Investor Presentaiton

Capital Allocation Mistakes Have Created Liquidity Concerns and Eroded Shareholder Confidence BALANCED APPROACH TO CAPITAL ALLOCATION . The Board eliminated the annual dividend as the Company's credit quality deteriorated. GameStop's stock fell 36% upon announcement of the cut and has not recovered since The Board repurchased stock after significant stockholder pressure Management did not refinance the 2021 Senior Notes when they were in a better position to do so, despite our efforts to get them to do so. A refinancing now is likely to result in a lower dollar amount and less attractive terms and rate ■ The Board formed a sub-committee to discuss capital structure approach ■Retired $350M in unsecured senior notes in Spring 2019 Eliminated annual dividend ($155M) in June 2019 Completed -$200M share repurchase program of 38M shares (-37% of shares outstanding) in FY2019. FY2020 focus on strengthening balance sheet, building substantial liquidity and taking a disciplined approach to capital expenditures with an emphasis on more optimized returns. Liquidity necessary to navigate COVID-19 pandemic Continue to explore opportunities to enhance capital structure, including additional debt refinancing Proceeds from Sping Mobile Sale ($ in millions) $199 $40 $405 Debt Repayment .Q1 Dividend ■Share Buy Back GameStop's Disciplined Capital Allocation Strategy Contrasts Starkly Against Hestia-Permit's Short-Term Agenda GameStop POWER TO THE PLAYERS 19 GameStop faces a challenging refinancing and must take immediate action to improve its liquidity restore Source: Stockholder Group Analysis, Company's public filings. GameStop 8

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