CARLSBAD, CA., January 29, 2004 – Callaway Golf Company (NYSE: ELY) today announced the winner of the Company's Golf Professional of the Year Award, as well as the winners of the Company's second annual Clubfitter of the Year Awards. Brent Studer of Manasquan River Golf Club in Brielle, New Jersey was named 2003 Callaway Golf Professional of the Year for his overall excellence as a club professional – encompassing both playing the game and running a successful business. Studer, 39, is the 2003 New Jersey Section PGA Merchandiser of the Year for private facilities and Player of the Year. “Callaway Golf products have been great for me on the course and in my golf shop,” Studer said. “I used the ERC™ Fusion™ Driver and the HX™ Tour Golf Ball to win a sectional event at the end of the season to clinch the Player of the Year title, and I plan on selling plenty of them this year.”

The 12 recipients of Callaway Golf's 2003 Clubfitter of the Year Awards are being honored for their achievements using the Callaway Golf Custom Fitting Solution at their respective facilities. Each of the winners has shown outstanding support for the Company's clubfitting program while providing a valuable service to their customers.

The 12 winners of the 2003 Callaway Golf Clubfitter of the Year Awards are:

• Doug Mauch, Wheatley Hills Golf Club, East Willison, New York
• John Mlynarski, Harbourtowne Resort and Country Club, St. Michaels, Maryland
• Greg Ehlert/Bret Knutson, Legends Golf Center, Marshfield, Wisconsin
• Jimmy Farrell, Oakwood Country Club, Kansas City, Missouri
• Emily Hanchar, University Club of Baton Rouge, Louisiana
• Henry Templeton, Alta Vista Country Club, Placentia, California
• Rick Couey, PGA Learning Center, Port St. Lucie, Florida
• Jim Steep, Glendale Golf Club, Winnipeg, Manitoba, Canada
• Allan Bull, Australian Golf Club, Rosebery, Sydney, Australia
• David Keating, Charleville Golf Club, Charleville, Ireland
• Faz Shaw, Crazy Fore Golf, Bredabaan, Belgium
• Tomas Nilsson, MT Golf AB, Pastorsvagen, Sweden

The 2003 Callaway Golf Clubfitter of the Year Awards were determined using a variety of criteria, including feedback from the Company's sales representatives, support of the Callaway Golf Custom Fitting Solution, and increased sales of Callaway Golf products after bringing the Fitting Solution on line at their facility. Many of the winners more than doubled their sales from the previous year.

The winners of the 2003 Callaway Golf Clubfitter of the Year Awards will be recognized at a reception during this week's PGA Merchandise Show in Orlando. The winners will also receive an all-expense paid trip to Callaway Golf headquarters in Carlsbad and a comlplimentary set of custom golf clubs. The Callaway Golf Custom Fitting Solution program was launched in June 2001 and has grown to include hundreds of golf facilities around the world. The distinctive Callaway Golf Custom Fitting Solution carts are powered by IBM ThinkPad notebook computers, utilize proprietary swing analysis and ball-flight technology, and are operated by fitting professionals who have received special training from Callaway Golf.

Callaway Golf Company makes and sells Big Bertha® Metal Woods and Irons, including ERC® Fusion® Drivers, Great Big Bertha® II Titanium Drivers and Fairway Woods, Great Big Bertha II 415 Titanium Drivers, Big Bertha Titanium Drivers and Big Bertha Stainless Steel Fairway Woods,Hawk Eye® VFT® Tungsten Injected™ Titanium Irons, Big Bertha Stainless Steel Irons, Steelhead X-16® and Steelhead X-16 Pro Series Stainless Steel Irons, Callaway Golf Forged+ Wedges and Callaway Golf Forged Wedges. Callaway Golf Company also makes and sells Odyssey® Putters, including White Hot®, TriHot®, DFX® and Dual Force® Putters. Callaway Golf Company makes and sells the Callaway Golf® HX® Tour balls, HX Blue and HX Red 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. For more information about Callaway Golf Company, please visit our websites at www.callawaygolf.com, www.topflite.com and www.odysseygolf.com.

Contact:
Larry Dorman
Patrice Hutin
(760) 931-1771