Callaway Golf Company Declares Dividend

Callaway Golf Company (NYSE:ELY) announced today that the Board of
Directors has declared a dividend of $.07 per share, payable April 3,
2008, to shareholders of record as of March 13, 2008.

About Callaway Golf

Through an unwavering commitment to innovation, Callaway Golf
Company (NYSE:ELY) creates products and services designed to make
every golfer a better golfer. Callaway Golf Company 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 or www.shop.callawaygolf.com.