Callaway 2008 Annual Report Download - page 36

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PERFORMANCE GRAPH
The following graph presents a comparison of the cumulative total shareholder return since December 31,
2003 of the Company’s Common Stock, the Standard & Poor’s 500 Index and the Standard & Poor’s 400 Midcap
Index. The graph assumes an initial investment of $100 at December 31, 2003 and reinvestment of all dividends.
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2003 2004 2005 2006 2007 2008
Callaway Golf
S&P 500
S&P 400 Midcap
2003 2004 2005 2006 2007 2008
Callaway Golf ................................... 100.00 80.12 82.14 85.52 103.45 55.14
S&P500 ....................................... 100.00 108.99 112.26 127.55 132.05 81.23
S&P 400 Midcap ................................. 100.00 115.16 128.14 139.66 149.00 93.46
The Callaway Golf Company index is based upon the closing prices of Callaway Golf Company Common
Stock on December 31, 2003, 2004, 2005, 2006, 2007 and 2008 of $16.85, $13.50, $13.84, $14.41, $17.43 and
$9.29, respectively.
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