Investor Presentation

INVESTOR PRESENTATION

November 2020 SAFE HARBOR

Forward-Looking Information This presentation includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events. Statements containing the words “may”, “could”, “continue”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “goal”, “estimate”, “accelerate”, “target”, “project”, “intend” and similar expressions constitute forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. These statements are based on management’s current belief, as well as assumptions made by, and information currently available to, management. While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward- looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to: risks related to the substantial uncertainties inherent in the acceptance of existing and future products; the difficulty of commercializing and protecting new technology; the impact of competitive products and pricing; the impact of the coronavirus (COVID-19) pandemic on consumer demands and manufacturing capabilities; risks relating to, and uncertainty caused by or resulting from, the COVID-19 pandemic; the Company's partnerships with influencers, athletes and esports teams; risks associated with the expansion of our business, including the implementation of any businesses we acquire, the integration of such businesses within our internal control over financial reporting and operations; and our liquidity. These risks may be in addition to the other factors and matters discussed in the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and other periodic reports filed with the Securities and Exchange Commission. Except as required by the securities laws of the United States, the Company does not intend to publicly update or revise these forward-looking statements after the date of this release whether as a result of new information, future developments or otherwise. This presentation also contains trademarks and trade names that are property of their respective owners.

Non-GAAP Financial Measures In addition to its reported results, the Company has included in this presentation certain financial results, including adjusted EBITDA, adjusted net income, and constant currency revenue, that the Securities and Exchange Commission defines as “non-GAAP financial measures.” Management believes that such non-GAAP financial measures, when read in conjunction with the Company's reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company's results. “Adjusted Net Income” is defined as net income excluding (i) integration and transaction costs related to the acquisition of the business and assets related to the ROCCAT brand, (ii) the effect of the mark-to-market requirement of the financial instrument obligation, (iii) any change in fair value of contingent consideration and (iv) the release of valuation allowances on deferred tax assets. “Adjusted EBITDA” is defined by the Company as net income (loss) before interest, taxes, depreciation and amortization, stock- based compensation (non-cash), and certain non-recurring items that we believe are not representative of core operations (e.g., the integration and transaction costs related to the acquisition of the business and assets related to the ROCCAT brand, the mark-to-market adjustment for the financial instrument obligation and the change in fair value of contingent consideration). “Constant currency revenue” is defined by the Company as revenue excluding the impacts of fluctuations in exchange rates from prior periods. These non-GAAP financial measures are presented because management uses non-GAAP financial measures to evaluate the Company’s operating performance, to perform financial planning, and to determine incentive compensation. Therefore, the Company believes that the presentation of non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors. The presented non-GAAP financial measures exclude items that management does not believe reflect the Company’s core operating performance because such items are inherently unusual, non-operating, unpredictable, non-recurring, or non-cash. See a reconciliation of GAAP results to Adjusted Net Income and Adjusted EBITDA included in the appendix for the three and nine months ended September 30, 2020 and 2019.

$35+ million $330 million in $50 million in NASDAQ: HEAR Cash From $1.80 EPS* Revenues* EBITDA* Operations*

* Reflects guidance for 2020 updated November 5, 2020 3 GAMING IS THE MARKET TO BE A LEADER IN

Global Market for Gaming Headsets, Mice, and Keyboards1 Why gaming has been such a strong market for years…

Entertainment Since the 70’s gaming has been a growing source of entertainment, capturing increasing share of leisure time 2 Keyboards • Gaming now leads share of daily time spent on technology and media at 41% $1.0 B • Gaming now surpasses box office movie revenue by 4x Console Headsets Socializing $1.7 B Since the rise of multiplayer gaming in the 2000’s gaming has become a major platform to socialize GLOBAL GAMING with friends, a trend accelerated the past two years with Battle Royale and stay-at-home orders ACCESSORY • Xbox Live and PlayStation network now have over 200M users Mice MARKET • 12 million gamers recently attended a “live” concert in the game Fortnite 0.9 B $5.1B1 Competition In the past few years, esports gaming has taken off with viewership expected to exceed most other sports in the coming years • Global esports revenues are expected to cross $1B in 20203 PC Headsets • Esports viewership is expected to reach 800M by 20242 $1.5 B Realism Starting in 2020, enhanced power and VR is now making gaming environments and simulations extremely realistic Americas & Europe are ~75% of the market • New consoles feature 8K graphics, 3D audio, and can mix local and cloud resources • Consumer VR market is expected to grow from $1.4B to $4.2 billion by 20242 1Newzoo 2020 Peripheral Market estimates – updated in September 2020. 2 Activate Consulting report 2020 3 Newzoo 2020 esports market report 4 #1 IN GAMING AUDIO The Global Market Leader In Console Gaming Headsets for Over 10 Years Broad Portfolio of PC Gaming Accessories 50 Million+ Headsets Sold Since 2010 Award-Winning Design and Build Quality

Industry-Leading Innovation at Every Price Point With Over 230 Patents

5 THE LEADER IN CONSOLE GAMING HEADSETS

#1 GAMING HEADSET HIGHER REVENUE SHARE STRONG BRAND & REPUTATION PROVIDER FOR XBOX & PLAYSTATION THAN NEXT THREE PLAYERS COMBINED Among Gamers, Retailers, Gaming Industry

PRODUCT FOR EVERY GAMER Entry Level to Professional

PRODUCT INNOVATIONS And Unique Features - Many patented US & CANADA CONSOLE GAMING HEADSET Other REVENUE SHARE 1275K+ POINTS OF DISTRIBUTION 57.0% 2019 53 Countries 43.0%

STRONG PARTNERSHIPS With Leading Esports Teams & Influencers

OVER 10 YEARS EXPERIENCE Gaming Headsets & with Xbox & PlayStation 3 OF TOP 5 SELLERS 13 OF TOP 20 SELLERS OVERALL ARE TURTLE BEACH OVERALL ARE TURTLE BEACH Over 140 ISSUED PATENTS 64 Pending2

Source: The NPD Group/Retail Tracking Service/Video Games/Dollars/U.S., Canada and Mexico/January-December 2019 1Includes only Console gaming headsets 6 2Counts only patents related to headsets (not including additional patents from ROCCAT and HyperSound) INDUSTRY LEADING HEADSETS

"A fantastically priced headset and worthy successor to the original." - Games Radar "This $40 headset is worth every penny." - Windows Central “A best gaming headset of 2020.” - Tom’s Guide 7 THE MOST COMPLETE PORTFOLIO

CORE CONSOLE HEADSET RANGE $149.95 $249.95

Surround Sound Wireless Cooling Aerofit™ Cushions $129.95 Superhuman Hearing® Gen 2 Flip-to-Mute Mic XBOX SERIES X | XBOX ONE 20-Hour Battery PS5™ | PS4™ NINTENDO SWITCH™ | MOBILE

Reinforced Hinge & Metal Headband Headband Design Remappable Functions TruSpeak™ Pro Gaming $59.95 Mic

Metal-Reinforced Floating Headpad XBOX SERIES X | XBOX ONE 15-Hour Battery PS5™ | PS4™ Headband Metal Headband $49.95 NINTENDO SWITCH™ | MOBILE 50mm Refined Ear Cup XBOX SERIES X | XBOX ONE Wireless Nanoclear™ Drivers PS5™ | PS4™ Amplified Acoustics Floating Headpad $39.95 NINTENDO SWITCH™ | MOBILE Cooling XBOX SERIES X | XBOX ONE Memory Foam Surround Sound Gen 2 Flip-To-Mute Mic Aerofit™ Cushions PS5™ | PS4™ Bass Boost Swappable Deco Plates $29.95 $24.95 NINTENDO SWITCH™ | MOBILE Cushions TruSpeak™ Pro XBOX SERIES X | XBOX ONE XBOX SERIES X | XBOX ONE Metal-Reinforced Variable Mic Superhuman Hearing® Superhuman Hearing® Gaming Mic PS5™ | PS4™ PS5™ | PS4™ Flip-to-Mute Mic Elite 2 Year Warranty NINTENDO SWITCH™ | MOBILE $14.95 NINTENDO SWITCH™ | MOBILE Headband Monitoring

ProSpecs™ XBOX SERIES X | XBOX ONE Synthetic Leather Synthetic Leather ProSpecs™ ProSpecs™ 50mm Stereo PS5™ | PS4™ ProSpecs™ 12+ Hour Battery Nanoclear™ Drivers NINTENDO SWITCH™ | MOBILE Cushions Cushions

Swappable Deco Plates 50mm Drivers Surround Sound Cooling Removable Microphone Lightweight Design Stereo Stereo Flip-To-Mute Mic Memory Foam Cushions Aerofit™ Cushions

Convenient Headset Metal-Reinforced EQ Modes EQ Modes Inline Controls 40mm Drivers Lightweight Design Lightweight Design EQ Modes ProSpecs™ Controls Headband

Mobile Multifunction Amplified Amplified High-Sensitivity Mic 40mm Drivers 40mm Drivers 40mm Drivers Flip-to-Mute Mic Amplified Inline Controls Button

Mic Monitoring 10mm Drivers Mono High Sensitivity Mic High Sensitivity Mic High-Sensitivity Mic 40mm Drivers Mic Monitoring Mic Monitoring Stereo 8 Entry-Level Gamer Casual Gamer Enthusiast/Core Gamers Esports ROCCAT

Acquired in 2019, ROCCAT is Turtle Beach's award- winning brand of gaming mice, keyboards, headsets, software, and more for PC gamers.

The brand is driven by former esports pro, Founder and Head of PC Products for Turtle Beach, Rene Korte, and his highly experienced product and engineering team in Turtle Beach's Hamburg, Germany studio.

ROCCAT has strong brand presence in Germany, good awareness across EU, and is expanding in NA & major Asian markets.

Turtle Beach is investing ~$12M in 2020 to drive future growth including expanding ROCCAT portfolio and further develop the brand.

9 9 IT'S TIME TO EXPERIENCE PRECISION

"The ROCCAT Vulcan TKL Pro is a gorgeous optical gaming keyboard with supurb build quality." "For gaming, this is the mouse to use." "Simple, affordable, stylish and comfortable, but - Rock Paper Shotgun - Back to the Gaming also packing a mighty acoustic punch you just won't find anywhere else for this kind of money." - eTeknix

10 ROCCAT’S GROWING & AWARD-WINNING PC LINEUP

Burst Pro | Burst Core Kain 200/120/100 Kone AIMO Remastered Kone Pure Ultra MSRP: $99.99 | $29.99 MSRP: $99.99 | $69.99 | $49.99 MSRP: $79.99 MSRP: $69.99

Vulcan Pro Vulcan TKL Pro Vulcan TKL MSRP: $199.99 MSRP: $159.99 MSRP: $129.99 Vulcan 120/121/122 MSRP: $159.99

Elo 7.1 Air | Elo 7.1 USB | Elo X Stereo Syva In-Ear Juke 7.1 USB Soundcard/Adapter MSRP: $99.99 | $69.99 | $49.99 MSRP: $29.99 MSRP: $19.99 11 INVESTING TO DRIVE GROWTH

Global Gaming Accessory Market: $5.1B (SEPTEMBER NEWZOO ESTIMATES)

Mice 7 Mice Expand Portfolio $0.9B 2020-2021 $3.4B Market To Further Penetrate Keyboards 6 Keyboards Expand Portfolio 2020 Growth Investments of $1.0B 2020-2021 ~$12M Including in ROCCAT Portfolio Expansion and Brand Development PC Headsets 3 Headsets Revise and Expand Goal Is To Build Incremental $1.5B 3 Headsets Portfolio $100M Business 2020-2021

$1.7B In Historic TB Addressable Market Console Headsets $1.7B 22 Headsets We lead this market by far

Goal Is To Continue Leadership

Source (for market sizes): NewZoo 2020 Peripheral Market estimates – updated in September 2020. 12 Note: model counts above represent core models only, not all variants or SKUs. WE PARTNER WITH LEADING TEAMS

Over 862M Gamers and 202M esports fans in the Americas and Europe1

Ali-A Dr. Disrespect Mr Savage Castro_1021 Skyrroz (30M Reach) (8M Reach) (8M Reach) (6M Reach) (4M Reach)

NRG Esports Chicago Huntsmen A leading collective of top Franchise team in influencers and world champion Activision Blizzard’s CDL esports teams

Kevin De Bruyne Josh Hart Kevin Porter Jr. Reece James MSD7 (Man City & Belgium, (New Orleans Pelicans, (Cleveland Cavaliers, (Chelsea & England, (1M Reach) 17M Reach) 1M Reach) 401k Reach) 1.1M Reach)

Official Audio Partner EA Sports FIFA 20 Champions Cup

HECZ Scump Kickstradomis BenjyFishy Clare Siobhan Titles shown represent games played by our partner esports teams and influencers and do not indicate a (417k Reach) partnership with the publisher 13 (3M Reach) (6M Reach) (7M Reach) (2M Reach) 1Newzoo 2020 Global Esports and Global Games Market Report QU October 2020 GEN 8 CONSOLE

Gen 7 Xbox (Nov. 2013) Gen 8 Xbox (Nov. 2020) Gen 7 PlayStation (Nov. 2013) Gen 8 PlayStation (Nov. 2020)

Xbox Series X|S (announced E3/June 2019) PlayStation 5/PlayStation 5 Digital (announced April 2019) Release: November 10, 2020 Release: November 12, 2020 Price: $499 for Xbox Series X | $299 for Xbox Series S Price: $499 for PS5 | $399 for PS5 Digital Edition

➢ Disc & digital only console options ➢ Disc & digital only console options ➢ Backward compatibility ➢ Backward compatibility ➢ Major power increase/faster game access/reduced load times ➢ Major power increase/faster game access/reduced load times ➢ Will support up to 8K resolution ➢ Will support up to 8K resolution ➢ 3D Spatial Sound (headset required) ➢ 3D Spatial Sound (headset required) ➢ Project xCloud game streaming service ➢ PlayStation Now streaming/focus on AAA titles ➢ Xbox Games Pass subs get access to top Xbox One games ➢ PlayStation Plus subs get access to classic PS4 games at launch

14 Source: Microsoft and Sony announcements XBOX AND PLAYSTATION

PlayStation and Xbox Console Unit Sales “With the launch of new systems and continued sales for existing consoles, we forecast Microsoft and Sony combined hardware sales will 40 set records in 2021 and 2022.” David Cole, Head DFC Intelligence, Video games industry analyst

➢ Console transition has typically created a market decline the year prior 30 to transition, an increase late in the year of new console launch, and then several years of accelerated growth post-launch.

➢ Accessories typically follow same pattern with some lag as some users will wait on new accessory purchases, particularly at the high-end prior to launch and then 20 upgrading accelerates post-launch.

➢ However, due to stay-at-home orders, gaming engagement has increased significantly including accessories such as headsets, that have shown record sales the past quarters. Headsets being backward compatible, has kept the trend

10 going even in a console transition year. Hardware Unit Unit Sales millions)(in Hardware ➢ DFC predicts the combined XB and PS hardware unit sales for Gen 8 and Gen 9 in the first three years of launch to be higher than the combined sales of Gen 7 and Gen 8 in the first three years, setting another record. 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 ➢ Nintendo is not included; a new system core from Nintendo could substantially increase overall market potential. Gen 6 Gen 7 Gen 8

Source : DFC Intelligence updated September 2020 Worldwide Video Game Market Forecasts 15 *COVID-19 related stay-at-home guidance and orders have led to significantly increased sales of gaming accessories ANTICIPATED CONSOLE HEADSET MARKET DYNAMICS SIMPLIFIED MARKET MODEL¹ NORTH AMERICA CONSOLE GAMING HEADSET SELL-THROUGH MILLIONS OF UNITS Recent unprecedented increase in gaming and gaming accessories Battle Royale Stay-at-home Orders due to stay-at-home orders. 16 15.0 TB analysis indicates 2020 growth is roughly equally caused by: 30% or More 1. Existing gamers gaming more 14 Expected Incremental +26% Incremental 2. Influx of new and lapsed gamers gaming with headsets Battle Royale Stay-at-home 3. Gaming headset purchases for work/school/socializing via video apps Results indicate Driven Driven 12 approximately Headset 11.4 Headset Sales Sales 40% of Biggest drivers of potential increase from 2020+ estimates are: incremental ➢ Stronger influx of new gamers/headsets users continues due to stay-at-home 10 2018 users 9.1 replaced or ➢ Faster upgrade/replace cycle among new/lapsed headset users upgraded in ➢ New Xbox/PlayStation consoles increasing Q4 demand more than expected 2019 ➢ 8 “Normal” Stronger slate of new gen games or major games going “free” model “Normal” headset headset Headset sales sales purchase lag based on Biggest drivers of potential decrease from 2020+ estimates are: without expected for 6 larger ➢ Headset upgrade/replace cycle slows due to pull forward purchases battle new console installed royale launches in ➢ Inventory constraints on consoles and/or headsets base of impact late 2020 ➢ Retail and/or ecommerce sales disruptions due to new lock-downs users 4 ➢ Late release of, or lower demand for, the new consoles

Market sell-in revenues (sales) will vary from sell-through units based 2 on channel inventory adjustments to hold weeks-of-supply and ASP of product sales 0 2017 2018 2019 2020

1. This is a highly simplified market model to illustrate overall dynamics - actual market dynamics are much more complex than shown 16 Source: The NPD Group/Retail Tracking Service/Video Games/Dollars/U.S., Canada & Mexico/CY 2017, 2018, 2019, 2020; TB analysis of consumer research conducted by Newzoo BALANCE SHEET

Liquidity Balance Sheet Improvements

At September 30, 2019 At September 30, 2020 ➢Cash and equivalents increased significantly due to record revenue, higher margins and fixed cost leverage. Cash & Equivalents $7.0M $27.3M ➢Inventory increase driven by higher Inventories $67.0M $79.5M current demand, earlier-than-normal retail holiday ordering, and anticipation of Q4 sales. Revolver (asset-based) $26.6M $0 ➢First time in at least ten years that total debt has been zero at the end of Q3. Highest level of net cash in the Total Debt $26.6M $0 Company’s history.

17 INCREASED 2020 OUTLOOK¹

2020 – 2020 – Updated 2020 Updated Commentary Prior

Continued strong consumer demand for gaming accessories, higher Net Revenue ~$300M ~$330M share driven by supply and retail execution, good progress in PC category expansion.

Higher operating leverage and lower than normal promotional spend in Gross Margin Low 30%s Mid 30%s Q2 and Q3, partially offset by ~$10M in air freight, tariffs & impact of tooling & certification investments for new products.

Higher revenue & gross margin, strong OpEx leverage; includes roughly Adj. EBITDA ~$30M ~$50M $12M in investments to drive future growth.

Diluted Shares ~16.5M ~16.5M

GAAP EPS ~$0.85 ~$1.80 Reflects above factors; anticipates full year effective tax rate of ~ 27%.

Reflects above factors, excludes ROCCAT transaction & integration Adj. EPS ~$0.80 ~$1.75 costs, also anticipates full year effective tax rate of approximately 27%.

1. Guidance updated on November 5, 2020. 18 REVENUE & ADJUSTED EBITDA PROFILE

Company Revenues Adjusted EBITDA2 Millions Millions

~$330M

$287M $57.7M Battle Battle Royale ~$50.0M Royale $235M Surge Surge

~$12M of growth investments $149M

$22.8

$11.6M

1 1 2017 2018 2019 2020E 2017 2018 2019 2020E

1. Guidance updated on November 5, 2020. 2. See appendix for a reconciliation of non-GAAP measures. 19 LONG-TERM FINANCIAL TARGETS

Metric Target Maintain leadership position in console gaming headsets

Revenue $ 10-20% CAGR Drive growth in PC gaming headsets, keyboards, and mice (leveraging ROCCAT brand and portfolio)

Gross Margins % Mid 30’s Maintain disciplined spending with investments for growth

Leverage brand, skills, and global EBITDA $ 15-30% CAGR footprint to enter new categories over time (organic and M&A)

20 CONTACT US

INVESTOR RELATIONS: PR/MEDIA CONTACT: Cody Slach/Sean McGowan Maclean Marshall Gateway Turtle Beach +1 (949) 574-3860 +1 (858) 914-5093 [email protected] [email protected]

COMPANY WEBSITES www.turtlebeachcorp.com | www.turtlebeach.com | www.roccat.org APPENDIX

227 EXPERIENCED BOARD OF DIRECTORS

Juergen Stark - COO of Motorola Mobility’s mobile business - 10 years as Principal at McKinsey & Company, Inc. Chairman & CEO - MBA, Harvard Business School

- Former CFO of Qualcomm Incorporated (NASDAQ: QCOM) William Keitel - During his tenure, Qualcomm grew revenues from ~$800M to ~$25B Lead Independent Director - Held senior financial roles at Nortel (OTC: NRTLQ) & Pepsico (NYSE: PEP)

Dr. Andrew Wolfe, PhD - Founder & principal of Wolfe Consulting Director - Former Chief Technology Officer for SONICblue, Inc. - Expert in IP strategy and licensing

Gregory Ballard - General partner with Eleven Ventures Director - Former senior VP for mobile & social games at Warner Bros. - Former CEO of Glu Mobile, former board member with DTS

- Former SVP and COO, Samsclub.com Kelly Thompson - Former SVP Merchandising, Planning, and Marketplace for Walmart.com Director - 10 years in management positions at Gap, Inc.

23 EXPERIENCED MANAGEMENT TEAM

Rene Korte General Manager, PC Products Rene Korte General Manager, PC Products Juergen Stark Chairman & CEO • Founder of ROCCAT GmbH and CEO for 12 years - Founder of ROCCAT GmbH and CEO for 12 years - COO Of Motorola Mobility’s Mobile Business • VP Europe for RAZER - VP Europe for RAZER - 10 Years As Principal At Mckinsey & Company • Professional gamer and founder of MTW esports team - Professional gamer and founder of MTW esports team

John Hanson CFO Matt Seymour SVP, Product Management - 20+ years in the Consumer Electronics industry - EVP & CFO at Dialogic - Previously with Sony leading television portfolio - CFO at One Communications Corp planning & development, product marketing

Cris Keirn SVP, Global Sales - Led headset transition as VP of business planning & strategy Joe Stachula CTO & SVP, Product Development - 17 years with Motorola in product management, operations, - 20+ years in consumer electronics quality & customer relations - 12 years at Plantronics engineering audio headsets

Megan Wynne General Counsel Jose Rosado SVP, Global Operations - 5 years with I-Flow, a Kimberly-Clark Health Care - Former Sr. Director, Global Supply Chain Operations for HP Company - 22 years of supply chain management with Motorola, ON - 13 years with Morris Polich & Purdy law firm Semiconductor, HP, Cisco

Ryan Dell SVP, Marketing - 15 years of brand, consumer & digital marketing experience - Formerly CMO at MVMT, VP of Marketing & Acquisitions at FTD Companies (Pro Flowers, Shari's Berries) GAAP TO ADJUSTED EBITDA RECONCILIATION

December 31, 2019 December 31, 2018 December 31, 2017 Consolidated

Net Income (Loss) 17,944 39,190 (3,248)

Depreciation 4,556 3,954 4,074

Amortization of intangibles 642 303 348

Interest 929 5,335 7,916

Taxes (6,237) 1,737 593

Stock Compensation 3,558 1,877 1,430

Restructuring Expense - - 533

Goodwill Impairment - - -

Business Transaction Expense 3,516 - (79)

Change in Fair Value of Contingent Consideration (471) - -

Unrealized loss (gain) on financial instrument obligation (1,601) 5,291 -

Adj EBITDA 22,836 57,687 11,567