Investor Presentaiton

1 Aggressively Reduce SG&A Adjusted SG&A as a % of revenue(a) 20.9% 16.4% Adjusted SG&A as a % of gross profit(a) 23.9% 63.7% 70.3% 85.6% 2008 2008-2017 average 2018 2008 2008-2017 average 2018 ($ in millions) Revenue Adj. SG&A Adj. SG&A as % of Revenue Savings above Mgmt Plan Adj. SG&A as ($ in millions) Gross Profit Adj. SG&A % of Revenue Savings above Mgmt Plan 2018 Actual $8,285 $1,977 23.9% ($100) 2018 Actual $2,308 $1,977 85.6% ($100) With additional $100M savings $8,285 $1,877 22.7% $0 With additional $100M savings $2,308 $1,877 81.3% $0 At 2008-2017 Average Levels $8,285 $1,731 20.9% $146 At 2008 Levels $8,285 $1,360 16.4% $517 At 2008 - 2017 Average Levels At 2008 Levels $2,308 $1,623 70.3% $253 $2,308 $1,469 63.7% $408 Even if we account for expense deleveraging in 2019, there is potentially a $146M - $517M SG&A improvement opportunity, over and above management's $100M SG&A target restore GameStop Source: Company's public filings. Note: Adjusted SG&A provided by GameStop for 2019 and 2018. For prior years, calculated as SG&A less business divestiture expenses. (a) GameStop 2018 revenue of $8,285 million. GameStop 2018 gross profit of $2,308 million. 50

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