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Mortgage-backed and other asset-backed securities</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">778,417</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7,306</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,789</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">782,934</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Debt securities issued by foreign governments</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,970</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">784</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,186</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Preferred stock</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">80,360</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">700</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,571</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">78,489</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Securities classified as available for sale</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,846,144</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">38,621</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8,734</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,876,031</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Gross gains of $6,972,000, $12,205,000 and $7,986,000 were
realized during 1999, 1998, and 1997, respectively. Gross losses
of $79,000, $27,000 and $730,000 were realized during 1999, 1998
and 1997 respectively. Gross gains and losses from sales of
securities are based on the specific identification method of
determining cost.

<P align="center">F-13

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Securities Classified as Held to Maturity. </B>Securities
classified as held to maturity consist of securities that
management has the ability and intent to hold to maturity and are
carried at amortized cost. A summary of securities classified as
held to maturity at December&nbsp;31, 1999 is presented below:

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="46%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
<TD></TD>
<TD colspan="3"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amortized</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Unrealized</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Unrealized</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fair</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Cost</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gains</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Losses</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Value</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="15"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="15"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
U.S. Government agencies</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">27,035</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">886</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">26,150</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Obligations of states and political subdivisions</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">457,741</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,648</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">11,232</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">449,157</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Corporate debt securities</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">16,397</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">368</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">16,029</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Mortgage-backed and other asset-backed securities</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">279,894</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">397</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,899</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">273,392</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Debt securities issued by foreign governments</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7,001</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">61</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,940</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Securities classified as held to maturity</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp; 788,068</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;3,046</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp; 19,446</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">771,668</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A summary of securities classified as held to maturity at
December&nbsp;31, 1998 is presented below:

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="44%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="6%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="6%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="6%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
<TD></TD>
<TD colspan="3"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amortized</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Unrealized</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Unrealized</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fair</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Cost</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gains</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Losses</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Value</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="15"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="15"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
U.S. Government agencies</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">55,059</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">441</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">55,470</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Obligations of states and political subdivisions</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">350,374</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">15,573</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">112</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">365,835</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Corporate debt securities</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">20,507</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">193</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">33</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">20,667</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Mortgage-backed and other asset-backed securities</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">120,743</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,384</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">316</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">121,811</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Other securities</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,018</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">137</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,881</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Securities classified as held to maturity</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp; 549,701</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,591</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;628</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">566,664</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Scheduled Maturities. </B>Scheduled maturities of securities
at December&nbsp;31, 1999 are presented below:

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="41%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="6%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="6%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="6%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD colspan="7"></TD>
<TD></TD>
<TD colspan="7"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>Available for Sale</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>Held to Maturity</B></FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amortized</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fair</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amortized</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fair</B></FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Cost</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Value</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Cost</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Value</B></FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD colspan="15"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="15"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Due in:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
2000</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">19,147</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">19,077</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
2001-2004</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">117,182</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">114,925</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">34,146</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">33,618</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
2005-2009</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">240,797</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">233,952</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">117,904</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">117,695</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
2010 and later</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">910,854</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">855,564</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">336,977</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">327,886</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Mortgage-backed and other asset-backed securities</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">904,086</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">861,438</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">279,894</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">273,392</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Preferred stock</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">105,874</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">101,371</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,278,793</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,167,250</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">788,068</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">771,668</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Actual maturities may differ from scheduled maturities because
the borrowers have the right to call or prepay certain
obligations, sometimes without penalties. Maturities of
mortgage-backed and other asset-backed securities depend on the
repayment characteristics and experience of the underlying
obligations.

<P align="center">F-14
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left"><B>G. Property and Equipment</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Property and equipment at December&nbsp;31 consisted of the
following:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="74%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="7"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Land</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">21,129</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">19,267</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Buildings and leasehold improvements</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">109,021</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">111,548</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Equipment</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">433,431</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">408,074</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">563,581</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">538,889</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Less accumulated depreciation</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">249,958</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">244,294</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Property and equipment</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">313,623</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">294,595</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>H. Intangibles</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Intangibles at December&nbsp;31 consisted of the following:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="74%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="7"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Goodwill(1)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">640,061</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">598,465</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Other intangibles</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">58,262</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">54,474</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">698,323</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">652,939</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Less accumulated amortization</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">68,983</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">50,013</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Intangibles</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">629,340</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">602,926</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(1)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">Includes $9,001,000 of goodwill which arose prior
to November&nbsp;1, 1970, not subject to amortization.</FONT></TD>
</TR>

</TABLE>

<P align="center">F-15
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left"><B>I.&nbsp; Debt</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Long-term debt at December&nbsp;31 was as follows:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="68%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD colspan="7"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Senior debt:(1)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Short-term borrowings:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Promissory notes, 7.0% (1999)&nbsp;and 5.8% (1998) weighted
average interest rate at December&nbsp;31</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">34,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">148,000</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Commercial paper, 7.6% (1999)&nbsp;and 5.8% (1998) weighted
average interest rate at December&nbsp;31(2)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">52,000</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Senior notes, 6.2% (1999 and 1998) weighted average interest rate
at December&nbsp;31, due to 2009</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">269,775</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">269,711</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Guarantee of ESOP debt, floating rate indexed to LIBOR, 5.4%
(1999)&nbsp;and 4.6% (1998)&nbsp;at December&nbsp;31, due to 2009</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">20,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">22,000</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Real estate mortgages and other obligations, 6.2% (1999)&nbsp;and
5.7% (1998)&nbsp;weighted average interest rate at
December&nbsp;31, due to 2016</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">23,139</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">24,239</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">356,914</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">515,950</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Subordinated debt, 10.5% debentures, due 2006</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">18,503</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">18,503</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Total debt</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">375,417</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">534,453</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Less current portion</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">32,814</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,105</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Long-term debt</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">342,603</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">531,348</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(1)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">Rates shown are exclusive of the effects of
commitment fees and other costs of long-term revolving bank
credit used to support short-term borrowings.</FONT></TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(2)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">After eliminating $50,000,000 (1999)&nbsp;and
$90,000,000 (1998)&nbsp;of commercial paper issued by Viad to a
Payment Services subsidiary.</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
Viad satisfies its short-term borrowing requirements with bank
lines of credit and the issuance of commercial paper and
promissory notes. At December&nbsp;31, 1999, there was
$13,855,000 of short-term borrowings outstanding under a bank
note payable.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At December&nbsp;31, 1999, outstanding promissory notes and
commercial paper, including the commercial paper issued to a Viad
Payment Services subsidiary, are supported by unused commitments
under a $300,000,000 long-term revolving bank credit agreement,
which expires on August&nbsp;15, 2002. The interest rate
applicable to borrowings under the bank credit agreement is, at
Viad&#146;s option, indexed to the bank prime rate or the London
Interbank Offering Rate (&#147;LIBOR&#148;), plus appropriate
spreads over such indices during the period of the credit
agreement. The agreement also provides for commitment fees. Such
spreads and fees will change moderately should Viad&#146;s debt
ratings change. Viad, in the event that it becomes advisable,
intends to exercise its right under the agreement to borrow for
the purpose of refinancing short-term borrowings; accordingly,
short-term borrowings totaling $44,000,000 and $200,000,000 at
December&nbsp;31, 1999 and 1998, respectively, have been
classified as long-term debt.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Annual maturities of long-term debt due in the next five years
will approximate $32,814,000 (2000), $68,684,000 (2001),
$87,941,000 (2002), $105,027,000 (2003), $22,315,000
(2004)&nbsp;and $58,636,000 thereafter. Included in the year 2002
is $44,000,000 which represents the maturity of short-term
borrowings assuming they had been refinanced utilizing the
revolving credit facility described above.

<P align="center">F-16
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The weighted average interest rate on total debt, inclusive of
the effect of interest rate swap agreements (which were
terminated in April&nbsp;1998 after repaying short-term
borrowings with proceeds from the sale of ASIG) and excluding
interest expense unrelated to debt obligations, was 6.0%, 6.7%
and 7.5% for 1999, 1998 and 1997, respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest paid in 1999, 1998 and 1997 was $31,287,000, $38,367,000
and $40,089,000, respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under a Shelf Registration filed in 1994 with the Securities and
Exchange Commission, Viad can issue up to an aggregate of
$500,000,000 of debt and equity securities. No securities have
been issued under the program.

<P align="left"><B>J.&nbsp; Earnings Per Share</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following is a reconciliation of the numerators and
denominators of diluted and basic per share computations for
income from continuing operations as required by SFAS
No.&nbsp;128, &#147;Earnings Per Share&#148;:

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="61%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="11"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><FONT size="2"><B>(000 omitted, except per share data)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Income from continuing operations</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">128,559</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">97,344</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">56,519</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Less: Preferred stock dividends</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,131</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,129</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,127</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Income available to common stockholders</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">127,428</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">96,215</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">55,392</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="13">&nbsp;</TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Average outstanding common shares</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">93,007</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">94,382</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">90,804</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Additional dilutive shares related to stock-based compensation</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,389</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,985</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,982</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Average outstanding and potentially dilutive common shares</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">96,396</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">98,367</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">93,786</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="13">&nbsp;</TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Diluted income per share from continuing operations</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.32</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.98</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.59</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Basic income per share from continuing operations</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.37</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.02</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.61</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>K.&nbsp; Preferred Stock and Common Stock and Other Equity</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad has 442,352 shares of $4.75 Preferred Stock authorized, of
which 352,352 shares are issued. The holders of the $4.75
Preferred Stock are entitled to a liquidation preference of $100
per share and to annual cumulative sinking fund redemptions of
6,000 shares. Viad presently holds 117,372 shares which will be
applied to this sinking fund requirement; the 234,980 shares held
by others are scheduled to be redeemed in the years 2019 to
2058. In addition, Viad has authorized 5,000,000 and 2,000,000
shares of Preferred Stock and Junior Participating Preferred
Stock, respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad has one Preferred Stock Purchase Right (&#147;Right&#148;)
outstanding on each outstanding share of its common stock. The
Rights contain provisions to protect stockholders in the event of
an unsolicited attempt to acquire Viad which is not believed by
the Board of Directors to be in the best interest of
stockholders. The Rights are represented by the common share
certificates and are not exercisable or transferable apart from
the common stock until such a situation arises. The Rights may be
redeemed by Viad at $0.025 per Right prior to the time any
person or group has acquired 20% or more of Viad&#146;s shares.
Viad has reserved 1,000,000 shares of Junior Participating
Preferred Stock for issuance in connection with the Rights.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad funds a portion of its matching contributions to
employees&#146; 401(k) plans through a leveraged ESOP. All
eligible employees of Viad and its participating affiliates,
other than certain employees covered by collective bargaining
agreements that do not expressly provide for participation of
such employees in an ESOP, may participate in the ESOP.

<P align="center">F-17
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 1989, the ESOP borrowed $40,000,000 to purchase treasury
shares from Viad. The ESOP&#146;s obligation to repay this
borrowing is guaranteed by Viad; therefore, the unpaid balance of
the borrowing ($20,000,000 and $22,000,000 at December&nbsp;31,
1999 and 1998, respectively) has been reflected in the
accompanying balance sheet as long-term debt. The same amounts,
representing unearned employee benefits, have been recorded as a
deduction from common stock and other equity. The liability is
reduced as the ESOP repays the borrowing, and the amount
offsetting common stock and other equity is reduced as stock is
allocated to employees and benefits are charged to expense. The
ESOP intends to repay the loan (plus interest) using Viad
contributions and dividends received on the unallocated Viad
shares held by the ESOP.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Information regarding ESOP transactions for the years ended
December&nbsp;31 was as follows:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="66%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD colspan="11"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Amounts paid by ESOP for:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Debt repayment</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,000</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Interest</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">917</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,098</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,187</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Amounts received from Viad as:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Dividends</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">847</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">884</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">856</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Contributions</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,080</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,205</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,226</FONT></TD>
<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Shares are released for allocation to participants based upon the
ratio of the year&#146;s principal and interest payments to the
sum of the total principal and interest payments expected over
the remaining life of the plan. Expense of the ESOP is recognized
based upon the greater of cumulative cash payments to the plan
or 80% of the cumulative expense that would have been recognized
under the shares allocated method, in accordance with Emerging
Issues Task Force Abstract No.&nbsp;89-8, &#147;Expense
Recognition for Employee Stock Ownership Plans.&#148; Under this
method, Viad has recorded expense of $2,067,000, $2,205,000, and
$2,123,000 in 1999, 1998 and 1997, respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unallocated shares held by the ESOP totaled 2,302,000 and
2,575,000 at December&nbsp;31, 1999 and 1998, respectively.
Shares allocated during 1999 and 1998 totaled 273,000 and
292,000, respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 1992, Viad sold treasury stock to Viad&#146;s Employee Equity
Trust (the &#147;Trust&#148;) in exchange for a promissory note.
The Trust is used to fund certain existing employee compensation
and benefit plans. For financial reporting purposes, the Trust is
consolidated with Viad and the promissory note ($37,957,000 at
December&nbsp;31, 1999) and dividend and interest transactions
are eliminated in consolidation. The fair market value
($109,818,000 and $136,558,000 at December&nbsp;31, 1999 and
1998, respectively) of the 3,939,671 and 4,495,736 remaining
shares held by the Trust at December&nbsp;31, 1999 and 1998,
respectively, representing unearned employee benefits, is shown
as a deduction from common stock and other equity and is reduced
as employee benefits are funded. The difference between the cost
and fair value of shares held is included in additional capital.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At December&nbsp;31, 1999, retained income of $155,193,000 was
unrestricted as to payment of dividends by Viad.

<P align="left"><B>L.&nbsp; Stock-Based Compensation</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 1997, stockholders adopted the 1997 Viad Corp Omnibus
Incentive Plan (&#147;Omnibus Plan&#148;). The Omnibus Plan,
which replaced prior incentive plans, provides for the following
types of awards to officers, directors and certain key employees:
(a)&nbsp;stock options (both incentive stock options and
nonqualified stock options); (b)&nbsp;stock appreciation rights
(&#147;SARs&#148;); (c)&nbsp;restricted stock; and
(d)&nbsp;performance-based awards. The number of shares available
for grant under the Omnibus Plan in each calendar year is equal
to 2% of the total number of shares of common stock outstanding
as of the first day of each year. Any shares available for

<P align="center">F-18

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">
grant in a particular calendar year which are not granted in such
year are added to the shares available for grant in any
subsequent calendar year.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Stock options are granted for terms of ten years at an exercise
price based on the market value at the date of grant. Stock
options granted prior to 1999 are exercisable 50% after one year
with the balance exercisable after two years from the date of
grant. For stock options granted in 1999 and thereafter, 50% are
exercisable after one year and the other half become exercisable
after two years if certain annual incentive goals are achieved,
or after three years and four years, respectively, if annual
incentive goals are not achieved in a particular year. Options
granted since 1998 contain certain forfeiture and noncompete
provisions.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SARs and Limited SARs (&#147;LSARs&#148;) were granted, with
terms of ten years, under the 1983 Stock Option and Incentive
Plan. SARs are exercisable under the same terms as stock options,
while LSARs vest fully at date of grant and are exercisable only
for a limited period (in the event of certain tender or exchange
offers for Viad&#146;s common stock). SARs and/or LSARs are
issued in tandem with certain stock options and the exercise of
one reduces, to the extent exercised, the number of shares
represented by the other(s). SAR exercises totaled 2,812 shares
in 1997. There were no SARs exercised in 1999 or 1998.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Performance-based stock awards (77,200, 97,600, and 120,900
shares awarded in 1999, 1998 and 1997, respectively, at a fair
market value per share of $29.50, $24.78, and $18.34,
respectively) vest at the end of a three-year period from the
date of grant, based on total shareholder return relative to the
applicable stock and industry indices specified at the time of
each award. Vested shares with respect to performance periods
beginning in 1996, 1995 and 1994 totaled 139,815 in 1999, 83,226
in 1998 and 109,787 in 1997, respectively. Throughout the
performance period, holders of the performance-based stock have
the right to receive dividends and vote the shares but may not
sell, assign, transfer, pledge or otherwise encumber the stock.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Information with respect to stock options for the years ended
December&nbsp;31, at historical number of shares and option
exercise prices, is as follows:

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="51%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="7%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="7%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Weighted</B></FONT></TD>
<TD></TD>
<TD colspan="3"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Options</B></FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Shares</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Exercise Price</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Exercisable</B></FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Options outstanding at December&nbsp;31, 1996</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,022,907</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10.82</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Granted</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,143,100</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">18.33</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Conversion of Game options(1)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">235,228</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7.95</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Exercised</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,391,630</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">9.73</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Canceled</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(202,578</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">13.91</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Options outstanding at December&nbsp;31, 1997</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">9,807,027</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">11.72</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8,052,840</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Granted</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">962,100</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">24.79</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Exercised</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,883,697</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10.05</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Canceled</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(163,511</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">18.84</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Options outstanding at December&nbsp;31, 1998</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8,721,919</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">13.38</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7,342,669</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Granted</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">800,500</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">29.46</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Exercised</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(2,357,122</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">12.24</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Canceled</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(260,676</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">23.20</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Options outstanding at December&nbsp;31, 1999</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,904,621</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">15.27</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5,838,871</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(1)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">Existing Game options were converted into options
to purchase Viad shares upon the acquisition of Game (see
Note&nbsp;B). The original number of Game stock options and
exercise prices were adjusted to reflect the acquisition exchange
ratio.</FONT></TD>
</TR>

</TABLE>

<P align="center">F-19
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table summarizes information concerning stock
options outstanding and exercisable at December&nbsp;31, 1999:

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="18%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="8%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="8%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="7%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="7%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="7%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="7%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="11"></TD>
<TD></TD>
<TD colspan="7"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><FONT size="2"><B>Options Outstanding</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>Options Exercisable</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Weighted</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Weighted</B></FONT></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Weighted</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap><FONT size="2"><B>Range of</B></FONT></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Remaining</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap><FONT size="2"><B>Exercise Prices</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Shares</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Contractual Life</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Exercise Price</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Shares</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Exercise Price</B></FONT></TD>
</TR>

<TR>
<TD align="center" nowrap><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
$&nbsp;3.93 to $&nbsp;7.54</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">736,946</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.3 years</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6.69</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">736,946</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6.69</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
$&nbsp;9.33 to $12.22</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,329,290</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2.9 years</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10.99</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,329,290</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10.99</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
$13.05 to $16.25</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,699,264</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4.8 years</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">13.50</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,699,264</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">13.50</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
$18.06 to $24.78</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,390,621</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7.4 years</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">21.53</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,067,171</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">20.55</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
$25.25 to $29.50</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">748,500</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8.8 years</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">29.45</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,200</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">26.83</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
$&nbsp;3.93 to $29.50</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,904,621</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4.7 years</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">15.17</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5,838,871</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">12.94</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad applies APB No.&nbsp;25 and related interpretations in
accounting for its stock-based compensation plans. Accordingly,
no compensation expense has been recognized for its stock-based
compensation plans other than for performance-based stock awards
and SAR exercises, which gave rise to compensation expense
aggregating $4,607,000, $3,753,000, and $3,858,000 in 1999, 1998
and 1997, respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Assuming Viad had recognized compensation cost for stock options
and performance-based stock awards in accordance with the fair
value method of accounting defined in SFAS No.&nbsp;123, income
from continuing operations and diluted income per share from
continuing operations would be as presented in the table below.
Compensation cost calculated under SFAS No.&nbsp;123 is
recognized ratably over the vesting period and is net of
estimated forfeitures and the tax benefit on nonqualified stock
options.

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="62%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Income from continuing operations (000 omitted):</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
As reported</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">128,559</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">97,344</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">56,519</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Pro forma</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">124,863</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">92,713</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">53,240</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Diluted income per share from continuing operations:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
As reported</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.32</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.98</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.59</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Pro forma</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.29</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.93</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.56</FONT></TD>
<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of applying SFAS No.&nbsp;123, the estimated fair
value of stock options granted during 1999, 1998 and 1997 was
$9.17, $7.16, and $5.04 per share, respectively. The fair value
of each stock option grant was estimated on the date of grant
using the Black-Scholes option pricing model with the following
assumptions:

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="66%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Expected dividend yield</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.2</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.3</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.7</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Expected volatility</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">28.3</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">24.4</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">23.6</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Risk-free interest rate</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5.46</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5.78</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6.13</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Expected life</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5 years</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5 years</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5 years</FONT></TD>
<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">F-20

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left"><B>M.&nbsp; Income Taxes</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Deferred income tax assets (liabilities) included in the
Consolidated Balance Sheets at December&nbsp;31 related to the
following:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="73%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="7"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Property and equipment</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(21,765</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(23,529</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Deferred income</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,796</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,178</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Pension, compensation and other employee benefits</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">42,755</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">42,079</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Provisions for losses</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">54,909</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">41,484</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Unrealized loss (gain) on securities classified as available for
sale</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">44,767</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(11,656</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
State income taxes</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17,259</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8,975</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Alternative minimum tax credit carryforward</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5,193</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Other deferred income tax assets</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">20,247</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">32,696</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Other deferred income tax liabilities</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(20,255</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(16,350</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">139,713</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">89,070</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Foreign deferred tax liabilities included above</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">12,335</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">9,698</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
United States deferred tax assets</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">152,048</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">98,768</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The provision for income taxes on income from continuing
operations for the years ended December&nbsp;31 consisted of the
following:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="60%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD colspan="11"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Current:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
United States:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Federal</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">18,894</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">18,221</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">589</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
State</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,367</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,538</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,088</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Foreign</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">9,075</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,199</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7,080</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">32,336</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">28,958</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">9,757</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Deferred</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,700</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,563</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,437</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Income taxes</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">35,036</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">30,521</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">11,194</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certain tax benefits related primarily to stock option exercises
and dividends paid to the ESOP are credited to common stock and
other equity and amounted to $8,832,000, $6,875,000, and
$2,491,000 in 1999, 1998 and 1997, respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Eligible subsidiaries (including sold and discontinued businesses
up to their respective disposition dates) are included in the
consolidated federal and other applicable income tax returns of
Viad. Certain benefits of filing such returns, including tax
losses and credits which would not have been available to certain
subsidiaries on a separate return basis, have been credited to
such subsidiaries by Viad. These benefits are included in the
determination of the income taxes of those subsidiaries.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Income taxes paid in 1999, 1998 and 1997, including amounts paid
on behalf of the sold and discontinued businesses as part of
consolidated federal and other applicable tax returns of Viad,
amounted to $99,271,000, $23,334,000, and $18,804,000,
respectively.

<P align="center">F-21

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A reconciliation of the provision for income taxes on income from
continuing operations and the amount that would be computed
using statutory federal income tax rates for the years ended
December&nbsp;31 was as follows:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="63%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="11"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Computed income taxes at statutory federal income tax rate of 35%</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">57,258</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">44,753</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">23,700</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Nondeductible goodwill amortization</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,678</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,605</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">992</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Minority interests</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">727</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">758</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">433</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
State income taxes</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,130</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,631</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,823</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Tax-exempt income</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(28,485</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(21,519</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(15,725</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Other, net</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(272</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,293</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(29</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Income taxes</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">35,036</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">30,521</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">11,194</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
United States and foreign income before income taxes from
continuing operations for the years ended December&nbsp;31 was as
follows:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="64%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="11"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
United States</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">140,710</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">111,643</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">52,971</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Foreign</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">22,885</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">16,222</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">14,742</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Income before income taxes</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">163,595</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">127,865</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">67,713</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>N.&nbsp; Pension and Other Postretirement Benefits</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Pension Benefits. </B>Viad has trusteed, noncontributory
pension plans that cover certain employees. Pension benefits are
supplemented, in most cases, by defined matching company stock
contributions to employees&#146; 401(k) plans as described in
Note&nbsp;K. Defined benefits are based primarily on final
average pay and years of service. Funding policies provide that
payments to defined benefit pension trusts shall be at least
equal to the minimum funding required by applicable regulations.
Certain defined pension benefits, primarily those in excess of
benefit levels permitted under qualified pension plans, are
unfunded.

<P align="center">F-22

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table indicates the plans&#146; funded status and
amounts recognized in Viad&#146;s Consolidated Balance Sheets at
December&nbsp;31:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="46%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD colspan="7"></TD>
<TD></TD>
<TD colspan="7"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>Funded Plans</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>Unfunded Plans</B></FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD colspan="15"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="15"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Change in projected benefit obligation:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Benefit obligation at beginning of year</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">120,992</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">110,011</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">31,543</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">27,468</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Service cost</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,763</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,824</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">791</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">707</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Interest cost</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8,666</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8,012</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,371</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,115</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Plan amendments</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">352</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">181</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,907</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">997</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Actuarial adjustments(1)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(5,773</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,867</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">533</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,197</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Curtailments</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(2,462</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(425</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(133</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Benefits paid</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(7,711</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(7,441</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(2,100</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,808</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Benefit obligation at end of year(2)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">118,289</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">120,992</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">34,620</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">31,543</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Change in plan assets:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Fair value of plan assets at beginning of year</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">140,612</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">126,374</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Actual return on plan assets</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">12,922</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">21,637</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Company contributions</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">42</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,100</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,808</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Benefits paid</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(7,711</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(7,441</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(2,100</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,808</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Fair value of plan assets at end of year</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">145,836</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">140,612</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Funded status</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">27,547</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">19,620</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(34,620</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(31,543</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Unrecognized net transition (asset)&nbsp; obligation</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,249</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(2,128</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">225</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">516</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Unrecognized prior service cost</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,173</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">919</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5,991</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5,536</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Unrecognized actuarial (gain)&nbsp;loss</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(10,719</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(4,328</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,889</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7,121</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Net amount recognized</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">16,752</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">14,083</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(21,515</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(18,370</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(1)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">The actuarial adjustments arose primarily as a
result of changes in the discount rate assumption.</FONT></TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(2)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">The accumulated benefit obligation for the
unfunded pension plans was $30,017,000 and $25,844,000 as of
December&nbsp;31, 1999 and 1998, respectively.</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
The total amounts recognized in Viad&#146;s Consolidated Balance
Sheets at December&nbsp;31 were as follows:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="51%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="7"></TD>
<TD></TD>
<TD colspan="7"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>Funded Plans</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>Unfunded Plans</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="15"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="15"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Prepaid pension cost</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">16,813</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">14,143</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Accrued pension liability</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(128</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(137</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(30,213</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(26,073</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Intangible asset</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,183</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,301</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Accumulated other comprehensive income</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">61</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">64</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,515</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,402</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Net amount recognized</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">16,752</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">14,083</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(21,515</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(18,370</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">F-23
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net periodic pension cost for defined benefit plans for the years
ended December&nbsp;31 includes the following components:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="63%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="11"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Service cost</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,554</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,531</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,589</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Interest cost</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">11,037</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,127</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">9,854</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Expected return on plan assets</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(12,407</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(11,153</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(10,198</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Amortization of prior service cost</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">674</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">603</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">521</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Recognized net actuarial loss</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">820</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">463</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">196</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Net periodic pension cost</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,678</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,571</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,962</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net curtailment gains totaling $89,000 and $1,868,000 in 1999 and
1998, respectively, were primarily attributable to the sales of
businesses. Curtailment gains totaling $1,632,000 in 1997 were
primarily attributable to freezing plan benefits for a business
subsequently sold.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Contributions to multiemployer pension plans totaled $13,578,000,
$11,779,000, and $12,141,000 in 1999, 1998 and 1997,
respectively. Costs of 401(k) defined contribution and other
pension plans totaled $1,383,000, $1,644,000, and $3,307,000 in
1999, 1998 and 1997, respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Postretirement Benefits Other Than Pensions. </B>Viad and
certain of its subsidiaries have defined benefit postretirement
plans that provide medical and life insurance for certain
eligible employees, retirees and dependents. The related
postretirement benefit liabilities are recognized over the period
that services are provided by employees. In addition, Viad
retained the obligations for such benefits for certain retirees
of sold businesses. While the plans have no funding requirements,
Viad may fund the plans. As described in Note&nbsp;C, on
December&nbsp;31, 1999, Viad contributed a portion of its
investment in the Arizona Diamondbacks limited partnership to the
Viad Corp Medical Plan Trust to fund certain postretirement
benefits.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The status of the plans as of December&nbsp;31 is set forth
below:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="70%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD colspan="7"></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Change in accumulated benefit obligation:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Benefit obligation at beginning of year</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">39,753</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">44,334</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Service cost</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">594</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">878</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Interest cost</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,664</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,997</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Plan amendments</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(4,793</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(2,777</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Actuarial adjustments(1)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,268</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,433</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Curtailments</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(5</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(4,983</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Benefits paid</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(3,234</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(3,129</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Benefit obligation at end of year</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">33,711</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">39,753</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Fair value of plan assets at end of year(2)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">11,347</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Funded status</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(22,364</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(39,753</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Unrecognized prior service reduction</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(7,478</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(3,277</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Unrecognized net actuarial gain</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(4,413</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(3,203</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Accrued postretirement benefit cost</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(34,255</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(46,233</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="2"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(1)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">The actuarial adjustments arose primarily as a
result of changes in the discount rate assumption.</FONT></TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(2)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">Assets contributed December&nbsp;31, 1999.</FONT></TD>
</TR>

</TABLE>

<P align="center">F-24
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The net periodic postretirement benefit cost for the years ended
December&nbsp;31 includes the following components:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="69%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="11"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Service cost</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">594</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">878</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">967</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Interest cost</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,664</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,997</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,165</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Amortization of prior service cost</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(408</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(218</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(86</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Recognized net actuarial gain</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(77</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(38</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(229</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Net periodic postretirement benefit cost</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,773</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,619</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,817</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Curtailment gains totaling $184,000 in 1999 and $5,147,000 in
1998 were primarily attributable to the sales of businesses.
There were no curtailment gains or losses in 1997.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The assumed health care cost trend rate used in measuring the
1999 and 1998 accumulated postretirement benefit obligation was
8% and 9%, respectively, gradually declining to 5% by the year
2002 and remaining at that level thereafter for retirees below
age 65, and 6.5% and 7%, respectively, gradually declining to 5%
by the year 2002 and remaining at that level thereafter for
retirees above age 65.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A one-percentage-point increase in the assumed health care cost
trend rate for each year would increase the accumulated
postretirement benefit obligation as of December&nbsp;31, 1999 by
approximately $3,055,000 and the ongoing annual expense by
approximately $451,000. A one-percentage-point decrease in the
assumed health care cost trend rate for each year would decrease
the accumulated postretirement benefit obligation as of
December&nbsp;31, 1999 by approximately $2,590,000 and the
ongoing annual expense by approximately $360,000.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Weighted Average Assumptions. </B>Weighted average assumptions
used at December&nbsp;31 were as follows:

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="62%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="7"></TD>
<TD></TD>
<TD colspan="7"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>Pension Benefits</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>Other Benefits</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Discount rate</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7.75</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7.0</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7.75</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7.0</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Expected return on plan assets</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10.0</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10.0</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5.0</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Rate of compensation increase</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4.5</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4.5</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">F-25

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left"><B>O.&nbsp; Leases</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certain offices, equipment and other facilities are leased. The
leases expire over periods generally ranging from one to
11&nbsp;years and some provide for renewal options ranging from
one to 31&nbsp;years. Leases which expire are generally renewed
or replaced by similar leases.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At December&nbsp;31, 1999, Viad&#146;s future minimum rental
payments and related sublease rentals receivable with respect to
noncancelable operating leases with terms in excess of one year
were as follows:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="72%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Rentals</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Receivable</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Rental</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Under</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Payments</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Subleases</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="7"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
2000</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">31,106</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,330</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
2001</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">25,787</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,280</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
2002</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">22,748</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">586</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
2003</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17,284</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">347</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
2004</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">14,268</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">281</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Thereafter</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">46,497</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">367</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Total</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">157,690</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5,191</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In May&nbsp;1997, Viad sold its corporate headquarters and is
leasing back a portion of the building. The future minimum rental
payments are included in the table above. The excess of the net
sales price over the net book value of the building was deferred
and is being amortized over the term of the leaseback.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Information regarding net operating lease rentals for the years
ended December&nbsp;31 is as follows:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="66%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="11"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Minimum rentals</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">36,854</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">36,659</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">38,929</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Contingent rentals</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">751</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">562</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Sublease rentals</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(3,021</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,169</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,280</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Total rentals, net</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">33,833</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">36,241</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">38,211</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>P.&nbsp; Financial Instruments With Off-Balance-Sheet Risk and
Fair Value of Financial Instruments</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Financial Instruments with Off-Balance-Sheet Risk. </B>Viad is
a party to financial instruments with off-balance-sheet risk
which are entered into in the normal course of business to meet
financing needs and to manage exposure to fluctuations in
interest rates. These financial instruments include sale of
receivables agreements and interest rate swap agreements. The
instruments involve, to a varying degree, elements of credit and
interest rate risk in addition to amounts recognized in the
financial statements.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At December&nbsp;31, 1999, Viad had an agreement to sell, on a
revolving basis, undivided participating interests in a defined
pool of trade accounts receivable from customers of Viad&#146;s
Convention and Event Services businesses in an amount not to
exceed $60,000,000 as a means of accelerating cash flow. At
December&nbsp;31, 1999 and 1998, $60,000,000 and $27,400,000,
respectively, of trade accounts receivable were sold under the
agreement. The agreement expires in August&nbsp;2000 but is
expected to be extended annually. Under the terms of the trade
receivables sales agreement, Viad has retained substantially the
same risk of credit loss as if the receivables had not been sold,
as Viad is obligated to replace uncollectible receivables with
new trade accounts receivable. The average balance of proceeds
from the sale of trade accounts receivable approximated
$39,954,000, $24,656,000, and $25,550,000 during 1999, 1998 and
1997, respectively. The

<P align="center">F-26

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">
expense of selling such receivables, discounted based on
short-term interest rates, was $2,263,000, $1,482,000 and
$1,585,000 in 1999, 1998, and 1997, respectively, and is included
in &#147;Costs of sales and services.&#148;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At December&nbsp;31, 1999, a Viad Payment Services subsidiary had
an agreement to sell, on a periodic basis, undivided percentage
ownership interests in certain receivables from bill payment and
money order agents in an amount not to exceed $400,000,000. The
agreement expires in June&nbsp;2003. The receivables are sold in
order to accelerate payment services&#146; cash flow for
investment in the admissible securities described in Note F. The
average agents&#146; receivables sold approximated $377,000,000,
$262,000,000 and $125,000,000 during 1999, 1998 and the latter
part of 1997, respectively. The agents&#146; receivables are sold
at a discount based on short-term variable interest rates. The
expense of selling such receivables was $26,352,000, $16,768,000
and $2,790,000 in 1999, 1998 and 1997, respectively, and is
included in &#147;Costs of sales and services.&#148;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A portion of the Payment Services subsidiary&#146;s business
involves the payment of commissions to selling agents of its
official check program. The commissions are computed based on
short-term variable interest rates. Variable-to-fixed rate swap
agreements have been entered into to mitigate the effects of such
fluctuations on commission expense and on the net proceeds from
the agents&#146; receivables sales.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The notional amount of the variable-to-fixed swap agreements
totaled $1,625,000,000 at December&nbsp;31, 1999, with an average
pay rate of 5.3% and an average receive rate of 5.6%. The
variable-rate portion of the swaps is generally based on treasury
bill, LIBOR or federal funds rates. The agreements expire as
follows: $100,000,000 (2000), $375,000,000 (2002), $875,000,000
(2003), $225,000,000 (2004) and $50,000,000 (2007).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The notional amounts of such agreements are used to measure
amounts to be paid or received and do not represent the amount of
exposure to credit loss. The amounts to be paid or received
under the swap agreements are accrued consistent with the terms
of the agreements and market interest rates and are recognized as
an adjustment to the expense of the related transaction. Viad
maintains formal procedures for entering into swap transactions,
and management regularly monitors and reports to the Audit
Committee of the Board of Directors on swap activity. The
agreements are with major financial institutions which are
currently expected to fully perform under the terms of the
agreements, thereby mitigating the credit risk from the
transactions in the event of nonperformance by the
counterparties. In addition, Viad regularly monitors the credit
ratings of the counterparties, and the likelihood of default is
considered remote.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Fair Value of Financial Instruments. </B>The carrying values
of cash and cash equivalents, receivables, accounts payable and
payment service obligations approximate fair values due to the
short-term maturities of these instruments. The amortized cost
and fair value of investments in debt and equity securities are
disclosed in Notes E and F. The carrying amounts and estimated
fair values of Viad&#146;s other financial instruments at
December&nbsp;31 are as follows:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="45%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="7"></TD>
<TD></TD>
<TD colspan="7"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Carrying</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fair</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Carrying</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fair</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amount</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Value</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amount</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Value</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD colspan="15"></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="15"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Total debt</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(389,272</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(383,725</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(534,453</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(541,055</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Swap agreements(1)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">124</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">56,708</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(899</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(25,097</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(1)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">Carrying amount represents accrued interest
receivable (payable).</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
The methods and assumptions used to estimate the fair values of
the financial instruments are summarized below. Considerable
judgment is required in interpreting market data to develop the
estimates of fair value. Accordingly, the estimates presented
herein may not be indicative of the amounts that Viad could
realize in a current market exchange. The use of different market
assumptions or valuation methodologies could have a material
effect on the estimated fair value amounts.

<P align="center">F-27
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Debt &#151; The fair value of debt was estimated by discounting
the future cash flows using rates currently available for debt of
similar terms and maturity. The carrying values of the
commercial paper and promissory notes were assumed to approximate
fair values due to their short-term maturities.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Swap agreements &#151; The fair value represents the estimated
amount that Viad would receive from (pay to) counterparties to
terminate the swap agreements at December&nbsp;31.

<P align="left"><B>Q.&nbsp; Litigation, Claims and Other Contingencies</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad and certain subsidiaries are plaintiffs or defendants to
various actions, proceedings and pending claims. Certain of these
pending legal actions are or purport to be class actions. Some
of the foregoing involve, or may involve, compensatory, punitive
or other damages. Litigation is subject to many uncertainties and
it is possible that some of the legal actions, proceedings or
claims could be decided against Viad. Although the amount of
liability at December&nbsp;31, 1999, with respect to these
matters is not ascertainable, Viad believes that any resulting
liability, after taking into consideration amounts already
provided for, will not have a material effect on Viad&#146;s
financial statements. Potential liability for previously reported
railroad-asbestos related claims has been resolved favorably for
Viad.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad is subject to various environmental laws and regulations of
the United States as well as of the states and other countries in
whose jurisdictions Viad has or had operations and is subject to
certain international agreements. As is the case with many
companies, Viad faces exposure to actual or potential claims and
lawsuits involving environmental matters. Although Viad is a
party to certain environmental disputes, Viad believes that any
liabilities resulting therefrom, after taking into consideration
amounts already provided for, exclusive of any potential
insurance recoveries, will not have a material effect on
Viad&#146;s financial statements.

<P align="left"><B>R.&nbsp; Segment Information</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SFAS No.&nbsp;131, &#147;Disclosures about Segments of an
Enterprise and Related Information,&#148; requires disclosure of
certain financial information for reportable operating segments
based on management&#146;s internal organizational
decision-making structure. Viad measures segment profit and
performance based on operating segment income from continuing
operations after minority interests and income taxes, but before
nonrecurring items.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The accounting policies of the operating segments are the same as
those described in Note A, except that an adjustment is made to
the Payment Services segment to present revenues, operating
income and income taxes on a fully taxable equivalent basis to
reflect amounts invested in tax-exempt securities. Consolidated
revenues, operating income and interest expense also reflect the
elimination of intercompany interest payments on the commercial
paper issued by Viad to a Payment Services subsidiary.
Intersegment sales and transfers are not significant. Interest
expense is allocated to operations based on net funds advanced
and current short-term interest rates. Income taxes are allocated
based primarily on separate return calculations for each
business. Certain benefits of filing combined and/or consolidated
state income tax returns, including tax losses and credits which
would not have been available to certain subsidiaries on a
separate return basis, have been credited to such subsidiaries by
Viad. Depreciation and amortization are the only significant
noncash items for the reportable segments.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad&#146;s two reportable segments are Payment Services and
Convention and Event Services. The Payment Services segment sells
money orders through agents, performs official check and
negotiable instrument clearing services for banks and credit
unions, and provides cash access services to gaming
establishments throughout the United States. In addition, the
segment provides consumer money wire transfer services throughout
the world. The Convention and Event Services segment provides
decorating, exhibit preparation, installation and dismantling,
and electrical, transportation and management services for
conventions,

<P align="center">F-28

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">
tradeshows, associations and other corporate events; and designs
and builds convention, tradeshow, museum and other exhibits and
displays throughout the world.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The remaining categories represent ongoing Travel and Recreation
Services businesses below reportable segment quantitative
thresholds, sold businesses not classified as discontinued
operations, and corporate and other. These categories are
presented to reconcile to total results. Ongoing Travel and
Recreation Services includes Viad&#146;s Canadian travel tour
service subsidiary, which operates tours and charters in the
Canadian Rockies and conducts hotel operations and snocoach tours
of the Columbia Icefield; and the Recreation Division of Viad,
which operates concessions at America West Arena and Bank One
Ballpark in Phoenix, Arizona and operates historic lodges at
Glacier National Park. Sold businesses are described in Note C.
Corporate and other includes expenses of corporate activities and
interest expense not allocated to operating segments.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad&#146;s foreign operations are located principally in Canada
and Europe. Convention and Event Services revenues are designated
as foreign based on the originating location of the product or
service plus exports to foreign shows. Payment Services foreign
revenues are defined as revenues generated from wire transfer
transactions originating in a country other than the United
States. Long-lived assets are attributed to domestic or foreign
based principally on physical location of the assets. Long-lived
assets consist of &#147;Property and equipment&#148; and
&#147;Other investments and assets.&#148; The table below
presents the financial information by major geographic area:

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="51%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="6%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="6%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD colspan="11"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="11"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Revenues:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
United States</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,418,050</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,484,411</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,341,759</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Foreign</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">163,119</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">128,348</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">144,592</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Total revenues</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,581,169</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,612,759</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,486,351</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Long-lived assets:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
United States</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">365,383</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">357,926</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">319,187</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Foreign</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">69,399</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">65,086</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">62,780</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Total long-lived assets</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">434,782</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">423,012</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">381,967</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Disclosures regarding Viad&#146;s reportable segments under SFAS
No.&nbsp;131 with reconciliations to consolidated totals are
presented in the accompanying table.

<P align="center">F-29
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="28%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Income</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Income from</B></FONT></TD>
<TD></TD>
<TD colspan="3"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Operating</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Interest</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Taxes</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Continuing</B></FONT></TD>
<TD></TD>
<TD colspan="3"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Revenues</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Income</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Expense</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>(Benefit)</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Operations</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Assets</B></FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD colspan="23"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="23"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
<B>1999</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Payment Services</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">581,492</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">128,487</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">51,356</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">76,064</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,141,818</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">(1)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Convention and Event Services</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">932,768</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">99,934</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">20,380</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">31,993</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">47,182</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">540,662</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Reportable segments</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,514,260</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">228,421</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">20,380</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">83,349</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">123,246</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,682,480</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Other:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Ongoing Travel and Recreation Services</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">113,696</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">20,288</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,484</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7,222</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,950</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">94,833</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
<B>Subtotal, ongoing operations</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,627,956</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">248,709</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">21,864</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">90,571</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">134,196</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,777,313</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Sold businesses</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,928</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(3,208</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(201</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,054</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(1,953</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Corporate and other</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(19,369</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,906</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(5,992</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(9,815</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">483,558</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Nonrecurring items</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8,176</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,545</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,131</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Elimination of intercompany interest and commercial paper</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(5,681</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(5,681</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(5,681</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(50,000</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Subtotal</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,633,203</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">228,627</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">26,888</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">87,070</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">128,559</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5,210,871</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Less: Fully taxable equivalent adjustment(2)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(52,034</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(52,034</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(52,034</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,581,169</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">176,593</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">26,888</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">35,036</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">128,559</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5,210,871</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
<B>1998</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Payment Services</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">431,157</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">87,206</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">34,536</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">51,467</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,511,527</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">(1)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Convention and Event Services</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">849,165</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">87,446</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">16,159</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">28,353</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">42,924</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">546,428</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Reportable segments</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,280,322</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">174,652</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">16,159</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">62,889</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">94,391</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,057,955</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Other:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Ongoing Travel and Recreation Services</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">102,952</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17,729</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,688</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,160</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">9,523</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">78,700</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
<B>Subtotal, ongoing operations</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,383,274</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">192,381</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17,847</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">69,049</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">103,914</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,136,655</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Sold businesses</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">275,538</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">12,279</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">79</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,017</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7,589</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">35,219</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Corporate and other</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(24,207</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">16,030</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(13,341</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(26,896</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">197,572</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Investment in discontinued operations</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">386,300</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Nonrecurring items</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(10,642</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,105</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">12,737</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Elimination of intercompany interest and commercial paper</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(6,744</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(6,744</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(6,744</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(90,000</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Subtotal</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,652,068</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">163,067</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">27,212</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">69,830</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">97,344</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,665,746</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Less: Fully taxable equivalent adjustment(2)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(39,309</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(39,309</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(39,309</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,612,759</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">123,758</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">27,212</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">30,521</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">97,344</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,665,746</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
<B>1997</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Payment Services</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">234,891</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">65,348</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">24,105</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">41,243</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,440,143</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">(1)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Convention and Event Services</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">827,500</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">72,753</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">12,718</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">24,737</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">35,298</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">424,789</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Reportable segments</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,062,391</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">138,101</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">12,718</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">48,842</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">76,541</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,864,932</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Other:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Ongoing Travel and Recreation Services</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">91,256</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">14,590</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">497</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5,949</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7,863</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">80,852</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
<B>Subtotal, ongoing operations</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,153,647</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">152,691</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">13,215</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">54,791</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">84,404</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2,945,784</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Sold businesses</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">368,174</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17,413</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(538</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5,134</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">11,861</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">112,384</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Corporate and other</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(31,388</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">28,365</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(20,007</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(39,746</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">218,163</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Investment in discontinued operations</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">422,877</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Elimination of intercompany interest and commercial paper</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(6,746</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(6,746</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(6,746</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(90,000</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Subtotal</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,515,075</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">131,970</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">34,296</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">39,918</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">56,519</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,609,208</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Less: Fully taxable equivalent adjustment(2)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(28,724</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(28,724</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">(28,724</FONT></TD>
<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,486,351</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">103,246</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">34,296</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">11,194</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">56,519</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,609,208</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="60%" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="51%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="10%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="9%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="8%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="8%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Depreciation</B></FONT></TD>
<TD></TD>
<TD colspan="3"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>and</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Capital</B></FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amortization</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Expenditures</B></FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD colspan="7"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="7"><FONT size="2"><B>(000 omitted)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
<B>1999</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Payment Services</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">25,285</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">41,830</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Convention and Event Services</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">27,979</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">14,739</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Reportable segments</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">53,264</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">56,569</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Other:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Ongoing Travel and Recreation Services</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5,807</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,826</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
<B>Subtotal, ongoing operations</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">59,071</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">61,395</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Sold businesses</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">341</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">118</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Corporate and other</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,567</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">497</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Nonrecurring items</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Elimination of intercompany interest and commercial paper</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Subtotal</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">62,979</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">62,010</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Less: Fully taxable equivalent adjustment(2)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">62,979</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">62,010</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
<B>1998</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Payment Services</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">18,312</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">22,708</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Convention and Event Services</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">23,072</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">22,949</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Reportable segments</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">41,384</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">45,657</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Other:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Ongoing Travel and Recreation Services</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5,162</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">7,413</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
<B>Subtotal, ongoing operations</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">46,546</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">53,070</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Sold businesses</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,964</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,003</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Corporate and other</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">4,133</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">759</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Investment in discontinued operations</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Nonrecurring items</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Elimination of intercompany interest and commercial paper</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Subtotal</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">57,643</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">54,832</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Less: Fully taxable equivalent adjustment(2)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">57,643</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">54,832</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
<B>1997</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Payment Services</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,908</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">15,150</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Convention and Event Services</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">20,192</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">26,561</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Reportable segments</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">31,100</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">41,711</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Other:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Ongoing Travel and Recreation Services</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3,998</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">19,082</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
<B>Subtotal, ongoing operations</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">35,098</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">60,793</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Sold businesses</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8,573</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,436</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Corporate and other</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5,051</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">875</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Investment in discontinued operations</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Elimination of intercompany interest and commercial paper</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Subtotal</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">48,722</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">72,104</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
Less: Fully taxable equivalent adjustment(2)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">48,722</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">72,104</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>

<DIV align="left">
<HR size="1" width="18%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(1)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">Includes assets restricted for payment service
obligations of $3,589,064,000 (1999), $3,039,213,000 (1998), and
$2,323,351,000 (1997), including $50,000,000 in 1999 and
$90,000,000 in 1998 and 1997 invested in Viad commercial paper.
</FONT></TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(2)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">The fully taxable equivalent adjustment for
Payment Services&#146; income from tax-exempt securities is
calculated based on a combined income tax rate of 39%.</FONT></TD>
</TR>

</TABLE>

<P align="center">F-30
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>VIAD CORP</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left"><B>S.&nbsp; Condensed Consolidated Quarterly Results (Unaudited)
</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="47%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>First</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Second</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Third</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fourth</B></FONT></TD>
<TD></TD>
<TD colspan="3"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Quarter</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Quarter</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Quarter</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Quarter</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>Total</B></FONT></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD colspan="19"></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD align="center" nowrap colspan="19"><FONT size="2"><B>(000 omitted, except per share data)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
<B>1999</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Revenues(1)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Ongoing operations</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">362,477</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">420,396</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">394,222</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">393,146</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,570,241</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Sold businesses</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,928</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,928</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Revenues from continuing operations</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">373,405</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">420,396</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">394,222</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">393,146</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,581,169</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Operating income(1)(2)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">25,247</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">49,607</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">50,385</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">51,354</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">176,593</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Net income:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Continuing operations(3)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">14,850</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">33,024</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">40,523</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">40,162</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">128,559</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Discontinued operations</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">5,535</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">11,143</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">202,276</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">218,954</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Net income</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">20,385</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">44,167</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">242,799</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">40,162</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">347,513</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Diluted income per common share:(3)(4)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Continuing operations</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.15</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.33</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.42</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.43</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.32</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Discontinued operations</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.05</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.12</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2.12</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2.27</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Diluted income per common share</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.20</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.45</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2.54</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.43</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3.59</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Basic income per common share:(4)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Continuing operations</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.15</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.34</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.43</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.44</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.37</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Discontinued operations</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.06</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.12</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2.21</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2.35</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Basic income per common share</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.21</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.46</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">2.64</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.44</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">3.72</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Fully taxable equivalent adjustment(1)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">11,333</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">12,910</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">13,423</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">14,368</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">52,034</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD colspan="3" align="left" valign="top"><FONT size="2">
<B>1998</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Revenues(1)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Ongoing operations</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">284,264</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">343,786</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">357,841</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">351,330</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,337,221</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Sold businesses</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">81,722</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">84,069</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">75,772</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">33,975</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">275,538</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Revenues from continuing operations</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">365,986</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">427,855</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">433,613</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">385,305</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1,612,759</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Operating income(1)(2)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17,685</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">27,543</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">44,805</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">33,725</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">123,758</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Net income:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Continuing operations(3)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8,432</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">17,268</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">44,728</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">26,916</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">97,344</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Discontinued operations</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">6,947</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">23,354</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">12,305</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,690</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">53,296</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Net income</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">15,379</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">40,622</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">57,033</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">37,606</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">150,640</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Diluted income per common share:(3)</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Continuing operations</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.08</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.18</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.45</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.27</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.98</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Discontinued operations</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.07</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.23</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.13</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.11</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.54</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Diluted income per common share</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.15</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.41</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.58</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.38</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.52</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Basic income per common share:</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Continuing operations</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.09</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.18</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.47</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.28</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.02</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Discontinued operations</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.07</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.25</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.13</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.11</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.56</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Basic income per common share</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.16</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.43</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.60</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.39</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.58</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

<TR>
<TD></TD>
<TD colspan="2" align="left" valign="top"><FONT size="2">
Fully taxable equivalent adjustment(1)</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">8,231</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">9,616</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">10,459</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">11,003</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">39,309</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD colspan="3"></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(1)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">Viad Payment Services subsidiaries are investing
increasing amounts in tax-exempt securities. On a fully taxable
equivalent basis using a combined tax rate of 39%, revenues and
operating income would be higher by the fully taxable equivalent
adjustments shown above.</FONT></TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(2)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">The second quarter of 1998 includes a $10,642,000
provision for payments returned under a disputed patent
infringement litigation settlement. In the fourth quarter of
1999, the settlement was reinstated, resulting in a one-time gain
of $8,176,000. See Note&nbsp;C.</FONT></TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(3)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">Includes nonrecurring income of $6,131,000
(after-tax), or $0.06 per diluted share in 1999, and $12,737,000
(after-tax), or $0.13 per diluted share in 1998, as described in
Note C. Excluding these items, diluted income per share from
continuing operations was:</FONT></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="80%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
First Quarter</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.15</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.08</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Second Quarter</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.33</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.25</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Third Quarter</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.42</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.29</FONT></TD>
<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
<TD align="left" valign="top"><FONT size="2">
Fourth Quarter</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.36</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.23</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="1"></TD>
<TD></TD>

</TR>

<TR>
<TD align="left" valign="top"><FONT size="2">
Total</FONT></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">1.26</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
<TD align="right" valign="bottom" nowrap><FONT size="2">0.85</FONT></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="left"><HR size="4" noshade></TD>
<TD></TD>

</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="3%"></TD>
<TD width="97%"></TD>
</TR>

<TR valign="top">
<TD><FONT size="2">(4)&nbsp;</FONT></TD>
<TD align="left">
<FONT size="2">Income per common share is computed independently
for each quarter and for the year, and the sum of the quarters
may not equal the annual amount.</FONT></TD>
</TR>

</TABLE>

<P align="center">F-31

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>REPORT OF MANAGEMENT</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The management of Viad Corp has the responsibility for preparing
and assuring the integrity and objectivity of the accompanying
financial statements and other financial information in this
report. The financial statements were developed using generally
accepted accounting principles and appropriate policies,
consistently applied. They reflect, where applicable,
management&#146;s best estimates and judgments and include
relevant disclosures and explanations.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Viad&#146;s financial statements have been audited by Deloitte
&#38; Touche LLP. Their audit was conducted in accordance with
generally accepted auditing standards. The Independent
Auditors&#146; Report appears below.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Management has established and maintains a system of internal
control that it believes provides reasonable assurance as to the
integrity and reliability of the financial statements, the
protection of assets and the prevention and detection of
fraudulent financial reporting. The system of internal control is
believed to provide for appropriate division of responsibilities
and is documented by written policies and procedures that are
utilized by employees involved in the financial reporting
process. Viad also maintains a comprehensive internal auditing
function which independently monitors compliance and assesses the
effectiveness of the internal controls and recommends potential
improvements thereto.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, as part of their audit of Viad&#146;s financial
statements, the independent auditors review and evaluate selected
internal accounting and other controls to establish a basis for
reliance thereon in determining the audit tests to be applied.
There is close coordination of audit planning and coverage
between Viad&#146;s internal auditing function and the
independent auditors. Management has considered the
recommendations of both internal auditing and the independent
auditors concerning Viad&#146;s system of internal control and
has taken actions believed to be cost-effective in the
circumstances to implement appropriate recommendations and
otherwise enhance controls. Management believes that Viad&#146;s
system of internal control accomplishes the objectives discussed
herein.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors oversees Viad&#146;s financial reporting
through its Audit Committee. The Audit Committee regularly meets
with management and, jointly and separately, with the independent
auditors and internal auditing management to review interest
rate swap activity, accounting, auditing and financial reporting
matters and the effectiveness of the Corporate Compliance
Program.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="3%">&nbsp;</TD>
<TD width="29%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="29%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="29%">&nbsp;</TD>
</TR>

<TR>
<TD>/s/</TD>
<TD align="center" valign="top"><FONT size="2">
ROBERT H. BOHANNON</FONT></TD>
<TD></TD>
<TD>/s/</TD>
<TD align="center" valign="top"><FONT size="2">
RONALD G. NELSON</FONT></TD>
<TD></TD>
<TD>/s/</TD>
<TD align="center" valign="top"><FONT size="2">
CATHERINE L. STEVENSON</FONT></TD>
</TR>

<TR>
<TD colspan="2" align="center" valign="top"><FONT size="2">
<HR size="1"></FONT></TD>
<TD></TD>
<TD colspan="2" align="center" valign="top"><FONT size="2">
<HR size="1"></FONT></TD>
<TD></TD>
<TD colspan="2" align="center" valign="top"><FONT size="2">
<HR size="1"></FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="center" valign="top"><FONT size="2">
Robert H. Bohannon<BR>
Chairman, President and<BR>
Chief Executive Officer</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="center" valign="top"><FONT size="2">
Ronald G. Nelson<BR>
Vice President&nbsp;&#151; Finance and<BR>
Treasurer</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="center" valign="top"><FONT size="2">
Catherine L. Stevenson<BR>
Vice President&nbsp;&#151; Controller</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">F-32
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>INDEPENDENT AUDITORS&#146; REPORT</B>

<P align="left">To the Stockholders and Board of Directors of Viad Corp:

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have audited the accompanying consolidated balance sheets of
Viad Corp as of December&nbsp;31, 1999 and 1998, and the related
consolidated statements of income, comprehensive income, cash
flows, and common stock and other equity for each of the three
years in the period ended December&nbsp;31, 1999. These financial
statements are the responsibility of the Company&#146;s
management. Our responsibility is to express an opinion on these
financial statements based on our audits.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In our opinion, such consolidated financial statements present
fairly, in all material respects, the financial position of Viad
Corp as of December&nbsp;31, 1999 and 1998, and the results of
its operations and its cash flows for each of the three years in
the period ended December&nbsp;31, 1999 in conformity with
generally accepted accounting principles.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
<TD width="38%"></TD>
<TD width="3%"></TD>
<TD width="59%"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>/s/</TD>
<TD align="center">
DELOITTE &#38; TOUCHE LLP</TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD colspan="2" align="left">
<HR size="1" align="left"></TD>
</TR>

<TR valign="top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align="center">
&nbsp;Deloitte &#38; Touche LLP</TD>
</TR>

</TABLE>

<P align="left">
Phoenix, Arizona

<DIV align="left">
February&nbsp;17, 2000
</DIV>

<P align="center">F-33
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>EXHIBIT INDEX</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
<TD width="7%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="7%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="82%">&nbsp;</TD>
</TR>

<TR>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>EXHIBITS. #</B></FONT></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">3.A</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Copy of Restated Certificate of Incorporation of Viad Corp, as
amended through August&nbsp;15, 1996, filed as Exhibit&nbsp;3.A
to Viad Corp&#146;s 1996 Form&nbsp;10-K, is hereby incorporated
by reference.</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">3.B</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Copy of Bylaws of Viad Corp, as amended through November&nbsp;
19, 1998, filed as Exhibit&nbsp;3.B to Viad Corp&#146;s 1998
Form&nbsp; 10-K, is hereby incorporated by reference.</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">4.A</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Instruments with respect to issues of long-term debt have not
been filed as exhibits to this Annual Report on Form&nbsp; 10-K
if the authorized principal amount of any one of such issues does
not exceed 10% of total assets of the Corporation and its
subsidiaries on a consolidated basis. The Corporation agrees to
furnish a copy of each such instrument to the Securities and
Exchange Commission upon request.</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">4.B</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Copy of Amended and Restated Credit Agreement dated as of
July&nbsp;24, 1996, among Viad Corp, the Bank parties thereto,
Citicorp USA, Inc., as Administrative Agent, and Bank of America
National Trust and Savings Association as Documentation Agent,
filed as Exhibit&nbsp;4.B to Viad&#146;s 1996 Form&nbsp;10-K, is
hereby incorporated by reference.</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">4.B1</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
First Amendment dated as of August&nbsp;1, 1997, to Amended and
Restated Credit Agreement, filed as Exhibit&nbsp;4.B1 to Viad
Corp&#146;s 1997 Form&nbsp;10-K, is hereby incorporated by
reference.</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">4.B2</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Second Amendment dated as of September&nbsp;11, 1997, to Amended
and Restated Credit Agreement, filed as Exhibit&nbsp;4.B2 to Viad
Corp&#146;s 1997 Form&nbsp;10-K, is hereby incorporated by
reference.</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">10.A1</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Copy of Viad Corp 1983 Stock Option and Incentive Plan, filed as
Exhibit&nbsp;(28) to Viad Corp&#146;s Registration Statement on
Form&nbsp;S-8 (Registration No.&nbsp;33-41870), is hereby
incorporated by reference.+</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">10.A2</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Copy of amendment, effective August&nbsp;1, 1994, to Viad Corp
1983 Stock Option and Incentive Plan, filed as Exhibit&nbsp;
10.H2 to Viad Corp&#146;s 1994 Form&nbsp;10-K, is hereby
incorporated by reference.+</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">10.B</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Copy of Viad Corp 1992 Stock Incentive Plan as amended
August&nbsp;15, 1996, filed as Exhibit&nbsp;4.3 to Viad
Corp&#146;s Form&nbsp; S-8 Registration
Statement&nbsp;(#333-63397), is hereby incorporated by
reference.+</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">10.C</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Copy of 1997 Viad Corp Omnibus Incentive Plan, as amended through
February&nbsp;17, 2000.*+</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">10.D</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Copy of Viad Corp Management Incentive Plan, as amended
March&nbsp;14, 2000.*+</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">10.E</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Copy of Viad Corp Performance Unit Incentive Plan, as amended
March&nbsp;14, 2000.*+</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">10.F</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Copy of Viad Corp Performance-Based Stock Plan, as amended and
restated effective May&nbsp;1998, filed as Exhibit&nbsp;10D to
Viad Corp&#146;s Second Quarter 1998 Form&nbsp;10-Q, is hereby
incorporated by reference.+</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">10.G</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Viad Corp Deferred Compensation Plan, Amended and Restated as of
October&nbsp;5, 1999.*+</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">10.H1</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Copy of form of Executive Severance Agreement between Viad Corp
and Chairman, President and Chief Executive Officer, filed as
Exhibit&nbsp;(10)(G)(i) to Viad Corp&#146;s 1991 Form&nbsp;10-K,
is hereby incorporated by reference.+</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">10.H2</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Copy of forms of Viad Corp Executive Severance Plans covering
certain executive officers, filed as Exhibit&nbsp; (10)(G)(ii) to
Viad Corp&#146;s 1992 Form&nbsp;10-K, is hereby incorporated by
reference.+</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">10.I</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Copy of Employment Agreement between Viad Corp and Robert&nbsp;
H. Bohannon dated April&nbsp;1, 1998, filed as Exhibit&nbsp;10 to
Viad Corp&#146;s First Quarter 1998 Form&nbsp;10-Q, is hereby
incorporated by reference.+</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">10.J</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Copy of Employment Agreement between Viad Corp and Paul B. Mullen
dated April&nbsp;25, 1996, filed as Exhibit&nbsp;10.O to Viad
Corp&#146;s 1996 Form&nbsp;10-K, is hereby incorporated by
reference.+</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">10.K</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Copy of Viad Corp Supplemental TRIM Plan, filed as Exhibit&nbsp;
10.M to Viad Corp&#146;s 1994 Form&nbsp;10-K, is hereby
incorporated by reference.+</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">10.L</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Copy of Viad Corp Supplemental Pension Plan (Amended and Restated
as of December&nbsp;1, 1999).*+</FONT></TD>
</TR>

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<TD width="3%">&nbsp;</TD>
<TD width="82%">&nbsp;</TD>
</TR>

<TR>
<TD align="center" nowrap colspan="3"><FONT size="2"><B>EXHIBITS. #</B></FONT></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD align="center" nowrap colspan="3"><HR size="1"></TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">10.M</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Copy of Travelers Express Company, Inc. Supplemental Pension Plan
dated December&nbsp;30, 1997, filed as Exhibit&nbsp;10.R to Viad
Corp&#146;s 1997 Form&nbsp;10-K, is hereby incorporated by
reference.+</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">10.N</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Copy of GES Exposition Services, Inc. Supplemental Executive
Retirement Plan, as amended effective January&nbsp;1, 1998, filed
as Exhibit&nbsp;10.S to Viad Corp&#146;s 1997 Form&nbsp;10-K, is
hereby incorporated by reference.+</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">10.O</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Copy of Viad Corp Deferred Compensation Plan for Directors, as
Amended and Restated July&nbsp;25, 1996, filed as Exhibit&nbsp;
10.D to Viad Corp&#146;s 1996 Form&nbsp;10-K, is hereby
incorporated by reference.+</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">10.P</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Copy of Viad Corp Director&#146;s Charitable Award Program as
amended through March&nbsp;15, 1996, filed as Exhibit&nbsp;10.T
to Viad Corp&#146;s 1995 Form&nbsp;10-K, is hereby incorporated
by reference.+</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">10.Q</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Description of Viad Corp Director&#146;s Charitable Matching
Program.*+</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">21</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
List of Subsidiaries of Viad Corp.*</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Independent Auditors&#146; Consent to the incorporation by
reference into specified registration statements on Form&nbsp;
S-3 or on Form&nbsp;S-8 of their report contained in this
report.*</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">24</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Power of Attorney signed by Directors of Viad Corp.*</FONT></TD>
</TR>

<TR>
<TD></TD>
<TD align="right" valign="top" nowrap><FONT size="2">27</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Financial Data Schedule.*</FONT></TD>
</TR>

</TABLE>
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<TR valign="top">
<TD>&nbsp;*&nbsp;</TD>
<TD align="left">
Filed herewith.</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="top">
<TD>&nbsp;+&nbsp;</TD>
<TD align="left">
Management contract or compensation plan or arrangement.</TD>
</TR>

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