Callaway Golf : Topgolf Callaway Brands September 2022 Investor Presentation

Topgolf Callaway Brands Corp.

Investor Presentation

September 2022

IMPORTANT NOTICES

Forward-lookingStatements. During the presentation, any comments made about future plans, events, financial results, performance, prospects, or growth opportunities, including statements relating to Topgolf Callaway Brands Corp.'s (the "Company") financial outlook (including revenue, Adjusted EBITDA, same venue sales, margins, returns, costs, segment growth rates, leverage, liquidity and capital expenditures), strength and demand of the Company's products and services, addressable markets and the consumer base, continued brand momentum, demand for golf and outdoor activities and apparel, continued investments in the business, benefits of strategic collaborations, increases in shareholder value, consumer trends and behavior, future industry and market conditions, the benefits of the merger with Topgolf International, Inc. ("Topgolf"), including the anticipated operations, venue/franchise/bay expansion plans, financial position, synergies, performance, prospects or growth and scale opportunities of the Company and Topgolf, opportunities for synergies and growth, new Topgolf media games, capital allocation priorities, and statements of belief and any statement of assumptions underlying any of the foregoing, are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often characterized by the use of words such as "estimate," "expect," "anticipate," "project,"

"plan," "intend," "seek," "believe," "forecast," "foresee," "likely," "may," "should," "goal," "target," "might," "will," "could," "predict," "continue" and the negative or plural of these words and other comparable

terminology. Such statements reflect the Company's best judgment as of the time made based on then current market trends and conditions. Actual results could differ materially from those as a result of certain risks, unknowns and uncertainties applicable to the Company and its business. For additional details concerning these and other risks and uncertainties that could affect these statements and the Company's business, see the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as well as other risks and uncertainties detailed from time to time in the Company's reports on Forms 10-Q and 8- K subsequently filed with the SEC from time to time. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company 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 financial measures within the meaning of Regulation G, including Adjusted EBITDA/EBITDAR. "Adjusted EBITDA" is earnings before interest, taxes, depreciation and amortization expenses, non-cash stock compensation expenses, and non-cash lease amortization expense, in addition to costs associated with certain non-recurring and non-cash items. These non-recurring and non-cash items include (i) certain non-cash amortization and depreciation of intangibles and other assets related to the Company's acquisitions, (ii) non-cash amortization of the debt discount related to the Company's convertible notes, (iii) acquisition and other non-recurring items (including a $253 million non-cash gain in 2021 resulting from the Company's pre-merger equity position in Topgolf), and (iv) a non-cash valuation allowance recorded against certain of the Company's deferred tax assets as a result of the Topgolf merger. 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 and believes that the presentation of such non-GAAP information, when considered in conjunction with 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 certain non-GAAP measures to the most directly comparable financial measures prepared in accordance with GAAP, which are included in this presentation. You are cautioned not to place undue reliance on these measures, and you should not view the non-GAAP information included herein as an alternative to GAAP performance measures.

Additionally, this presentation contains certain forward-lookingnon-GAAP measures, including, among others. Adjusted EBITDA, Adjusted EBITDA/EBITDAR Margin and cash-on-cash returns. A reconciliation of each such forward-lookingnon-GAAP measure to the most closely comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliation without unreasonable efforts. The inability to provide a reconciliation is because the Company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact these measures in the future. These items may include certain non-cash depreciation, which will fluctuate based on the Company's level of capital expenditures, non-cash amortization of intangibles related to the Company's acquisitions, income taxes, which can fluctuate based on changes in the other items noted and/or future forecasts, and other non-recurring costs and non-cash adjustments. Historically, the Company has excluded these items from Adjusted EBITDA/EBITDAR. The Company currently expects to continue to exclude these items in future disclosures of Adjusted EBITDA/EBITDAR and other measures and may also exclude other items that may arise. The events that typically lead to the recognition of such adjustments are inherently unpredictable as to if or when they may occur, and therefore actual results may differ materially. This unavailable information could have a significant impact on these non-GAAP measures.

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LEADING THE MODERN GOLF EVOLUTION

Unrivaled, tech-enabled golf and active lifestyle company with unmatched scale and consumer reach in the evolving Modern Golf industry

"Modern Golf" is the dynamic and inclusive ecosystem which includes both on-course and off-course golf.

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UNMATCHED SCALE AND CONSUMER REACH

MODERN GOLF ECOSYSTEM

Off-course participation is expanding the demographics of golf, attracting younger, more female, and non-white participants3.

1. Golf Datatech monthly market share reports by dollar sales from January 2019 to December 2021.
2. Unique players across Owned and Operated Venues, International Franchise Venues, Toptracer, WGT, and Swing Suite.
3. NGF Data Source. 2021 US Golf Participation Demographics.

Note: "Modern Golf" is the dynamic and inclusive ecosystem which includes both on-course and off-course golf.

UNRIVALED POSITION IN MODERN GOLF

• Callaway & Odyssey ranked #1 golf equipment and #2 golf ball company by dollar share1
• Callaway & Odyssey continue to maintain long-termglobal position and brand strength
• Topgolf experiences over 25M unique2 players annually, ~50% of visitors are on-coursegolfers
• 81 Topgolf venues by end of 2022, and growing at 11 venues per year
• Active lifestyle brands are growing fast, approaching $1B in net revenue

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TRACK RECORD OF STRONG SHAREHOLDER VALUE CREATION

	NET REVENUE				ADJUSTED EBITDA2
	$ in millions		$3,958			$ in millions		$560
		$3,133						$445
												138%
$871											5-Year Total
						$67					Shareholder
												Return3
2016	2021	2022E 1		2016	2021	2022E 1

1. 2022 Net Revenue and Adjusted EBITDA estimates are based upon the midpoint of the Company's latest guidance.
2. See Appendix for Adjusted EBITDA reconciliation to GAAP. Additionally, as Adjusted EBITDA is a non-GAAP measure, please see the Regulation G disclaimers on page 2 of this presentation.
3. 5-yeartotal shareholder return period 12/31/2016 - 12/31/2021; assumes dividends reinvested in security.

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