Dolphin Increases JOUT offer to $21.75 per Share

                     Dolphin Limited Partnership I, L.P.
                        
                                          April 11, 2005

    To:  The Independent Members of the Board of Directors:

    
    Gentlemen:

We are in receipt of the Company's prompt response, dated 
April 6, 2005, from Alisa Swire, with regard to Dolphin's 
March 31, 2005 economic proposal.

The April 6th letter states, "The Company is not 
interested in pursuing the proposal outlined in your 
letter dated March 31, 2005." We note, however, having 
invited any appropriate corrections, the Company's letter 
did not take any issue with the facts set forth in 
Dolphin's letter of March 31, 2005 that principally 
addressed valuation issues and opportunities that might 
exist for all constituents in a business combination, as 
well as the poor share price performance and employment 
growth since becoming a public company.


Dolphin is now raising its offer to purchase approximately 
1.5 million newly issued Class B common shares from $21.10 
to $21.75 per share. The other terms and conditions of our 
proposal remain the same and, as set forth in our letter 
of March 31, we remain prepared to offer a higher price if 
the results of our diligence support a greater valuation. 
This offer expires at the close of business on April 21, 2005.


We note that Dolphin's $32.7 million economic proposal is 
at a share price approximately 15% above the market and 8% 
above the $20.10/share recently offered in the 
unsuccessful going private transaction and represents 
approximately 20% of JOUT's current market capitalization.


Because certain members of JOUT's board of directors have 
actual or potential conflicts of interest in evaluating 
Dolphin's $32.7 million economic proposal, 
the "independent" directors, consisting of Thomas F. Pyle, 
Jr., Terry E. London and John M. Fahey, Jr., (the same 
members of the Special Committee that evaluated the $20.10
going private transaction) should insist that the board 
form a special committee to evaluate Dolphin's material 
economic proposal and to make recommendations to the board.


We have recently heard from other shareholders who also 
believe there is substantial value and growth 
opportunities in JOUT that can and should be unlocked for 
all shareholders and constituents.


We believe our proposal is compelling and expect that 
the "independent" directors, consistent with their 
fiduciary duties to all shareholders, will give careful 
and disinterested consideration to our improved material 
economic proposal. Again, we and our advisors are prepared 
to discuss with the independent directors and/or their 
advisors all aspects of our proposal.



    We ask that responses be publicly disclosed so that 
all shareholders have equal and timely information.

                                        Very truly yours,


                                        Donald T. Netter
                                        Senior Managing Director