CARLSBAD, Calif. – March 8, 2005 (BUSINESS WIRE) – Callaway Golf Company (NYSE:ELY) has announced that the Board of Directors has declared a dividend of $.07 per share, payable April 7, 2005, to shareholders of record as of March 17, 2005.

Callaway Golf Company makes and sells Big Bertha Metal Woods, Irons and Hybrids including Heavenwood Hybrids, ERC Fusion Drivers and Fairway Woods, Great Big Bertha II 415 Titanium Drivers, Big Bertha Titanium 454 Drivers and Big Bertha Stainless Steel Fairway Woods, Big Bertha Heavenwood Hybrids, Big Bertha Stainless Steel Irons, X-18 and X-18 Pro Series Irons, the Game Enjoyment

System of GES Golf Clubs, Callaway Golf Forged+ Wedges, and Callaway Golf Tour Blue Putters. Callaway Golf Company also makes and sells Odyssey Putters, including White Steel, White Hot, TriHot, DFX, Dual Force and 2-Ball Putters. Callaway Golf Company makes and sells the Callaway Golf HX Tour Balls, HX Blue and HX Red Balls, HX Hot Balls, Big Bertha Blue and Big Bertha Red Balls, and the Warbird Balls. Callaway Golf also owns and operates The Top-Flite Golf Company, a wholly owned subsidiary that includes the Top-Flite, Strata and Ben Hogan brands and Bettinardi Putters.

For more information about Callaway Golf Company, please visit our websites at www.callawaygolf.com, www.topflite.com and www.odysseygolf.com.

Media Contact:
Callaway Golf Company
Brad Holiday or Larry Dorman
760-931-1771