2016 Annual Report

BIGGER! HIGHER! FASTER!

SIX FLAGS ENTERTAINMENT CORPORATION 2016 ANNUAL REPORT

Dear Six Flags Shareholders, Six Flags is a global leader in a resilient and growing industry that is benefitting from consumer trends that favor experiences over material purchases. As a result of these trends and our strong operational execution, our company continued its excellent momentum in 2016 by achieving our seventh consecutive year of record financial performance. We are in a strong position to continue growing revenue, earnings, and cash flow into the future. Last year we reached an important milestone in our company’s history: For the first time with the current portfolio of parks our attendance surpassed 30 million visits. Our expanding season pass holder and membership base, together with great execution of our pricing strategy, in-park revenue initiatives—including our rapidly-growing all season dining program—and international licensing provide a strong foundation to grow revenue faster than the industry average and to further expand margins. Adjusted EBITDA(1) grew five percent in 2016 and our Modified EBITDA(1) margin again reached a new industry high. In fact, our efficient and innovative approach to capital spending resulted in a Modified EBITDA less Capex margin well above any other company in the industry. Over the course of 2016, our shareholders earned a 14 percent total return on their investment. In addition, we increased our dividend in the fourth quarter 2016 by 10 percent to an annual run rate of $2.56 per share, registering our seventh consecutive year of dividend increases and providing a yield more than double the S&P 500. Since our emergence as a public company in 2010, an investor in the S&P 500 who reinvested dividends would have approximately doubled their investment. By comparison, the same investment in Six Flags would have grown more than ten times! We are truly the ultimate growth and yield stock. The foundation of our past and future success will be the consistent execution of our business strategy, which is built on maintaining world-class safety standards, leading the industry in innovation and consistently delighting our guests. Our strategy also includes introducing new rides and attractions at every park every year, many of which are industry firsts. Last year we introduced North America’s first virtual reality roller coasters, providing our guests a fully-immersive experience with four different virtual worlds. The investments we are making in our Halloween and holiday-themed events expand our operating season in the fall and winter months and provide our guests even more reasons to visit our parks. Our exceptional performance over the last seven years directly reflects everything our dedicated Six Flags team does to create thrills, delight our guests, and provide fun and memorable experiences. I have never been more confident in our strategy, the long-term future of our business and the strength of our employees. Morale is high, and we are focused and energized to attain our new aspirational target of $750 million of Modified EBITDA by 2020. Thank you for your ongoing support of Six Flags and our entire team as we strive to deliver consistently strong returns and enhance shareholder value for the long-term.

John M. Duffey President and Chief Executive Officer Six Flags Entertainment Corporation

(1) See the inside back cover of this annual report for the definition of Adjusted EBITDA and Modified EBITDA, and a reconciliation of these measures to U.S. GAAP financial measures.

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@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ 'JMFEIFSFXJUI 'VSOJTIFEIFSFXJUI h .BOBHFNFOUDPOUSBDUPSDPNQFOTBUPSZQMBO This Page Intentionally Left Blank This Page Intentionally Left Blank This Page Intentionally Left Blank Reconciliation of Net Income to Modified EBITDA and Adjusted EBITDA

The following table sets forth a reconciliation of net income to Modified EBITDA and Adjusted EBITDA for the periods shown (in thousands) Twelve Months Ended December 31,

2016 2015 2014 2013 Net income $ 156,727 $ 192,855 $ 114,034 $ 156,873 Income from discontinued operations - - (545) (549) Income tax expense 76,539 70,369 46,522 47,601 Other expense, net(1) 1,684 223 356 1,054 Loss on debt extinguishment 2,935 6,557 - 789 Interest expense, net 81,872 75,903 72,589 74,145 Loss on disposal of assets 1,968 9,882 5,860 8,579 Gain of sale of investee - - (10,031) - Amortization 2,603 2,623 2,658 14,393 Depreciation 104,290 104,788 105,449 113,682 Stock-based compensation 116,339 56,233 140,038 27,034 Impact of Fresh Start valuation adjustments(2) 89 160 369 594 Modified EBITDA(3) 545,046 519,593 477,299 444,195

Third party interest in EBITDA of certain operations(4) (38,425) (38,165) (38,012) (40,083)

Adjusted EBITDA(3) $ 506,621 $ 481,428 $ 439,287 $ 404,112

(1) Includes a nominal recovery of costs related to reorganization items for the year ended December 31, 2013.

(2) Amounts recorded as valuation adjustments and included in reorganization items for the month of April 2010 that would have been included in Modified EBITDA and Adjusted EBTIDA, had fresh start accounting not been applied. Balance consists primarily of discounted insurance reserves that will be accreted through the statement of operations each quarter through 2018.

(3) “Modified EBITDA”, a non-GAAP measure, is defined as our consolidated income (loss) from continuing operations: excluding the cumulative effect of changes in accounting principles, discontinued operations gains or losses, income tax expense or benefit, restructure costs or recoveries, reorganization items (net), other income or expense, gain or loss on early extinguishment of debt, equity in income or loss of investees, interest expense (net), gain or loss on disposal of assets, gain or loss on the sale of investees, amortization, depreciation, stock-based compensation, and fresh start accounting valuation adjustments. Modified EBITDA as defined herein may differ from similarly titled measures presented by other companies. Management uses non-GAAP measures for budgeting purposes, measuring actual results, allocating resources and in determining employee incentive compensation. We believe that Modified EBITDA provides relevant and useful information for investors because it assists in comparing our operating performance on a consistent basis, makes it easier to compare our results with those of other companies in our industry as it most closely ties our performance to that of our competitors from a park level perspective and allows investors to review performance in the same manner as our management. .Modified EBITDA as defined herein may differ from similarly titled measures presented by other companies.

"Adjusted EBITDA", a non-GAAP measure, is defined as Modified EBITDA minus the interests of third parties in the Adjusted EBITDA of properties that are less than wholly owned (consisting of Six Flags Over Georgia, Six Flags White Water Atlanta and Six Flags Over Texas). Adjusted EBITDA is approximately equal to “Parent Consolidated Adjusted EBITDA” as defined in our secured credit agreement, except that Parent Consolidated Adjusted EBITDA excludes Adjusted EBITDA from equity investees that is not distributed to us in cash on a net basis and has limitations on the amounts of certain expenses that are excluded from the calculation. Adjusted EBITDA as defined herein may differ from similarly titled measures presented by other companies. Our board of directors and management use Adjusted EBITDA to measure our performance and our current management incentive compensation plans are based largely on Adjusted EBITDA. We believe that Adjusted EBITDA is frequently used by all our sell-side analysts and most investors as their primary measure of our performance in the evaluation of companies in our industry. In addition, the instruments governing our indebtedness use Adjusted EBITDA to measure our compliance with certain covenants and, in certain circumstances, our ability to make certain borrowings. Adjusted EBITDA, as computed by us, may not be comparable to similar metrics used by other companies in our industry.

(4) Represents interests of third parties in the Adjusted EBITDA of Six Flags Over Georgia, Six Flags Over Texas and Six Flags White Water Atlanta.