MORGAN STANLEY LETTERHEAD] May 12, 1998 Board of Directors MoneyGram Payment Systems, Inc. Park 80 West Plaza I Saddle Brook, NJ 07663 Members of the Board: We understand that MoneyGram Payment Systems, Inc. ("MoneyGram" or the "Company"), Viad Corp....Merger Agreement • May 13th, 1998 • Moneygram Payment Systems Inc • Functions related to depository banking, nec
