1707 fun investor presentation

Cedar Fair (NYSE: FUN)INVESTOR PRESENTATION – July 2017

FORWARD-LOOKING STATEMENTS

Some slides and comments included here, particularly related to estimates, comments on expectations about future performance or business conditions, may contain “forward-looking statements” within the meaning of the federal securities laws which involve risks and uncertainties. You can identify forward-looking statements because they contain words such as “believes,” “project,” “might,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or “anticipates” or similar expressions that concern our strategy, plans or intentions. These forward-looking statements are subject to risks and uncertainties that may change at anytime, and could cause actual results to differ materially from those that we anticipate. While we believe that the expectations reflected in such forward-looking statements are reasonable, we caution that it is very difficult to predict the impact of unknown factors, and it is impossible for us to anticipate all factors that could affect our actual results. Important factors, including those listed under Item 1A in the Partnership’s Form 10-K could adversely affect our future financial performance and cause actual results to differ materially from our expectations.

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C E D A R F A I R T O D A Y

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KEY STATISTICS Entertains more than 25 million visitors annually

850+ rides and attractions

120+ roller coasters

More than 1,600 hotel rooms

SEVEN CONSECUTIVE YEARS OF RECORD RESULTS

900

1,050

1,200

1,350

2010 2011 2012 2013 2014 2015 2016

20 16 T OTAL REVENUE

$1,135

$1,289


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($ i

n m

illi

on

s)

300

350

400

450

500

2010 2011 2012 2013 2014 2015 2016

20 16 ADJUST ED EBI TDA

($ i

n m

illi

on

s)

$973

$1,028

$1,068

$1,160

$1,236

$359$375

$391

$425

$431

$459

20 16 REVENUE BY PARK 20 16 ADJUST ED EBI TDA BY PARK

Cedar Point

Knott’s Berry Farm

Canada’s Wonderland

Kings Island

Dorney Park

Kings Dominion

Carowinds

California’s Great America

Valleyfair

Worlds of Fun/Oceans of Fun

Michigan’s Adventure

$481

POSITIVE ATTENDANCE AND REVENUE TRENDS THROUGH JULY 4th


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+110,000 Visits↗

↗

↗

Attendance*

Out-of-Park Revenue* +2%

*Results through July 4, 2017 compared with July 5, 2016

Preliminary Net Revenues* +$2 Million

Knott’s Berry Farm Soak City

Cedar Point Shores Water Park

Kings Island’s Mystic Timbers

Capital investments and advance purchase channels drive revenue growth

Why Invest in FUN?

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GREAT PARKS, GREAT PEOPLE, GREAT BUSINESS

High-quality assets with high barriers to entry

Well-run parks with a focus on operating excellence

Combination of world-class thrill rides and unique, family-oriented attractions appeal to a diverse customer base

Value proposition creates loyal and repeat customers

Stable, recession-resistant business with proven strategy driving organic growth

MLP structure allows for tax-efficient return of capital to unitholders

History of impressive total returns

Balanced approach to capital allocation

FUNforward 2.0 provides the next generation of growth

W H Y I N V E S T I N F U N ?

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SUPERIOR TRACK RECORD, FOUNDATION FOR GROWTH

History of success through multiple economic cycles

Revenues increased in 19 of past 20 years

EBITDA growth of 4% CAGR since 2007 and 5% CAGR since 2011

Strong, consistent cash flow

Six consecutive years of record average in-park guest per capita spending

Increasing attendance trends

$2.3 billion total distributions paid to unitholders over 30-year period

Compound annual total return to investors of 17% since going public 30 years ago in 1987


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SUPERIOR TRACK RECORDStrong Long-Term Growth and Recession Resilience


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(a) Acquisition of Knott’s Berry Farm in December 1997(b) Acquisition of Michigan’s Adventure(c) Acquisition of Geauga Lake in 2004(d) Acquisition of Kings Island, Canada’s Wonderland, Kings Dominion, Carowinds and California’s

Great America in 2006(e) See Appendix for reconciliation of Adjusted EBITDA

(e)

$0

$100

$200

$300

$400

$500

$600

($ in

mill

ions

)

Adj. EBITDA

Financial Crisis

2001 = (6.1%) 2002 = 11.4%

2009 = (11.0%) 2010 = 13.2%

Early 2000’s Recession

Early 1990’s Recession

FUNforward 2.0

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$375

$391

$425 $431

$459

$481

$500+

2011 2012 2013 2014 2015 2016 2018

Adjusted EBITDA(a) Growth

EXPECT TO MEET $500 MILLION IN ADJUSTED EBITDA A YEAR EARLIER THAN PLANNED

• Multiple avenues of growth expected to generate another record year in 2017

• Clear strategic focus

• Disciplined approach to achieve full potential of our core business

• On track to meet FUNforward 2.0 target earlier than the original 2018 projection

F U N F O R W A R D 2 . 0

12(a) See appendix for Adjusted EBITDA reconciliation

(in millions)

IMPROVING THE GUEST EXPERIENCE

Our ability to drive pricing relies upon the delivery ofa quality guest experience, including rides andattractions, live entertainment offerings andexceptional guest service – all of which drive repeatvisits.

Highly marketable new rides and attractions built to scale

Expanded entertainment and special event offerings

“Best Day” experience for guests

Opportunities to extend length-of-stay and drive higher guest spending levels

Season-extending special events

F U N F O R W AR D 2 . 0

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Our extremely popular interactive experienceat Knott’s Berry Farm, has returned for asecond year in 2017 with new characters andeven more interactive old west fun as banditsand cowboys battle for control of the West.


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With the expansion of our water parks we areable to solve food and beverage capacityconstraints which heretofore have limited ourrevenue opportunities. And, a company-wide,water park initiative to add shade, lounge-styleseating and dining tables will help to improvethe overall experience and length-of-stay.

The addition of limited-time, special events atall of our parks has proven a successfuldevice in driving urgency, enhancing the valueproposition of a season pass and tapping intoan incremental audience, who isn’t a thrillseeker. This includes springtime festivals,immersive summer entertainment, Halloweenfrights and WinterFest holiday celebrations.

IMPROVING THE GUEST EXPERIENCE

Ghost Town Alive! Water Park Expansion Seasons of FUN

ENCOURAGING ADVANCE SALES

By getting guests to purchase items ahead of time, weare able to improve our visibility into market trends andenhance revenue management capabilities; build abuffer against traditional barriers to visitation, such asweather and alternate entertainment options; and gainfavorable in-park spending elasticity.

Steady expansion of season passes and special offers

All-season dining and beverage plans

FunPix, a new digital imaging platform

Installment payment programs

Professional group sales teams and continued investment in improved catering facilities


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Introducing state-of-the-art catering facilitieshas allowed us to grow our group eventrevenues. These facilities include modernkitchen amenities, free Wi-Fi and self-servicerefreshment centers. The addition of executivechefs also allows us to provide customizedexperiences, driving higher guest spendinglevels through premium food offerings.

Our advance purchase channels make upmore than two thirds of our overall attendanceand continue to be the largest area of growthfor FUN. We attribute this success to the“Seasons of FUN” that we have established atKnott’s and are beginning to establish at ourother parks, including the introduction ofWinterFest at three parks in 2017.

ENCOURAGING ADVANCE SALES

Strong Season Pass Sales Group Catering Facilities Advance Purchase Commitments

Installment payment programs have beenhighly effective in growing season passes, ourmost valuable advance purchase offering.Advanced sales for our 2017 season passesare off to a strong start.

EMBRACING DIGITAL TECHNOLOGY

Applying digital innovations in all aspects of ourbusiness can enhance the overall guest experience,promote sharing and socialization and provide greatercapital efficiencies through content and storylineupdates.

New mobile apps + free park-wide Wi-Fi

Consumer self-service advantages

Historical guest data from our CRM platform, now in its sixth year

Developing new, innovative and interchangeable attractions and ride experiences


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As we determine the “sweet spot,” you will seeus continue to expand in the area of“techtainment” – the merger of technology andentertainment. Virtual reality, augmentedreality and emerging technologies give usmore tools to create a compelling guestexperience.

EMBRACING DIGITAL TECHNOLOGY

Mobile App CRM Platform “Techtainment”

The assembly of multi-year consumer dataunder one, cohesive system, not previouslyavailable to us, will improve the effectivenessof guest communications efforts goingforward.

Our new mobile app solution enhances the in-park experience by providing guests withinformation they value, creating two-wayconversation with guests to drive increased in-park spending and capturing valuable guestdata for CRM applications.

MANAGING CAPITAL AND PRODUCTIVITY

We will continue to be disciplined around the prioritization of capital and operating initiatives as we look to realize the full market potential at each of our parks

Multi-year strategic plan to protect the base and support new reasons to visit

Continued evaluation of fixed-cost base to remove inefficient capacity

Industry-leading roller coasters that provide decades of entertainment

Placemaking approach to investments to exceed guest expectations and improve overall experience

Additional spending decisions based on the requirement of >15% returns


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Charlotte is a vibrant market and we aremoving forward aggressively to implement ourplanned multi-year investments in Carowinds.


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We have found that embracing the heritage ofour unique brands and strategicallyoperationalizing those brands, leads to a guestexperience unmatched by other generic parks.The in-depth analysis we are performing at eachof our parks directly informs our investmentstrategy, works across all departments andfunctions, and supports strong consumer loyalty.

Cedar Point will increase its hotel room countby ~20% over the next 2 years. This includes69 more rooms at Cedar Point Express hotelin 2017 and a new 158-room tower at TheHotel Breakers in 2018. These resortofferings enhance the park’s super-regionalappeal and allow us to lean into our marketingefforts in outer markets more aggressively.

MANAGING CAPITAL AND PRODUCTIVITY

Carowinds Multi-Year Expansion Unique Regional Brands Cedar Point

DEVELOPING LAND ADJACENT TO PARKS

Approximately 1,400 acres of undeveloped land adjacent to our parks (a)

Hotels, cabins to expand accommodation services for guests

Amateur sports facilities to drive incremental attendance

Complementary commercial development opportunities in retail, dining and entertainment


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(a) See Appendix for detailed listing of undeveloped land by park.


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There are multiple opportunities to expand ourresort accommodations which will help to driveincremental attendance and create aconsistent new revenue stream.

This park’s favorable location in Santa Clara,CA, adjacent to the new San Francisco 49ersstadium, provides us the ability to considercomplementary commercial development suchas retail, dining and entertainment now thatour rezoning application has been approved.

DEVELOPING LAND ADJACENT TO PARKS

Amateur Sports Facilities Resort Expansion California’s Great America Rezoning

A new multi-million dollar amateur sportsfacility located across the bay from CedarPoint amusement park began hostingtournaments in March 2017. The new facilityis bringing an incremental customer base tothe region.

The FUN Continues

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T H E F U N C O N T I N U E S

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2017 CAPITAL EXPENDITURES

Kings Island Mystic Timbers Cedar Point Shores Water Park WinterFest Holiday Festivals

Kings Island’s fourth wooden roller coaster,more than 3,000 feet in length, soars oversteep cliffs, ravines and water at 53 mph.

A complete transformation of the water parklocated on the one-of-a-kind setting ofbeautiful Lake Erie and Cedar Point’s mile-long beach.

Carowinds, Worlds of Fun and Kings Islandwill join California’s Great America intransforming into a spectacular winterwonderland and extending their seasons intoNovember and December with WinterFest.

ALSO NEW IN 2017

T H E F U N C O N T I N U E S

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Knott’s Soak City Water Park expansion and renovation

Cedar Point Sports Center

Transformation of Breakers Express into Cedar Point’s Express Hotel

Muskoka Plunge and Soaring Timbers rides at Canada’s Wonderland

Four new vintage thrills at Carowinds

Patriot, the first floorless roller coaster at California’s Great America

Planet Snoopy children’s area expansion at Kings Dominion

Cirque Imagine live entertainment and new Kaleidoscope and Dodgem rides at Dorney Park

Half Pint Paradise and Splash Pad water park attractions at Michigan’s Adventure

New Starflyer ride, North Star, at Valleyfair

Appendix

MANAGEMENT TEAM

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A P P E N D I X

Name Position

Yearswith

Cedar Fair

Years In Industry

Matt A. Ouimet (59) Chief Executive Officer 6 27

Richard A. Zimmerman (56) President and Chief Operating Officer 26 30

Brian C. Witherow (50) Executive Vice President and Chief Financial Officer 22 24

Kelley Semmelroth (52) Executive Vice President and Chief Marketing Officer 5 12

Duffield E. Milkie (51) Executive Vice President and General Counsel 9 9

H. Philip Bender (61) Executive Vice President 38 45

David R. Hoffman (48) Senior Vice President and Chief Accounting Officer 11 11

Craig Heckman (53) Senior Vice President of Human Resources -- --

Robert A. Decker (56) Senior Vice President of Planning & Design 18 28

Significant Real Estate Holdings

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A P P E N D I X

Location Sandusky,

OH Buena Park,

CA Allentown,

PA Kansas City,

MO Shakopee,

MN Muskegon,

MI Cincinnati,

OH Toronto, Ontario

Richmond, VA

Charlotte, NC

Santa Clara, CA

Date Opened 1870 1920 1884 1973 1976 1978 1972 1981 1975 1973 1976

Date FUN Acquired N/A 1997 1992 1995 1978 2001 2006 2006 2006 2006 2006

Acreage (developed/ developable)

515 / 110 170 / - 180 / 30 250 / 100 110 / 80 120 / 140 330 / 350 295 / - 280 / 460 300 / 100 165 / -

(a)

(a) Great America land is leased; all other land is owned by the Company

Th e Co mpa ny own s more t ha n 4 , 0 00 a c re s o f d e ve lop ed a n d d eve lo p ab le r e a l es t a te

Strong Balance Sheet

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A P P E N D I X

$450.0 $500.0

$255.0

0

100

200

300

400

500

600

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

5.375% Bonds 5.25% Bonds Revolver Term Debt

$587.5

Debt Maturities

(in m

illio

ns)

• Ample financial flexibility to capitalize on future growth opportunities

• 2016 Consolidated Leverage Ratio was 3.2x

• Average cost of debt expected to be ~5.3%, or ~$85 million annually

• Cash on hand as of 12/31/16 was ~$123 million

NON-GAAP RECONCILIATIONS

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A P P E N D I X

(in thousands) 2016 2015

Net income 177,688$ 112,222$ Interest expense 83,863 86,849 Interest income (177) (64) Provision for taxes 71,418 22,192 Depreciation and amortization 131,876 125,631

EBITDA 464,668 346,830 Net effect of swaps (1,197) (6,884) Unrealized foreign currency (gain) loss (14,345) 80,946 Equity-based compensation 18,496 15,470 Loss on impairment/retirement of fixed assets, net 12,587 20,873 Class action settlement costs - 259

Other (a) 1,039 1,744

Adjusted EBITDA(b)481,248 459,238

(a) Consists of certain costs as defined in the Company's 2013 Credit Agreement and prior credit agreements. These items are excluded inthe calculation of Adjusted EBITDA and have included certain legal expenses, costs assocated with certain ride abandonment orrelocation expenses, contract termination costs and severance expenses.

(b) Adjusted EBITDA represents earnings before interest, taxes, deprec iation, amortization, other non- cash items, and adjustments asdefined in the 2013 Credit Agreement. Adjusted EBITDA is not a measurement of operating performance computed in accordance withGAAP and should not be considered as a substitute for operating income, net income or cash flows from operating activities computed inaccordance with GAAP. The Company believes Adjusted EBITDA is a meaningful measure as it is widely used by analysts, investors andcomparable companies in our industry to evaluate our operating performance on a consistent basis, as well as more easily compare ourresults with those of other companies in our industry. Further, management believes Adjusted EBITDA is a meaningful measure of park-level operating profitability and uses it for measuring returns on capital investments, evaluating potential acquisitions, determining awardsunder incentive compensation plans and calculating compliance with certain loan covenants. Adjusted EBITDA may not be comparableto similarly titled measures of other companies.

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1707 fun investor presentation