K2 Inc.and Rawlings Sporting Goods Company, Inc. have announced the exchange ratio in connection with K2’s proposed merger with Rawlings. If the merger with Rawlings is completed, each Rawlings stockholder will receive 1.080 shares of K2 common stock for each share of Rawlings common stock owned at the time of the merger.

The exchange ratio was calculated as provided in the merger agreement between K2 and Rawlings, dated December 15, 2002, and assumes that the closing of the merger will take place, as currently scheduled, on March 26, 2003. It is subject to change if the closing does not occur on the scheduled date for any reason.