Investor Presentaiton

More Change is Required • We believe there is overwhelming evidence that GameStop has not changed enough TSR continues to underperform its peers • Cost cutting has been slow • Employee morale continues to be poor • Customers continue to complain about GameStop . • Valuation multiples are down . Research analysts are more bearish than ever • Short interest is up - suggesting great pessimism about GameStop's future Management guidance has been unreliable, lowering credibility We were not the only 13D filer after the March 2020 board refreshment restore GameStop Source: GameStop earning transactions, articles. 14

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