Investor Presentaiton

GameStop's "Four Pillars" Strategy Has Produced Limited Results 1 Optimize the core business SG&A: "As we discussed earlier in 2019, this pillar was expected to deliver the earliest results, and in fact this is where we have made the most progress..." March 26, 2020 - CEO George Sherman on Q4 2019 earnings call Commentary: Adjusted SG&A as a percent of revenue has increased from 23.9% in fiscal 2018 to 28.6% in fiscal 2019. This doesn't seem like "progress" to us. 2 Become the social / cultural hub for gaming Tulsa market test: "Tulsa may or may not be the answer but it's a first experiment."* - March 5, 2020 article - CCO Frank Hamlin Tulsa market test: "So Tulsa is in a bit of a state of limbo right now operating at the same level as other stores at delivery at door and not really a true representation of how the store is intended to work." - March 26, 2020 - CEO George Sherman on Q4 2019 earnings call Commentary: Despite months of planning and implementation, GameStop cannot articulate any actionable intelligence from the Tulsa experiment. 3 Build a frictionless digital ecosystem Buy Online, Pick-up In Store: "In 2019, we have built a new web platform, introduced new omnichannel capabilities, including buy-online-pick-up-in- stores with encouraging results. However, we are still early in that activity.” – March 26, 2020 - CEO George Sherman on Q4 2019 earnings call Commentary: - This concept is nothing extraordinary, nor is it strategic. Customers expect retailers to have these capabilities already. GameStop's activities here are an attempt to catch up to the rest of the retail universe, not a strategic initiative to create a sustainable competitive advantage. • 4 Transform vendor relationships Vendors: "...we began testing the concept of digital revenue sharing with select key partners." - March 26, 2020 - CEO George Sherman on Q4 2019 earnings call Q: "[can you discuss]...how that might be different from how you previously participated in the digital gaming market?"*: A: "We're not going to get into much detail on that...." - March 26, 2020 - CEO George Sherman on Q4 2019 earnings call Commentary: Management is unable to articulate how this strategic pillar is any different than what they've done in the past. restore GameStop Source: GameStop earnings transcripts, GameStop press releases. *https://nordic.ign.com/company/34442/feature/how-gamestop-plans-to-save-itself. **Question asked by Ray Stochel of Consumer Edge Research, LLC. 20 20

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