CARLSBAD, CA, June 25, 2004– Callaway Golf Company (NYSE: ELY) today announced it has entered into an agreement to become a supporting sponsor of the Executive Women's Golf Association (EWGA), the golf organization for professional women.

Callaway Golf's involvement will include providing the EGWA with exclusive Callaway Golf product demonstrations, support of the EWGA Annual Conference and donations of Callaway Golf product for tournament prizes and charity auctions.

“We are pleased to partner with the Executive Women's Golf Association,” said Brita Bolane, Manager of Women's Products for Callaway Golf. “The EWGA does an exceptional job of promoting the game of golf to women, which fits with Callaway Golf's strategy of making golf equipment for women golfers of all skill levels. With this partnership we can increasingly encourage and support female golfers to find more enjoyment in their game and help them choose the equipment that best suits them.”

“Callaway Golf is rightfully recognized as one of the leading manufacturers of golf equipment in the world, and that reputation extends to its women's products,” noted Pam Swensen, Vice President of Sales & Marketing for the EWGA. “We're delighted to join forces with Callaway Golf to help our membership get the most out of their participation in the game of golf.”

Founded in 1991, the EWGA exists to provide opportunities for women to learn, play, and enjoy the game of golf for business and for life. The EWGA currently has over 17,000 members in over 100 chapters located throughout the United States and Canada. For more information about the association or membership, visit the website at www.ewga.com.

Callaway Golf Company makes and sells Big Bertha® Metal Woods and Irons, including ERC® Fusion® Drivers and Fairway Woods, 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(TM) Titanium Irons, Big Bertha Stainless Steel Irons, Steelhead® X-16® and Steelhead X-16 Pro Series Stainless Steel Irons, the Game Enjoyment System(TM) of GES(TM) Golf Clubs, Callaway Golf Forged+ Wedges and Callaway Golf Forged Wedges, and Callaway Golf Tour Blue(TM) Putters. Callaway Golf Company also makes and sells Odyssey® Putters, including 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, Big Bertha(TM) Blue and Big Bertha Red Balls, and the Warbird(TM) 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

CONTACT:
Larry Dorman, Callaway Golf
(760) 931-1771
Karen Moraghan, Hunter Public Relations
(908) 876-5100