On March 28, 2023, DDFS Partnership, LP and the Dundon 2009 Gift Trust (collectively, the “Dundon Shareholder”) informed the Nominating and Corporate Governance Committee of the Board of Directors (the “Board”) of Topgolf Callaway Brands Corp. (the “Company”) that, for personal reasons, Thomas G. Dundon would not stand for reelection to the Board upon completion of his current term at the 2023 Annual Meeting of Shareholders (the “2023 Annual Meeting”). Pursuant to a Stockholders Agreement, made as of October 27, 2020, by and among the Company, the Dundon Shareholder, PEP TG Investments LP, TGP Investors, LLC, TGP Investors II, LLC and TGP Advisors, LLC, the Dundon Shareholder currently has the right to designate one person for nomination to the Board at the 2023 Annual Meeting.

On March 28, 2023, the Dundon Shareholder notified the Company that it was designating C. Matthew Turney, Chief Financial Officer of Dundon Capital Partners, for nomination to the Board. Additional information regarding Mr. Turney will be provided in the Company's definitive proxy statement to be filed with the Securities and Exchange Commission prior to the 2023 Annual Meeting.