Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "may," "should," "will," "could," "would," "anticipate," "plan,"

"believe," "project," "estimate," "expect," "strategy," "future," "likely," and similar expressions, among others, generally identify forward-looking statements, which speak only as of the date the statements were made and are not guarantees of future performance. Such forward-

looking statements include, but are not limited to, statements about the benefits of the business combination transaction involving Callaway and Topgolf, including the anticipated operations, financial position, liquidity, performance, prospects or growth and scale opportunities of

Callaway, Topgolf or the combined company, the strategies, prospects, plans, expectations or objectives of management of Callaway or Topgolf for future operations of the combined company, any statements regarding the approval and closing of the merger, including the need

for stockholder approval and the satisfaction of closing conditions, and statements of belief and any statement of assumptions underlying any of the foregoing.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-

looking statements. These risks, uncertainties and other factors relate to, among others: risks and uncertainties related to our pending merger with Topgolf, including the failure to obtain, or delays in obtaining, required stockholder approval or regulatory approval, the risk that such

approval may result in the imposition of conditions that could adversely affect Callaway or the expected benefits of the proposed transaction, any termination fee that may be payable by Callaway pursuant to the terms of the merger agreement, or the failure to satisfy any of the

closing conditions to the proposed transaction on a timely basis or at all; costs, expenses or difficulties related to the merger with Topgolf, including the integration of the Topgolf business; failure to realize the expected benefits and synergies of the proposed transaction in the

expected timeframes or at all; the potential impact of the announcement, pendency or consummation of the proposed transaction on relationships with Callaway's and/or Topgolf's employees, customers, suppliers and other business partners; the risk of litigation or regulatory

actions to Callaway and/or Topgolf; inability to retain key personnel; changes in legislation or government regulations affecting Callaway and/or Topgolf; uncertainty of the duration, scope and impact of COVID-19; a further spread or worsening of COVID-19; any further regulatory

actions taken in response to COVID-19, including the future shutdown of or restrictions on Callaway's or Topgolf's retail locations, venues, distribution centers, manufacturing plants or other facilities; the effectiveness of Callaway's or Topgolf's protective gear, social distancing

guidelines, and other preventive or safety measures; disruptions to business operations of Callaway and Topgolf as a result of COVID-19, including disruptions to business operations from travel restrictions, government-mandated or voluntary shut-down orders or quarantines, or

voluntary "social distancing" that affects employees, customers and suppliers; continued growth, momentum and opportunities in the golf industry; production delays, closures of manufacturing facilities, retail locations, warehouses and supply and distribution chains; staffing

shortages as a result of remote working requirements or otherwise; uncertainty regarding global economic conditions, particularly the uncertainty related to the duration and impact of the COVID-19 pandemic, and related decreases in customer demand and spending; and

economic, financial, social or political conditions that could adversely affect Callaway, Topgolf or the proposed transaction.

The foregoing list is not exhaustive. For additional information concerning these and other risks and uncertainties that could affect these statements, the golf industry, and Callaway's business, see Callaway's Annual Report on Form 10-K for the year ended December 31, 2019 as

well as other risks and uncertainties detailed from time to time in Callaway's reports on Forms 10-Q and 8-K subsequently filed with the SEC, including the proxy statement/prospectus/consent solicitation that will be included in the registration statement on Form S-4 that will be

filed with the SEC in connection with the proposed transaction. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Callaway undertakes no obligation to republish revised forward-looking statements to

reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Regulation G

In addition, in order to assist you with period-over-period comparisons on a consistent and comparable basis, today's presentation includes certain non-GAAP information. With respect to Callaway Golf Company, this information excludes certain non-cash amortization of

intangibles and other assets related to the Company's acquisitions, non-recurring transaction and transition costs associated with the acquisition of Jack Wolfskin, including banker's fees, legal fees, consulting and travel expenses, audit fees and valuations services, as well as

non-cash charges related to the valuation of acquired inventory, in addition to other non-recurring advisory fees, and non-cash amortization of the debt discount related to the Company's convertible notes. With respect to Topgolf International, Inc., this information excludes certain

venue closure costs, a regulatory settlement reserve, the remeasurement of a contingent earnout obligation, non-recurring consulting and legal expenses and the remeasurement of a stock-warrant liability. This non-GAAP information may include non-GAAP financial measures

within the meaning of Regulation G. These non-GAAP measures should not be considered as a substitute for any measure derived in accordance with GAAP. The non-GAAP information may also be inconsistent with the manner in which similar measures are derived or used by

other companies. Management uses such non-GAAP information for financial and operational decision-making purposes and as a means to evaluate period-over-period comparisons and in forecasting the Company's business going forward. Management believes that the

presentation of such non-GAAP information, when considered in conjunction with the most directly comparable GAAP information, provides additional useful comparative information for investors in their assessment of the underlying performance of the Company's business with

regard to these items. The Company has provided reconciliations of such non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP. The reconciliations are included in this presentation, which is available on the Investor

Relations section of the Company's website located at http://ir.callawaygolf.com/.

Additional Information and Where You Can Find It

Callaway Golf Company will file with the SEC a registration statement on Form S-4, which will include the proxy statement of Callaway Golf Company that also constitutes a prospectus of Callaway Golf Company and a consent solicitation statement of Topgolf International, Inc.

(the "proxy statement/prospectus/consent solicitation"). INVESTORS AND STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT/PROSPECTUS/ CONSENT SOLICITATION, AND OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC,

IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CALLAWAY GOLF COMPANY, TOPGOLF INTERNATIONAL, INC., THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and

stockholders will be able to obtain free copies of the proxy statement/prospectus/consent solicitation and other documents filed with the SEC by the parties through the website maintained by the SEC at www.sec.gov. In addition, investors and stockholders will be able to obtain

free copies of the proxy statement/prospectus/consent solicitation and other documents filed with the SEC on Callaway's website at https://www.callawaygolf.com (for documents filed with the SEC by Callaway).

No Offer or Solicitation

This communication is for information purposes only and is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction

pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of

the Securities Act of 1933, as amended.

Participants in the Solicitation

Callaway, Topgolf, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Callaway in connection with the proposed transaction. Information regarding the persons who are, under the rules of the

SEC, participants in the solicitation of the stockholders of Callaway and Topgolf, respectively, in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy

statement/prospectus/consent solicitation when it is filed with the SEC. Information regarding Callaway's directors and executive officers is contained in Callaway's Annual Report on Form 10-K for the year ended December 31, 2019 and its Revised Definitive Proxy Statement on

2

Schedule 14A, dated March 27, 2020, which are filed with the SEC and can be obtained free of charge from the sources indicated above.

CHIP BREWER

BRIAN LYNCH

DOLF BERLE

WILLIAM DAVENPORT

CRAIG KESSLER

Chief Executive Officer

EVP, Chief Financial

Chief Executive Officer

Chief Financial Officer

Chief Operating Officer

Officer

Venues

GENIFER GRAY

CHRIS CALLAWAY

BEN SHARPE

STEVE LANE

VP of Operations

Chief Development

President Toptracer

Vice-President

Officer

International Strategy

($ in millions)

2019 Pro Forma

2022E

Longer Term

Revenue

$2,761

$3,200

~10%

Adj. EBITDAS

$270

$360

Mid-to-High Teens

• The #1 Driver on major

• #1 brand rating by avid

worldwide tours

golfers since summer 20172

•

#1 Putter on Tour

Elite Touring

Avid

•

#1 or #2 hard goods market

Professionals

Amateurs

•

100's of Sponsored

share in US, Japan, and

Europe

Athletes across global

tours

Digital

Digital

connectivity

acrconnectivityss all levels

•

Beginning and returning

across all levels

•

Appeal to youth via games

golfers up ~20% in Q2

and social atmosphere

vs. prior years3

•

51% of Topgolf guests

•

80% of Toptracer

identify as non-golfers

Ranges participated in

Occasional

New and

•

75% of non-golfers who

first-ever global digital

visited Topgolf said they're

competition

Participants

Aspiring Entrants

now interested in playing on

a course4

1 Golf Datatech industry report published September 21, 2020

3

National Golf Foundation, COVID-19 Update

9

2 Golf Datatech GPAU Study, 2017-2020

4

National Golf Foundation survey conducted for Topgolf

High Growth

Restaurant

Sports

Digital and

Venue Based

Golf Equipment

Entertainment

Outdoor Apparel

Peers

Franchise Peers

Emerging Peers

Peers

'19-'22 Sales CAGR

2 %

7 %

12 %

8 %

19 %

0 %

'19-'22 EBITDA CAGR

1 %

11 %

10 %

9 %

39 %

(2)%

2022E EV / EBITDA

13 x

15 x

26 x

17 x

20 x1

9 x

Source: Company filings, Capital IQ, IBES. Current market data as of 09-Nov-2020

12

1 Excludes Roku due to not meaningful earnings.

Significant Brand Halo and

Massive

Strong Customer Advocacy

Network of Screens

Brand Power and Venue

Deep Experience Operating

Real Estate Execution

Large, Complex Venues with

Make Us a Tenant and Franchisor

Significant Capital Invested at

of Choice

Scale

CRAIG KESSLER

GENIFER GRAY

Chief Operating Officer

VP of Operations

Venues

Source: YouGov and NGF surveys

21

2005

2010

2013

2014

2015

2016

2017

2018

2019

Today

33%

34%

29%

SALES FROM GAMEPLAY1

SALES FROM FOOD & BEVERAGE1

SALES FROM EVENTS1

While the in-bay experience is a primary

…We have matured our programming to create multiple

driver of venue visits …

entertainment formats to delight our guests

Overall Satisfaction

Likelihood to Return

70%

73%

79%

81%

2019

Week of

2019

Week of

10/26/20

10/26/20

Large Venues

Medium Venues

Small Venues

million venue

U.S. venues in three

International

23 visits in 2019

58 format sizes

5 venues1

1 Three owned-venues, two franchised venues

32

Glasgow (UK)

Watford, Herts (UK)

Oberhausen,Germany

Surrey, Surrey (UK)

Chigwell, Essex (UK)

Gold Coast, AU Opened in 2018

Dubai (UAE)

Monterrey (Mexico)

Monterrey, MX Opened in 2020

Gold Coast, Queensland

(Australia)

Dubai, UAE Opening

Current location

Under development

Countries with

Late '20/Early '21

contracted venues

Mistwood Golf Dome

Silvermere Golf & Leisure

Itakano Golf Center

Whaleback Golf Course

Chicago, IL

Surrey, UK

Osaka, Japan

Perth, Australia

After installing TTR, YoY

Increased annual ball count

Average monthly visitors are

Topline increase of 35%-40%

revenue was up 67% in golf

from 7.5MM to 10.5MM since

up 21% YoY since TTR install

with price increase of 10%

sales and average bay time

install of Toptracer Range

in July 2019

and average number of

increased from 21 minutes to

visitors up 25% YOY since

58 minutes

install

Sales Partners

Governing Bodies / Commercial Partners

Leading, Global Professional Golf Club

Management Companies

Revenue ($MM)

Gross Margin ($MM)

Adj. EBITDAS ($MM)

1,060

916

2019 PF Adj.

EBITDAS -

862

$77M (1)

747

59

59

630

545

10

2017

2018

2019

2017

2018

2019

2017

2018

2019

Venues Segment

Other

Margin:

86.4%

86.7%

86.4%

Margin:

1.6%

6.8%

5.6%

subscriptions, SMS subscriptions, e-mail subscriptions and lifetime installs for the Topgolf, Toptracer and World Golf Tour ("WGT") apps. A fan who engages with Topgolf across more than one of these areas,

51

such as by having a venue membership, following Topgolf on one or more social media platforms, subscribing to SMS messages and emails and/or installing one or more of the Topgolf apps, will account for a

per Bay

$2,000

Annual Target Revenue

$1,500

Annual Target Cash

Adj. EBITDAS per Bay

Target Average Cash on

50%

Cash Returns1

Est. Bay Installs

Potential Total

Targeted New

in '20

WW Bays

Bays per Year

>3,500

+650k

8,000+

1-2 Near- to medium-term blended average across Large, Medium and Small venues

3 Topgolf seeks to finance underlying land and 75% of construction costs on the majority of its venues

through third-party developer or real estate financing companies

53

Summary

• Invested ahead of growth in order to scale

rapidly

• Complementary business lines are poised to

($109M)

generate future profit due to strong

Overhead

foundations created 2017-2019

($18M)

($1M)

$59M

Pre-Opening

Other

• Future Adj. EBITDAS growth driven by:

Costs

Business

Lines

•

New venue growth

• Growth curve of Toptracer and

International

2019 Venue-

2019 Topgolf

• More selective approach to strategic

investments

Level

Adjusted

Adjusted

EBITDAS

EBITDAS

• Start with the FY19 Adjusted EBITDAS

$59

•

Annualized FY19 venues

$15

• New FY20 and FY21 venues (13 venues * $5M/venue)

$65

•

Partial year FY22 venues (10 venues * $5M/venue * 50% open)

$25

• ~5K incremental bays over 2019 * $1,500 EBITDAS / Year * 4-year avg contract * 85%

$26

•

Incremental EBITDA from cumulative bay installs and renewals (~$2M / year)

$2

•

Incremental operating expenses to support Toptracer startup growth

($8)

• Grow overhead expense at cost of living with additional support for new venue growth and

~($25)

Toptracer install pace

•

Add in growth from international and media/sponsorship

TBD

•

Add in some contingency for market volatility

TBD

BRIAN LYNCH

CHIP BREWER

EVP, Chief Financial

Chief Executive Officer

Callaway business

Topgolf business

• Golf Equipment is a profitable and stable business with tailwinds from

• Will continue to provide great customer experiences / guest satisfaction

recent increases in participation

• Can continue to open ~10 owned venues per year and by 2022 these

• Golf / active lifestyle apparel brands recovering quickly and will continue

will deliver targeted EBITDAS

to focus on DTC and leveraging scale of CG business. This will deliver

• Can open 8,000 Toptracer bays per year that will deliver targeted

long term faster overall growth and operating leverage.

EBITDAS

• Callaway combined 2022 EBITDAS will be > than 2019

• Will leverage opex and drive international growth post 2022

Combined company