Investor Presentaiton

GameStop's Claims Are Misleading GameStop Claim FACTS Board's prudent and balanced capital allocation strategy has strengthened GameStop's balance sheet Board has delivered value to stockholders with its decision to sell Spring Mobile for $700 million Permit and Hestia are short- term investors who wanted a large share buyback that would have left the company weaker • • • • • Company failed to refinance March 2021 Senior Notes coming due in 10 months - resulting in potentially a serious liquidity crisis Allocated $38M in executive compensation in fiscal 2019 despite a 65% decline in the share price SG&A increased as a percentage of revenue and gross profit in fiscal 2019 The Board announced the sale of Spring Mobile in November 2018, after investing over $740 million in telecom acquisitions and 6 months after a large stockholder (Tiger Management) publicly called for its sale Thomas Kelly who was added to the Board in 2012 for his Telecom experience to help drive this ill- advised M&A strategy into the Telecom space should have resigned last year after the sale of Spring Mobile not remain on the Board until 2021 Permit and Hestia have been invested in GameStop since 2011 and 2012 and are committed to helping the company prosper We recommended a significant buyback based on the healthy financials and guidance provided by management at the time What we didn't know at the time was that the Company would announce on April 2, 2020 material weaknesses in their internal controls, casting doubt on their liquidity needs for the remainder of the year restore GameStop Source: Company's public filings. 62 62

View entire presentation