Callaway Golf Company Declares Dividend and Announces Plans to Repurchase up to $100 Million of Common Stock

Callaway Golf Company (NYSE:ELY) announced today that the Board of
Directors has authorized the Company to repurchase up to $100.0
million of the Company's common stock in open market or in private
transactions. The Company will assess market conditions and buying
opportunities from time to time and will make strategic repurchases as
appropriate. The repurchases will be made consistent with the terms of
the Company's credit facility which defines the amount of stock that
can be repurchased in any one year. The repurchase program will remain
in effect until completed or until terminated by the Board of
Directors.

In June 2006, the Company had announced the implementation of a
$50 million stock repurchase program. To date, the Company has
repurchased under that program approximately 1.82 million shares at an
average cost of $15.69 for a total cost of $28.6 million. That program
has now been canceled and superseded by the new $100.0 million stock
repurchase program announced today.

The Company also announced that the Board of Directors declared a
dividend of $.07 per share, payable July 5, 2007, to shareholders of
record as of June 18, 2007.

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.