Cedar Point Analyst Day

Cedar Fair is FUN

Cedar Point Analyst DayAugust 11, 2015

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 federalsecurities 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 ourstrategy, plans or intentions. These forward-looking statements are subject torisks and uncertainties that may change at any time, and could cause actualresults to differ materially from those that we anticipate. While we believe that theexpectations reflected in such forward-looking statements are reasonable, wecaution that it is very difficult to predict the impact of unknown factors, and it isimpossible for us to anticipate all factors that could affect our actual results.Important factors, including those listed under Item 1A in the Partnership’s Form10-K could adversely affect our future financial performance and cause actualresults to differ materially from our expectations.

Forward-Looking Statement

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IntroductionMatt Ouimet, President and Chief Executive Officer

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Cedar Fair is FUN

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There is a difference.You see it. You feel it. You experience it.And when you’re at a Cedar Fair park, you know it.

Strong, Experienced Management TeamProven expertise both at Cedar Fair and in the broader leisure and hospitality industry

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Name Position Years with Cedar Fair

Years In Industry

Matt A. Ouimet (57) President and Chief Executive Officer 4 25

Richard A. Zimmerman (54) Chief Operating Officer 24 28

Brian C. Witherow (48) Executive Vice President and Chief Financial Officer 20 22

Kelley Semmelroth (50) Executive Vice President and Chief Marketing Officer 3 10

Duffield E. Milkie (50) Executive Vice President and General Counsel 7 7

H. Philip Bender (59) Executive Vice President 36 43

David R. Hoffman (46) Senior Vice President and Chief Accounting Officer 9 9

Craig J. Freeman (61) Senior Vice President of Administration 35 35

Robert A. Decker (55) Senior Vice President of Planning & Design 16 27

Regionally loved, best-in-class parks drive high-repeat visitation and offer strong growth potential

Leverage a portfolio of industry-leading, regional brands with compelling growth strategies

Transformative investments in the parks, the experience and our employees are manifesting through increased attendance and guest per capita spending

Transformative investments are driving results

Strong FCF generation and capital management driving value to unitholders through total return investment

Strong FCF generation allows reinvestment in the business, in addition to healthy return of capital to unitholders

A FUN BusinessCedar Fair is transforming the amusement park industry into a place to be to have FUN for everyone

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Key Differentiators

• Best-in-class parks with loyal, high-repeat customer base

• Industry-experienced management with history of delivering results

• History of strong Adjusted EBITDA margins

• FUNforward 2.0 provides next generation of growth

• Disciplined approach to balanced capital allocation

• Healthy, stable industry with significant barriers to entry

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Diversified Cash FlowDiversified revenue and Adjusted EBITDA streams across the Company portfolio

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Strong Cash Flow GenerationStable & diversified cash flows have allowed us to perform well during times of recession

(a) Acquisition of Knott’s Berry Farm in December 1997(b) Acquisition of Michigan’s Adventure and Knott’s Soak City – Palm Springs 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

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ons)

Adj. EBITDA

Financial Crisis

2001 = (6.1%) 2002 = 11.4%

2009 = (11.0%) 2010 = 13.2%

Early 2000’s Recession

Early 1990’s Recession

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Continued Growth: FUNforward 2.0Targeting Adjusted EBITDA of $500 million, or more, by 2018

(a) See Appendix for reconciliation of Adjusted EBITDA

• Drive strong price-value proposition through enhanced guest experience

• Encourage advance purchase commitments

• Embrace new opportunities with digital technology

• Constantly manage capital and expense productivity

• Complementary development adjacent to parks

Strategic Growth Drivers

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Financial OverviewBrian Witherow, Executive Vice President

& Chief Financial Officer

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Results Through Second Quarter 2015Broad-based revenue growth combined with a continued focus on cost management drove a 6% increase in Adjusted EBITDA

(in millions, except per capita amounts)Six Months Ended

06/28/15Six Months Ended

06/29/14 % Change

Net revenues $424 $403 5%

Adjusted EBITDA $84 $79 6%

Adjusted EBITDA margin 19.7% 19.6% 10 bps

Attendance 8.6 8.4 3%

Average in-park guest per capita spending $44.57 $43.78 2%

Out-of-park revenues $50.5 $45.7 11%

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Momentum Continues Through JulyStrong results support long-term strategy of enhancing the guest experience and investing in our parks

• Net revenues through Sunday, August 2, 2015, increased 7% on a constant-currency basis driven by:

• 3% increase in attendance

• 3% increase in average in-park guest per capita spending

• 8% increase in out-of-park revenues

• Number of unique visitors are UP

• Cedar Fair expects 2015 to be another record year in both net revenues and Adjusted EBITDA

• The Company is on track to achieve its long-term target of $500 million, or more, in Adjusted EBITDA by 2018

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Solid Balance SheetOur improved leverage provides the financial flexibility to capitalize on future opportunities

$3 $6 $6 $6

$588

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Scheduled Maturities

($ in millions)

• Consolidated Leverage Ratio at 3.6x

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

o Majority of our variable-rate debt has been converted to a fixed-rate through the use of interest rate swap agreements

• Nominal maturities until our revolving credit facility matures in 2018

o Revolver capacity = $255 million

• Debt reduction and a large cushion under our debt covenants have significantly improved our credit profile since 2011

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MLP AdvantageMLP structure provides an efficient tax structure while maintaining optimal operational flexibility

• Strong cash flows exceed the need for organic growth and expansion is efficiently returned to unitholders through the MLP structure

• Structure is flexible to allow Cedar Fair to operate and manage its business and financial position without significant restrictionso No restrictions on partnership from both “owning” and “operating” its assets

(vs. REITs)

o Expansion into same lines (i.e. amusement parks, hotels/lodging, retail, etc.) of business does not jeopardize tax

• Avoid double-taxation of cash flow

• Good acquisition currency

• Our current hybrid structure, which includes corporate subsidiaries, is efficient with a 20% to 25% expected tax rate vs. 35% to 40% of a standard corporation

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Strategic Capital Strategy Driving Growth in Both Near- and Long-Term

• Targeted ROI for capital investments is north of 15%

• Continued commitment to marketable new rides and attractions on an annual basis

• Additional focus on long-term development

o Platforms that offer new revenue streams (i.e. FunTV, resort accommodations)

o Partnerships that offer customer sharing

o Embracing technology to drive operational efficiencies and enhance the guest experience

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Capital Investment Strategy5-Year Capital Matrix

Initiative 2016 2017 2018 2019 2020

Reas

on to

Rid

e

Major thrill ride / coaster Mid-size thrill ride Coaster re-work Interactive dark ride / digital experience Kids' / "tween" attractions

Reas

on to

Be

/ Pl

acem

akin

g

Water park product Entertainment / in-park experience F&B / merchandise centers Accommodations Infrastructure Ride removal

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Continuous improvement Core innovation

In process

Development

Ideation

Speculative innovation

FUN-TV

Digital imaging

All-season dining

Chip and pin conversion

Running events

Mobile app/ digital imaging

Amusement Dark Portfolio

Mobile connectivity

Place to ride Place to be

________________

Self-order kiosks

Expansion / Diversification

Business Development Initiatives

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________________

________________

________________

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Virtual reality coaster pilot

Virtual reality POV for ride announcement

Sports Force

To be announced soon

________________

Real estate development

________________



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Distribution

Long History of Paying DistributionsA stable and growing distribution continues to be our top priority

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Investment of Excess Cash FlowOur disciplined approach affords us the flexibility to prioritize the sustainability and growth of the distribution while also opportunistically investing in the growth of our business

Strong free cash flow

from operations

Investment in future growth

Stable, growing

distribution

AND

• $3.00 per limited partner unit

• Yield of 5.6%(a)

• 28 consecutive years of distributions

• Incremental, new revenue streams (FunTV & resort accommodations)

• Transformational capital investments

• Immersive guest experience enhancements

20(a) Based on unit price as of August 7, 2015 of $53.76

Operational OverviewRichard Zimmerman, Chief Operating Officer

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Strong Core Operations with Upside

• Best-in-class, geographically diverse parks with strong regional brands

• Attractive, high-repeat customer base

• Dedicated management with lengthy industry and adjacent-industry experience

• Significant operational growth opportunities existo Ability to ‘transform’ the park experience through:

• Strategic introduction of innovative rides and attractions

• Enhancement and addition of experiential entertainment

• Investment in technology into our existing asset base to promote sharing and socialization

• Transformational capital – “Placemaking”

• Complimentary development adjacent to our parks

We have a strong plan in place and we are executing on that plan

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Best-in-Class ParksNational, geographically dispersed footprint that mitigates regional economic and weather risk

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Strong Regional Brands Get Rave Reviews

“A lot of people will compare this ride to Midway Mania at Disney, which is a

superb ride. Knott’s has found a different way to do it that’s even better

and on a lower budget.”

-Bob Gurr, legendary Disney Imagineer, discussing Voyage to the Iron Reef

“Cedar Point has orchestrated a masterful transformation of its historic

resort, Hotel Breakers. With this renovation, Hotel Breakers easily

becomes the top family resort in Ohio, and perhaps the best within hundreds

of miles in any direction.”

-Susan Glaser, The Plain Dealer

“Will I go back to Carowinds to ride Fury 325again? Certainly. Will I expect the crowds at Carowinds to increase this year because Fury 325 adds a whole other level of “thrill” to the theme park? Absolutely. And I’ll gladly stand in line with those thrill seekers, assuring them

it’s worth the wait.”

-Rachel Southmayd, The Herald

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• 9 out of 10 guests are repeat visitors (genetic vacation behavior)

• Located in attractive and growing DMAs

• Strong Net Promoter Scores

• Majority of guests live within a 150 mile radiuso Cedar Point draws from outside this radius

• Since the introduction of FUNforward in 2012, in-park guest per capita spending has increased 14% (~4% CAGR)

Attractive, High-Repeat Customer BaseOur parks have a multi-generational appeal providing us with an optimal mix of families and thrill seekers

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Seasoned, Dedicated ManagementDeep functional expertise provides for the application of best practices across the portfolio

Name Park Years with Cedar Fair

Years In Industry

Jason McClure (45) Cedar Point 14 14

Raffi Kaprelyan (53) Knott’s Berry Farm 36 36

Norm Pirtovshek (61) Canada’s Wonderland 36 36

Greg Scheid (52) Kings Island 27 28

Pat Jones (51) Kings Dominion 34 34

Mike Fehnel (37) Carowinds 23 23

Brad Marcy (39) Dorney Park 19 19

Raul Rehnborg (45) California’s Great America 28 28

Dave Frazier (50) Valleyfair 22 28

Frank Wilburn (49) Worlds of Fun 32 32

Camille Jourden-Mark (49) Michigan’s Adventure 32 32

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Seasoned, Dedicated ManagementDeep functional expertise provides for the application of best practices across the portfolio

Name Corporate Position Years with Cedar Fair

Years In Industry

Brent Barr (55) Corporate Director, Entertainment 38 38

Carrie Boldman (54) Corporate Vice President, Merchandise & Games 2 30

Nancy Hamlin (48) Corporate Vice President, Food Service 1 32

Jack Highsmith (65) Corporate Vice President, Resort Operations 13 38

Monty Jasper (59) Corporate Vice President, Safety & Engineering 20 42

Tony Johnson (65) Corporate Director, Operations 41 41

Matt Shafer (41) Corporate Vice President, Strategic Alliances 15 15

Scott Tanner (60) Corporate Vice President, Sales 4 32

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Elevating Our Best-in-Class ParksDeep operational and strategic focus on taking the Cedar Fair ‘Best Day’ experience to the next level in every way we interact with our guests

New Rides and Attractions

Transformational Capital

Experiential Entertainment

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New rides and attractions

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Areas of capital investment are meeting and/or exceeding our expectations

• Highlights of the 2015 capital program include:o Fury 325, the world’s tallest and fastest

giga coaster, at Carowinds

o Voyage to the Iron Reef, a spectacular new 4-D interactive ride at Knott’s Berry Farm

o Cedar Point, The Roller Coaster Capital of the World!, introduced Rougarou, a new roller coaster experience, and a refreshed historic Hotel Breakers on its mile-long sandy beach

o New water park rides, family attractions and state-of-the-art catering facilities were also part of our 2015 capital program

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Opportunity to add additional entertainment offerings, ensuring FUN for everyone and allowing us to maintain our strong price: value proposition

• Strong price:value proposition with amusement and water parks under one admission

• Expanded spontaneous midway entertainment

• Sweet Spot, a premium candy and confections store

• New and enhanced live performance offerings

• Socially and regionally-relevant events and festivals

Refreshed Catering FacilitiesPremium, updated catering facilities allow us to expand capacity and provide an enhanced guest experience for our catered event customers

• High-end meeting and catering facility at Great America, adjacent to the new Levi’s Stadium, has provided us with expanded business opportunities

o Strong regional economic growth

o Incremental revenue stream beyond our core operating season

• Refurbished, modernized facilities at many of our parks enhance our group sales initiative, enabling us to target a broader base of catered events

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Transformational CapitalTransforming areas within our parks into iconic, comfortable, lasting places ‘to be’ for guests of all ages

• Create a sense of place – a strong visual statement

• Refreshing iconic elements

• Cohesive areas throughout our parks

• Comfortable, equipped plazas near rides to accommodate non-riders

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Complementary DevelopmentSynergistic use of adjacent property to drive incremental attendance and create a consistent revenue stream

• Expand overnight accommodations

• Amateur sports facilities

• Commercial development such as retail, hotel, dining and entertainment

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Marketing OverviewKelley Semmelroth, Executive Vice President

& Chief Marketing Officer

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Knott’s continues to Deliver on Brand Promise2012 brand work led to positioning “where FUN comes easy”

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Carowinds New 2015 Brand PositioningThe entertainment destination that celebrates Carolina culture and pride by taking it to new heights

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Cedar Point Brand is Well-Established and Still RelevantIt is THE Roller Coaster Capital of the World… and that’s just the beginning

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There is a Greater Thirst for the Experiential

Commitment-Phobes

• Value of experience > ownership

• 70% of Millennials experience FOMO

• Digital and social media allow them to hedge social commitments for “better-dealing”

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Making People Feel like They’re Missing Something ValuableSocial FOMO helps with Group Alignment

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Giving Consumer More Reasons to Visit… Early and OftenPark Events Drive Urgency

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CRM Evolution2013 2014 2015

● Launch year for CRM –baseline demographics applied to known data

● Household and transaction informationresulting in greater insights

● Data hygiene processesimplemented to improve data quality to Merkle

● Robust pre-arrival welcome experience with upsell

● Refined testing by channels/targets

● Implemented return path for improved email deliverability and efficiencies

● Launch Resorts CRM

● Re-tool newsletter communications with more relevant content and mobile design

● Greater leverage of Merkle relationship for “Connected CRM”

● Season pass segmentation targeting

● Channel testing –expanding in social direct response

● Season pass portal goes live

● Launch resorts pre-arrival experience

● Expand data capture intersections mobile, web, social, - to replenish CRM database

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CRM – Creative Execution: Email / Social

Social DR - MobileRetooled newsletter, optimized for mobile

Pre-arrival welcome with upsell

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CRM – Creative Execution – Direct Mail: Household Segmentation

Household with small children present

Household with no children present

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Transforming the Digital Vision into Reality

Current App Refresh

Test App Development

System Integration

Park Connectivity

Awareness & Promotion

Reporting & Analytics

EMAIL WEB MOBILE

SOCIAL PARKING IN-PARK

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“Best Day” Experience Through Team Integration

“Best Day” Experience

Planning and

Design

Marketing

Information Technology

Operations

Finance

Human Resources

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Cedar Point UpdateJason McClure, Vice President & General Manager,

Cedar Point

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Cedar Point – Sandusky, Ohio

• America’s only super-regional amusement park

o Resort lodging compliments seasonal operations

o More than 50% of the nation’s population within a day’s drive

• Largest seasonal amusement park in the world

o Home to Millennium Force, the “#1 Steel Coaster in the World”(a)

• Highest margins and in-park guest spend in our portfolio

• Highest length of stay

The Roller Coaster Capital of the World!

(a) Source: Amusement Today, September 201455

A World-Class Entertainment Mecca

• 72 rides, including 17 world-class roller coasters, spectacular live shows and countless hours of FUN at Cedar Point

• Soak City, an 18-acre separately-gated water park, with many family-friendly attractions

• 1,285 rooms, including the newly renovated historic Hotel Breakers, situated on a mile-long beach, plus cottages, cabins, RV campsites and marinas

• More than 15 out-of-park dining and entertainment offerings

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Transforming the Best Amusement Park in the World

2012

LuminosityDinosaurs Alive!

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2012 2013

GatekeeperFront-Gate


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2012 2013


2014

Gemini MidwayLuminosity

Dinosaurs Alive!

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Before… Gemini Midway

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2012 2013


2014

Gemini Midway

2015

Hotel BreakersRougarou


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Before…

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Best-in-Class Parks Receive Rave Reviews

“The New and Improved Breakers Hotel” – Marty S, Columbus, OH

The newly remodeled Hotel Breakers was a big improvement over past trips. We have

been coming here for 40 years. We loved the remodeled rooms and friendly staff. The

outdoor activities on the beach were a big hit with our extended family of 17 people. From

the entertaining kiddie pool, to the beach activities, from volleyball to giant chess and

Jenga to lake night movies on the beach to the band and a magician performing in the

evenings, to late night burgers on the beach, there was something for everyone. Best of all,

those activities were free! Everyone had a great time – we will be back next year!

All major metrics up at Hotel Breakers including occupancy, ADR and guest satisfaction, including overwhelmingly positive feedback on trip advisor “Luxury Hotel” – Laura B, Oak Forest, IL

Beautiful hotel and worth every penny! Something for everyone and right on the beautiful beach! What more could you ask for? A great place to relax on the beach or by one of

the three pools and hot tubs or you can get wild and crazy and ride the coasters or get your splash on at the water park.

“So Glad I Found It!” – Ashley H, Birmingham, AL

Growing up in NW Ohio we always just went home after a day at CP. Now I drive up with teenagers to visit. I always

wished there was a ride for parents. Namely an air conditioned lounge with a bar to wait out the heat while the

kids play. Years of visits later, we finally stayed at the Breakers. Why did I wait until now?!? The place is great,

rooms excellent, service perfect. Nice pool, beach, restaurants and bar. They were so accommodating. I would rent a room just to stay there while the rest go to the park!

But I could also see staying for a day at the park, a day at the water park and a day at the beach!

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Before … Cedar Point Catering Facilities

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Catering Facility Before and After at Cedar Point

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• Spontaneous performances

• Midway personalities

• Sweet Spot

• Trail Tavern

• Re-energized Frontier Trail

• Activated beach area including Beach Blast

• Brew & BBQ

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2012 20202013


2014

Gemini Midway

2015

Hotel BreakersRougarou

150th

Operating Season

2016

News coming August 18th

2019

150th

AnniversaryLuminosity

Dinosaurs Alive!

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What’s Next for Cedar Point?

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What’s Next for Cedar Point?

• Attendanceo Attract unique visitors from outer marketso Attract value-oriented visitors during shoulder seasonso Extend length of stayo Advance purchase commitments

• In-park spendo Additional premium product offeringso Increase capture rates on merchandise and F&B offerings

• Capital expenditureso “Place-making” – 145 year old park has areas that could be “refreshed”o Under-utilized assets (i.e. beach, waterfront property)o Resort hotels – expand good, better, best experience

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Appendix

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EBITDA Adjustments

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(a) As permitted by and defined in the 2013 Credit Agreement.

(b) Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in the 2013 CreditAgreement. The Company believes Adjusted EBITDA is a meaningful measure of park-level operating profitability. Adjusted EBITDA is not a measurement ofoperating performance computed in accordance with generally accepted accounting principles and is not intended to be a substitute for operating income, net income,or cash flow from operating activities, as defined under generally accepted accounting principles. In addition, Adjusted EBITDA may not be comparable to similarlytitled measure of other companies.

Note: For years prior to 2013, a reconciliation of Adjusted EBITDA to net income (loss) can be found in our Annual Report on Form 10-K for that year.

($ in millions) 12/31/2014 12/31/2013EBITDA $334.5 $353.9

Plus: loss on the early extinguishment of debt 29.3 34.6 Plus: net effect of swaps (2.1) 6.9 Plus: unrealized foreign currency loss 40.9 29.1 Plus: equity based compensation 12.5 5.5 Plus: loss on impairment / retirement of fixed assets, net 9.8 2.5 Plus: gain on the sale of other assets (0.9) (8.7)Plus: Class action settlement costs 5.0 -Plus: other non-recurring costs(a) 2.3 1.6

Total Adjusted EBITDA(b) $431.3 $425.4

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