Q1 2016 Investor Presentation

Safe Harbor Statement

These slides contain projections or other forward-looking statements regarding future events, including but not limited to, those regarding our business outlook

for 2016. These statements involve risks and uncertainties, and actual events or results may differ materially. Among the important factors that could cause

actual results to differ materially from those in the forward-looking statements are our dependence on sales of cameras and accessories for substantially all of

our revenue and the effect of a fall in sales during the holiday season; the fact that we do not expect to continue to grow in the future at the same rate as we

have in the past, that we may fail to manage our growth, and profitability in recent periods might not be indicative of future performance; any inability to

successfully manage frequent product introductions and transitions or to anticipate consumer preferences and successfully develop desirable products; the risks

associated with our expected entrance into the consumer drone market; the effects of the highly competitive market in which we operate; the risks related to

inventory, purchase commitments and long-lived assets; difficulty in accurately predicting our future customer demand; the importance of maintaining the value

and reputation of our brand; and other factors detailed in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2015,

which is on file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof or as of the date otherwise

stated herein. GoPro disclaims any obligation to update these forward-looking statements.

In addition to U.S. GAAP financials, this presentation includes certain non-GAAP financial measures, including adjusted EBITDA, non-GAAP Gross Margin and

non-GAAP Operating Income. These non-GAAP measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in

accordance with U.S. GAAP. The non-GAAP financial measures used by GoPro may differ from the non-GAAP financial measures used by other companies. A

reconciliation of these measures to the most directly comparable U.S. GAAP measure is included in the Appendix to these slides.

Certain data in this presentation was obtained from various external sources, and neither the Company nor its affiliates, advisers or representatives has verified

such data with independent sources. Accordingly, neither the Company nor any of its affiliates, advisers or representatives makes any representations as to the

accuracy or completeness of that data or to update such data after the date of this presentation. Such data involves risks and uncertainties and is subject to

change based on various factors.

The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an

endorsement of the products or services of the Company or this proposed offering.

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GOPRO BY THE NUMBERS

• 1Q16 sell-thru on a unit basis was down less than 10% vs. 1Q15, which benefited from the launch of the HERO4 line of cameras

• 1Q16 sell-thru exceeded sell-in by ~50%, driving down channel inventory by over 20% and GoPro inventory down ~26% (lowest level since 3Q14)

• GoPro’s $399 and above cameras accounted for 50%+ of units shipped; $199 and below cameras accounted for 40% of units shipped

• ~21 million cumulative cameras shipped thru 1Q16

• 27 million cumulative downloads of GoPro App, 16.5 million cumulative GoPro Studio installs

• • • • • • • • • • •• • • • • • • • • • • • • • • • • • • • • •• • • • • • • • • • • • • • • • • • • • • • • •

ESTABLISHED

IN 2004

HQ IN

SAN MATEO

1483

EMPLOYEES

IPO IN

JUNE 2014

Sources: NPD, GfK, & GoPro as of 3/31/2016 3

MARKET SHARE & RECENT ANNOUNCEMENTS

• Market Share • GoPro accounted for 4 of the top 5 products on a unit basis for 1Q16 in the combined digital

camera/camcorder category in the U.S.*

• HERO4 Silver remains the best-selling digital image camera on a unit and dollar basis in 1Q16.*

• HERO4 Session moved to the #2 spot for 1Q16 from #8 in 4Q15 on a unit basis in the combined digital camera/camcorder category in the U.S.*

• 1Q16 digital camera/camcorder leading unit share in the U.S. increased 150 basis points YoY to 20.9%.*

• 1Q16 digital imaging unit share in Europe increased 200 basis points YoY to 10.5%. On a unit basis, GoPro accounted for 6 of the top 10 camcorders in Europe.**

• Recent Announcements• Developer Program, an initiative that provides toolkits for developers creating mobile apps that connect directly

to GoPro products, launched in April with 100 partners including BMW, Fisher-Price, Telefonica, and Toyota.

• Introduced GoPro VR, a platform to view and share immersive content. The platform allows users to experience the immersive world of 360˚ video and transforms users' screens into a virtual portal, showcasing original content from GoPro and a global community of artists.

• GoPro extended an agreement with the world’s premiere cycling event, Tour de France.4Sources: *NPD, **GfK, GoPro as of 3/31/2016

ABOUT US

what we make

World’s Most Versatile Capture Devices

what we do

Enable EngagingContent

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Why GoPro Matters

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People are spending more time online sharing personal experiences through photos and video

GoPro enables the world to capture and share its passion in the form of immersive and engaging content

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OUR MODEL: A VIRTUOUS CYCLE

CAPTURE, ACCESS, & SHAREENGAGING CONTENT

VIRALLY SCALES AWARENESS + ENTHUSIASM

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MARKET LEADING PRODUCT LINE & FEATURES

$499.99$399.99$199.99

MSRP’s

Hilight Tagging

Trim n Share

GoPro App for the Apple Watch

Periscope – Live Streamingfrom a GoPro HERO4 Blackor Silver

Software features

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ATTRACTIVE MARKET OPPORTUNITY

MATURE CE PRODUCTS

30mm+

DIGITAL CAMERAS & CAMCORDERS

50mm+

NEW MEDIA CAPTURE

OPPORTUNITIES

5.9mm units (TTM)

Note: Portable navigation device market representative of mature CE products. Source: IDC 2014, Technavio.

CONTENT DRIVEN MODEL CREATES ORGANIC MEDIA OPPORTUNITIES

Software

Services

Licensing

Advertising

Linear programming

OTT

ANNUAL UNIT MARKET OPPORTUNITY

Virtual Reality

Drone

User-Generated-Content

Social

OUR MISSION: ELIMINATE THE PAIN POINTS OF CAPTURING, ACCESSING AND SHARING ENGAGING CONTENT

PHASE I

CAPTURE ACCESSMAXIMIZE SHARING &

ENJOYMENT

LEADING CAPTURE

BRAND

GoPro for Desktop,

Editing Software

+ GoPro Apps

+

PHASE II

Cross Platform Content Management & Editing

Solutions

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LEADING

ACCESSORY BRAND

GOPRO CONTENT MANAGEMENT

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GoPro PlatformIntegrated content management platform

52,000 average

exports per day during 1Q16

GOPRO STUDIO GOPRO APP

27 million cumulative

downloads

GOPRO FOR DESKTOP

GOPRO CONTENT MANAGEMENT – INCREASINGLY MOBILE

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GoPro PlatformIntegrated content management platform

Downloads

19 million

Downloads

13 million

GOPRO STUDIOGOPRO FOR DESKTOP

GOPRO APP

PARTICIPATING IN TODAY’S MEGA-TRENDS

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• Drones

• Karma, GoPro’s drone, to be released in 2016

• User Generated Content

• Consumers watch more UGC today than ever before

• Social Media

• Global audience for shared GoPro content

• Stokes the virtuous cycle

• Virtual Reality – Omni & Odyssey

• GoPro broadly used for VR capture today

• Partnerships with Google, Facebook and others

• GoPro VR mobile app for 360-degree & VR reality content

Odyssey

Omni

GoPro

VR App

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MARKETINGCONSUMERMARKETING

LIFESTYLEMARKETING

CHANNEL MARKETING

TV

TOP TIEREVENTS

RESORTS / CAMPS GLOBAL TRADESHOWS

SOCIAL 140+ ATHLETESKelly SlaterShaun WhiteMissy Franklin

STRATEGIC MARKETING AND BRANDING

OUT-OF-HOME ADVERTISINGPRINT ADS

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DISTRIBUTION – POINT OF PURCHASE

Custom video-enabled point-of-purchase displays distributed in over 40,000 retail locations, globally

Available in 2ft, 3ft and 4ft and 12ft footprints

12 ft POP display

4 ft POP display2 ft POP display

STRONG NETWORK OF DIRECT AND DISTRIBUTOR SALES

STRONG NETWORK OF INTERNATIONAL DISTRIBUTORS

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BIG BOX RETAIL MID MARKET RETAIL SPECIALTY RETAIL

GLOBAL FOOTPRINT40,000+ Retail Locations, 100+ countries

DIRECT -> 46% OF 1Q16 REVENUE DISTRIBUTION -> 54% OF 1Q16 REVENUE

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Extensive multi-faceted marketing

efforts

Sophisticated and efficient global

supply chain

Meaningful investment in

product development – over

650* R & D employees

Aspirational brand with #1 market

position

Unparalleled social engagement –

compelling and engaging content drives viewership

and adoption

Mission to eliminate pain points of

capturing, managing and sharing engaging

content

Global distribution footprint – 40,000+

retail outlets in 100+ countriesPOP displays as

unique marketing tool

SIGNIFICANT BARRIERS TO ENTRY

* As of 12/31/2015

FINANCIAL OVERVIEW

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$986

$1,394

$1,620

$1,350

$363

$184

2013 2014 2015 2016E 1Q15 1Q16

REVENUE• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •• • • • • • • • • • • • •

$ in millions

3.8

5.2

6.6

1.3

0.7

2013 2014 2015 1Q15 1Q16

CAPTURE DEVICE UNITS SHIPPED• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •• • • • • • • • • • • • •

Units in millions

$1,500*~21 million cumulative units

* 2016 revenue guidance of between $1.35 billion and $1.5 billion, as of 5/5/2016

REVENUE & UNITS SHIPPED

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QUARTERLY TRENDS

35.2%

32.3%33.5%

42.0% 41.1% 42.2%44.5%

48.0%

45.2% 46.4%46.8%

29.6%

33.0%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16

QUARTERLY REVENUE QUARTERLY GROSS MARGIN*• • • • • • • • • • •• • • • • • • • • • • • • • •• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •• • • • • • • • • • • • • • •• • • • • • • • • • • • • • • • • • • • • • • • •

$255

$177 $192

$361

$236 $245$280

$634

$363

$420$400

$437

$184

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16

$ in millions

* Non-GAAP metric. See reconciliation in Appendix.

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SELECTED METRICS

2014 2015 1Q15 1Q16

ADJUSTED EBITDA* $293 $178 $56.5 $(86.8)

DAYS SALES OUTSTANDING 26 30 26 23

ANNUALIZED INVENTORY TURNS 9.8 4.6 5.0 3.0

CASH, CASH EQUIVALENTS & MARKETABLE SECURITIES

$422 $474 $492 $389

• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

$ in millions

* Non-GAAP metric. See reconciliation in Appendix.

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PRO FORMA LONG-TERM MODEL

2013 2014 2015 1Q16Long-Term

Annual Target

GROSS MARGIN %* 36.9% 45.1% 41.7% 33.0% 42-44%

OPERATING EXPENSES%*

25.6% 26.5% 33.0% 85.8% 24-26%

OPERATING MARGIN %* 11.2% 18.6% 8.7% (52.8)% 18-20%

ADJUSTED EBITDA %* 13.6% 21.0% 11.0% (47.3)% 21-23%

• • • • • • • • • • •• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

* Non-GAAP metric. See reconciliation in Appendix.

SUMMARY

• Aspirational brand focused on enabling the world to capture and share

its passion in the form of immersive and engaging content

• Participating in today’s mega-trends in social, OTT, virtual reality, drones

and entertainment

• Developing an ecosystem of partners, content distributors and products

• Investing in hardware & software that make is easier for GoPro users to

offload, access and edit their content

• HERO5 to be released in 201623

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THANK YOU

Appendix: GAAP to Non-GAAP Reconciliation

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To supplement our unaudited selected financial data presented on a basis consistent with GAAP, we disclose certain non-GAAP

financial measures, including non-GAAP gross profit, gross margin, operating expenses, operating income (loss), net income

(loss), earnings (loss) per share and adjusted EBITDA. These non-GAAP measures are not in accordance with, nor serve as an

alternative for GAAP. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts

associated with our GAAP results of operations. These non-GAAP measures should only be viewed in conjunction with

corresponding GAAP measures.

In calculating non-GAAP financial measures, we exclude certain items to facilitate a review of the comparability of our core

operating performance on a period-to-period basis. The excluded items represent stock-based compensation and charges that are

primarily driven by discrete events that we do not consider to be directly related to core operating performance. We use non-GAAP

measures to evaluate the core operating performance of our business, for comparison with forecasts and strategic plans and for

calculating return on investment. In addition, management’s incentive compensation is determined using non-GAAP measures.

Since we find these measures to be useful, we believe that investors benefit from seeing results reviewed by management in

addition to seeing GAAP results. We believe that these non-GAAP measures, when read in conjunction with our GAAP financials,

provide useful information to investors by facilitating:

• the comparability of our on-going operating results over the periods presented;

• the ability to identify trends in our underlying business; and

• the comparison of our operating results against analyst financial models and operating results of other public companies

that supplement their GAAP results with non-GAAP financial measures.

Appendix: GAAP to Non-GAAP Reconciliation

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The following are explanations of each type of adjustment that we incorporate into non-GAAP financial measures:

• Stock-based compensation expense relates to equity awards granted primarily to our workforce. We exclude stock-based compensation

expense because we believe that the non-GAAP financial measures excluding this item provide meaningful supplemental information

regarding operational performance. In particular, we note that companies calculate stock-based compensation expense for the variety of

award types that they employ using different valuation methodologies and subjective assumptions. These non-cash charges are not

factored into our internal evaluation of net income as we believe their inclusion would hinder our ability to assess core operational

performance. We believe that excluding this expense provides greater visibility to the underlying performance of our business operations,

facilitates comparison of our results with other periods, and may also facilitate comparison with the results of other companies in our

industry.

• Acquisition-related costs include the amortization of acquired intangible assets (primarily consisting of acquired technology), as well as

third-party transaction costs incurred for legal and other professional services. These costs are not factored into our evaluation of potential

acquisitions, or of our performance after completion of the acquisitions, because they are not related to our core operating performance,

and the frequency and amount of such costs vary significantly based on the timing and magnitude of our acquisition transactions and the

maturities of the businesses being acquired.

• Restructuring costs primarily include severance-related costs recorded in connection with our global workforce reduction in January 2016.

We believe that excluding this expense provides greater visibility to the underlying performance of our business operations, facilitates

comparison of our results with other periods, and may also facilitate comparison with the results of other companies in our industry.

• Income tax adjustments relate to the tax effect of the adjustments that we incorporate into non-GAAP measures in order to provide a more

meaningful measure of non-GAAP net income (loss). We believe that these adjustments provide us with the ability to more clearly view

trends in our core operating performance.

Appendix: GAAP to Non-GAAP Reconciliation

27

Three months ended

(in thousands, except per share data) March 31, 2016 March 31, 2015

GAAP net income (loss) $ (107,459 ) $ 16,752

Stock-based compensation:

Cost of revenue 357 283

Research and development 6,010 3,535

Sales and marketing 3,204 3,066

General and administrative 6,160 19,617

Total stock-based compensation 15,731 26,501

Acquisition-related costs:

Cost of revenue 222 222

Research and development 1,285 87

Sales and marketing 22 33

General and administrative 869 —

Total acquisition-related costs 2,398 342

Restructuring costs:

Cost of revenue 364 —

Research and development 2,655 —

Sales and marketing 2,678 —

General and administrative 811 —

Total restructuring costs 6,508 —

Income tax adjustments (3,918 ) (7,976 )

Non-GAAP net income (loss) $ (86,740 ) $ 35,619

Non-GAAP diluted net income (loss) per share $ (0.63 ) $ 0.24

Appendix: GAAP to Non-GAAP Reconciliation

28

Three months ended

(dollars in thousands) March 31, 2016 March 31, 2015

GAAP gross profit $ 59,714 $ 163,733

Stock-based compensation 357 283

Acquisition-related costs 222 222

Restructuring costs 364 —

Non-GAAP gross profit $ 60,657 $ 164,238

GAAP gross profit as a % of revenue 32.5 % 45.1 %

Stock-based compensation 0.2 0.1

Acquisition-related costs 0.1 —

Restructuring costs 0.2 —

Non-GAAP gross profit as a % of revenue 33.0 % 45.2 %

GAAP operating expenses $ 181,149 $ 141,465

Stock-based compensation (15,374 ) (26,218 )

Acquisition-related costs (2,176 ) (120 )

Restructuring costs (6,144 ) —

Non-GAAP operating expenses $ 157,455 $ 115,127

GAAP operating income (loss) $ (121,435 ) $ 22,268

Stock-based compensation 15,731 26,501

Acquisition-related costs 2,398 342

Restructuring costs 6,508 —

Non-GAAP operating income (loss) $ (96,798 ) $ 49,111

GAAP operating income (loss) as a % of revenue (66.2 )% 6.1 %

Stock-based compensation 8.6 7.3

Acquisition-related costs 1.3 0.1

Restructuring costs 3.5 —

Non-GAAP operating income (loss) as a % of revenue (52.8 )% 13.5 %

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Appendix: Adjusted EBITDA Reconciliation

Three months ended

(in thousands) March 31, 2016 March 31, 2015

GAAP net income (loss) $ (107,459 ) $ 16,752

Income tax expense (benefit) (14,283 ) 3,272

Interest (income) expense, net (334 ) 65

Depreciation and amortization 8,323 5,369

POP display amortization 4,743 4,548

Stock-based compensation 15,731 26,501

Restructuring costs 6,508 —

Adjusted EBITDA $ (86,771 ) $ 56,507