Callaway Golf Announces Licensing Agreement with TRG Accessories to Create and Sell Callaway Golf Travel Gear and Gift Items.

Business & Sports Editors/Golf Writers & Columnists

CARLSBAD, Calif.--(BUSINESS WIRE)--Sept. 24, 2003

Callaway Golf (NYSE: ELY) has announced the signing of an exclusive global licensing agreement with TRG Accessories, which is also a global licensee for the successful Swiss Army Brands and Timberland Company travel gear businesses. The agreement calls for TRG to create and sell a Callaway Golf(R) Gear collection of golf travel bags, golf travel gear and accessories and golf-related gifts. Callaway Golf Gear products will debut in the holiday 2003 season at leading golf specialty retailers, premier department stores, specialty luggage retailers and on-course golf shops.

"Callaway Golf is pleased to partner with TRG Accessories in an effort to extend the Callaway Golf brand to the golf travel bag, travel gear and accessories category," said Ron Drapeau, CEO and Chairman of Callaway Golf. "We expect the Callaway Golf Gear collection to provide all golfers with innovative, performance-oriented products that will help them not only enjoy the game, but also their trip to the golf course, whether they're at their local course or far from home on a golf vacation."

The Callaway Golf Gear line includes three collections:

-- Golf Bag Transporters, a series of golf bag travel carriers that deliver revolutionary solutions for bag protection and handling function during transit;

-- The CG Sport Collection of travel gear and accessories (including duffels, totes, toiletry bags and wheeled luggage), which is ideal for golf vacations and everyday use; and

-- The Gift Collection, featuring multiple-item sets of travel gear matched with golf accessories packaged as gifts for golfers.

"We are thrilled to be part of the Callaway Golf team," said Todd Siwak, President of TRG Accessories. "Our single-minded focus on creating market transforming product innovation aligns perfectly with Callaway Golf's global reputation for creating demonstrably superior and pleasingly different products. We are confident that our innovative new products, when combined with the great power of the Callaway Golf brand, will help propel Callaway Golf into a leadership position in yet another segment of the golf industry."

TRG Accessories is a leader in the design, engineering, production and marketing of a broad variety of travel gear, adventure packs, business/computer cases, leather goods and personal/business/home accessory products. The company's Swiss Army Brands and Timberland Company licensed products are distributed to finer department, luggage, outdoor specialty, footwear and sporting goods stores throughout North America and 30 other companies around the world. The company's Soren brand of gear and home accessory products are distributed in the largest mass merchandisers in North America. TRG is based in St. Louis, MO.

Callaway Golf Company makes and sells Big Bertha(R) Metal Woods and Irons, including Great Big Bertha(R) II Titanium Drivers and Fairway Woods, Big Bertha Steelhead(R) III Stainless Steel Drivers and Fairway Woods, Hawk Eye(R) VFT(R) Tungsten Injected(TM) Titanium Irons, Big Bertha Stainless Steel Irons, Steelhead X-16(R) and Steelhead X-16 Pro Series Stainless Steel Irons, and Callaway Golf Forged Wedges. Callaway Golf Company also makes and sells Odyssey(R) Putters, including White Hot(R), TriHot(R), DFX(TM) and Dual Force(R) Putters. Callaway Golf Company makes and sells the Callaway Golf(R) HX(R) Blue and HX Red balls, the CTU 30(R) Blue and CTU 30 Red balls, the HX 2-Piece Blue and HX 2-Piece Red balls, the CB1(R) Blue and CB1 Red balls, and the Warbird(TM) golf balls. Callaway Golf also owns and operates The Top-Flite Golf Company, a wholly owned subsidiary that includes the Top-Flite(R), Strata(R) and Ben Hogan(R) brands. For more information about Callaway Golf Company, please visit our websites at www.callawaygolf.com, www.topflite.com and www.odysseygolf.com.