#1பப M 100 0000000 WORLD HEAVYWRIGHT CHAMPION! WWE INVESTOR PRESENTATION#2FORWARD-LOOKING STATEMENTS This presentation 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: risks relating to entering, maintaining and renewing major distribution agreements, including our principal domestic television license which currently expires in September 2019; WWE Network (including the risk that we are unable to attract, retain and renew subscribers); our need to continue to develop creative and entertaining programs and events; the possibility of a decline in the popularity of our brand of sports entertainment; the continued importance of key performers and the services of Vincent K. McMahon; possible adverse changes in the regulatory atmosphere and related private sector initiatives; the highly competitive, rapidly changing and increasingly fragmented nature of the markets in which we operate and greater financial resources or marketplace presence of many of our competitors; uncertainties associated with international markets; our difficulty or inability to promote and conduct our live events and/or other businesses if we do not comply with applicable regulations; our dependence on our intellectual property rights, our need to protect those rights, and the risks of our infringement of others' intellectual property rights; the complexity of our rights agreements across distribution mechanisms and geographical areas; potential substantial liability in the event of accidents or injuries occurring during our physically demanding events including, without limitation, claims relating to CTE; large public events as well as travel to and from such events; our feature film business; our expansion into new or complementary businesses and/or strategic investments; our acquisitions; our computer systems and online operations; privacy norms and regulations; a possible decline in general economic conditions and disruption in financial markets; our accounts receivable; our indebtedness; litigation; our potential failure to meet market expectations for our financial performance, which could adversely affect our stock; Vincent K. McMahon exercises control over our affairs, and his interests may conflict with the holders of our Class A common stock; a substantial number of shares are eligible for sale by the McMahons and the sale, or the perception of possible sales, of those shares could lower our stock price; and the relatively small public "float" of our Class A common stock. In addition, our dividend 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 (including under our revolving credit facility), general economic and competitive conditions and such other factors as our Board of Directors may consider relevant. Forward-looking statements made by the Company speak only as of the date made and are subject to change without any obligation on the part of the Company to update or revise them. Undue reliance should not be placed on these statements. For more information about risks and uncertainties associated with the Company's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's SEC filings, including, but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q. This presentation contains non-GAAP financial information, including OIBDA, Adjusted OIBDA, Net Debt and Free Cash Flow. We define OIBDA as operating income before depreciation and amortization, excluding feature film and television production amortization and related impairments. OIBDA is a non-GAAP financial measure and may be different than similarly-titled non-GAAP financial measures used by other companies. A limitation of OIBDA is that it excludes depreciation and amortization, which represents the periodic charge for certain fixed assets and intangible assets used in generating revenues for the Company's business. In addition, we define Free Cash Flow as net cash provided by operating activities less cash used for capital expenditures. We believe that operating income is the most directly comparable GAAP financial measure to OIBDA and Adjusted OIBDA, Total Debt is the most directly comparable GAAP financial measure to Net Debt, and net cash provided by operating activities is the most directly comparable GAAP financial measure to Free Cash Flow. Neither OIBDA, Adjusted OIBDA, Net Debt nor Free Cash Flow should be regarded as an alternative to the most directly comparably GAAP financial measure as an indicator of operating performance, or to the statement of cash flows as a measure of liquidity, nor should either metric be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. See the Appendix at the end of this presentation for a reconciliation of the non-GAAP measures presented herein. 1#3INVESTMENT RATIONALE TRANSFORMING TO A NEW MEDIA GROWTH MODEL 1 ONE-OF-A-KIND MEDIA COMPANY EXECUTING SUCCESSFUL TRANSFORMATION STLEMANIA LEVERAGING A POWERFUL MEDIA ECOSYSTEM MULTIPLE GROWTH DRIVERS STRONG FINANCIAL OUTLOOK THE NEW WWE Delivering Sustained Growth#4WWE AT A GLANCE: 2017 HIGHLIGHTS DIVERSIFIED REVENUE STREAMS, GLOBAL PLAYER BUSINESS MODEL 2017 REVENUE 14% 19% $801M 67% $801M Up $72M ■Media Live Events ■Consumer Products 25% PERFORMANCE (YOY) $76M Up $20M $801M $136M Up $38M 75% ■North America International $72M Up $40M RECORD REVENUE OPERATING INCOME ADJUSTED OIBDA1 FREE CASH FLOW² 1 A definition of Adjusted OIBDA, which excludes stock-based compensation expense, and a reconciliation to Operating Income can be found in the appendix to this presentation 2 Free cash flow is a non-GAAP metric. A definition of Free Cash Flow and reconciliation to Net cash provided by operating activities is included in the appendix to this presentation 3#52017 OPERATING HIGHLIGHTS KEY GROWTH DRIVERS CONTRIBUTING TO RECORD YEAR IN 2017 WWE Network Average Paid Subscribers Top 7 TV Agreements Contractual Escalation Continued Growth in International Revenue 0.56M 1.53M ~$130M +39% +18% 2014 2017 2017 Revenues Nearly 2X Historic PPV Revenues 2014 ~$213M 2017 Predictable Revenue Growth; +$105M from 2014 to 2018 Note: Growth rates shown represent compound annual growth rates (CAGRS) over the relevant period $116M +20% $201M 2014 2017 Record highs 4#6HISTORY OF CREATING COMPELLING CONTENT ~1,500 HOURS OF CONTENT CREATED PAY TELEVISION REALITY IN-RING WEEKLY PROGRAMS PLAYOFFS/ FINALS DOCUMENTARY 1,500 HOURS IN-RING HIGHLIGHTS IN-RING WEEKLY PROGRAMS DOCUMENTARY/ LIFESTYLE DIRECT TO CONSUMER AD SUPPORTED DIGITAL & SOCIAL SHORT FORM ORIGINAL 5-6 BILLION HOURS OF CONTENT CONSUMED¹ WEEKLY PROGRAMS & PAY-PER-VIEWS TV-INTERNATIONAL 66% INTERNATIONAL I 15% U.S. TV-U.S. 5% W 14% YYOMIEN 3ММ AD-SUPPORTED DIGITAL & SOCIAL DIGITAL & SOCIAL 1 Consumption data quoted as a percentage of total consumption in FY 2017 (does not include Hulu hours viewed in FY 2017). For additional detail on platforms, refer to pages 17-19 of this presentation Note: Charts are not to scale and for illustrative purposes only 5#7LARGEST SOCIAL AND DIGITAL SPORTS PROPERTY IN THE WORLD 900+ Million GLOBAL FOLLOWERS foyo ► P 8+ Ft Note: Respective platforms, all accounts. Quoted as of April 2018 6#8#1 SPORTS CHANNEL ON YOUTUBE 1. W 2. 20+ BILLION LIFETIME VIDEO VIEWS YouTube Marti DUDE PERFECT 5+ BILLION LIFETIME VIDEO VIEWS 3. NBA 4.5+ BILLION LIFETIME VIDEO VIEWS Social Blade, applies to uploaded content only. Through January 2018 7#9#2 OVERALL CHANNEL ON YOUTUBE 1. T 2. SERIES 31+ BILLION LIFETIME VIDEO VIEWS YouTube W 20+ BILLION LIFETIME VIDEO VIEWS 3. RYAN'S TOYS REVIEW 19+ BILLION LIFETIME VIDEO VIEWS Source: Lifetime views based on Vidstatx: http://vidstatsx.com/youtube-top-100-most-viewed 8#10BRAND DEVELOPMENT HIGHLIGHTS OUR ENDURING GLOBAL APPEAL IS BASED ON BRINGING HEROES TO LIFE HEROES WE CAN LOOK UP TO HEROES WE CAN SEE IN OURSELVES facebook #1 Most Followed Active U.S. Athlete ANIA MA Source: http://fanpagelist.com/category/athletes/ 45M FOLLOWERS Ad Campaign in Partnership with NBCUniversal W FOR THE HERO IN ALL OF US #Hero 6#11WWE HAS CREATED HEROES IN THE RING FOR MORE THAN 5 DECADES E JUST BRING IT 10#122 INVESTMENT RATIONALE TRANSFORMING TO A NEW MEDIA GROWTH MODEL ONE-OF-A-KIND MEDIA COMPANY EXECUTING SUCCESSFUL TRANSFORMATION LEVERAGING A POWERFUL MEDIA ECOSYSTEM MULTIPLE GROWTH DRIVERS STRONG FINANCIAL OUTLOOK THE NEW WWE Delivering Sustained Growth#13EXECUTING TRANSFORMATION TO NEW GROWTH MODEL 2015+ • 1999-2010 Traditional Media Model TV, Live Events, Pay-Per-View • Powerful brand • Grew globally 2011-2014 Retooling for Transformation Launched direct-to-consumer WWE Network • Invested in new model New Media Model • WWE Network • Sustainable growth • Global expansion • New media ecosystem NETWORK W W W W NETWORK W 12#14CLEAR EVIDENCE TRANSFORMATION IS WORKING EVERY DAY BECOMING MORE DIGITAL, DIRECT-TO-CONSUMER Digital¹ as % of Total Revenue ($M) $478 $801 Direct-to-Consumer² as % of Total Revenue ($M) $478 +~33% CAGR ~40% ~25% ~10% 2010 2017 ■Digital Non-Digital +~18% CAGR $801 ~50% 2010 Direct-to-consumer 2017 Non-Direct-to-consumer 1 Digital revenue sources include categories such as WWE Network, WWE Shop, Digital Media and various revenue lines within Licensing and Venue Merchandise. Non-Digital revenue reflects the remainder of Company revenues 2 Direct-to-Consumer revenue sources include various categories such as WWE Network, .Com, WWE Shop, and various revenue lines within Live Events and Venue Merchandise. Non-DTC reflects the remainder of Company revenues 13#15INVESTMENT RATIONALE TRANSFORMING TO A NEW MEDIA GROWTH MODEL ONE-OF-A-KIND MEDIA COMPANY EXECUTING SUCCESSFUL TRANSFORMATION STLEMANIA 3 LEVERAGING A POWERFUL MEDIA ECOSYSTEM MULTIPLE GROWTH DRIVERS STRONG FINANCIAL OUTLOOK THE NEW WWE Delivering Sustained Growth#16WWE'S TRANSFORMATION REFLECTS A UNIQUE MULTI-PLATFORM CONTENT STRATEGY Note: FY 2017 data PAY TELEVISION REALITY IN-RING WEEKLY PROGRAMS PAY-PER-VIEWS DOCUMENTARY 1,500 HOURS IN-RING PROGRAMS DOCUMENTARY/ LIFESTYLE HEWISNO3 OL 197810 AD-SUPPORTED DIGITAL & SOCIAL IN-RING HIGHLIGHTS SHORT-FORM ORIGINAL 15#17PAY TV PROVIDES THE MOST PROFITABLE PLATFORM FOR MONETIZING OUR FLAGSHIP PROGRAMS REALITY PAY TELEVISION IN-RING WEEKLY PROGRAMS TOTAL DIVAS TOTAL Bellas SMACKDOWN LIVE W RAW PAY-PER-VIEWS W DOCUMENTARIES HBO SPORTS 30 FOR 30 IN-RING HIGHLIGHTS GITAL & SOCIAL IN-RING PROGRAMS DOCUMENTARY/ LIFESTYLE SHORT-FORM ORIGINAL ■ Provides Global Scale: 800M+ Homes 80%+ of total viewer consumption in 2017 ☐ Raw/SmackDown deliver more viewers in primetime than any US cable network Increasing blue chip / gaming sponsors 16#18DIGITAL AND SOCIAL CONTENT BUILD BRAND AWARENESS, ATTRACT NEXT GENERATION AND PROMOTE WWE NETWORK REALITY PAY-PER-VIEWS IN-RING WEEKLY PROGRAMS DOCUMENTARY 40,000 clips on YouTube (short- form content) 1 ■ 20B video views across platforms² ■ 14% of total viewer consumption in 2017 900M+ social media followers³ AD-SUPPORTED DIGITAL & SOCIAL IN-RING HIGHLIGHTS W YouTube ESPII.com f SHORT FORM ORIGINAL SUPERSTAR INK Bella DOCUMENTARY/ LIFESTYLE TWINS IN-RING PROGRAMS 1 Total clips on YouTube as of 12/31/17 2 Ad-supported video on demand (AVOD) consumption includes videos viewed on WWE Platforms (WWE.com and WWE App), Facebook and YouTube. Video views on a FY 2017 basis 3 Represents the number of followers for each individual digital platform as sourced from each platform. Total followers are not adjusted for duplication and do not represent unique followers. Data shown as of April 2018 17#19DIRECT TO CONSUMER, WWE NETWORK, OPTIMIZES VALUE OF PREMIUM AND LONG-TAIL CONTENT REALITY IN-RING WEEKLY PROGRAMS PAY-PER-VIEWS WRESTLEMANIA SUMMER SLAM W 205 UNITED KINGDOM CHAMPIONSHIP IN-RING PROGRAMS ଧEWNSNOJ OL LOଅଧ୍ୟାପ W DOCUMENTARY IN-RING HIGHLIGHTS SWERVED W 24 RIDE ALONG SHORT-FORM ORIGINAL GITAL & SOCIAL ☐ ■ Premium live content (PPVs), originals and archive 2nd most profitable platform Recognized as a leading US SVOD network (#2 "branded" service)¹ ■ Hours consumed in 2017 trailed only CBS, ABC and NBC on a per household basis² 1 WWE Network rank as a branded service based on Parks Associates research, November 9, 2017 2 Viewer hours per household for English-language broadcast and cable entertainment networks are based on live +7D total day data. Source: Nielsen Media Research, NPOWER. WWE Network data is per internal estimate 18#20INVESTMENT RATIONALE TRANSFORMING TO A NEW MEDIA GROWTH MODEL ONE-OF-A-KIND MEDIA COMPANY EXECUTING SUCCESSFUL TRANSFORMATION STLEMANIA LEVERAGING A POWERFUL MEDIA ECOSYSTEM 4 MULTIPLE GROWTH DRIVERS STRONG FINANCIAL OUTLOOK THE NEW WWE Delivering Sustained Growth#21WELL-POSITIONED TO CAPITALIZE ON CHANGING MEDIA LANDSCAPE KEY TRENDS ■ Value of live viewership ■ Acceleration of direct-to-consumer ■ Next generation consuming content on digital and social platforms ■ Growth in broadband globally ■ Social platforms becoming video destinations ■ Growth of middle-class in emerging markets PLAY TO WWE STRENGTHS f 20 20#22GOING FORWARD, MULTIPLE GROWTH DRIVERS¹ Live Events Media Key Growth Drivers TODAY ~65% ◉ Increase monetization of ■ premium content Close international gap between engagement and revenue Utilize data to drive 360° business model Consumer Products / Other 1 Graph is not to scale and for illustrative purposes only TIME 21#23WWE NETWORK POTENTIAL DRIVEN BY WWE'S GLOBAL SCALE 311M Broadband Homes 159M WWE Fan Homes IN TOP GLOBAL 16 MARKETS MORE THAN HALF OF HOMES HAVE AN AFFINITY FOR WWE Note: Estimates are for WWE's top 16 markets and based on U.S. WWE Consumer Survey. 2015 Broadband household forecast per SNL Kagan (August 2014). Nielsen information is US only, 2015YTD: 12/29/14 - 12/20/15, WWE = Raw on USA & SmackDown on Syfy, C3 data, Based on P2+ (000) 22#24WWE NETWORK HAS ACHIEVED SUSTAINED YEAR-OVER-YEAR GROWTH 0.56 AVERAGE PAID SUBSCRIBERS¹ 1.14 +39% CAGR 1.42 1.53 2014 2015 2016 2017 1 Average paid subscribers quoted in millions 23#25TV RIGHTS A CLOSER LOOK KEY TV RIGHTS DEALS ACCOUNT FOR $100M+ OF REVENUE GROWTH $130 2014 TV REVENUE: KEY TV CONTRACTS1 +~105M $235 $213 $190 $175 2015 2016 2017 2018 ☐ $105M revenue growth is ~1.5x the Company's total 2010-2014 revenue growth ■ Reaches 800M+ homes worldwide ■ Key Attributes: Live audience, built-in fan base, DVR-proof ☐ 1 The Company's seven largest distribution agreements account for revenue that is expected to increase from $130 million in 2014 to approximately $235 million in 2018, thereby providing approximately $105 million of revenue growth over this period (subject to counterparty risk). Total Core Content Rights Fees in 2017 amounted to $244.3 million 24 14#26KEY CONTENT DISTRIBUTION AGREEMENTS EXPIRE IN 2019 FUTURE DISTRIBUTION REPRESENTS SIGNIFICANT GROWTH OPPORTUNITY1 U.S. Expected Announcement of Future Distribution Plan Expiration of Current Licensing Agreement May - Sept. 2018 Second Half 2018 U.K. First Half 2019 India | - | - | - | - - | | End of Quarter Q2 2018 Q3 2018 Q4 Q1 2018 2019 Q2 2019 Q3 2019 Q4 2019 1 Future distribution is subject to negotiations, which are expected to begin next year. Although these announcements could occur either before or after these dates, management believes that these ranges represent the most likely periods for such communication 25 25#27INTERNATIONAL REVENUE - A CLOSER LOOK INTERNATIONAL REVENUE POISED FOR GROWTH¹ ■ Growth will be driven by closing the 75%-25% gap between engagement and revenue Localization of talent and content will continue to be important to drive engagement China, India, Latin America and Middle East represent significant long-term opportunities 体育 SUNDAY DHAMAAL SATURDAY NIGHT FOX W @dolg $62 1$ in millions. Graph is not to scale and for illustrative purposes only 9% CAGR $201 2004 2017 // FUTURE POTENTIAL 26#28IMPROVED ACCESS TO DATA IS TRANSFORMING OUR BUSINESS NETWORK CONSUMPTION WWE RELATIONSHIPS 20+ variables across Live Event/ Merchandise purchases 70+ variables across platform, screen size & streaming rate STREAMING EXPERIENCE NETWORK 400+ variables across consumption, stream type & genre 10 MILLION USER ACCOUNTS W 1200+ ola variables across demographics, credit and lifestyle data 3rd PARTY/BUREAU DATA PAST PAYMENT BEHAVIORS 80+ variables across past payment behavior 200+ variables across emails sent and downstream actions EMAIL ENGAGEMENT 27#29DATA ANALYTICS: CASE STUDY LEVERAGE VIEWERSHIP DATA TO DESIGN TARGETED MARKETING 10 Million User Accounts Data Types Variables NETWORK Network Consumption Favorite Star: AJ Styles YOU HAVE PHENOMENAL TASTE! SEE MORE OF ME HERE... Lifestyle/Payment 6 Payments - VISA 1,000+ Variables Ticket Purchases 4 Tickets @ $150 Average Price Stone Cold Podcast AJ Styles 3:16 Website Activity 100 Sessions @ 20 Minutes Each 38 Items Purchased Merchandise Buys To-Date WWE Ride Along Rockford Ride Along Table For 3 Common Bonds RIDE ALONG ROCKFORD RIDE ALONE TABLE FOR 3 COMMON BONDS 28#30DATA ANALYTICS: CASE STUDY LEVERAGE EVENT ATTENDANCE DATA TO DESIGN TARGETED MARKETING 10 Million User Accounts Data Types Variables Network Consumption Favorite Star: AJ Styles Lifestyle/Payment 6 Payments - VISA 1,000+ Variables Ticket Purchases Website Activity 4 Tickets @ $150 Average Price 100 Sessions @ 20 Minutes Each 38 Items Purchased Merchandise Buys To-Date ☑ ESPECIALLY FOR YOU To show our gratitude, please enjoy 2 MONTHS FREE ACCESS to our video streaming service WWE Network! UNHINGED BRO As a WWE Network subscriber you get: Every WWE pay-per-view LIVE • More than 9,000 hours of video on demand • Access anywhere, anytime, on any device START FREE ACCESS NOW Offer not available to current WWE Network subscribers 29#31DATA ANALYTICS: CASE STUDY LEVERAGE MERCHANDISE PURCHASE DATA TO DESIGN TARGETED MARKETING 10 Million User Accounts Data Types Variables Network Consumption Favorite Star: AJ Styles Lifestyle/Payment 6 Payments - VISA 1,000+ Variables Ticket Purchases 4 Tickets @ $150 Average Price Website Activity Merchandise Buys 100 Sessions @ 20 Minutes Each 38 Items Purchased To-Date ☑ W ESPECIALLY FOR YOU To show our gratitude, please enjoy 2 MONTHS FREE ACCESS to our video streaming service WWE Network! Respec As a WWE Network subscriber you get: Every WWE pay-per-view LIVE • More than 9,000 hours of video on demand • Access anywhere, anytime, on any device START FREE ACCESS NOW Offer not available to current WWE Network subscribers 30#32DATA ANALYTICS: CASE STUDY LEVERAGE VIEWERSHIP DATA TO FOCUS OUR PRODUCTION STRATEGY . • • 10 Million User Accounts Program Type Viewership IN-RING Reality Documentary Animation • Short-Form W UNITED KINGDOM CHAMPIONSHIP TOURNAMENT MAE YOUNG CLASSIC 205 VE 31#33DATA ANALYTICS: CASE STUDY LEVERAGE VIEWERSHIP DATA TO GUIDE EVENT TOURING 10 Million User Accounts Network Consumption of NXT City New York Los Angeles Chicago Philadelphia Dallas Viewership NXT P W 32 32#34INVESTMENT RATIONALE TRANSFORMING TO A NEW MEDIA GROWTH MODEL ONE-OF-A-KIND MEDIA COMPANY EXECUTING SUCCESSFUL TRANSFORMATION STLEMANIA LEVERAGING A POWERFUL MEDIA ECOSYSTEM MULTIPLE GROWTH DRIVERS 5 STRONG FINANCIAL OUTLOOK THE NEW WWE Delivering Sustained Growth#35TRANSFORMING TO A NEW BUSINESS MODEL IS DELIVERING SUSTAINED GROWTH REVENUE (IN MILLIONS) $659 $729 $801 OPERATING INCOME (IN MILLIONS) ADJUSTED OIBDA 1,2 (IN MILLIONS) $39 $56 $136 $98 $86 $76 2015 2016 2017 2015 2016 2017 2015 2016 2017 1 Reconciliation to Operating income can be found in the appendix of this presentation 2 A definition of Adjusted OIBDA, which excludes stock-based compensation expense, and a reconciliation to Operating Income can be found in the appendix to this presentation 34#36FINANCIAL STRATEGY TARGETS LONG-TERM GROWTH ך 1. SOLID BASE OF PREDICTABLE RECURRING REVENUES Live Events, CPG L 4. SELECT INVESTMENTS MANE (p) FLEXIBLE BALANCE SHEET 2. HIGH GROWTH REVENUE STREAMS WWE Media L 3. HIGH MARGINS¹ 70-80% % 1 The Company's variable margins have ranged between 70%-80% in each annual period since 2006 L 35#37INVESTMENT PRIORITIES¹ CONTENT EMERGING MARKETS TECHNOLOGY CRUISERWEIGHT CWC CLASSIC VMAE YOUNG 6L4ILE TAKE OVER EW YOR SWERVED KUR UNITED KINGDOM CHAMPIONSHIP SPECIAL W 205 LIVE C⭑ Strength & Sustainability Fan Experience Supporting Growth ô fy » 1 Supporting execution of long-term strategy, in December 2016 the Company issued $200 million of convertible note financing, which was subsequently increased in January 2017 to $215 million through the exercise of an over-allotment option. Source: 2016 Form 10-K dated 2/9/17 36#38STRONG FINANCIAL OUTLOOK FOR 2018 2018 EXPECTED ACHIEVEMENTS STLEMANIA ■ RECORD REVENUES ■ RECORD ADJUSTED OIBDA¹ OF AT LEAST $150M RECORD SUBSCRIBER LEVELS 1 FY 2018 Adjusted OIBDA represents the Company's business outlook for the full year ending 12/31/18. Source: WWE Q1 2018 Earnings 05/03/18 (corporate.wwe.com/investors). A definition of Adjusted OIBDA, which excludes stock-based compensation expense, can be found in the Company's Q1 2018 earnings materials dated 05/04/18 37#39W STLEMANIA APPENDIX#40RECONCILIATION OF NON-GAAP MEASURES Reconciliation of Adjusted OIBDA to Operating Income $mm Adjusted OIBDA 1,2 Stock Compensation Depreciation & amortization Film Impairments Asset Impairments Gain (loss) on operating assets Restructuring charges Other operating income items 3 Operating Income (U.S. GAAP Basis) Reconciliation of Net Cash to Free Cash Flow $mm Net cash provided by operating activities Less cash used for capital expenditures: Purchase of property and equipment and other assets Free Cash Flow Source: Revised Historical Trending Schedules: 2015 - 2017 dated 04/23/2018 2 A definition of Adjusted OIBDA, which excludes stock-based compensation expense, can be found in the appendix to this presentation 3 Reflects non-recurring expenses of $5.6 million primarily related to certain legal matters and other contractual obligations. Source: WWE Q4 2017 Earnings 02/08/2018 FY 2016 FY 2017 $ 98.3 $ 136.1 (18.2) (24.4) (24.2) (26.0) (4.7) (5.6) $ 55.7 $ 75.6 FY 2016 FY 2017 $ 62.1 $ 96.6 $ (29.9) 32.2 $ (24.7) 71.9 39#41NOTES: NON-GAAP MEASURES ☐ The definition of Adjusted OIBDA, the Reconciliation of FY 2016 and FY 2017 Adjusted OIBDA to Operating Income can be found in the Company's Revised Historical Trending Schedules: 2015 - 2017 dated April 23, 2018 The Company defines Adjusted OIBDA as operating income excluding depreciation and amortization, stock-based compensation expense, certain impairment charges and other non-recurring material items that otherwise would impact the comparability of results between periods. Adjusted OIBDA includes amortization expenses directly related to the Company's revenue generating activities, including the amortization of feature film, television production and WWE Network programming assets. The Company believes the presentation of Adjusted OIBDA is relevant and useful for investors because it allows them to view the Company's segment performance in the same manner as the primary method used by management to evaluate segment performance and to make decisions regarding the allocation of resources. Additionally, the Company believes that Adjusted OIBDA provides a meaningful representation of operating cash flows generated by our business segments, and is a primary measure used by media investors, analysts and peers for comparative purposes Adjusted OIBDA, Adjusted Operating income, Adjusted Net income and Adjusted Earnings per share exclude certain material items, which otherwise would impact the comparability of results between periods. These should not be considered as an alternative to net income, cash flows from operations or any other indicator of WWE's performance or liquidity, determined in accordance with U.S. GAAP The Company defines Free Cash Flow as net cash provided by operating activities less cash used for capital expenditures. Although it is not a recognized measure of liquidity under U.S. GAAP, Free Cash Flow provides useful information regarding the amount of cash WWE's continuing business generates after capital expenditures and is available for reinvesting in the business, debt service, and payment of dividends 40 40