Article: CALLAWAY GOLF ACQUIRES STOCK OF FROGTRADER, INC.

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CARLSBAD, Calif.--(BUSINESS WIRE)--July 8, 2004--Callaway Golf Company (NYSE:ELY) announced today it has acquired all of the stock of FrogTrader, Inc., which had operated under the name Trade Up Commerce.

FrogTrader has partnered with Callaway Golf and its participating retailers for the past two years to develop the industry-leading Trade In! Trade Up!(R) program. FrogTrader is an e-commerce company that develops certified pre-owned golf club purchase and sale programs to buy and sell used and refurbished golf clubs.

Under the Trade In! Trade Up! program, Callaway Golf consumers receive trade-in ...

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