Callaway Golf Signs Nick Flanagan

Callaway Golf Company (NYSE: ELY) today announced it has reached
an agreement with PGA Tour member and former United States Amateur
Champion, Nick Flanagan. Flanagan was the recipient of a "battlefield
promotion" from the Nationwide Tour after he won his third Nationwide
Tour tournament of the year at the Xerox Classic on August 19. The
terms of the multi-year contract are not being disclosed.

It is expected that Flanagan, 23, will play a full complement of
Callaway Golf equipment, including 13 Callaway Golf clubs, an Odyssey
putter and the HX Tour Golf Ball. Flanagan will also wear Callaway
Golf footwear and hat and carry the Company's bag.

"Playing on the PGA Tour has always been my goal, and I'm thrilled
and honored to be partnering with Callaway Golf at this point in my
professional career," said Flanagan. "Callaway Golf is all about
product innovation and helping make golfers better and my goal right
now is to continue to improve my game. My equipment will be a big part
of that process."

Flanagan is a native of New South Wales, Australia. He took the
golf world by storm in 2003 when he became the first foreign-born
player to win the U.S. Amateur Championship in 22 years. He turned
professional the following year and played the Australasian Tour in
2004 and 2005 before joining the Nationwide Tour.

Earlier this year Flanagan won two consecutive Nationwide Tour
starts, the Henrico County Open and the BMW Charity Pro-Am at the
Cliffs. Flanagan's battlefield promotion was just the eighth ever
awarded on the Nationwide Tour, and he earned it in just 16 starts.
Flanagan will be eligible to play in seven PGA Tour events during the
remainder of 2007 and has secured his 2008 PGA Tour card.

"We're excited to sign a terrific young talent like Nick
Flanagan," explained Nick Raffaele, vice president, sports marketing
for Callaway Golf. "Nick's belief that playing the best equipment in
the game will help him win on the PGA Tour solidified our desire to
work with him. We're really looking forward to being a part of his
success."

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.