Annual Report »World Wrestling Entertainment (WWE) »Don Gordon »002 »Link to corporate Site: http ://corporate.wwe.com/investors/overview.jsp http ://corporate.wwe.com/investors/overview.jsp

EXECUTIVE SUMMARY After completing my own annual report of WWE, I would definitely recommend this stock to anyone. After WWEs main competitor WCW folded it has given WWE an uncontested legal monopoly on the wrestling trade not just in America but globally. Link to Report: mis/HTML1/default.htm mis/HTML1/default.htm

INTRODUCTION CEO: Linda E. McMahon Corporate HQ Address: WWE »1241 East Main Street »Stamford, CT Ending Fiscal Year Date: 4/30/2005 Product/ Branding Line: WWE merchandise, TV shows featuring live wrestling performances in front of a large audience, and movies. Main Market: North America

AUDIT REPORT IND. AUDITOR: D. Eloitte & T. Ouche LLP Auditor Report: All information and material in the provided report is presented fairly and accurately.

STOCK MARKET INFO. Latest Trading Price: $ week range: $ Dividend Per Share: $.24 Date of Above Info: 3/5/2005 BUY.. I just happen to be a proud shareholder of WWE.

Income Statement SINGLE STEP PROFIT FOR WWE HAS MADE A VERY NOTICABLE INCREASE EACH YEAR. YEAR GROSS PROFIT $153,100,000 $167,800,000 INCOME FROM OPERATION S $50,300,000 $73,600,000 NET INCOME $39,100,000 $48,200,000

Industry Situation and Company Plans WWE is planning some major expanding in the present and most definitely in the future. Currently the WWE has already invaded most of the globe VIA TV. Countries in Europe, Asia, Canada, and Australia are all in the planning to have regularly scheduled annual events held in their countries. Besides global expansion the WWE is going to the silver screen with its upcoming movie about WWE superstar Kane, titled Kane: Evil Unearthed. Sources: L1/004.htm L1/004.htm My friend and I were at the movie theater the other day and saw the movie poster Kane: Evil Unearthed. I easily saw this as a new branding technique by WWE.

Balance Sheet A= L+SE 2004: $454,344= 101, , : $441,405= 65, ,534 There was a pretty nice increase in SE from It was Liabilities that moved the most from decreasing from $101,239 to 65,871.

STATEMENT OF CASH FLOWS Cash flows are less then NI over the past 2 years. Not growing by buying real-estate or others, because WWE is a traveling company only permanent structure is Corporate HQ. Primary source of Financing: Selling of Stock Cash has Decreased

ACCOUNTING POLICIES Cash and Equivalents — Cash and equivalents include cash on deposit in overnight deposit accounts and investments in money market accounts. Inventory — Inventory consists of merchandise sold on a direct sales basis, and videotapes and DVDs, which are sold through wholesale distributors and retailers. Substantially all of our inventory is comprised of finished goods. Inventory is stated at the lower of cost (first-in, first-out basis) or market. The valuation of our inventories requires management to make market estimates assessing the quantities and the prices at which we believe the inventory can be sold. Source: SEC filing WWEwww.shareholder.com

FINANCIAL ANALYSIS & LIQUIDIDTY RATIOS » WORKING CAPITAL: $278.1 (mil) 265.2(mil) CURRENT RATIO: RECIEVABLE TURNOVER: 5881 times (na) AVG. DAYS SALES UNCOLL:.06 days (na) INVENTORY TURNOVER: AVG. DAYS INV. ON HAND:

FINANCIAL ANALYSIS & PROFITABLITITY RATIOS Steady growth. » PROFIT MARGIN: 13% 12.48% ASSET TURNOVER: RETURN ON ASSETS: % RETURN ON EQUITY: %

FINANCIAL ANALYSIS & SOLVENCY RATIO DEBT TO EQUITY: 2005: 1.97 DEBT TO EQUITY 2004: - A slight increase in Debt to Equity.

FINANCIAL ANALYSIS & MARKET STRENGTH RATIOS » EARNINGS PER SHARE: $.72 $.55 DIVIDEND YIELD: 5.95% 4.27% A nice increase in dividend. I love it.