Investor Presentaiton

Why We Are Here • GameStop is a valuable business with significant competitive advantages in the game retailing industry. Despite this fact, GameStop's Board has overseen $2.5 billion in stockholder value destruction, underperforming its peers (a) by 13x, in the past five years. Permit/Hestia signed a Cooperation Agreement (CA) with the Board last year, hoping we could influence the Board through collaborative engagement, but the Board refused to meaningfully engage and have continued to move too slowly. Share price declined 65% in fiscal 2019 and the Company may face a serious liquidity issue by March 2021. - Notes due in less than 10 months, which traded at par 12 months ago, now trade at 74 cents on the dollar as of May 15, 2020 Short interest has increased from roughly 40% when we signed our CA to roughly 100% over the past 14 months. The spot rate on short borrow has stayed above 100% More change is needed and urgently. - Fourteen months ago, we highlighted the need for gaming, turnaround, and shareholder representation on the Board While the Board has done two refreshes, they remain too retail centric and have not addressed the need for turnaround and shareholder representation 2 long-tenured directors, who plan to retire next year, have irrelevant skillsets, minimal ownership and a track record of being ineffective New Board's first test came with GameStop's COVID-19 response. We believe they failed. We have nominated two strong candidates who will bring not only turnaround experience and a shareholder perspective, but also extensive capital market expertise, which is desperately needed as the Company attempts to regain credibility with investors. restore GameStop Source: GameStop earning transactions, articles. (a) Unless otherwise noted, "Peers", "Peer group" or "Peer average" includes those companies listed in GameStop's peer group in both their 2019 and 2020 proxy statements. The 2019 peer group includes Abercrombie & Fitch, Bed Bath & Beyond, Kohl's, O'Reilly Automotive, Advance Auto Parts, Dick's Sporting Goods, L Brands, Ross Stores, AutoZone, Foot Locker, Nordstrom, Tiffany & Co., Barnes & Noble, Gap, Office Depot and Williams-Sonoma. The 2020 peer group includes Abercrombie & Fitch, Ascena Retail Group, Bed Bath & Beyond, Designer Brands, Dick's Sporting Goods, Foot Locker, Gap, Nordstrom, Office Depot, Signet Jewelers, The Michaels Companies, Urban Outfitters and Williams-Sonoma. 5

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