Investor Presentaiton

The "Strategic Plan" Results Are Nothing for this Board to Tout STRATEGIC PLAN BEGINNING TO DELIVER TANGIBLE RESULTS The Board and management team's execution of its strategic plan are beginning to deliver tangible results in a short period. The Company expects the continued execution of the GameStop Reboot will continue to deliver long-term value to stockholders. Recent operational highlights include: In FY2019, generated $62.3 million in adjusted operating income while exiting the year with approximately $500 million in cash, despite a challenging sales environment underpinned by the late stage gaming console cycle. Significantly improved capital structure, deploying proceeds from sale of non-core business units to reduce debt by $401 million and repurchase 38.1 million shares for $199 million to leverage the Company's market position as the omni-channel leader in gaming. Optimized operations by improving inventory, with a 31% reduction at year-end; implementing initiatives to accelerate GameStop's transformation, including enhancing digital, online and experiential retail; improving our loyalty program; and continuing to de-densify the store base. ✓ Began fiscal 2020 with increased financial flexibility and a continued focus on key priorities to optimize, stabilize and transform GameStop to achieve sustainable and profitable long-term growth. ✓ GameStop is well-positioned to navigate the market challenges arising from the outbreak of the COVID-19 pandemic due to its recently strengthened balance sheet and the Company's ability to serve its customers as they adjust to increased time at home for work, learning and play. • GameStop began FY 2019 with over $1.6 billion in cash and ended with $500 million. Net cash fell from $800 million to $80 million The Board did not proactively retire debt at advantageous prices. $350 million of debt was due on October 1, 2019. The rest of the debt repurchased in 2019 was due in 2021 and purchased above par value. This debt traded below $0.70 on the dollar recently The decrease in inventory is in-line with the decline in revenue. From Q4 2018 to Q4 2019, revenue declined 28% while inventory declined 31% MISLEADING GameStop POWER TO THE PLAYERS 17 Many of the items management call "results" are not performance improvements at all restore Source: Stockholder Group Analysis, Company's public filings. GameStop 7

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