Callaway Golf Completes Reincorporation

CARLSBAD, Calif. (PROTEXT) - Callaway Golf Company (NYSE: ELY)announced today that it has completed its reincorporation from aCalifornia corporation to a Delaware corporation. Thereincorporation was approved by the shareholders of Callaway Golfat the Annual Meeting of Shareholders held on May 5, 1999. The reincorporation changes the legal domicile of CallawayGolf but will not result in any change in Callaway Golf'sbusiness, management, employees, fiscal year, assets orliabilities, location of any of the facilities (includingcorporate headquarters) and will not result in any relocation ofmanagement or other employees. As part of the reincorporation, each share of the Californiacorporation was automatically converted into one share of theDelaware corporation. It is not necessary for shareholders toexchange their existing stock certificates for stock certificatesof the Delaware corporation. Callaway Golf Company makes and sells Big Bertha(R) MetalWoods and Irons, including Great Big Bertha(R) Hawk Eye(R)Titanium Metal Woods, Big Bertha(R) Steelhead(TM) Stainless SteelMetal Woods, Big Bertha(R) X-12(R) Stainless Steel Irons, andBobby Jones(R) and Carlsbad Series(TM) putters. Callaway GolfCompany also makes and sells Odyssey(R) putters and wedges withStronomic(R) and Lyconite(R) inserts. For more information about Callaway Golf Company, please visitour website on the Internet at http://www.callawaygolf.com. otsOriginal Text Service: Callaway Golf Company Internet:http://www.newsaktuell.de Contact: Larry Dorman, SteveMcCracken, or Krista Mallory, all of Callaway Golf Company, 760-931-1771 Company News On-Call:http://www.prnewswire.com/comp/124825.html or fax, 800-758-5804,ext. 124825 Web site: http://www.callawaygolf.com

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