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Six Flags Entertainment Corp. (SIX) · page 17 of 38

Uses historical examples of Marriott/Host Hotels and MGM/MGP to validate the OpCo/PropCo strategy for Six Flags.

Activist deck · preempt_rebuttal · cite_precedent · overcrowded density

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Precedent transaction slide · 70%

examples of similar companies (Marriott, MGM Resorts) that have separated real estate and operations
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breakup-spinoff 95%

Advocating for the separation of real estate (PropCo) from operations (OpCo) to unlock shareholder value.