Karhu Holding BV and Karhu Sports Oy have today announced that they
have reached an amicable settlement of their dispute involving the
ownership and control of the Karhu trademarks.

Under the agreement Karhu Sports Oy will continue with the ski business
worldwide. Karhu Holding BV is confirmed as the owner of the Karhu
global trademark portfolio and will be responsible for the sale of all
other products on a global basis including in Scandinavia and Finland,
where it will commence sales at once.

Karhu Sports Oy will continue its footwear business in Scandinavia and
Finland until the end of 2009. All current third party licenses,
including the K2 Ski license, to use the Karhu brand will remain with
Karhu Holding BV.

The parties are committed to work in ways which will ensure that the
Karhu brand and Karhu products continue to reflect the high quality and
technical innovation which they have represented since 1916.

This press release is issued jointly by Karhu Sports Oy and Karhu Holding BV.