Cedar Fair declares 4th quarter cash distribution and announces plans for governance changes in 2004

Friday, 12 December 2003

Cedar Fair, L.P. Press Release

SANDUSKY, OHIO, December 12, 2003 -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates six amusement parks and five water parks, today announced the declaration of a regular quarterly cash distribution of $0.44 per limited partner unit, continuing the Partnership's annualized distribution rate of $1.76 per unit.

The distribution, which is payable February 17, 2004, to holders of record January 6, 2004, represents Cedar Fair's 67th consecutive quarterly cash distribution.

The Partnership also announced that its Board will submit to unitholders a plan to restructure the corporate governance of the Partnership. In the new structure, the unitholders of Cedar Fair will elect the board of directors of the general partner. The Board authorized the officers of Cedar Fair to begin taking the actions required by the plan, including amendment of the partnership agreement. The changes necessary to implement unitholder voting will be submitted to the unitholders for a vote at a special meeting to be held in the second quarter of 2004. Upon recommendation of its Nominating and Corporate Governance Committee, the Board approved the creation of a seven-member staggered board of directors that will be elected at the unitholder meeting. In connection with the governance changes, the current general partner, Cedar Fair Management Company, will be replaced by a new general partner, and the interests of the existing general partner will be acquired for an amount of $3,450,000, payable in Cedar Fair, L.P. units.

Cedar Fair's six amusement parks are Cedar Point, located on Lake Erie between Cleveland and Toledo; Knott's Berry Farm near Los Angeles in Buena Park, California; Dorney Park & Wildwater Kingdom near Allentown, Pennsylvania; Valleyfair near Minneapolis/St. Paul; Worlds of Fun, located in Kansas City, Missouri; and Michigan's Adventure near Muskegon, Michigan. The Partnership's water parks are located near San Diego and in Palm Springs, California, and adjacent to Cedar Point, Knott's Berry Farm and Worlds of Fun. Cedar Fair also operates Camp Snoopy at the Mall of America in Bloomington, Minnesota under a management contract.