Callaway Golf Relaunches Golf Ball Lineup with New Products, Redesigned Cosmetics and Eye-Catching New Packaging.

Business & Sports Editors/Golf Writers & Columnists

CARLSBAD, Calif.--(BUSINESS WIRE)--Jan. 29, 2004

Callaway Golf Company (NYSE: ELY) announced today the complete relaunch of its high-technology family of golf balls. Led by the outstanding new HX(R) Tour Golf Ball, the Company's entire product line has been revamped with new models, a new logo treatment on each ball and fresh new packaging. The Callaway Golf(R) family of golf balls for 2004 officially includes the HX Tour Golf Ball, the HX Blue and Red Golf Balls, Big Bertha(R) Blue and Red Golf Balls and the Warbird(TM) Golf Ball -- each of which is available now in retail stores across the United States.

"Callaway Golf is serving notice that we are in the golf ball business and that we are here to stay - and to win," said Ron Drapeau, Chairman and CEO of Callaway Golf. "The excitement surrounding the new HX Tour Golf Ball on tour and at retail is the catalyst for the relaunch of the entire golf ball family. Top to bottom, this is a group of golf balls that offers outstanding performance at an excellent value across several price points."

The most noticeable change to the Callaway Golf ball line is a logo that is both new and familiar. For the first time since the Company started selling golf balls in 2000, the Old English Callaway Golf logo and chevron will be stamped on every ball. This logo treatment replaces the original "Circle C" Callaway Golf ball logo.

Here's a brief overview of the 2004 Callaway Golf ball product family:

-- HX Tour: Known on tour as the "Callaway Black," this ball has

produced plenty of buzz and several professional wins since

debuting on tour last season. The HX Tour features a

next-generation application of the Company's patented HEX

aerodynamic pattern, a thinner urethane cover and a chemically

enhanced core. The combination of distance, accuracy and feel

is the best ever produced at Callaway Golf. HX Tour comes in

black packaging at a suggested retail price of $50 per 12-ball

box.

-- HX: These proven performers have been used to win dozens of

tournaments around the world. Now they represent an excellent

value in the three-piece golf ball market. HX Golf Balls are

available in Blue for more spin and Red for more distance at a

suggested retail price of $37.50 per 12-ball box.

-- Big Bertha: This new entry into the two-piece golf ball market

HEX aerodynamics, a soft ionomer cover and a low-compression

core. This combination provides two-piece distance with

exceptionally soft feel and touch around the greens. Big

Bertha Golf Balls are available in Blue for more spin and Red

for more distance at a suggested retail price of $25 per

12-ball box.

-- Warbird: This two-piece ball is designed for distance, pure

and simple. A firm ionomer cover and a high-energy core help

provide greater potential distance without the rock-like feel

of some distance balls. The Warbird Golf Ball is available in

one model at a suggested retail price of $18.75 per 12-ball

box.

Every product in the Callaway Golf family of golf balls conforms to the Rules of Golf as administered by the USGA and the Royal & Ancient Golf Club of St. Andrews. http://www.callawaygolf.com/ballselector/.

Callaway Golf Company makes and sells Big Bertha(R) Metal Woods and Irons, including ERC(R) Fusion(R) Drivers, Great Big Bertha(R) 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(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, Callaway Golf Forged+ Wedges and Callaway Golf Forged Wedges. Callaway Golf Company also makes and sells Odyssey(R) Putters, including White Hot(R), TriHot(R), DFX(R) and Dual Force(R) Putters. Callaway Golf Company makes and sells the Callaway Golf(R) HX(R) 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(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.