Cost of Capital Components Capital Structure Components WACC Expected Return of Risk Free Pre-Tax Beta Market Rate Tax Rate Debt Cost Bond Rating Short- Long- Equity Term Debt Term Debt Total Capital Credit Rating Change Disney 0.96 9.6% 2.4% 21.8% 3.0% B+ Six Flags 0.89 9.6% 2.4% 24.2% 4.2% B+ 248,699 4,190 21,923 36,311 306,933 19 2,467 8.0% 6,676 6.7% Additional Debt for Fox Acquisition Disney 0.96 9.6% 2.4% 21.8% 3.0% A Six Flags 0.89 9.6% 2.4% 24.2% 4.2% B+ 248,699 4,190 21,923 19 36,311 306,933 8.0% 2,467 6,676 6.7% Bear Stock Market Disney 0.96 9.6% 2.4% 21.8% 3.0% A Six Flags 0.89 9.6% 2.4% 24.2% 4.2% B+ 248,699 4,190 21,923 19 36,311 306,933 8.0% 2,467 6,676 6.7%