November 15, 2019 Long Equity - $5.94 Alternative Investment Fund Timeline of Share Price Progression Alternative Investment Fund Forced Selling From Dividend Funds Alternative Investment Fund WisdomTree Trust - WisdomTree U.S. SmallCap Dividend Fund (ARCA:DES) (1,689,954) First Trust Exchange-Traded Fund II - First Trust Dow Jones Global Select Dividend Index Fund (ARCA:FGD) (904,177) Global X Funds - Global X SuperDividend ETF (ARCA:SDIV) (866,423) Vanguard Whitehall Funds - Vanguard High Dividend Yield ETF (ARCA:VYM) (331,172) FundVantage Trust - Skybridge Dividend Value Fund (312,780) This is after taking a tumble from ~$47 in late 2015 Our analysis shows an expected valuation $10 - $20 Price Drop-Off Submerged Equity under Fair Value Alternative Investment Fund Investment Overview Misperception: GameStop has a Sales Problem Alternative Investment Fund ... ... ... Alternative Investment Fund >200 m SG&A Incremental Earnings Alternative Investment Fund Opportunity To Drop Stores In Oversaturated Markets Alternative Investment Fund Alternative Investment Fund Heatmap for Potential 10% Closest-Location Store Cut Alternative Investment Fund Before After Misperception: SSS/Preowned Declines will Flip Margins Alternative Investment Fund Gross Profit 2177M OPEX 1982M 195M EBT Net Income Walk (LTM 2019 in Millions) Alternative Investment Fund Net Income Walk (2020/2021 Millions) Alternative Investment Fund Misperception: GameStop is the next BlockBuster Alternative Investment Fund Misperception: GameStop is the next RadioShack Alternative Investment Fund Alternative Investment Fund Misperception: Xbox / Playstation Download Risk Alternative Investment Fund Slow/Frustrating Downloads & File Size / Cost Issues Alternative Investment Fund Exclusive Items Can’t Be Replicated By Other Retailers Alternative Investment Fund Market Share Provides Opportunity in Cyclical Bounce