Investor Presentaiton

Business Has Not Performed Even to Management's Expectations Management has lost credibility in forecasting the business MANAGEMENT EXPECTATIONS OUTCOME (3/26/2020) Two-day stock reaction to Q4 Earnings Item Date Expectation Metric Comparable store sales 9/10/2019 "As a result, at this time, we expect the percentage decline of comparable same- store sales for 2019 to be in the low teens..." -19.4% - Q2 2019 earnings call, CEO George Sherman 12/10/2019 Liquidity 1/13/2020 "Despite the top line declines in the business, our balance sheet remains strong as we anticipate ending the year with total cash and liquidity in excess of $1 billion...” - Q3 2019 earnings call, CFO Jim Bell "The Company now expects capital expenditures for FY2019 to be in the range of $75 million to $80 million, and forecasts total cash and liquidity, including availability under the revolving line of credit, at the end of the fiscal year to be approximately $900 million.” – Holiday sales results 8-K -17% $770 million -17% $770 million -17% Adjusted Diluted EPS "Finally, given my earlier comments related to our sales outlook for both the 9/10/2019 industry and our business, we expect adjusted diluted earnings per share for fiscal 2019 to be in the $1.15 to $1.30 range." - Q2 2019 earnings call, CFO Jim Bell $0.22 -17% restore GameStop Source: GameStop earnings transcripts, Company's public filings. 25

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