Premier Cruise Lines Sold to Cruise Holdings, Ltd

Business Wire, March 25, 1997

PHOENIX--(BUSINESS WIRE)--March 25, 1997--The Big Red Boat will soon have a new owner.

Viad Corp, the parent company of Premier Cruise Lines, has entered into an agreement to sell its family cruise line to Cruise Holdings, Ltd., of Miami. Cruise Holdings is the owner of Dolphin Cruise Lines and Seawind Cruise Lines.

Viad has been saying it was looking to get out of the cruise business for some time as part of a corporate-wide restructuring allowing it to concentrate on its core businesses.

Cruise Holdings, on the other hand, has been steadily establishing itself as a leader in providing quality cruises to the Caribbean, New England, the Panama Canal and the Mediterranean. Kristian Stensby, chairman of Cruise Holdings, wants to acquire and consolidate high-quality classic ships in order to compete more favorably in its markets and to realize the benefits of certain economies of scale.

Terms of the deal were not disclosed, but company officials indicated that Premier Cruise Lines would continue to be marketed under the familiar Big Red Boat name and that the 1,800-passenger Oceanic would continue to sail on its three- and four-night Bahamas itinerary from Port Canaveral.

Finalization of the sale is expected to occur upon receipt of governmental agency approval.

Viad Corp is a $2.3 billion corporation which owns leading companies in the airline catering and services, convention services and payment services industries.

Editor's Note: Additional information is available on the

Internet at:

Dolphin Cruise Lines (www.dolphincruise.com)

Premier Cruise Lines (www.bigredboat.com)

Seawind Cruise Lines (www.seawindcruises.com)

Viad Corp (www.viad.com)

CONTACT: Premier Cruise Lines/Viad Corp, Phoenix

Brad Parker, 602/207-1049

bparker@viad.com

or

Cruise Holdings, Ltd., Miami

Larry Magnan, 305/573-5640