Callaway Golf Declares Third Quarter Dividend

November 6, 2000 at 12:00 AM EST

CONTACT(S): Krista Mallory (760) 931-1771

CARLSBAD, CA, November 9, 2000 - Callaway Golf Company (NYSE:ELY) today announced that its Board of Directors has approved a dividend for the third quarter of 2000 of $.07 per share, payable December 13, 2000 to shareholders of record as of November 22, 2000.

Callaway Golf Company makes and sells Big Bertha® Metal Woods and Irons, including Big Bertha ERC™ II Forged Titanium Drivers, Big Bertha Hawk Eye® VFT™ Titanium Drivers and Fairway Woods, Great Big Bertha® Hawk Eye Titanium Drivers and Fairway Woods, Big Bertha Steelhead Plus™ Stainless Steel Drivers and Fairway Woods, Hawk Eye Tungsten Injected™ Titanium Irons, Steelhead™ X-14® and Steelhead X-14 Pro Series Stainless Steel Irons, and Bobby Jones® and Carlsbad Series™ Putters. Callaway Golf Company also makes and sells Odyssey® Putters, including White Hot™, TriHot™, and TriForce® Putters. Callaway Golf Ball Company, a wholly-owned subsidiary of Callaway Golf Company, makes and sells the Callaway Golf® Rule 35™ Firmfeel™ and Softfeel™ golf balls. For more information about Callaway Golf Company, please visit our Web sites at www.callawaygolf.com, www.callawaygolfball.com and www.odysseygolf.com.

If you would like to receive Callaway Golf’s press releases via e-mail in the future, please send your request to: newslist@callawaygolf.com.