Callaway Investment Thesis and Business Transformation Overview

ADJUSTED EBITDA RECONCILIATION (2016) Net income (loss) Interest expense, net CALLAWAY GOLF COMPANY Non-GAAP Reconciliation and Supplemental Financial Information (Unaudited) (In thousands) Income tax provision (benefit) Depreciation and amortization expense EBITDA Gain on sale of Topgolf investments Reported Adjusted EBITDA Non-cash stock compensation expense Reported Adjusted EBITDA excluding non-cash stock compensation expense e Twelve Months Ended December 31, 2016 Total 189,900 1,747 (132,561) 16,586 $ 76,672 17,662 $ 58,010 8,965 66,975 Callaway 23

View entire presentation