Callaway Golf Company Declares Dividend and Announces New $100 Million Stock Repurchase Program

    CARLSBAD, CALIF., November 29 /CNW/ - Callaway Golf Company (NYSE:  ELY)
announced today that the Board of Directors has authorized the Company to
repurchase up to $100 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 2007, the Company had announced the implementation of a $100
million stock repurchase program. To date, the Company has repurchased under
that program approximately 5.27 million shares at an average cost of $16.87
per share for a total cost of $88.9 million. The remainder of that program has
now been canceled and superseded by the new $100 million stock repurchase
program announced today.

    The Company also announced today that the Board of Directors has declared
a dividend of $.07 per share, payable December 20, 2007, to shareholders of
record as of December 10, 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

For further information:

For further information: Callaway Golf Company Brad Holiday Patrick
Burke Michele Szynal 760-931-1771

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