Exhibit B
HISTORY OF CONSTRUCTIVE ENGAGEMENT WITH DONERAILTURTLE BEACHS ENGAGEMENT WITH DONERAIL HAS INCLUDED1:-10 calls between Donerail
and Turtle Beachs independent financial advisor, Bank of America -17 requests by Turtle Beach for Donerail to provide verification and detail on its financing plan 0 times Donerail has provided adequate financing information regarding its
acquisition proposal HEAR advisor call with Donerail HEAR calls / meetings with Donerail ■HEAR advisor call with Donerail Requests for financing from Donerail ** Denotes an event disclosed in Turtle Beachs public history of
constructive engagement, but NOT in Donerails definitive proxy statement2 FEBRUARY 19, 2021 First engagement with Donerail Donerail launched as a firm only weeks prior with $300M assets under management (AUM). Turtle Beach investor relations
team holds introductory meeting with Donerail. MARCH 18, 2021 Donerail sends presentation to management ahead of a call
APRIL 27, 2021 Donerail sends proposal to
acquire the Company for $34.50 (with no verified financing), representing a 14% premium to the closing share price The Company notifies Wyatt that they will connect Donerail with their advisors to discuss the offer, and holds an introductory call
between advisors and Donerail. Follow up discussion between advisors reveal no financing commitments can be verified following Donerails offer to acquire the Company for a purchase price well in excess of Donerails total AUM. MAY 13,
2021 Donerail holds investor call on Turtle Beach ** Throughout the invitation-only call, Donerail extensively misrepresents its engagement with Turtle Beach to date, including claiming that Donerail had presented to the entire Board, and presents
inaccurate financial metrics and information about Turtle Beach. Donerail also makes no mention of the fact that they submitted an offer to acquire the Company. During the presentation Wyatt states by the way, this management team is
exceptional. MAY 24, 2021 BofA makes additional request to Donerail for financing information** JUNE 19, 2021 Juergen sends Donerail email response from the entire Board in response to Wyatts letter from June 16, 2021** BofA makes
additional financing request to Donerail. JULY 21, 2021 Donerail sends revised proposal to acquire the Company for $35.50 (again, with no verified financing), representing a 17% premium to the closing share price** Donerail cites desire for
expedited confirmatory due diligence. The Company confirms receipt of revised proposal by email the next day. AUGUST 25, 2021 BofA makes additional request to Donerail for financing information** DECEMBER 20, 2021 Donerail sends revised proposal to
acquire the Company for $32.85 (again, with no verified financing), representing a 30% premium to the closing share price The Company and advisors review revised proposal and issue press release noting Donerails lack of credible financing
despite the Companys significant effort to engage. Donerail issues press release two days later regarding revised proposal, having not yet produced baseline information outlining their ability to finance an acquisition, despite touting an
offer price well in excess of its own AUM and with no track record of ever acquiring or operating a business. BofA makes additional request to Donerail for financing information.** JANUARY 13, 2022 Turtle Beach responds to Donerails repeated
outreach to Board and management** In its response, the Company cites its 11 months of attempted productive engagement with Donerail and reiterates protocol for engagement with the Board and requests once again for verifiable financing information.
The Company states that if Donerail doesnt become a viable acquiror, Turtle Beach will limit future interactions to those the Company would provide to any stockholder. In response to the financing information request, Wyatt replies that they
will gather as a team and revert back with appropriate materials in short order.acknowledging himself theyve not vet provided the necessary financing information. MARCH 3, 2022 Donerail announces intent to nominate directors
Donerail announces that it no longer wants to acquire Turtle Beach and instead intends to replace the entire Turtle Beach Board of directors with its own hand-selected nominees at the Annual Meeting. MARCH 21, 2022 Turtle Beach makes revised
settlement proposal; Donerail rejects** Turtle Beach makes revised settlement proposal to Donerail, improving the terms in Donerails favor, including offering to appoint two new mutually agreed upon independent directors from a pool of
candidates that would have included all of Donerails nominees. The revised settlement proposal also notes the Company would designate a board member to sit on the strategic review committee, if one is deemed necessary. Donerail again rejects
Turtle Beachs generous proposal in favor of pursuing taking control of the Company.
MARCH 8, 2021 Juergen Stark and members of management meet with Donerail
Turtle Beach management holds first meeting with Donerail where Donerail asks general questions about the business. APRIL 1-APRIL 6, 2021 Will Wyatt demands to be added to the Board in multiple conversations** Over the course of three conversations,
Wyatt makes repeated requests to be added to the Board. When asked about his qualifications, Wyatt cites only capital markets experience, which is already represented on the Board, and dodges all other questions regarding his qualifications. In
response to Donerails request, Turtle Beach offered Donerail the opportunity to enter into an NDA so that Wyatt could get to know the business and the Board could evaluate him as a candidate, but Wyatt immediately declines. MAY 11, 2021 BofA
holds initial call with Donerail to discuss acquisition proposal terms, including request for more specifics on sources of financing** MAY 17, 2021 BofA makes follow-up request to Donerail for financing information** JUNE 2, 2021 BofA makes two
additional requests to Donerail for financing information** JULY 15, 2021 Donerail purchases 125,000 shares of Turtle Beach stock ** In contrast to Donerails assertions that it is acting in the best interest of all stockholders, Donerail
directly benefited at the expense of other stockholders by acquiring 125,000 shares in mid-July 2021, and promptly thereafter releasing their first public letter indicating they had put in an offer to acquire the Company at a significantly higher
share price, only to then sell 285,000 shares days later at a price that was substantially below their acquisition offer price but delivered them a profit of roughly $500,000 on the 125,000 shares alone. JULY 27, 2021 BofA makes additional request
to Donerail for financing information** NOVEMBER 15, 2021 BofA call with Donerail, Donerail states its strong preference to see the Company sold and its intention to run a proxy contest** DECEMBER 21, 2021 - JANUARY 11, 2022 Wyatt sends multiple
emails to Turtle Beach Board member Yie- Hsin Hung** Turtle Beach advisors respond to Wyatt on behalf of the Board, reiterating in each correspondence that Donerail needs to send proposal related correspondence to the Companys advisors, not
Board members. BofA makes six additional requests for financing information during this period of time. JANUARY 21, 2022 BofA makes additional request to Donerail for financing information** MARCH 14, 2022 Turtle Beach makes settlement proposal;
Donerail rejects In an attempt to avoid a costly and distracting proxy contest that would not be in the best interests of all Turtle Beach stockholders, the Company sends a letter and term sheet to Donerail outlining a good-faith cooperation
agreement under which Donerail and Turtle Beach would mutually agree on two director candidates to be added to the Board. Donerail rejects proposal and offers a counter-proposal under which Donerail would agree to three director candidates to be
added to the Board and two director resignations. Donerail also requests the Board form a strategic review committee as part of its counter-proposal. MARCH 22, 2022 Donerail nominates full slate of directors Donerail nominates full state of
directors to stand for election at the Annual Meeting. Donerail claims to be a 5.3% owner of Turtle Beach, despite 1.7% of its holdings being in the form of options with an April 14, 2022 expiration. Timeline is inclusive of only the most notable
interactions with Donerail through the nomination of its full slate of directors. Note that, in its definitive proxy statement, Donerail states Between March 13, 2022 and April 18, 2022, counsel for the Company and counsel for Donerail
corresponded at various times to discuss certain matters including, but not limited to, the terms of a potential settlement agreement between Donerail and the Company and the Books and Record Request. This is the only reference to settlement
proposals. Your vote is extremely important. Vote the BLUE Proxy Card Today! HOW TO VOTE FOR ADDITIONAL VOTING INFORMATION If you have any questions about how to vote your shares, or need additional assistance, please contact: Mackenzie Partners
HEAR@mackenziepartners.com (212) 929-5500 or Toll-Free (800) 322-2885 INVESTOR CONTACT MEDIA CONTACT Cody Slach or Alex Thompson Gateway Investor Relations On Behalf of Turtle Beach 949.574.3860 HEAR@gatewayir.com MacLean Marshall Sr. Director -
PR/Communications Turtle Beach Corp. 858.914.5093 maclean.marshall@turtlebeach.com Joele Frank, Wilkinson Brimmer Katcher Jed Repko / Nick Lamplough 212.355.4449