1711 fun investor-presentation

Cedar Fair (NYSE: FUN)INVESTOR PRESENTATION – November 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$481

Record Revenues Through October 2017(a)

Same-park net revenues of $1.24 billion, up 1%

Record attendance of 24.2 million visits, up 1%

Record per capita spending of $47.33, up 1%

Out-of-park revenues of $133 million, down 2%

(a) Results are on a same-park basis (excluding a non-core, stand-alone water park that was closed in September 2016) as of October 29, 2017 compared with October 30, 2016.

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; committed to a 4% annual increase in distributions to unitholders while continuing to invest in the business

Balanced approach to capital allocation

FUNdamentals of our long-term strategy will continue to drive 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 2012

Strong, consistent cash flow

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

Increasing attendance trends

$2.5 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 in 2001(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

FUNdamentals of Our Long-Term Strategy

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EXPECTS MOMENTUM TO CONTINUE – DRIVING AN ADJUSTED EBITDA CAGR OF 4% GOING FORWARD

• Core focus of strategy remains the same: THE place to be for FUN

• Disciplined approach to achieve full potential of our core business

• Remains committed to steadily increasing our distribution by 4% to unitholders on an annual basis, consistent with our expected average annual growth rate in Adjusted EBITDA

L O N G - T E R M S T R A T E G YF U N D A M E N T A L S

11(a) See appendix for Adjusted EBITDA reconciliation

$375

$391

$425 $431

$459

$481

2011 2012 2013 2014 2015 2016

Adjusted EBITDA(a) Growth(in millions)

THE FUNDAMENTALS OF OUR LONG-TERM STRATEGY REMAIN INTACT

L O N G - T E R M S T R A T E G YF U N D A M E N T A L S

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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

Vibrant new park areas, created as outdated sections of the parks are transformed

Enhanced food, merchandise, immersive 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

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L O N G - T E R M S T R A T E G YF U N D AM E N T A L S

Cedar Point continues to dominate as theRoller Coaster Capital of the WorldTM with theintroduction of Steel Vengeance, the firsthyper-hybrid roller coaster. This thrill rideshatters 15 records, including tallest, fastest,steepest and inversion count for a hybridroller coaster.

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We have executive chefs at each park toensure the quality of our food offerings ismaintained at the highest levels and tointroduce new and unique culinary options.This in-house expertise, combined with newcatering facilities, allows us to better serve ourgroup sales clients, providing them withunique experiences that fit both their needsand their budgets..

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.. This includesspringtime festivals, immersive summerentertainment, Halloween frights andWinterFest holiday celebrations.

IMPROVING THE GUEST EXPERIENCE

Steel Vengeance Unique Culinary Experiences 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

Professional group sales teams and continued investment in improved catering facilities

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Our All-Season Dining and All-SeasonBeverage programs continue to grow inpopularity and have helped to drive our recordin-park guest per capita spending in 2017.Pre-sales of these products for our 2018operating season are also off to a strong start.

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 more parks in 2017.

ENCOURAGING ADVANCE SALES

Strong Season Pass Sales All Season Dining & Beverage Advance Purchase Commitments

Our capital investment strategy, includingrecent water park expansions and improvedfood and beverage options, along with ourspecial event programming provide enduringreasons to visit our parks early and to visitthem often. Our focus on providing the “BestDay” experience for our guests every timethey visit our parks has led to increased sales.


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

Self-service kiosks improve the guest experience with service efficiencies while driving labor efficiencies for the business

Historical guest data from our CRM platform

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The expansion of self-serve kiosks at selectfood locations improves the guestexperiences, increases transactions per hourand allows us to optimize our labor.

EMBRACING DIGITAL TECHNOLOGY

Mobile App CRM Platform Self-Serve Kiosks

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

Our mobile app solution enhances the in-parkexperience by providing guests withinformation they value, creating two-wayconversations with guests to drive increasedin-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.

Five-year capital strategy includes:

Spending 10% of revenues on marketable new rides, attractions and park infrastructures on an annual basis

Continued evaluation of fixed-cost base to remove inefficient capacity to help maintain historically high margins between 36% and 38%

Investing incremental capital dollars to develop land adjacent to our parks utilizing cash on our balance sheet

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Resort offerings enhance the park’s super-regional appeal and allow us to lean into ourmarketing efforts more aggressively in outermarkets. In 2018, we are expanding overnightaccommodations with the opening of a newfive-story addition to the Hotel Breakers. Thisexpansion, combined with the newlyrebranded Cedar Point Shores water park,strengthens Cedar Point’s appeal as a multi-day family resort destination.

MANAGING CAPITAL AND PRODUCTIVITY

Carowinds Multi-Year Expansion Unique Regional Brands Cedar Point


Charlotte is a vibrant market and we are movingforward aggressively to implement our plannedmulti-year investments in Carowinds. This is thethird consecutive year of record attendance atthis park.

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 ateach of our parks directly informs ourinvestment strategy, works across alldepartments and functions, and supports strongconsumer loyalty.

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, includingCharlotte and Toronto markets, 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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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.

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.

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.

Twisted Timbers - Steel and wood combine forces to bring guests a first-of-its-kind in the mid-Atlantic hybrid coaster at Kings Dominion.

FOUR new roller coaster experiences

RailBlazer

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

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; committed to a 4% annual increase to our distribution to unitholders while continuing to invest in the business

Balanced approach to capital allocation

FUNdamentals of our long-term strategy will continue to drive growth


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Appendix

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

• Consolidated Leverage Ratio was 3.5x as of 9/24/17 (end of Q317)

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

• Cash on hand was ~$250 million as of 9/24/17 (end of Q317)

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.

1711 fun investor-presentation

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