Investor Presentaiton

Examples of SG&A Bloat NEO compensation ($ in mm) The number of NEOS has grown while revenue has declined... 8 $12,000 5 5 5 5 5 5 $9,000 $6,000 $3,000 $0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Number of NEOS Revenue ...and NEO compensation as a percentage of revenue has increased significantly $40 $34.7 $35.7 0.6% 0.6% $30 $24.0 $26.6 $19.9 0.4% $22.7 $23.3 $23.4 0.4% $19.3 $18.9 $20 0.3% 0.3% 0.3% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% $10 $0 0.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 INEO Compensation % of revenue restore GameStop Source: GameStop annual 10-Ks, GameStop annual proxy statements. % of revenue 71

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