WWE Forward‐Looking Statements This news release contains forward‐looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which are subject to various risks and uncertainties. These risks and uncertainties include, without limitation, risks relating to maintaining and renewing key agreements, including television distribution agreements; the need for continually developing creative and entertaining programming; the continued importance of key performers and the services of Vincen t MMhMcMahon; theconditions of themarktkets inwhic h we competeand acceptance of the Company's brands, media and merchandise within those markets; our exposure to bad debt risk; uncertainties relating to regulatory and litigation matters; risks resulting from the highly competitive nature of our markets; uncertainties associated with international markets; the importance of protecting our intellectual property and complying with the intellectual property rights of others; risks associated with producing and travelling to and from our large live events, both domestically and internationally; the risk of accidents or injuries during our physically demanding events; risks relating to our film business and any new business initiative which we may undertake; risks relating to the large number of shares of common stock controlled by members of the McMahon family and the possibility of the sale of their stock by the McMahons or the perception of the possibility of such sales; the relatively small public float of our stock; and other risks and factors set forth from time to time in Company filings with the Securities and Exchange Commission. Actual results could differ materially from those currently expected or anticipated. In addition, our dividend is significant and is dependent on a number of factors, including, among other things, our liquidity and historical and projected cash flow, strategic plan (including alternative uses of capital), our financial results and condition, contractual and legal restrictions on the payment of dividends, general economic and competitive conditions and such other factors as our Board of Directors may consider relevant, including a waiver by the McMahon family of a portion of the dividends which has now expired. Any new dividend waiver is subject to two things. The first is the receipt of the approval of the Internal Revenue Service, which has been obtained. The second is the agreement of members of the McMahon family. No determination has been made by the McMahon family to enter into a new waiver agreement. Presentation also includes information regarding the historical financial performance of WWE, including performance as reflected in non‐GAAP financial measures, such as Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA). Please note that a schedule setting out the reconciliation of this measure to net income, a comparable GAAP financial measure, is included on the Company’ s Web site at www.corporate.wwe.com/investors and is also included in Company’ s SEC filings, which can also be accessed at the Company’s Web site. 2 Compelling Investment Core Competencies: •Content creation •Marketing • Distribution 9 Attractive long‐term growth: – Strengthening global television distribution – Exploiting new licensing Diversified businesses: agreements •Platform – Disciplined cost management • Geography and operating efficiency 9 Further opportunities for growth: •International Expansion Financial strength: •WWE Network • Operating leverage •Low capital requirements 3 Core Competencies •Content creation –Proven track record with over 25 years of history – Deliver original content 52 weeks a year to a global audience – Family‐friendly, PG content across all of its platforms – WWE has 2 of the top 5 longest running weekly episodic TV shows by total number of episodes •Marketing – Driving pop culture –Mainstream media – The Apprentice, Dancing with the Stars, The View, The TdToday Show and PjtProject Runway – Celebrity guest hosts –Donald Trump, Shaquille O’ Neal, Nicole Scherzinger, Mickey Rourke and Jeremy Piven • Distribution –Broadcast in more than 145 countries and 30 languages and reaches more than 500 million homes worldwide –14 million viewers in the U.S. each week – 13 million online monthly unique visitors 4 Core Competencies • WWE brands cultivate a passionate global audience and are viewed more than basketball, baseball and hockey (regular season) Average Viewers per Regular Season Cable Telecast 6000 5552 5000 4000 (000s) 3493 2+ ee 3000 Ag 2000 1632 1361 1313 Viewers 1000 300 0 5 Core Competencies • “WWE Fan for Life” •Multi‐generational product with diverse audience base starts with WWE Kids •Broad audience where 35% of our viewers are female and 78% of •PG TV Programming the audience over the age of 18 drives sponsorships • 61.8% Caucasian, 21.0% African‐American and 22.1% Hispanic Origin Age Distribution Gender Distribution 22% 30% 35.0% 23% 65.0% 25% <18 18‐34 35‐49 50+ Male Female 6 Diversified business: Platform •Leveraging content across multiple platforms to generate revenue Films/Other Digital Media Live Events Consumer PdProducts Pay‐Per‐View Telev ision *2010 revenue breakdown shown 7 International Revenue: Platform •Key sources of •The Company continues to build and/or upgrade its global TV international growth are TV rights and presence –key to cultivating audience over time and developing licensing other revenue streams 160.0 2006‐2008 CAGR: +14.9% 135.2 140.0 127.1 135.2 1.2 5.0 119.3 2.8 120. 0 1.3 34.5 102.4 27.2 31.4 100.0 1.4 27.2 20.3 11.7 millions) 17.7 14.8 80.0 17.7 in 19.5 37.2 39.0 45.4 llars 60.0 32.8 oo 30.6 (D 40.0 44.6 43.3 41.7 20.0 30.6 40.3 0.0 2006 2007 2008 2009 2010 Year Live Events (Includes Venue Merch) Tel ev i s i on Pay‐per‐view (Includes WWE Classics On Demand) Consumer Products Digital Media/Other 8 International Revenue: Region • Approximately 25% • Revenue from outside the U.S. grew at an average of 18% per year of the Company’s revenue is generated (2003‐2008) from international sources • Established markets 160.0 2006‐2008 CAGR: +14.9% include UK, France 135.2 135.2 140.0 127.1 6.5 •Developing 119.3 19.4 120.0 3.8 12.5 presence in Mexico, 102.4 34.4 India and China 100.0 3.2 30.6 32.1 35.6 millions) 80.0 30.4 in •Top Markets: s rr EMEA 60.0 UK, France and (Dolla 94.3 40.0 84.9 82.5 80.2 Germany 68.8 APAC 20.0 Australia, India, Japan 0.0 and South Korea 2006 2007 2008 2009 2010 Latin America Year Mexico Europe, Middle East & Africa (EMEA) Asia Pacific (APAC) Latin America 9 Financial strength •High operating •In 2009, WWE delivered an 11% increase in earnings and improved leverage operating margins from 16% to 19% despite a challenging economy •Low maintenance capital requirements • Also as part of its heightened sense of fiscal discipline, the Company reduced its cost base by more than $20 million Revenue ($ millions) 600 526.5 485.7 477.7 500 475.2 377.9 415.3 Capitalize on growth opportunities . 400 300 200 100 0 EBITDA margin (%) 2000 2006 2007 2008 2009 2010 2012 25.0% 23.1% 20.0% 19.7% 17. 9% 19.3% 15.0% 16.0% 15.8% With enhanced financial discipline . 10.0% 5.0% 0.0% 2000 2006 2007 2008 2009 2010 2012 Note: 2000 financials are as reported 10 Financial strength Operating Capital Revenue1 ($ M) Profit Margin1 (%) Growth Risk Leverage Intensity Live Events 104.6 26.2 Television 127.0 45.1 Pay‐Per‐View 70.2 56.7 Licensing 51.7 74.3 Home Video 32.1 49.8 .com 14.9 65.1 Shop 14.0 22.9 Studios 19.6 2.0 1 11 2010 revenue breakdown shown Low Medium High Growth opportunities •Conservative Markets/Customers balance sheet – >$180 million in cash New Existing and virtually no debt –and heightened financial discipline Diversification Innovation allows the Company • WWE Network •New toy launch P to invest, withstand ew •New film model •New apparel line latform shocks and fund NN •M&A opportunities • New video game growth •New TV shows •Diversified platform Exp growth, both product roducts International Efficienc y a nsion and geographic, PP combined with •Mexico •Live event pricing effective cost • Brazil, Russia, India & •TV Specials management drives China •PPV pricing Existing value creation •Mattel market penetration • Better licensing terms •Focus on costs Geographic Expansion 12 Focused on Efficiency • Disciplined cost • Continue our proven track record of creating compelling content management and operating efficiency is –New talent and creative story lines – Sheamus and Nexus a key long‐term – ClbitCelebrity guest hthosts, media presence and diidriving pop culture growth priority –Strong partners –THQ, Mattel and Vivendi Entertainment • Periodically review and update pricing matrix – RiRaise d live event tic ke t prices in key top marktkets – Implemented a price increase from $39.95 to $44.95 in 2010 (for our non‐WrestleMania events) – Better commercial terms with business partners •Remain vigilant on cost management – Efficient marketing efforts – Focus on vendor contract financial terms –Optimal staff size and reduced discretionary spending 13 Focused on Efficiency •In late 2008, the Company made a commitment to lower its cost base by more than $20 million and 2009 results far exceeded that goal 500 2008‐2010 CAGR: ‐6.9% 2000‐2008 CAGR: +5.7% 456.2 450 417.3 398.1 395.4 400 131.3 349.7 350 109.1 127.7 109.4 293.2 300 96.1 millions) 250 71.1 in s rr 200 (Dolla 324.9 150 308.2 286.0 253.6 270.4 100 222.1 50 0 2000 2006 2007 2008 2009 2010 Year Direct and Variable expenses SG&AS,G&A expenses Note: Direct and Variable expenses include Depreciation and Amortization expense 14 Innovate & Leverage the Brand •New toy launch with Mattel – Revenue increased 162% over prior year fourth quarter and 113% on an annual basis •New video games – WWE® All Stars™ – WWE Legends will align with today’s most prominent Superstars •New television shows – Tough Enough –a non‐scripted series featuring the intense competition among twelve individuals for a WWE contract.