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ELY CALLAWAY ANNOUNCES CURRENT AND LONGER-TERM PLANS FOR PERSONAL STOCK DISPOSITION; ACTIVE MANAGEMENT ROLE TO BE EXTENDED

 CARLSBAD, Calif., Sept. 2 /PRNewswire/ -- Ely Callaway, chairman and chief executive officer of Callaway Golf Company (NYSE: ELY), announced today his intended plan for the disposition, by gift and sale, of his personal stock holdings in Callaway Golf Company.
 Callaway stated "I expect to donate 100,000 shares to my alma mater, Emory University, Atlanta, right away. By the end of 1994, I intend to donate at least 100,000 additional shares to other charitable- educational institutions.
 "During the next 18 months, I also intend to give some of my stock to various members of my family with the hope that they will have a long-term interest in maintaining significant ownership in the company."
 Beginning Aug. 24 thru Sept. 2, 1993, as part of his disposition plan and to effect estate and tax planning objectives, Callaway will have sold 300,000 shares of his stock. Previously, on May 7, 1993, Callaway sold 45,000 shares of his stock.
 The total number of shares sold by Callaway thus far in 1993 equals 345,000 shares. This equals approximately 18 percent of his personal holdings in the company. After these sales, Callaway and his personal trust still own 1,100,000 shares plus 490,000 shares available under options not yet exercised.
 "My present plan is that I will probably sell up to about 1,000,000 shares in installments on a quarterly basis throughout the next 18 months, subject to market conditions. By June 1995, I probably will still own at least 250,000 shares or options. I will probably hold that amount for the eventual benefit of my estate."
 In summarizing his feeling on this subject, Callaway stated:
 "Although no one should take this plan as an unchangeable commitment, it does express my intentions and my desire to tell all shareholders what I would like to do with my stock.
 "Assuming continued good health, I intend to remain active in helping to direct the affairs of the company -- at least through June 3, 1995, my 76th birthday."
 -0- 9/2/93
 /CONTACT: Ely Callaway, CEO, Donald H. Dye, President & COO, David Rane, Investor Relations, 619-931-1771/
 (ELY)


CO: Callaway Golf Co. ST: California IN: SU:

EH-BP -- SD004 -- 8482 09/02/93 14:27 EDT
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Publication:PR Newswire
Date:Sep 2, 1993
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