The analyses and conclusions of Broyhill Asset Management, LLC (“BAM”) contained in this presentation are based on publicly available information. BAM recognizes that there may be confidential information in the possession of the companies discussed in the presentation that could lead these companies to disagree with BAM’s conclusions. This presentation and the information contained herein is not a recommendation or solicitation to buy or sell any securities.

Broyhill Asset Management

The analyses provided may include certain statements, estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of the companies, access to capital markets and the values of assets and liabilities. Such statements, estimates, and projections reflect various assumptions by Broyhill Asset Management concerning anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, estimates or projections or with respect to any other materials herein. Actual results may vary materially from the estimates and projected results contained herein. Accordingly, no party should purchase or sell securities on the basis of the information contained in this presentation. Broyhill Asset Management expressly disclaims liability on account of any party’s reliance on the information contained herein with respect to any such purchases or sales.

Accounts managed by BAM and its affiliates have invested in the equity of Cedar Fair, L.P. (NYSE:FUN). It is possible that there will be developments in the future that cause BAM to change its position regarding the companies discussed in this presentation. Broyhill Asset Management may buy, sell, cover or otherwise change the form of its investment regarding such companies for any reason. BAM hereby disclaims any duty to provide any updates or changes to the analyses contained here including, without limitation, the manner or type of any BAM investment.

Broyhill On Rational Investing In Irrational Markets