CALLAWAY GOLF’S 2012 PRODUCT LINE TOPS GOLF DIGEST’S “HOT LIST”

Callaway Earns More 2012 Medals than Any Other Club Manufacturer in Comprehensive Review

RAZR Fit Driver Named Editor’s Choice; Odyssey’s New Metal-X Line Dominates Putter Categories

CARLSBAD, CA, January 3, 2012 – Callaway Golf Company’s (NYSE: ELY) soon-to-be-released 2012products received an outstanding vote of approval from Golf Digest’s annual “Hot List” issue, arriving onnewsstands this week. The Hot List is a comprehensive golf equipment evaluation conducted by Golf Digest Publications’ 38-person team of equipment editors, scientists, low-, mid- and high-handicap playertesters, as well as golf retailers. Over the course of several months, 286 separate entries were submitted and evaluated for the 2012 Hot List. In the end, only a fraction received Gold and Silver Medaldistinctions, and Callaway Golf Company earned more of them than any golf equipment manufacturer.

Leading the charge was Callaway’s new RAZR Fit Driver, which earned a coveted Editor’s Choiceselection, was distinguished as the best in Performance among the 32 drivers that were considered, and earned top marks in Innovation and Look/Sound/Feel. “It was love at first smite,” said Golf Digest HotList judge John Strege, who added that the club was “Straight on two counts. Straight down the middle and straight into my bag.”

Also in the bags of elite Tour Pros such as Phil Mickelson and Ernie Els, RAZR Fit made a resoundingstatement last month on a grand stage when Callaway Staff Professional Alvaro Quiros rode Callaway’s adjustable driver to victory at the Dubai World Championship, averaging an incredible 312.7 yards perdrive. The much-anticipated RAZR Fit Driver will be available at retail on February 17.Callaway’s RAZR X Black™ Driver, also new for 2012, earned a Silver Medal in the 2012 Hot List, as well as high praise from the editors and testers. Player comments featured include, “it just crushes the ballwith a natural draw, and mis-hits are in a tight pattern.”…“The nice, powerful sound lets you know you’ve hit it well.”Callaway’s three new additions to the RAZR X® Family of Irons, RAZR XF™, RAZR X HL™ andRAZR X Black™, all earned Gold Medals. Callaway’s new RAZR X Black Irons earned a Gold Medal inthe competitive Game-Improvement Irons category, prompting one low-handicap player to comment,”Every shot felt pure.” RAZR XF captured Gold in the Super-Game Improvement Irons category andwas awarded 5-stars for Innovation. Golf Digest labeled RAZR XF “a technological tour de force.” Alsoin the Super-Game Improvement category, Callaway’s new RAZR X HL Irons prompted Golf Digest tooffer that “…you can hit it all over the face and still get a decent result.” Callaway’s original RAZR XIrons were a big hit once again, winning a Hot List Gold Medal for the second straight year.In the Putter categories, Callaway’s leading Odyssey® brand dominated the competition with theintroduction of its new line of Metal-X™ putters. Both the Blade and Mallet submissions for Metal-Xwon Gold Medals for Odyssey. More impressively, they both were distinguished as the very best inPerformance among the 92 models considered.-moreCallawayand Odyssey 2012 Products Top Golf Digest’s “Hot List” – Page 2Metal-X’s innovative face design combines a layer of dimpled aluminum with urethane to create anunmatched blend of great feel and pure roll. One low-handicap tester commented, “It has great pop to theball and a smoothness of roll unlike anything else. The balance is flawless.” Odyssey’s Metal-X line willbe on display at The PGA Merchandise Show in January and available at retail on April 13.Rounding out the Putter categories for Odyssey were Silver Medals in both the Blade and Mallet sets forthe premium ProType® Tour Series. The #1 Putter in Golf’s new 1025 carbon-steel offerings feature amilled face design and struck a chord with Golf Digest’s testers. “’Gorgeous’ is the first word that comesto mind,” said one player. Another added, “It feels completely weightless, and the ball tracks perfectlylike it knows where it’s going.”Adding to Callaway’s list were Gold Medals in the Fairway Woods and Hybrids categories. The newRAZR X Black Fairway Woods earned a Gold Medal and received a 5-star Performance rating. “Itinspires confidence at address, and it sounds great when you catch it off the grass,” said one panelist.RAZR X® and RAZR X Tour® Hybrids were also awarded with a Gold Medal and drew the followingpraise from Golf Digest: “It’s Callaway’s best hybrid ever.”Overall, Callaway and Odyssey won an industry-leading 16 Golf Digest Hot List Medals. The full list ofdistinguished products includes:GOLD MEDAL WINNERSDriversRAZR Fit *Editor’s Choice Recipient*Fairway WoodsRAZR X BlackHybridsRAZR X / RAZR X TourGame Improvement IronsRAZR X BlackRAZR XSuper Game Improvement IronsRAZR XFRAZR X HLBlade PuttersOdyssey Metal-XMallet PuttersOdyssey Metal-XSILVER MEDAL WINNERSDriversRAZR X Black- more -Callaway and Odyssey 2012 Products Top Golf Digest’s “Hot List” – Page 3Fairway WoodsRAZR FitHybridsRAZR X HLPlayers IronsRAZR X TourWedgesCallaway® ForgedBlade PuttersProType Tour SeriesMallet PuttersProType Tour SeriesHigh-resolution images of Callaway Golf products are available for download via the Media Centerportion of Callaway Golf’s website: www.callawaygolf.com/presscenter.About Callaway GolfThrough an unwavering commitment to innovation, Callaway Golf Company (NYSE:ELY) createsproducts and services designed to make every golfer a better golfer. Callaway Golf Companymanufactures and sells golf clubs and golf balls, and sells golf apparel, footwear and accessories, underthe Callaway Golf®, Odyssey®, Top-Flite®, and Ben Hogan® brands in more than 110 countriesworldwide. For more information please visit www.callawaygolf.com or shop.callawaygolf.com.# # #