1709 fun investor presentation

Cedar Fair (NYSE: FUN)INVESTOR PRESENTATION – September 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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4

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

2016 TOTAL 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

2016 ADJUSTED EBITDA

($ i

n m

illi

on

s)

$973

$1,028

$1,068

$1,160

$1,236

$359

$375

$391

$425

$431

$459

2016 REVENUE BY PARK 2016 ADJUSTED EBITDA 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

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 RECORD

Strong 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

EXPECTS TO ACHIEVE $500 MILLION OR MORE IN ADJUSTED

EBITDA BY ORIGINAL TARGET DATE OF 2018

• Clear strategic focus

• 2017 Adjusted EBITDA expected to be between $480 million and $490 million

• Disciplined approach to achieve full potential of our core business

• On track to meet FUNforward 2.0 target by its original 2018 projection

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

11(a) See appendix for Adjusted EBITDA reconciliation

(in millions)

IMPROVING THE

GUEST EXPERIENCE

Our ability to drive pricing relies upon the delivery of

a quality guest experience, including rides and

attractions, live entertainment offerings and

exceptional guest service – all of which drive repeat

visits.

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 experience

at Knott’s Berry Farm, has returned for a

second year in 2017 with new characters and

even more interactive old west fun as bandits

and cowboys battle for control of the West.


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With the expansion of our water parks we are

able to solve food and beverage capacity

constraints which heretofore have limited our

revenue opportunities. And, a company-wide,

water park initiative to add shade, lounge-style

seating and dining tables will help to improve

the overall experience and length-of-stay.

The addition of limited-time, special events at

all of our parks has proven a successful

device in driving urgency, enhancing the value

proposition of a season pass and tapping into

an incremental audience, who isn’t a thrill

seeker. This includes springtime festivals,

immersive summer entertainment, Halloween

frights 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, we

are able to improve our visibility into market trends and

enhance revenue management capabilities; build a

buffer against traditional barriers to visitation, such as

weather and alternate entertainment options; and gain

favorable 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 facilities

has allowed us to grow our group event

revenues. These facilities include modern

kitchen amenities, free Wi-Fi and self-service

refreshment centers. The addition of executive

chefs also allows us to provide customized

experiences, driving higher guest spending

levels through premium food offerings.

Our advance purchase channels make up

more than two thirds of our overall attendance

and continue to be the largest area of growth

for FUN. We attribute this success to the

“Seasons of FUN” that we have established at

Knott’s and are beginning to establish at our

other parks, including the introduction of

WinterFest at three parks in 2017.

ENCOURAGING ADVANCE SALES

Strong Season Pass Sales Group Catering Facilities Advance Purchase Commitments

Installment payment programs have been

highly effective in growing season passes, our

most valuable advance purchase offering.

EMBRACING

DIGITAL TECHNOLOGY

Applying digital innovations in all aspects of our

business can enhance the overall guest experience,

promote sharing and socialization and provide greater

capital efficiencies through content and storyline

updates.

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 see

us continue to expand in the area of

“techtainment” – the merger of technology and

entertainment. Virtual reality, augmented

reality and emerging technologies give us

more tools to create a compelling guest

experience.

EMBRACING DIGITAL TECHNOLOGY

Mobile App CRM Platform “Techtainment”

The assembly of multi-year consumer data

under one, cohesive system, not previously

available to us, will improve the effectiveness

of guest communications efforts going

forward.

Our new mobile app solution enhances the in-

park experience by providing guests with

information they value, creating two-way

conversation with guests to drive increased in-

park spending and capturing valuable guest

data 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 are

moving forward aggressively to implement our

planned multi-year investments in Carowinds.


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We have found that embracing the heritage of

our unique brands and strategically

operationalizing those brands, leads to a guest

experience unmatched by other generic parks.

The in-depth analysis we are performing at each

of our parks directly informs our investment

strategy, works across all departments and

functions, and supports strong consumer loyalty.

Cedar Point will increase its hotel room count

by ~20% over the next few years. This

includes 69 more rooms at Cedar Point

Express hotel in 2017 and a new 158-room

tower at The Hotel Breakers in 2018. Resort

offerings enhance the park’s super-regional

appeal and allow us to lean into our marketing

efforts 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 our

resort accommodations which will help to drive

incremental attendance and create a

consistent new revenue stream.

This park’s favorable location in Santa Clara,

CA, adjacent to the new San Francisco 49ers

stadium, provides us the ability to consider

complementary commercial development such

as retail, dining and entertainment now that

our 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 sports

facility located across the bay from Cedar

Point amusement park began hosting

tournaments in March 2017. The new facility

is bringing an incremental customer base to

the 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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2018 CAPITAL EXPENDITURES

Steel Vengeance - A record-breaking hybrid

coaster at Cedar Point, has had both guests

and the media alike talking about its massive

steel and wooden structure for months.

Twisted Timbers - Steel and wood combine

forces to bring guests a first of its kind in the

mid-Atlantic hybrid coaster at Kings

Dominion.

RailBlazer - At California’s Great America,

RailBlazer will lift riders to a height of 106

feet before plunging them face down at a 90-

degree angle.

HangTime - At 150 feet, HangTime will tower

over the Knott’s Berry Farm Boardwalk area,

showcasing gravity-defying inversions, mid-

air suspensions and twisting dive tracks.

FOUR new roller coaster experiencesRailBlazer

Steel Vengeance

ALSO NEW IN 2018

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

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Carowinds’ kids’ area will be

completely transformed into an all-new

Camp Snoopy

Hotel Breakers at Cedar Point will

open its second tower that will add an

additional 158 rooms to the beachfront

property

Two new family rides and expanded

play and splash area will open at

Canada’s Wonderland

Valleyfair will introduce Delirious, a

seven-story 360-degree loop thrill ride

Nordic Chaser, a family ride aboard

mini ships, will open at Worlds of Fun

And more…

Expanded family attractions, high capacity dining venues and increased resort offerings

Appendix

MANAGEMENT TEAM

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A P P E N D I X

Name Position

Years

with

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

Signif icant 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

The Company owns mo re t han 4 ,000 ac res o f deve loped and deve lopab le

r ea l es ta 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

mill

ion

s)

• 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 in

the calculation of Adjusted EBITDA and have included certain legal expenses, costs assocated with certain ride abandonment or

relocation expenses, contract termination costs and severance expenses.

(b) Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, other non- cash items, and adjustments as

defined in the 2013 Credit Agreement. Adjusted EBITDA is not a measurement of operating performance computed in accordance with

GAAP and should not be considered as a substitute for operating income, net income or cash flows from operating activities computed in

accordance with GAAP. The Company believes Adjusted EBITDA is a meaningful measure as it is widely used by analysts, investors and

comparable companies in our industry to evaluate our operating performance on a consistent basis, as well as more easily compare our

results 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 awards

under incentive compensation plans and calculating compliance with certain loan covenants. Adjusted EBITDA may not be comparable

to similarly titled measures of other companies.

Investor Relations

1709 fun investor presentation