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Callaway Golf Company Declares Dividend

CARLSBAD, Calif.-(Business Wire)-September 3, 2008 - Callaway Golf Company (NYSE:ELY) announced today that the Board of Directors has declared a dividend of $.07 per share, payable October 2, 2008, to shareholders of record as of September 18, 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®, Odyssey®, Top-Flite®, and Ben Hogan® brands in more than 110 countries worldwide. For more information please visit www.callawaygolf.com or www.shop.callawaygolf.com.

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