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<br /> CODE OF CONDUCT<br /> NOTE: Nothing in this Code of Conduct shall be interpreted to create a contract nor shall this Code<br /> of Conduct be interpreted in any way to change or modify the terms of employment of any<br /> employee.<br /> CODE OF CONDUCT<br /> Table of Contents<br /> SECTION 1. SUMMARY OF CODE OF CONDUCT .............................................................................................. 1<br /> 1.1 OVERVIEW ............................................................................................................................................... 1<br /> 1.2 BASIC STANDARDS OF CONDUCT ............................................................................................................... 1<br /> 1.3 REPORTING .............................................................................................................................................. 2<br /> 1.4 YOUR PERSONAL COMMITMENT ......<a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 1" href="http://viewer.zmags.com/publication/e4b0b5ea?page=1"> CODE OF CONDUCT NOTE: Nothing in</a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 2" href="http://viewer.zmags.com/publication/e4b0b5ea?page=2"> CODE OF CONDUCT Table of Contents SECTION 1. </a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 3" href="http://viewer.zmags.com/publication/e4b0b5ea?page=3"> CODE OF CONDUCT SECTION 1. </a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 4" href="http://viewer.zmags.com/publication/e4b0b5ea?page=4">  Be honest and trustworthy in all communicatio</a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 5" href="http://viewer.zmags.com/publication/e4b0b5ea?page=5"> If for any reason you are uncomfortable making a </a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 6" href="http://viewer.zmags.com/publication/e4b0b5ea?page=6">  Corporate Opportunities. Board members, offi</a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 7" href="http://viewer.zmags.com/publication/e4b0b5ea?page=7">  Serving on Outside Boards. Serving on a boar</a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 8" href="http://viewer.zmags.com/publication/e4b0b5ea?page=8"> Members of the Board of Directors of Calla</a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 9" href="http://viewer.zmags.com/publication/e4b0b5ea?page=9"> Department. Employees doing business in the Unit</a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 10" href="http://viewer.zmags.com/publication/e4b0b5ea?page=10"> 3.5 Dealings with Government or Public Officia</a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 11" href="http://viewer.zmags.com/publication/e4b0b5ea?page=11"> provide routine services. Such payments shall no</a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 12" href="http://viewer.zmags.com/publication/e4b0b5ea?page=12"> 3.8 Environmental Policy The Company is commi</a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 13" href="http://viewer.zmags.com/publication/e4b0b5ea?page=13"> fair, accurate and understandable. Employees </a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 14" href="http://viewer.zmags.com/publication/e4b0b5ea?page=14"> COMPANY'S STOCK DURING ANY PERIOD OF TIME THAT HE</a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 15" href="http://viewer.zmags.com/publication/e4b0b5ea?page=15">  Failing to act upon notice or information tha</a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 16" href="http://viewer.zmags.com/publication/e4b0b5ea?page=16"> of all countries in which the Company conducts bu</a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 17" href="http://viewer.zmags.com/publication/e4b0b5ea?page=17">  Pay particular attention to the protecti</a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 18" href="http://viewer.zmags.com/publication/e4b0b5ea?page=18"> subsidiary for rare or special situations. Emplo</a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 19" href="http://viewer.zmags.com/publication/e4b0b5ea?page=19"> APPENDIX 1 CONTACTS (Effective March 7, 2017) </a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 20" href="http://viewer.zmags.com/publication/e4b0b5ea?page=20"> Managing Director – Callaway Golf Europe & Presid</a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 21" href="http://viewer.zmags.com/publication/e4b0b5ea?page=21"> Team Manager, Business Planning – Callaway Golf K</a> <a title="2004 Code of Conduct Approved by Board 2003 (Final) (with updated Appendix 2017-05-16) page 22" href="http://viewer.zmags.com/publication/e4b0b5ea?page=22"> OTHER CONTACTS REFERRED TO IN THE CODE: The follo</a>