Recommendation: Long ELY Current Price: $14 (11/10) Target Price: $18 Expected Return: 27% November 17th, 2017 Tyler Dunaway, CFA David Huff, CFA

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1 Recommendation: Long ELY Current Price: $14 (11/10) Target Price: $18 Expected Return: 27% November 17th, 2017 Tyler Dunaway, CFA David Huff, CFA Robert Powell

2 Long: ELY 2 Company Overview ELY is a golf equipment manufacturer with the #1 or #2 brand in each sub-segment in which they operate Golf Clubs: This segment includes woods, irons, putters, Accessories & other Golf Balls: Second largest US market share Other: Licensed Golf Wear and Accessories Topgolf: 15% equity stake Operates globally with 55% of sales in US, 27% in Asia and 14% in Europe Well-respected management team that has demonstrated operational excellence Headquartered in Carlsbad, CA EBITDA by Segment Golf Clubs 74% Golf Balls 26% Market Value Stock Price $14.00 Shares Outstanding 94.2M Market Cap $1,319M Plus: Debt $0M Less: Cash $82M Enterprise Value $1,236M Financial Data LTM Revenue $1,020M LTM EPS $0.50 LTM Gross Margin 45.4% LTM EBITDA Margin 10.5% LTM Profit Margin 4.8% Current Valuation (Consensus) FY 2017E P/E 27.5x FY 2017E EV/EBITDA 12.9x Upside FY 2018 Price Target $17.75 Upside 27% Source: Company and FactSet Overview Company Industry Thesis Valuation Summary

3 Long: ELY Callaway Brands 3 Overview Company Industry Thesis Valuation Summary

4 Long: ELY 4 Golf industry back in the fairway Rounds played increased last 2 years Data suggests industry can build on momentum Industry and retail rationalization makes for better operating environment ELY s US Market share expanded 500+ bps since 2014 Market leader in growing women s segment Women increasing share of golfer participation Street not recognizing potential in women s segment Callaway best positioned to profit from dynamic Topgolf valuable to Callaway and industry as a whole (TAM expansion) ELY owns 15% of Topgolf Long runway for unit growth Differentiated experience resonates with millenials Compliment to traditional golf business

5 Long: ELY Investment Thesis #1: Industry in best position in years 5 Golf industry demonstrating stabilization; industry trends favor a rebound Avid golfers leading rounds played growth in US ( ) Latent demand has doubled in past 5 years to 12.8M Record number of beginning golfers in 2016 Favorable age demographics driving average rounds played growth 4M Baby Boomers retiring per year More rational industry environment to boost prices and industry profitability Nike exit, decline in retailers, all major players extending product life cycles Annual Rounds in US Projected to Expand Boomers hitting the links Source: R&A Source: National Golf Foundation Overview Company Thesis Valuation Vs. Consensus Summary

6 Long: ELY Investment Thesis #2: Market is overlooking growth opportunity in women s game Women s participation up 16% in last four years Females represent 24% of all US golfers 33% of beginner/junior golfers Age demographics suggest continued strong women s segment growth potential International popularity 66% of top 50 LPGA money list are foreign players Female equipment and apparel annual TAM = $1.8B Callaway primed to benefit from growing women s participation 6 US Women Golfers Growing at projected 2.8% CAGR Women Golfers Are Younger Source: National Golf Foundation Overview Company Thesis Valuation Vs. Consensus Summary

7 Long: ELY Investment Thesis #2: Callaway has the best brand in Women s Golf ELY internal, industry and proprietary research all point to ELY being #1 in women s golf Data suggests leading bag share for Callaway in 2014 Projected 900+ bps gain in share of women s segment by 2022 ELY is the top rated and top reviewed brand on Amazon and #2 in women s golf ball market Closing gap on Titleist in the women s ball market We project 15% of 2022 ELY revenue from US women; up from an estimated 12% in 2017 Callaway is #1 in the Women s Bag Per Woman ELY (#1) Taylor Made PING Titleist Drivers $278 $64 $92 $31 $6 Irons $660 $145 $125 $86 $13 Putters $130 $47 $10 $21 $ Total 2022 Projected $1,178 $1,178 $256 (22%) $341 (29%) Source: Golf DataTech Women in Golf 2014 and Our Proprietary Research $228 (19%) $247 (21%) $138 (12%) $153 (13%) $29 (2%) $35 (3%) 7 Overview Company Thesis Valuation Vs. Consensus Summary

8 Long: ELY Investment Thesis #3: Topgolf compliment to Callaway s business Callaway s 15% ownership in Topgolf is a an undervalued asset Differentiated experience that resonates with golfers and non-golfers Patented technology and innovative way to expose consumers to game Unmet demand and strong brand awareness creates 3-4 hour wait times during peak periods New, smaller concept lengthens runway for unit placement Attractive Business Model Revenue split: 50% golf, 50% food and beverage Dave & Buster s similar concept 25% EBITDA margins 8 Topgolf Enjoyed by All Golfer 30% Non- Golfer 70% Source: Topgolf Overview Company Thesis Valuation Vs. Consensus Summary

9 Long: ELY Investment Thesis #3: Topgolf s long runway of growth 9 Current Topgolf Location Coming Soon Source: Topgolf Overview Company Thesis Valuation Vs. Consensus Summary

10 Long: ELY Investment Thesis #3: Topgolf s long runway of growth 10 Potential for 100+ locations by 2022 Current Topgolf Location Coming Soon Projected Topgolf Location Source: Topgolf Overview Company Thesis Valuation Vs. Consensus Summary

11 Long: ELY 11 Relative Valuation Competitor/Peer Set Comps (USD in MM) Acushnet Newell Tupperware Brands Avg of Callaway Holdings Mizuno Brands Corp. Comps Golf Category Ticker GOLF 8022-JP NWL TUP ELY Market Cap 1, ,390 2,990 5,137 1,320 Size / Growth Margins / Capital Intensity Risk / Return Factors Revenue 1,540 1,710 15,130 2,270 5,163 1,020 YoY Growth 2.3% -5.1% -7.0% 3.4% -1.6% 29.7% EBITDA , P/E - FY1 16.1x 31.0x 10.4x 11.4x 17.2x 24.2x EV/EBITDA - FY1 7.6x 12.6x 8.7x 8.0x 9.2x 12.0x Gross Margins 50.8% 37.5% 36.9% 67.7% 48% 44.2% EBITDA Margins 12.7% 2.5% 18.2% 18.5% 13% 10.5% Capex/Sales 1.2% 1.0% 3.0% 3.3% 2.1% 2.1% Net Debt/EBITDA 2.5x 1.3x 5.3x 2.1x 2.8x (0.1x) Short Interest 32.6% - 5.3% 2.8% 13.6% 6.9% ROA 3.1% 0.8% 5.5% 12.7% 5.5% 5.7% ROIC 8.2% 1.0% 7.8% 27.1% 11.0% 8.5% Source: Bloomberg Overview Company Thesis Valuation Vs. Consensus Summary

12 Long: ELY Valuation Discounted Cash Flow Analysis EBITDA Multiple Method 12 In Millions of USD except Per Share efy17 efy18 efy19 efy20 efy21 efy22 Revenue 1,047 1,142 1,208 1,246 1,271 1,294 EBITDA Less: D&A (20) (21) (21) (21) (21) (21) EBIT Taxes on EBIT (23) (28) (33) (36) (39) (42) NOPAT Plus D&A Less: Capex (26) (21) (22) (22) (22) (23) Unlevered FCF WACC 9.22% DCF Value $346 TV $839 Firm Value $1,185 Less: Net Debt $0 Add: Non-Operating Cash/Financial Assets $82 Equity Value $1,267 Projected Share Price (Base Case) $18 27% Bear Case $10-26% Bull Case $20 46% R(f) 2.3% Equity Beta 0.98 MRP 7.0% R(e) 9.2% Equity Weight 100.0% R(d) pre-tax 0.0% Tax Rate 30.0% R(d) after-tax 0.0% Debt Weight 0.0% WACC 9.2% Perp Growth 2.0% Bear Case ($10) Industry takes a few more years to stabilize; pricing pressures Implied downside: -26% Key Assumptions: Participation declines globally Margin pressure from competitors and end retailers Topgolf market is more saturated than expected Base Case ($18) Execution in women s and Topgolf continues growth Implied upside: 27% Key Assumptions: Callaway continues to capture share, focusing on growth in women s and international segments Topgolf continues growth trajectory Bull Case ($20) Continued Market share gains and global expansion of top golf Implied upside: 46% Key Assumptions: Star power of young pros accelerates participation Topgolf successfully expands to 6 continents Overview Company Thesis Valuation Vs. Consensus Summary

13 Long: ELY 13 Sum of the Parts Valuation SOTP Valuation Equity Value = $1.68B Shares Outstanding = 94M Topgolf Assumptions: 100 locations globally by % EBITDA margins Exit multiple 10x on 2022 EBITDA of $634M Target Price = $17.87 Overview Company Thesis Valuation Vs. Consensus Summary

14 Long: ELY 14 Difference From Consensus 2018 EBITDA 2018 EBITDA Margin 2019 EBITDA 2019 EBITDA Margin Consensus View $110MM 9.9% $119MM 10.6% Our View $116MM 10.1% $130MM 10.8% 5.4% 20 bps 4.0% 20 bps Consensus View Variant Perception Ø Game of golf is showing signs of stabilization Ø Participation is set to return to growth Ø Retirement of baby boomers fuels faster than expected rounds played Ø Unaware of the growth potential in the women s game Ø Women are the fasting growing segment Ø Callaway has leading and growing market share in Women s equipment Ø Topgolf is a valuable asset Ø Growth potential exceeds street expectations Ø Topgolf provides tailwind for new golfers Overview Company Thesis Valuation Vs. Consensus Summary

15 Long: ELY 15 Risks Risk Potential Harm Mitigating Forces Golfer participation declines High Industry leading brand Avid golfer has shown stability and represents 70+% of industry spend Topgolf runway not as long as expected Global economy weakens and discretionary spend declines Moderate No competitors Texas supporting 10 locations indicates economics work in smaller markets and for smaller concepts Low penetration on coasts Moderate Net cash position allows ELY to navigate downturn Pick up share on competitors due to balance sheet strength Overview Company Thesis Valuation Vs. Consensus Summary

16 Callaway Golf Appendices

17 Long: ELY 17 Steps Taken Ø Call with Callaway IR Ø Call with Buy Side Analyst Ø Conversation with Golf DataTech Founder Ø Informal Poll of Golf Professionals Ø Contact Golf Galaxy and Dick s Sporting Good Stores Overview Company Difference Thesis Valuation Summary

18 Long: ELY 18 Presentation Table of Contents Intro Company Overview Brand Overview Thesis Thesis Points Golf Industry Overview Growth in Women s Segment Callaway Brand in Women s Topgolf Topgolf Potential Valuation Relative Valuation EBITDA Multiple Method Sum of the Parts Vs. Consensus Differentiation Summary Risks Steps Taken

19 Long: ELY 19 Appendix Table of Contents Model Income Statement Balance Sheet Cash Flow Statement Segment Revenue Topgolf Model DCF Assumptions Football Field Golf Industry Information Growth in Beginning Golfers and Latent Demand Tailwind in Women s Segment Beginner Golfer Education Beginner Golfer Age Globalization Global Golf Course Supply Macro Interest Product Information Women in Golf Study ELY Product Recommendation Amazon Reviews Women Football Field Women Sensitivity Analysis Topgolf Information Dave & Buster s Comp Additional ELY Information Geographic Revenue Tour Sponsorship 5-yr Performance Top Stakeholders Use of Cash Performance vs. Consensus Management Recent Deal History Management & Board Compensation

20 Long: ELY 20 Appendix Income Statement Company ELY Historical Projected CAGR Income Statement FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY14-16 FY16-22 ($MM) 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 Hist Proj Revenue: Golf Clubs ,011 1,035 1,048 1, % 6.7% Golf Balls % 7.4% Total Revenue 1,125 1, ,047 1,142 1,208 1,246 1,271 1, % 6.8% YoY Growth -0.7% -14.9% 1.8% -8.4% -5.9% 1.0% 5.2% -4.9% 3.2% 20.2% 9.0% 5.8% 3.1% 2.0% 1.9% Total COGS Gross Profits % 7.9% Gross Margins 43.9% 43.6% 36.2% 37.8% 35.1% 29.8% 37.3% 40.4% 42.4% 44.2% 45.2% 45.6% 46.1% 46.4% 46.7% 47.0% Selling Expenses % 5.1% Selling Margins 25.1% 25.8% 27.4% 26.6% 29.9% 32.1% 26.9% 26.4% 27.1% 27.0% 25.6% 25.4% 25.2% 25.0% 24.8% 24.6% G&A Expenses G&A Margins 7.9% 7.7% 8.6% 10.2% 10.5% 8.0% 8.1% 7.0% 8.1% 8.3% 8.6% 8.5% 8.4% 8.3% 8.3% 8.2% R&D Expenses R&D margins 2.8% 2.6% 3.4% 3.8% 3.9% 3.5% 3.7% 3.5% 3.9% 3.8% 3.6% 3.6% 3.5% 3.5% 3.5% 3.5% EBIT (31) (27) (81) (116) (11) % 21.2% Operating Margins 8.0% 7.5% -3.2% -2.7% -9.1% -13.9% -1.3% 3.5% 3.2% 5.1% 7.4% 8.3% 9.1% 9.7% 10.2% 10.8% Interest Expense Other/Interest Income (8) (8) Net Interest Expense 2 (17) (1) (14) 9 (2) (2) (2) (3) (3) Net Interest Margin 0.2% -1.5% -0.1% 0.9% 1.0% 0.2% 0.3% 1.0% 0.8% -1.6% 0.9% -0.2% -0.2% -0.2% -0.2% -0.2% EBT (30) (36) (90) (118) (13) % 16.0% Pre-Tax Margins 7.8% 9.1% -3.1% -3.7% -10.2% -14.2% -1.6% 2.4% 2.4% 6.7% 6.5% 8.5% 9.3% 9.9% 10.4% 11.0% Taxes (14) (17) (133) Tax % EBT 38.2% 34.7% 48.5% 47.1% -90.4% -4.2% -42.0% 26.0% 27.4% % 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% Net Income (15) (19) (172) (123) (19) % -10.3% Profit Margins 4.9% 5.9% -1.6% -1.9% -19.4% -14.7% -2.2% 1.8% 1.7% 21.9% 4.6% 5.9% 6.5% 6.9% 7.3% 7.7% Non-controll/Pref Div % 0.0% 0.6% 1.1% 1.2% 1.0% 0.0% 0.0% 0.0% 0.1% Net Income to Callawa (21) (29) (182) (131) (19) D&A EBITDA (42) (82) % 17.6% EBITDA Margins 11.2% 10.9% 1.1% 1.5% -4.8% -9.8% 1.8% 5.9% 5.3% 7.0% 9.4% 10.1% 10.8% 11.3% 11.9% 12.4%

21 Long: ELY 21 Appendix Balance Sheet Company ELY Balance Sheet FY14 Historical FY15 FY16 FY17 FY18 FY19 Projected FY20 FY21 FY22 ($MM) 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 Cash Restricted Cash Accounts Receivable Inventories Other Current Assets Total Current Assets PP&E Goodwill/Intangibles TopGolf Investment Other LT Assets Total Assets ,029 1,119 1,216 1,318 Accounts Payable ST Debt Other Current Liabilities Total Current Liabilities LT Debt Other LT Liabilities Total Liabilities Common Stock Redeemable Preferred Stock Noncontrolling Interests APIC Retained Earnings OCI/Other (9) (12) (19) (19) (19) (19) (19) (19) (19) Total Equities ,080

22 Long: ELY 22 Appendix Cash Flow Statement Company ELY Historical Projected Cash Flow Statement FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 ($MM) 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 Net Income D&A Other operating cash flow 5 7 (150) Δ WC: (6) (9) 21 (17) (26) (23) (13) (8) (10) Accounts Receivable (23) (12) (17) (27) (20) (17) (9) (8) (7) Inventories 47 (5) 24 (7) (16) (12) (8) (5) (5) Accounts Payable (31) Other Operating Cash Flows Capex (11) (14) (16) (26) (21) (22) (22) (22) (23) Investments in TopGolf (15) (1) 22 Other investing flows 0 (3) 3 Investing Cash Flows (25) (18) 9 (26) (21) (22) (22) (22) (23) Debt Issued/Repaid (11) (0) (3) Equity Issued/Repaid 1 5 (3) Dividends Paid (3) (3) (4) Other financing flows (0) - 0 Financing Cash Flows (13) 1 (9) FX Impact 2 (1) (1) Total Cash Flows Beg. Cash End Cash

23 Long: ELY 23 Appendix Segment Revenue Side Model Company ELY Historical Projected CAGR Revenue Side-Model FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY14-16 FY16-22 ($MM) 12/31/ /31/ /31/ /31/ /31/ /31/ /31/ /31/ /31/ /31/2022 Hist Proj Revenue: Golf Clubs ,011 1, % 6.1% Golf Balls % 7.1% Total Revenue ,049 1,116 1,160 1,204 1,229 1, % 6.3% YoY Growth -4.9% 3.2% 20.4% 6.4% 3.9% 3.8% 2.1% 2.2% Segment-Level Growth: Golf Clubs YoY 2.3% 5.4% -6.6% 2.6% 22.5% 6.0% 3.4% 3.3% 1.2% 1.6% Golf Balls YoY -5.4% 4.5% 4.5% 6.4% 10.3% 8.1% 6.7% 6.4% 6.2% 5.2% Segment EBTDA Golf Clubs Golf Balls Corporate Expenses (43) (44) (51) (32) Total EBTDA Non-recurring charges Golf Clubs Golf Balls Corporate Expenses Segment Adjusted EBTDA Golf Clubs Golf Balls Corporate Expenses (39) (44) (51) (32) Total EBTDA Segment-Level Adj EBTDA Margins: Assumptions: Golf Clubs 8.5% 9.3% 9.4% 11.1% Golf Balls 6.1% 13.1% 15.4% 17.9% Corporate Expenses as % of rev 4.7% 5.0% 6.0% 3.7% Gross Profits % 7.5% Gross Margins 37.3% 40.4% 42.4% 44.2%

24 Long: ELY 24 Appendix Topgolf Model TopGolf Sales ,043 1,384 1,757 2,147 2,536 Growth 66.7% 44.4% 44.5% 32.7% 26.9% 22.2% 18.1% Locations Growth 50.0% 44.4% 19.2% 38.7% 25.6% 20.4% 16.9% 15.8% 13.6% Avg. Locations Visits Visits per location (millions) 266, , , , , , , , ,784 Growth 38.1% 21.0% 4.9% 5.0% 4.0% 3.0% 2.0% 1.0% Revenue per visitor $37 $39 $42 $44 $46 $47 $49 $50 Growth 6.3% 6.0% 5.0% 4.0% 4.0% 3.0% 2.0% EBITDA EBITDA Margins 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% Exit Multiple 10 6, Discount Rate 0.15 Present Value 2, Callaway's Stake Per Share 4.36

25 Long: ELY 25 Appendix DCF Assumptions R(f) 2.3% Equity Beta 0.98 MRP 7.0% R(e) 9.2% Equity Weight 100.0% R(d) pre-tax 0.0% Tax Rate 30.0% R(d) after-tax 0.0% Debt Weight 0.0% WACC 9.2% Perp Growth 2.0%

26 Long: ELY 26 Appendix Football Field Analysis Bull Case Base Case Bear Case Bear Case Base Case Bull Case Average Revenue Growth (Years 1-5) Golf Balls 4.8% Golf Clubs 5.0% Topgolf 19.4% Steady State EBITDA Margin Golf Equipment 8.2% Topgolf 20% Average Target Price: $10.04 Average Revenue Growth (Years 1-5) Golf Balls 6.7% Golf Clubs 7.4% Topgolf 31.1% Steady State EBITDA Margin Golf Equipment 12.4% Topgolf 25% Average Target Price: $17.92 Average Revenue Growth (Years 1-5) Golf Balls 7.6% Golf Clubs 8.5% Topgolf 29.2% Steady State EBITDA Margin Golf Equipment 13% Topgolf 30% Average Target Price: $20.17

27 Long: ELY 27 Appendix Growth in beginning golfers and latent Demand Latent Demand Beginning Golfers Fuel Industry Rebound 11.6% CAGR

28 Long: ELY 28 Appendix Beginner Golfer Women vs. Total

29 Long: ELY Appendix Beginner Golfer Education Breakdown 29 Some College 10.5% Non-HS Grad 26.8% College Grad 43.1% HS Grad 19.5% Source: NGF

30 Long: ELY 30 Appendix Beginner Golfer Age Breakdown Age Age % 3.7% Age % Age % Age % Age % Age % Source: NGF

31 Long: ELY Appendix: Globalization and increased leisure spend 31 Global Golf demand has stabilized; ELY positioned to pick up share in Europe, Asia and US China untapped market 380 golf courses vs Japans 2,300 Wide moat to enter industry premium brands will capture increase in revs Sponsorship of pros, Capex, R&D Interest picking up across genders and ethnicities 2024 Summer Olympics in Tokyo accelerates Asian interest Global Course Development North America 99 in planning 57 under construction Europe 89 in planning 35 under construction South America 9 in planning 11 under construction Asia 109 in planning 67 under construction Africa 23 in planning 28 under construction Oceania 24 in planning 5 under construction Source: R&A

32 Long: ELY 32 Appendix Global Golf Course Supply Source: R&A

33 Long: EEFT 33 Appendix Macro Interest Growing Source: KPMG

34 Long: ELY 34 Appendix 2014 Women in Golf Study** Drivers Irons Putters Balls **Online interviews with nearly 1,900 Serious Female Golfers who were invited to take a survey on Golf Datatech s secure servers. All respondents who completed the survey were entered into a drawing for premium grade golf merchandise. Source: Golf DataTech, Women in Golf 2014

35 Long: ELY 35 Appendix Recommended across product lines Drivers Irons Source: golfassesor.com

36 Long: ELY 36 Appendix Strong Amazon presence relative to peers reviews and listings Source: Amazon

37 Long: ELY 37 Appendix US Women s Golf Market Annual ELY Revenue Potential (Football Field) Bull Case ($M) Base Case ($M) Bear Case ($M) Bear Case Base Case Bull Case Number of Women s Golfers million ELY % of Women s Bag 22-26% Average Club Life Span 12 Years 9.8%-11.1% of ELY 2022 Revenue Number of Women s Golfers million ELY % of Women s Bag 27-31% Average Club Life Span 12 Years 12.9%-15.3% of ELY 2022 Revenue Number of Women s Golfers million ELY % of Women s Bag 32-36% Average Club Life Span 12 Years 16.3%-18.3% of ELY 2022 Revenue

38 Long: ELY 38 Appendix Women s Golf Market Sensitivity Chart Scenario # of Female Golfers Value of Bag % Share of Bag A 5,900,000 $ 1, % 27% 32% B 6,100,000 $ 1, % 28% 33% C 6,300,000 $ 1, % 29% 34% D 6,500,000 $ 1, % 30% 35% E 6,700,000 $ 1, % 31% 36% F 6,900,000 $ 1, Annual Value (A) Average Club Lifespan Annual Value (D) 12 years $ 127,420, $ 156,379, $ 185,338, $ 133,212, $ 162,171, $ 191,130, $ 139,004, $ 167,963, $ 196,922, $ 144,795, $ 173,755, $ 202,714, $ 150,587, $ 179,546, $ 208,506, $ 140,378, $ 172,282, $ 204,186, $ 146,759, $ 178,663, $ 210,567, $ 153,140, $ 185,044, $ 216,948, $ 159,520, $ 191,425, $ 223,329, $ 165,901, $ 197,805, $ 229,710, Annual Value (B) Annual Value (e) $ 131,739, $ 161,680, $ 191,621, $ 137,727, $ 167,668, $ 197,609, $ 143,716, $ 173,656, $ 203,597, $ 149,704, $ 179,645, $ 209,585, $ 155,692, $ 185,633, $ 215,574, $ 144,697, $ 177,583, $ 210,469, $ 151,274, $ 184,160, $ 217,046, $ 157,852, $ 190,737, $ 223,623, $ 164,429, $ 197,315, $ 230,200, $ 171,006, $ 203,892, $ 236,778, Annual Value (C) Annual Value (e) $ 136,059, $ 166,981, $ 197,904, $ 142,243, $ 173,166, $ 204,088, $ 148,428, $ 179,350, $ 210,273, $ 154,612, $ 185,535, $ 216,457, $ 160,797, $ 191,719, $ 222,642, $ 149,017, $ 182,884, $ 216,752, $ 155,790, $ 189,658, $ 223,525, $ 162,564, $ 196,431, $ 230,299, $ 169,337, $ 203,205, $ 237,072, $ 176,111, $ 209,978, $ 243,846,000.00

39 Long: ELY 39 Appendix Dave & Buster s (PLAY) Topgolf Public Comp Source: FactSet

40 Long: ELY 40 Appendix Geographic Revenue Source: FactSet

41 Long: ELY 41 Appendix Tour sponsorship

42 Long: ELY 42 Appendix 5 Yr Performance Source: FactSet

43 Long: ELY 43 Appendix Top Stakeholders Institutions % OS % Port BlackRock Fund Advisors 11, Dimensional Fund Advisors The Vanguard Group Daruma Capital Management Fidelity Management & Research Co Naya Capital Management UK SSgA Funds Management Platinum Investment Management Copper Rock Capital Partners Bernzott Capital Advisors Insiders/Stakeholders % OS % Port Sancarin SI Oliver Brewer Alex Boezeman Source: FactSet

44 Long: ELY 44 Appendix Use of Cash Source: FactSet

45 Long: ELY 45 Appendix Performance vs Consensus Source: FactSet

46 Long: EEFT 46 Appendix Management Chip Brewer, CEO - 54 Assumed role in 2012 Prior to joining ELY served as CEO of Adams Golf (10 yrs) Ownership = $4.1 million 2016 Comp = $4.8 million Brian Lynch, CFO - 50 Named CFO in July of 2017 Joined firm in 1999 and was previously serving as Sr VP and General Counsel Ownership = $0.6 million 2016 Comp = $1.1 million Mark Leposky, COO - COO since 2012 Previously served as VP of Worldwide Operations for 13 years at Taylor Made Ownership = $1.0 million 2016 comp = $1.1 million Source: Company Data

47 Long: ELY 47 Appendix Recent Deal History Source: FactSet

48 Long: ELY 48 Appendix Management & Board - Tenure and Comp Source: FactSet

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