Callaway Golf Reaches Agreement with PGA and European Tour Great Ernie Els

Callaway Golf Company (NYSE: ELY) today announced it has reached
an agreement with PGA and European Tour player Ernie Els. The terms of
the contract are not being disclosed.

It is expected that Els, 37, will begin his endorsement by playing
the Callaway HX Tour 56 golf ball, carrying a Callaway Golf Bag and
wearing the Callaway logo on the sides and back of his cap. Els will
work with Callaway Golf to determine which metal woods, irons, wedges
and putter best suit his game.

"I'm extremely excited to partner with Callaway Golf because of
its ongoing product innovation and commitment to making the game of
golf better for golfers," said Els. "I am always looking to improve my
game and my new relationship with Callaway Golf will play a key role
in achieving this."

Known as the "Big Easy" for his effortless looking golf swing and
easygoing demeanor on and off the course, Els has captured three major
championships: the United States Open in 1994 and 1997 and The Open
Championship in 2002. In 2006, he earned more than $2.3 million in
prize money on the PGA Tour.

"Ernie Els has the established career and character that aligns
perfectly with the Callaway brand and audience," said George Fellows,
CEO and President of Callaway Golf. "At Callaway, we are impressed
with Ernie's commitment to improving his golf game -- along with his
commitment to helping improve the lives of others."

In addition to his golf game, Els plays an integral role in
several philanthropic and business ventures, including the Ernie Els
and Fancourt Foundation, which mentors underprivileged youth who show
a talent for the game of golf.

About Callaway Golf

Through an unwavering commitment to innovation, Callaway Golf
Company creates products and services designed to make every golfer a
better golfer. Callaway Golf Company, which celebrates its 25th
Anniversary in 2007, manufactures and sells golf clubs and golf balls,
and sells golf accessories, under the Callaway Golf(R), Odyssey(R),
Top-Flite(R), and Ben Hogan(R) brands in more than 110 countries
worldwide. For more information please visit www.callawaygolf.com.