Insight, Innovation & ExecutionMarch 2015

Forward‐Looking Statement

Some slides and comments included here, particularly related to estimates,comments on expectations about future performance or business conditions, maycontain “forward‐looking statements” within the meaning of the federal securitieslaws which involve risks and uncertainties. You can identify forward‐lookingstatements 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, plansor intentions. These forward‐looking statements are subject to risks anduncertainties that may change at any time, and could cause actual results to differmaterially from those that we anticipate. While we believe that the expectationsreflected in such forward‐looking statements are reasonable, we caution that it isvery difficult to predict the impact of unknown factors, and it is impossible for us toanticipate all factors that could affect our actual results. Important factors,including those listed under Item 1A in the Partnership’s Form 10‐K could adverselyaffect our future financial performance and cause actual results to differ materiallyfrom our expectations.

2

$973$1,028

$1,068$1,135 $1,160

$850

$950

$1,050

$1,150

2010 2011 2012 2013 2014

Net Reven

ues  

(in m

illions)

Cedar Fair at a Glance

3(a) One hotel with indoor water park(b) See appendix for reconciliation of Adjusted EBITDA(c) Yield based on closing prices on March 6, 2015

Net Revenues

Adjusted EBITDA

Yield

World‐Class Facilities• 11 Best‐in‐Class Amusement Parks• Entertains more than 23 million guests annually• 1 Amusement Park Under Management Contract• 3 Separately‐Gated Outdoor Water Parks• 5 Hotels(a) ‐ ~1,600 Rooms• 5 Campgrounds, including deluxe RV sites and cabins• 2 Marinas• 850+ Rides and Attractions• 120+ Roller Coasters

World‐Class Facilities• 11 Best‐in‐Class Amusement Parks• Entertains more than 23 million guests annually• 1 Amusement Park Under Management Contract• 3 Separately‐Gated Outdoor Water Parks• 5 Hotels(a) ‐ ~1,600 Rooms• 5 Campgrounds, including deluxe RV sites and cabins• 2 Marinas• 850+ Rides and Attractions• 120+ Roller Coasters

3

$359 $375 

$391 

$425  $431 

$300

$350

$400

$450

2010 2011 2012 2013 2014

Adjusted

 EB

ITDA(

b) 

(in m

illions)

5.5%4.4% 4.5%

0.0%

2.0%

4.0%

6.0%

FUN SEAS SIX

Yield(

c)

Key Differentiators

What Makes 

Cedar Fair FUN?

Best‐in‐Class Parks with Loyal, High‐Repeat 

Customer Base

Healthy, Stable 

Industry with Significant Barriers to 

Entry

Industry‐Experienced Management with History of Delivering Results

History of Strong Adjusted EBITDA Margins

FUNforwardGrowth 

Opportunities Still Exist

Balanced Approach to Allocation of Excess Capital

4

Best‐in‐Class Parks

5

The Company has a national, geographically dispersed footprint that mitigates regional economic and weather risk

Loyal, High‐Repeat Customer Base

• Entertain more than 23 million guests annually

• Genetic Vacation Behavior 9 out of 10 guests are repeat visitors

• Majority of guests come from within a 150 mile radius

• Diverse demographic mix

Healthy balance between families and thrill seekers

6

Healthy, Stable Industry

Regional Amusement 

Park Industry

Significant Barriers to 

Entry

Limited In‐Market 

Competition

Recession Resilient

Stable and Growing

Strong Price/ Value Proposition

No Comparable At‐Home Experience

7

Strong, Experienced Management Team

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 (49) 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 (54) Senior Vice President of Planning & Design 16 26

Management team with proven experience both with Cedar Fair and in the leisure and hospitality industry

8

Long History of Growth

Proven growth strategy driven by gains in both attendance andper capita spending poises the Company for long‐term success

9

(a) Includes attendance for amusement parks and separately‐gated outdoor water parks (b) Average in‐park guest per capita spending is defined as our total in‐park revenues, including gate admissions and revenue received inside the park gates for food, merchandise, games 

and premium benefit offerings, divided by total attendance(c) See Appendix for reconciliation of Adjusted EBITDA

Consistent Attendance Base Increasing Guest Spending

Solid Revenue Growth Strong Adjusted EBITDA(c) Growth

22.8

23.423.3

23.523.3

22.5

23.0

23.5

24.0

24.5

2010 2011 2012 2013 2014

Tota

l Atte

ndan

ce (a

)

(mill

ions

)

$39.21$40.03

$41.95

$44.15

$45.54

$38

$40

$42

$44

$46

$48

2010 2011 2012 2013 2014

Ave

rage

In-p

ark

Gue

st

per C

apita

Spe

ndin

g (b

)$973

$1,028

$1,068

$1,135

$1,160

$900

$975

$1,050

$1,125

$1,200

2010 2011 2012 2013 2014

Net

Rev

enue

s($

mill

ions

)

$359

$375

$391

$425$431

$350

$375

$400

$425

$450

2010 2011 2012 2013 2014

Adju

sted

EB

ITD

A(c)

($ m

illio

ns)

Long History of Growth

10

Stable & diversified cash flows have allowed us to perform well during times of recessions

(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

FUNForward Growth Opportunities Exist

On track to achieve targeted Adjusted EBITDA(a) of $450 million, or more, by 2016

11

Adjusted EBITDA(a) Growth• Enhanced guest experience

• Improved consumer messaging

• Dynamic pricing and advance purchase commitments

• Premium product offerings

• Strategic alliance fees and promotional leverage

• Capital and expense productivity

(in millions)

Strategic Growth Drivers

(a) See Appendix for Adjusted EBITDA reconciliation

FUNforward target announced January 2012

FUNforward target announced January 2012

$375

$391

$425$431

$450+

2011 2012 2013 2014 2016

FUNForward Growth Opportunities Exist

While many of the FUNforward initiatives have gained traction much faster and to a greater degree than initially anticipated, they continue to have additional upside potential

Enhanced Guest Experience

Improved Consumer Messaging

Premium Product Offerings

Dynamic Pricing and Advance Purchase Commitments

Strategic Alliances

Capital Expense Productivity12

Progress on FUNforward initiatives

Solid Balance Sheet

Our focus on de‐leveraging has provided us with the financial flexibility to capitalize on future opportunities

• 2014 Consolidated Leverage Ratio at 3.6x

• Reliance on revolving credit facility has been significantly reduced over the past 5 years

• With the refinancing in June 2014, our average cost of debt is now expected to be ~5.3%, down from ~6.3% a year ago

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New FUN for 2015

Our 2015 capital program provides an optimal blend of thrill‐ and family‐oriented attractions, park enhancements and organic growth opportunitieswith a broader objective of continuing to add value to the overall guestexperience

• Fury325, the world’s tallest and fastest giga coaster, will debut at Carowinds

• Voyage to the Iron Reef, a spectacular new 4‐D interactive ride will surface at Knott’s Berry Farm

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

• Our capital plans will also include new water park rides, family attractions and state‐of‐the‐art catering facilities to market across all of our properties

14

Investment of Excess Cash Flow

Distribution IncreaseDistribution Increase

Unit BuybackUnit Buyback

Investment in Organic GrowthInvestment in Organic Growth

Sustainability and growth of the distribution is forefront in the decision‐making process

Debt RepaymentDebt Repayment

(a) Based on a closing price of  $54.79 unit price as of March 6, 2015

15

Annualized Distribution of $3.00 per unit represents a 

yield of 5.5%(a)

Annualized Distribution of $3.00 per unit represents a 

yield of 5.5%(a)

Delivering Results

16

• Best‐in‐Class parks with loyal, high‐repeat customer base

• Healthy, stable industry with significant barriers to entry

• Industry‐experienced management with long history of delivering record results

• Industry‐leading Adjusted EBITDA margins

• FUNforward growth opportunities still exist Expect to achieve targeted Adjusted 

EBITDA of $450 million, or more, by 2016 Balanced approach to investment of excess 

cash flow

Appendix

17

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.

(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 Credit Agreement.  The Company believes Adjusted EBITDA is a meaningful measure of park‐level operating profitability.  Adjusted EBITDA is not a measurement of operating 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 similarly titled measure of other companies.

EBITDA Adjustments

18

($ 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 1.7

Total Adjusted EBITDA(b) $431.3 $425.4