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<SEC-DOCUMENT>0000897069-05-000094.txt : 20050110
<SEC-HEADER>0000897069-05-000094.hdr.sgml : 20050110
<ACCEPTANCE-DATETIME>20050110171824
ACCESSION NUMBER:		0000897069-05-000094
CONFORMED SUBMISSION TYPE:	PRER14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20050110
DATE AS OF CHANGE:		20050110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHNSON OUTDOORS INC
		CENTRAL INDEX KEY:			0000788329
		STANDARD INDUSTRIAL CLASSIFICATION:	 [3949]
		IRS NUMBER:				391536083
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		PRER14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16255
		FILM NUMBER:		05521584

	BUSINESS ADDRESS:	
		STREET 1:		555 MAIN STREET
		CITY:			RACINE
		STATE:			WI
		ZIP:			53403-1015
		BUSINESS PHONE:		2626316600

	MAIL ADDRESS:	
		STREET 1:		555 MAIN STREET
		STREET 2:		STE 023
		CITY:			RACINE
		STATE:			WI
		ZIP:			53403-1015

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JOHNSON WORLDWIDE ASSOCIATES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRER14A
<SEQUENCE>1
<FILENAME>cmw1119.htm
<DESCRIPTION>REVISED PRELIMINARY PROXY
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED
STATES<BR>SECURITIES AND EXCHANGE COMMISSION  <BR>Washington, D.C. 20549  </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SCHEDULE 14A </FONT></H1>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proxy Statement
Pursuant to Section 14(a) of the Securities<BR>Exchange Act of 1934 (Amendment No. 1)  </FONT></H1>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Filed by the Registrant&nbsp;&nbsp;&nbsp;[X] <BR>Filed by
a Party other than the Registrant&nbsp;&nbsp;&nbsp;[_] </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check the appropriate box: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;x&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;Preliminary
Proxy Statement <BR>[&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;<B>Confidential, for Use of the Commission Only (as           permitted
by Rule 14a-6(c)(2))</B> <BR>[&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;Definitive Proxy Statement <BR>[&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;Definitive           Additional
Materials <BR>[&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;Soliciting Material Pursuant to &sect;240.14a-12  </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Johnson Outdoors Inc.</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Name of Registrant as Specified In Its Charter)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD></TR>
</TABLE>
<BR>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payment of Filing Fee (Check the
appropriate box): </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;] </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No fee required. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;X&nbsp;]  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fee
computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1)</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title
of each class of securities to which transaction applies: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Johnson
Outdoors Inc. Class A common stock, par value $0.05 per share (&#147;Class&nbsp;A common
stock&#148;); Johnson Outdoors Inc. Class B common stock, par value $0.05 per share (&#147;Class&nbsp;B
common stock&#148; and, together with Class&nbsp;A common stock, &#147;Common Stock&#148;);
options to purchase shares of Common Stock </FONT></TD>
</TR>
</TABLE>
<BR>

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     <HR ALIGN=LEFT WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2)</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aggregate
number of securities to which transaction applies:* </FONT></TD>
</TR>
</TABLE>
<BR>

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<HR SIZE=1 NOSHADE WIDTH=15% COLOR=BLACK ALIGN=LEFT>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
*
Pursuant to the Agreement and Plan of Merger, dated as of October&nbsp;28, 2004, by and
between JO Acquisition Corp. (the &#147;Purchaser&#148;) and Johnson Outdoors Inc. (the
&#147;Company&#148;) providing for the merger of the Purchaser with and into the Company
(the &#147;Merger&#148;), shares of Common Stock held by the Purchaser at the effective
time of the Merger (&#147;Purchaser-Held Shares&#148;) are to be cancelled without any
consideration payable therefor. In addition, options to purchase shares of Common Stock
held by Helen P. Johnson-Leipold and the estate of Samuel C. Johnson (the &#147;Rollover
Stock Options&#148;) are to be converted at the effective time of the Merger into options
to acquire shares of common stock of the surviving corporation in the Merger. The
aggregate number of securities to which the transaction applies excludes both the
anticipated number of Purchaser-Held Shares and the Rollover Stock Options. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3) </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Per
unit price or other underlying value of transaction computed pursuant to
          Exchange Act Rule 0-11 (set forth the amount on which the filing fee is
          calculated and state how it was determined): </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
proposed maximum aggregate value of the transaction, for purposes only of calculating the
filing fee, is $87,730,866, which is the sum of (a) the product of (i) the 4,210,134
shares of Common Stock that are proposed to be converted into the right to receive the
merger consideration, multiplied by (ii) the merger consideration of $20.10 per share of
Common Stock, plus (b) the product of (i)&nbsp;274,971, the number of shares of Common
Stock underlying options to purchase such shares at a per-share exercise price of less
than $20.10, multiplied by (ii)&nbsp;the amount by which the per-share merger
consideration of $20.10 exceeds the $8.80 per share weighted average exercise price of
such options. The filing fee equals the proposed maximum aggregate value of the
transaction multiplied by .0001267. </FONT></TD>
</TR>
</TABLE>
<BR>

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     <HR ALIGN=LEFT WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4)</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proposed
maximum aggregate value of transaction: $87,730,866 </FONT></TD>
</TR>
</TABLE>
<BR>

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     <HR ALIGN=LEFT WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5)</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total
fee paid: $11,116 </FONT></TD>
</TR>
</TABLE>
<BR>

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     <HR ALIGN=LEFT WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;X&nbsp;]  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fee
paid previously with preliminary materials: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;]  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check
box if any part of the fee is offset as provided by Exchange Act Rule
               0-11(a)(2) and identify the filing for which the offsetting fee was paid
               previously. Identify the previous filing by registration statement number,
or                the Form or Schedule and the date of its filing. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1)</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amount
Previously Paid: </FONT></TD>
</TR>
</TABLE>
<BR>

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     <HR ALIGN=LEFT WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2)</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form,
Schedule or Registration Statement No.: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3)</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Filing
Party: </FONT></TD>
</TR>
</TABLE>
<BR>

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     <HR ALIGN=LEFT WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4)</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Date
Filed: </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PRELIMINARY COPIES </FONT></P>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JOHNSON OUTDOORS
INC.<BR>555 MAIN STREET  <BR>RACINE, WISCONSIN 53403  </FONT></H1>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>________________, 200___ </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To the shareholders of
Johnson Outdoors Inc.: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are cordially invited to attend a special meeting of the shareholders of Johnson Outdoors
Inc. to be held on __________________, 200__    at  ___________ a.m., Central time, at the ______________________
located at ____________. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the special meeting, you will be asked to consider and vote upon a proposal to approve a
merger agreement between Johnson Outdoors and JO Acquisition Corp. You will also be asked
at the special meeting to consider and vote upon a proposal to adjourn the special meeting
if necessary to permit further solicitation of proxies in the event there are not
sufficient votes at the time of the special meeting to approve the merger agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
merger agreement provides for the merger of JO Acquisition Corp. with and into Johnson
Outdoors, with Johnson Outdoors continuing as the surviving corporation in the merger. JO
Acquisition Corp. was formed by our Chairman and Chief Executive Officer, Helen P.
Johnson-Leipold, solely for the purpose of acquiring all of the outstanding shares of our
common stock not already owned or controlled by members of the family of the late Samuel
C. Johnson. Prior to the merger, members of the Johnson family, including Ms.
Johnson-Leipold, and several entities through which Johnson family members hold shares of
our common stock will contribute to JO Acquisition Corp. the shares of our common stock
that they beneficially own. These individuals and entities are referred to in this letter
and in the accompanying proxy statement as the participating shareholders. JO Acquisition
Corp. has also informed Johnson Outdoors that it may provide an opportunity to certain
other descendants of Herbert F. Johnson and members of the extended Johnson family to
exchange all or some portion of their respective shares of Johnson Outdoors common stock
for equity securities of JO Acquisition Corp. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the merger is completed, each share of Johnson Outdoors common stock outstanding at the
effective time of the merger, other than the shares contributed to JO Acquisition Corp. by
the participating shareholders, any other shares held by JO Acquisition Corp. or the
participating shareholders and shares as to which a dissenting shareholder has perfected
dissenters&#146; rights under Wisconsin law, will be canceled and converted into the right
to receive $20.10 in cash. As a result of the merger, Johnson Outdoors will be wholly
owned by members of the Johnson family and entities controlled by them. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
evaluate the proposed acquisition by members of the Johnson family of all of the
outstanding shares of our common stock not already owned or controlled by them, our board
of directors formed a special committee consisting of three independent directors, John M.
Fahey, Jr., Terry E. London and Thomas F. Pyle, Jr. In its evaluation of the merger and
the merger agreement, the special committee considered the opinion of its financial
advisor, William Blair &amp; Company, L.L.C., to the effect that, as of the date of the
opinion and based on and subject to the assumptions, limitations and qualifications set
forth in the opinion, the cash consideration of $20.10 per share to be paid in the merger
to shareholders of Johnson Outdoors other than the participating shareholders and JO
Acquisition Corp. was fair, from a financial point of view, to such shareholders. The
William Blair fairness opinion is attached as Annex&nbsp;D to the enclosed proxy
statement. Our board of directors, acting on the unanimous recommendation of the special
committee, has approved and adopted the merger agreement. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Both
the special committee and our board of directors have determined that the merger and the
merger agreement are fair to and in the best interests of our unaffiliated shareholders.
Therefore, acting on the recommendation of the special committee, our board of directors
recommends that you vote &#147;FOR&#148; the approval of the merger agreement. </B>Our
board of directors also recommends that you vote &#147;FOR&#148; the proposal to adjourn
the special meeting if necessary to permit further solicitation of proxies in the event
there are not sufficient votes at the time of the special meeting to approve the merger
agreement. The term &#147;unaffiliated shareholders,&#148; as used in this letter and in
the accompanying proxy statement, refers to shareholders that are not affiliated with
Johnson Outdoors and, therefore, excludes the participating shareholders, JO Acquisition
Corp., our directors and executive officers and any other person who controls, is
controlled by or is under common control with Johnson Outdoors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
merger cannot occur unless the merger agreement is approved by the affirmative vote of </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
least 80% of the votes entitled to be cast by the outstanding shares of our Class A
common stock and Class B common stock, voting together as a single voting group; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
least a majority of the votes entitled to be cast by the outstanding shares of our Class
A common stock, voting as a               separate voting group;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
least a majority of the votes entitled to be cast by the outstanding shares of our Class
B common stock, voting as a               separate voting group; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
least 66&nbsp;2/3% of the votes entitled to be cast by the holders of the outstanding
shares of our Class A common stock and Class B common stock not beneficially owned by JO
Acquisition Corp. or any of the participating shareholders or any affiliate or associate
of JO Acquisition Corp. or any of the participating shareholders, voting together as a
single voting group. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>When the Class A common stock and
Class B common stock are voted together as a single voting group, each Class&nbsp;B share
entitles its holder to ten votes, and each Class&nbsp;A share entitles its holder to one
vote. The participating shareholders own approximately 45.4% of our outstanding Class A
common stock and 95.9% of our outstanding Class B common stock, representing approximately
76.5% of the votes entitled to be cast when our Class&nbsp;A and Class&nbsp;B shares vote
together as a single voting group. The participating shareholders have agreed to vote in
favor of approval of the merger agreement. Our directors and executive officers other than
Ms. Johnson-Leipold own approximately 0.4% of our outstanding Class A common stock,
representing approximately 0.3% of the votes entitled to be cast when our Class&nbsp;A and
Class&nbsp;B shares vote together as a single voting group, and have indicated to us their
intention to vote in favor of approval of the merger agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Regardless
of the number of shares you own, your vote is very important</B>. Whether or not you plan
to attend the meeting, please complete, sign, date and return the enclosed proxy card or
complete your proxy by following the instructions supplied on the proxy card for voting by
telephone or via the Internet (or, if your shares are held in &#147;street name&#148; by a
broker, nominee, fiduciary or other custodian, follow the directions given by the broker,
nominee, fiduciary or other custodian regarding how to instruct it to vote your shares).
You retain the right to revoke the proxy at any time before it is actually voted by giving
notice in writing to the Secretary of Johnson Outdoors Inc., by giving notice in open
meeting at the special meeting or by submitting a duly executed proxy bearing a later
date. If you have instructed a broker, nominee, fiduciary or other custodian to vote your
shares, you must follow directions received from the broker, nominee, fiduciary or other
custodian to change or revoke your voting instructions. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
enclosed proxy statement provides you with detailed information about the proposed merger,
the merger agreement and the special meeting. We urge you to read the entire document
carefully, including information incorporated by reference and included in annexes. If you
have any questions or require assistance in voting your shares, please call Innisfree
M&amp;A Incorporated, our proxy solicitor for the special meeting, toll-free at [&#149;]. </FONT></P>




<!-- *************************************************************************** -->
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=55%>&nbsp;</TD>
<TD WIDTH=45%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Alisa
Swire                                                      <BR>Secretary</FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Neither
the Securities and Exchange Commission nor any state securities commission has approved or
disapproved of this transaction or passed upon the merits or fairness of this transaction
or the adequacy or accuracy of the disclosure in the enclosed proxy statement. Any
representation to the contrary is a criminal offense.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Center Rule" FSL="Default" -->
     <P ALIGN=CENTER>_________________ </P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The enclosed proxy
statement is dated ___________________, 200__ and is first being mailed to shareholders
on or about ____________________, 200__. </FONT></P>


<!-- MARKER PAGE="sheet: 5; page: 5" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>





<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JOHNSON OUTDOORS
INC.<BR>555 MAIN STREET  <BR>RACINE, WISCONSIN 53403  </FONT></H1>

     <HR ALIGN=CENTER WIDTH=50% SIZE=1 COLOR=BLACK NOSHADE>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NOTICE OF SPECIAL
MEETING OF SHAREHOLDERS<BR>TO BE HELD _____________________, 200__  </FONT></H1>

     <HR ALIGN=CENTER WIDTH=50% SIZE=1 COLOR=BLACK NOSHADE>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To the shareholders of
Johnson Outdoors Inc.: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will hold a special meeting of shareholders of Johnson Outdoors Inc. on
_______________________, 200__ at a.m., Central time, at the ___________________ located
at _______, Wisconsin. The purpose of the meeting is: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
consider and vote upon a proposal to approve the Agreement and Plan of
               Merger, dated as of October&nbsp;28, 2004, by and between JO Acquisition
Corp.                and Johnson Outdoors Inc.; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
consider and vote upon a proposal to adjourn the special meeting if necessary
               to permit further solicitation of proxies in the event there are not
sufficient                votes at the time of the special meeting to approve the
Agreement and Plan of                Merger referred to in Item 1; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
transact such other business as may properly come before the special meeting
               or any adjournments or postponements of the special meeting. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have described the merger agreement and the related merger in the accompanying proxy
statement, which you should read in its entirety before voting. A copy of the merger
agreement is attached as Annex A to the proxy statement. The record date to determine who
is entitled to vote at the special meeting is , 200&nbsp;&nbsp;&nbsp;. Only holders of
Johnson Outdoors Inc. common stock at the close of business on the record date are
entitled to notice of, and to vote at, the special meeting. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Your
vote is important</B>. To make sure your shares are represented at the special meeting,
you should, as soon as possible, complete, sign, date and return the enclosed proxy card
or complete your proxy by following the instructions supplied on the proxy card for voting
by telephone or via the Internet (or, if your shares are held in &#147;street name&#148;
by a broker, nominee, fiduciary or other custodian, follow the directions given by the
broker, nominee, fiduciary or other custodian regarding how to instruct it to vote your
shares). You retain the right to revoke the proxy at any time before it is actually voted
by giving notice in writing to the Secretary of Johnson Outdoors Inc., by giving notice in
open meeting at the special meeting or by submitting a duly executed proxy bearing a later
date. If you have instructed a broker, nominee, fiduciary or other custodian to vote your
shares, you must follow directions received from the broker, nominee, fiduciary or other
custodian to change or revoke your voting instructions. </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By Order of the Board of Directors,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Alisa Swire</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Secretary</FONT></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Racine, Wisconsin
<BR>__________________, 200__ </FONT></P>





<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Whether or not you plan to attend
the special meeting in person, please complete, sign, date and return the enclosed proxy
in the accompanying self-addressed postage pre-paid envelope or complete your proxy by following the instructions supplied on the proxy card for voting by telephone or via the Internet (or, if your shares are held
in "street name" by a broker, nominee, fiduciary or other custodian, follow the
directions given by the broker, nominee, fiduciary or other custodian regarding how to
instruct it to vote your shares) as soon as possible.</B> </FONT></P>




<!-- MARKER PAGE="sheet: 6; page: 6" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>






<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TABLE OF CONTENTS </FONT></H1>









<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Page</U></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=85% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SUMMARY TERM SHEET</FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Parties Involved in the Proposed Transaction (page [&#149;])</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;The Special Meeting (page [&#149;])</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Structure of the Transaction (page [&#149;])</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Purpose of the Merger (page [&#149;])</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Certain Effects of the Merger (page [&#149;])</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Johnson Outdoors' Position as to the Fairness of the Merger; Recommendations of the Special</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Committee and the Board of Directors (pages [&#149;] and [&#149;])</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Opinion of Financial Advisor to the Special Committee (page [&#149;])</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Position of the Participating Shareholders and JO Acquisition Corp. as to the Fairness of the Merger (page [&#149;])</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Interests of Certain Persons in the Merger (page [&#149;])</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Merger Financing (page [&#149;])</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;No Solicitation of Transactions (page [&#149;])</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Conditions to Completion of the Merger (page [&#149;])</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Termination of the Merger Agreement (page [&#149;])</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;7</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Expenses (page [&#149;])</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Regulatory Approvals and Requirements (page [&#149;])</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Voting Agreement (page [&#149;])</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Litigation Related to the Merger (page [&#149;])</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Federal Income Tax Consequences (page [&#149;])</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Certain Risks in the Event of Bankruptcy (page [&#149;])</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;9</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Dissenters' Rights (page [&#149;])</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;9</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>QUESTIONS AND ANSWERS ABOUT THE MERGER</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;10</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORWARD-LOOKING STATEMENTS</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;16</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SPECIAL FACTORS</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;17</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Structure of the Transaction</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;17</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Purpose and Reasons for the Merger</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;18</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Background of the Merger</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;20</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Recommendations of the Special Committee and the Board of Directors; Reasons for Recommending</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Approval of the Merger Agreement</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;30</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Position of the Participating Shareholders and JO Acquisition Corp. as to the Fairness of the Merger</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to Johnson Outdoors' Unaffiliated Shareholders</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;35</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Johnson Outdoors' Position as to the Fairness of the Merger to Johnson Outdoors' Unaffiliated Shareholders</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;38</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Financial Projections</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;39</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Opinion of the Financial Advisor to the Special Committee</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;40</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Alternatives to the Merger</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;48</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Certain Effects of the Merger</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;48</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Interests of Certain Persons in the Merger</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;51</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Certain Risks in the Event of Bankruptcy</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;54</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Merger Financing</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;54</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Plans for Johnson Outdoors if the Merger is Not Completed</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;56</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Estimated Fees and Expenses of the Merger</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;56</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Regulatory Approvals and Requirements</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;56</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Litigation Related to the Merger</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;57</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;VALUE Incorporated Memorandum</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;57</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Federal Income Tax Consequences</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;58</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Anticipated Accounting Treatment of Merger</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;61</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Dissenters' Rights</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;61</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE SPECIAL MEETING</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;63</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Date, Time and Place</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;63</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Matters to be Considered</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;63</FONT></TD></TR>
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<TR VALIGN=Bottom>
     <TD WIDTH=85% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Record Date; Voting Rights</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;63</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Quorum</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;63</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Required Vote</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;64</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;How Shares are Voted; Proxies; Revocation of Proxies</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;65</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Solicitation Of Proxies</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;65</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Dissenters' Rights</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;66</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Adjournment</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;66</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Attending the Special Meeting</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;66</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PARTIES INVOLVED IN THE PROPOSED TRANSACTION</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;67</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Johnson Outdoors Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;67</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;JO Acquisition Corp.</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;68</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;The Participating Shareholders</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;68</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE MERGER AGREEMENT</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;71</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Structure of the Merger</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;71</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;When the Merger Becomes Effective</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;71</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Effect of the Merger on the Capital Stock of Johnson Outdoors and JO Acquisition Corp.</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;71</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Payment for Johnson Outdoors Common Stock in the Merger</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;71</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Treatment of Stock Options</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;72</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Treatment of Other Equity-Based Compensation Arrangements</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;73</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Representations and Warranties</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;73</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Material Adverse Effect</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;75</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Conduct of Business Prior to the Effective Time of the Merger</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;75</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Proxy Statement; Special Meeting</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;76</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Changes to Recommendations of the Special Committee and the Board of Directors</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;76</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;No Solicitation of Transactions</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;77</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Indemnification and Directors' and Officers' Insurance</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;78</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Additional Agreements</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;78</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Limitation of Liability for Breaches of Covenants by Johnson Outdoors</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;80</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Conditions to Completion of the Merger</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;80</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Termination of the Merger Agreement</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;81</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Expenses</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;82</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Modification or Amendment of the Merger Agreement</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;83</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CONTRIBUTION AND VOTING AGREEMENTS</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;83</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Contribution Agreement</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;83</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Voting Agreement</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;83</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SELECTED HISTORICAL FINANCIAL DATA</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;85</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MARKET PRICE AND DIVIDEND INFORMATION</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;88</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RECENT TRANSACTIONS AND PRIOR STOCK PURCHASES</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;90</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;90</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FUTURE SHAREHOLDER PROPOSALS</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;95</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WHERE YOU CAN FIND MORE INFORMATION</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;95</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Annex A - Agreement and Plan of Merger</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A-1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Annex B - Contribution Agreement</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>B-1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Annex C - Voting Agreement</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>C-1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Annex D - Opinion of William Blair &amp; Company, L.L.C</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>D-1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Annex E - Subchapter XIII of the Wisconsin Business Corporation Law</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>E-1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Annex F - Directors and Executive Officers of Johnson Bank</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>F-1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Annex G - Ownership of Executive Officers and Directors of Certain Participating Shareholders</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>G-1</FONT></TD></TR>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SUMMARY TERM SHEET </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>You
are being asked to consider and vote upon a proposal to approve the Agreement and Plan of
Merger, dated as of October&nbsp;28, 2004, by and between JO Acquisition Corp. and Johnson
Outdoors, which is referred to in this proxy statement as the merger agreement. The merger
agreement provides for the merger of JO Acquisition Corp. with and into Johnson Outdoors.
Johnson Outdoors would be the surviving corporation in the merger, and, immediately
following the merger, members of the family of the late Samuel C. Johnson and affiliated
entities would have direct or indirect ownership of all of the outstanding capital stock
of Johnson Outdoors. This summary term sheet briefly describes the most material terms of
the proposed merger and may not contain all of the information that is important to you.
Johnson Outdoors urges you to read carefully the entire proxy statement, including the
information incorporated by reference and the annexes. You may obtain without charge
copies of documents incorporated by reference into this proxy statement by following the
instructions under &#147;WHERE YOU CAN FIND MORE INFORMATION,&#148; beginning on
page&nbsp;[&#149;].</I> </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Parties Involved in the
Proposed Transaction (page&nbsp;[&#149;]) </FONT></H1>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Johnson
Outdoors Inc.</B> &#150; Johnson Outdoors is a Wisconsin corporation engaged in the
business of designing, manufacturing and marketing outdoor recreation products. Since its
initial public offering in 1987, members of the Samuel C. Johnson family and related
entities have owned a controlling equity interest in Johnson Outdoors. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Participating
Shareholders</B> &#150;&nbsp;The participating shareholders consist of members of the
family of the late Samuel C. Johnson, together with Johnson Bank and entities through
which such family members hold shares of Johnson Outdoors common stock. The participating
shareholders include Helen P. Johnson-Leipold, Johnson Outdoors&#146;Chairman and Chief
Executive Officer, Imogene P. Johnson, S. Curtis Johnson, Dr. H. Fisk Johnson, Winifred
J. Marquart, JWA Consolidated, Inc., Samuel C. Johnson 1988 Trust Number One u/a September&nbsp;14,
1988 and Johnson Bank. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>JO
Acquisition Corp.</B> &#150; JO Acquisition Corp. is a recently-formed Wisconsin
corporation established by Ms. Johnson-Leipold for the sole purpose of effecting the
merger. Prior to the merger, the participating shareholders will contribute to JO
Acquisition Corp. shares of Johnson Outdoors common stock beneficially owned by them
pursuant to the terms of a contribution agreement among JO Acquisition Corp. and the
participating shareholders. The contribution agreement is attached to this proxy
statement as Annex B. JO Acquisition Corp. has also informed Johnson Outdoors that it may
provide an opportunity to certain other descendants of Herbert F. Johnson and members of
the extended Johnson family to exchange all or some portion of their respective shares of
Johnson Outdoors common stock for equity securities of JO Acquisition Corp. pursuant to
the contribution agreement. No merger consideration will be paid for shares that are
exchanged for equity securities of JO Acquisition Corp. As a result of the merger, the
participating shareholders and any other persons who exchange Johnson Outdoors&#146; shares
for equity of JO Acquisition Corp. will collectively acquire 100% ownership of Johnson
Outdoors. </FONT></TD>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Special Meeting
(page [&#149;]) </FONT></H1>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Matters
to be Considered (page&nbsp;[&#149;])</B> &#150; At the special meeting, shareholders will,
among other things, consider and vote upon a proposal to approve the merger agreement. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date,
Time, Place (page [&#149;]) - The special meeting will be held on _____________________, 200__
  at  _______ a.m., Central time, at the _____________________ located at
_______, Wisconsin.</FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Record
Date (page&nbsp;[&#149;]) </B>&#150; Johnson Outdoors has fixed _____________________, 200__ as the
record date for the special meeting. Only holders of record of Johnson Outdoors common
stock as of the close of business on the record date are entitled to notice of, and to
vote at, the special meeting and any adjournment or postponement thereof. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Required
Vote and Voting Rights (pages&nbsp;</B>[&#149;]<B> and </B>[&#149;]<B>) </B>&#150;Shareholder
approval of the merger agreement requires the affirmative vote of </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
least 80% of the votes entitled to be cast at the special meeting by shares of Johnson
Outdoors Class A common stock and Class B common stock, voting together as a single
voting group; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
least a majority of the votes entitled to be cast at the special meeting by shares of the
Class A common stock, voting as a separate voting group; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
least a majority of the votes entitled to be cast at the special meeting by shares of the
Class B common stock, voting as a separate voting group; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
least 66&nbsp;2/3% of the votes entitled to be cast at the special meeting by the holders
of the outstanding shares of Class A common stock and Class B common stock not
beneficially owned by JO Acquisition Corp. or any of the participating shareholders or
any affiliate or associate of JO Acquisition Corp. or any of the participating
shareholders, voting together as a single voting group. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
When
the Class A common stock and Class B common stock vote together as a single voting group,
each share of Class A common stock entitles the holder thereof to one vote and each share
of Class B common stock entitles the holder thereof to 10 votes. When the Class A common
stock or Class B common stock votes as a separate voting group, each share of Class A
common stock or Class B common stock, as the case may be, entitles the holder thereof to
one vote.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>How
Shares are Voted (page&nbsp;</B>[&#149;]<B>)</B> &#150; You may vote by attending the special
meeting and voting in person by ballot, by completing the enclosed proxy card and then
signing, dating and returning it in the postage pre-paid envelope provided or by
completing your proxy by following the instructions supplied on the proxy card for voting
by telephone or via the Internet. Submitting a proxy now will not limit your right to
vote at the special meeting if you decide to attend in person. If your shares are held of
record in &#147;street name&#148; by a broker, nominee, fiduciary or other custodian and
you wish to vote in person at the special meeting, you must obtain from the record holder
a proxy issued in your name. LaSalle Bank will provide Johnson Outdoors 401(k) plan
participants who hold shares of Johnson Outdoors common stock through the plan with forms
on which participants may communicate their voting instructions with respect to those
shares. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Revocation
of Proxies (page </B>[&#149;]<B>)</B> &#150; You may revoke your proxy at any time before it
is actually voted by giving notice in writing to the Secretary of Johnson Outdoors, by
giving notice in open meeting at the special meeting or by submitting a duly executed
proxy bearing a later date. Attendance at the special meeting will not, by itself, revoke
a proxy. If you have given voting instructions to a broker, nominee, fiduciary or other
custodian that holds your shares in &#147;street name,&#148; you may revoke those
instructions by following the directions given by the broker, nominee, fiduciary or other
custodian. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Structure of the
Transaction (page&nbsp;[&#149;]) </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proposed transaction is a merger of JO Acquisition Corp. with and into Johnson Outdoors,
which will be the surviving corporation in the merger. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal steps that will accomplish the transaction are as follows: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Debt
Financing</I>. General Electric Capital Corporation, or GE Capital, has committed,
subject to specified terms and conditions, to provide JO Acquisition Corp. with secured
debt financing for the merger and related fees and expenses, the refinancing of existing
Johnson Outdoors indebtedness, and other corporate purposes. </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2 </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Contribution
of Shares</I>. Immediately prior to the merger, the participating shareholders will
contribute or cause to be contributed to JO Acquisition Corp. shares of Johnson Outdoors
common stock beneficially owned by them, in exchange for shares of common stock of JO
Acquisition Corp., in accordance with a contribution agreement among the participating
shareholders and JO Acquisition Corp. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>The
Merger</I>. Following the finalization of the financing described above and the
satisfaction or waiver of other conditions to the merger, the following will occur in
connection with the merger: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>all
shares of Johnson Outdoors common stock that are held (1)&nbsp;in the treasury of Johnson
Outdoors, (2)&nbsp;by any wholly-owned subsidiary of Johnson Outdoors, (3)&nbsp;by JO
Acquisition Corp. or (4)&nbsp;by any of the participating shareholders will be canceled
and retired without any consideration payable therefor;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>each
other share of Johnson Outdoors common stock issued and outstanding immediately before
the merger becomes effective (other than any share as to which a dissenting shareholder
has perfected dissenters&#146; rights under Wisconsin law) will be converted into the
right to receive $20.10 in cash without interest;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>each
share of JO Acquisition Corp. common stock will be converted into a specified number of
shares of common stock of Johnson Outdoors, as the surviving corporation in the merger;
and  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>each
holder of a vested or unvested stock option at the effective time of the merger issued
under a Johnson Outdoors stock option plan, other than stock options held by Ms.
Johnson-Leipold and the estate of Samuel C. Johnson (which will be converted into options
to acquire an equivalent amount of shares of the surviving corporation in the merger),
will have the right to receive cash in respect of such stock option in an amount equal to
the product of (1) the excess, if any, of the per-share merger consideration of $20.10
over the per-share exercise price of such stock option, multiplied by (2) the number of
shares subject to such stock option (which amount will be payable without interest, net
of any withholding tax and subject to the option holder&#146;s having executed a written
consent on a form provided by Johnson Outdoors to the effect that the cash payment is in
full consideration for the cancellation of such stock option).  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purpose of the Merger
(page [&#149;]) </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors&#146; purpose in undertaking the merger is to allow its unaffiliated public
shareholders to realize the value of their investment in Johnson Outdoors in cash at a
price that represents a premium to the market price of Johnson Outdoors common stock
before the public announcement of the initial proposal by members of the Johnson family to
acquire 100% ownership of Johnson Outdoors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the participating shareholders and JO Acquisition Corp., the purposes of the merger are: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
return Johnson Outdoors' business to private ownership and operate it as a private
company, consistent with the other               Johnson family enterprises;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
afford Johnson Outdoors greater operating flexibility as a privately-held company,
allowing management to concentrate on long-term growth and to reduce its focus on the
quarter-to-quarter performance often emphasized by the public markets; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
enable Johnson Outdoors to use in its operations those resources that would otherwise be
expended in complying with requirements applicable to public companies; and </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3 </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
allow the participating shareholders to benefit from any future earnings and growth of
Johnson Outdoors after its common stock ceases to be publicly traded. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certain Effects of the
Merger (page&nbsp;[&#149;]) </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among
other results of the merger, the shareholders of Johnson Outdoors (other than the
participating shareholders) will no longer have any interest in, and will no longer be
shareholders of, Johnson Outdoors and will not participate in any future earnings or
growth of Johnson Outdoors, and the participating shareholders will own, directly or
indirectly, all of the outstanding shares of Johnson Outdoors. Following the merger,
Johnson Outdoors common stock will no longer be publicly traded, and Johnson Outdoors will
no longer file periodic reports with the Securities and Exchange Commission, or SEC. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Johnson Outdoors&#146; Position as
to the Fairness of the Merger; Recommendations of the Special Committee and the Board of
Directors (pages&nbsp;[&#149;] and [&#149;])</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
certain members of Johnson Outdoors&#146; board of directors have actual or potential
conflicts of interest in evaluating the merger, the board of directors appointed a special
committee of independent directors, consisting of Thomas F. Pyle, Jr., Terry E. London and
John M. Fahey, Jr., to evaluate the merger and make recommendations to the board of
directors with respect to the merger agreement. In view of their potential conflicts of
interest with respect to the merger, Ms. Johnson-Leipold and Gregory E. Lawton, the other
current directors of Johnson Outdoors, recused themselves from the board of
directors&#146; deliberations with respect to the merger and the merger agreement and
abstained from voting on the related resolutions, including the recommendations to Johnson
Outdoors shareholders described in this proxy statement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both
the special committee and the board of directors of Johnson Outdoors, after careful
consideration of numerous factors, have determined that the merger agreement and the
merger are fair to and in the best interests of the unaffiliated shareholders of Johnson
Outdoors. The term &#147;unaffiliated shareholders,&#148; as used in this proxy statement,
refers to shareholders that are not affiliated with Johnson Outdoors and, therefore,
excludes the participating shareholders, JO Acquisition Corp., directors and executive
officers of Johnson Outdoors and any other person who controls, is controlled by or is
under common control with Johnson Outdoors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acting
on the recommendation of the special committee, the board of directors has approved and
adopted the merger agreement and approved the merger. <B>The board of directors, based in
part on the unanimous recommendation of the special committee, recommends that the Johnson
Outdoors shareholders vote FOR the approval of the merger agreement.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Opinion of Financial
Advisor to the Special Committee (page&nbsp;[&#149;]) </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William
Blair &amp; Company, L.L.C. has delivered an opinion to the special committee to the
effect that, as of October&nbsp;28, 2004 and based on and subject to the assumptions,
limitations and qualifications set forth in the opinion, the cash consideration of $20.10
per share to be paid in the merger to the shareholders of Johnson Outdoors other than the
participating shareholders and JO Acquisition Corp. was fair, from a financial point of
view, to such shareholders. The full text of William Blair&#146;s written opinion is
included in this proxy statement as Annex&nbsp;D. You should read the opinion carefully in
its entirety. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the special committee&#146;s engagement of William Blair as its financial
advisor, Johnson Outdoors agreed to pay William Blair fees of $800,000, none of which is
contingent on completion of the merger. Johnson Outdoors also agreed to reimburse William
Blair for its out-of-pocket expenses incurred with its engagement as the special
committee&#146;s financial advisor. </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Position of the Participating
Shareholders and JO Acquisition Corp. as to the Fairness of the Merger (page&nbsp;[&#149;])</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JO
Acquisition Corp. and the participating shareholders believe that the merger is
substantively and procedurally fair to the unaffiliated shareholders of Johnson Outdoors.
In arriving at their position as to the fairness of the merger, JO Acquisition Corp. and
the participating shareholders considered the factors considered by the special committee
of the board of directors discussed in the section entitled &#147;SPECIAL FACTORS&#151;Recommendations
of the Special Committee and the Board of Directors; Reasons for Recommending the
Approval of the Merger Agreement,&#148; as well as the other factors discussed in the
section entitled &#147;SPECIAL FACTORS&#151; Position of the Participating Shareholders
and JO Acquisition Corp. as to the Fairness of the Merger.&#148; </FONT></P>



<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interests of Certain
Persons in the Merger (page [&#149;]) </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
considering the recommendations of the board of directors, you should be aware that
certain of Johnson Outdoors&#146; executive officers and directors have interests in the
transaction that are different from, or are in addition to, the interests of Johnson
Outdoors&#146; shareholders generally. The special committee and the board of directors
were aware of these potential or actual conflicts of interest and considered them along
with other matters when they determined to recommend the merger. These interests, which
are discussed in detail in the section entitled &#147;SPECIAL FACTORS&#151; Interests of
Certain Persons in the Merger,&#148; include the following: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ms.
Johnson-Leipold is Johnson Outdoors&#146; Chairman and Chief Executive Officer and is the
President and Chief Executive Officer of JO Acquisition Corp. Upon consummation of the
merger, it is anticipated that Ms. Johnson-Leipold will continue in the position of
Chairman and Chief Executive Officer of Johnson Outdoors, as the surviving corporation in
the merger; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
participating shareholders will contribute 3,448,113 shares of our Class A common stock
and 1,171,294 shares of our Class B common stock to JO Acquisition Corp. immediately
prior to the merger pursuant to the terms of the contribution agreement in consideration
for an equal number of shares of common stock of JO Acquisition Corp., except that an
aggregate of 450,000 of these Class&nbsp;A shares may instead be transferred to third
parties by the Samuel C. Johnson Trust Number One u/a September&nbsp;14, 1988 in
satisfaction of pecuniary bequests existing on October&nbsp;28, 2004, subject to the
requirement that, contemporaneously with any such transfer, an amount in cash equal to
the product of the number of Class&nbsp;A shares so transferred multiplied by the merger
consideration of $20.10 is contributed to JO Acquisition Corp.; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>upon
consummation of the merger, the Johnson Outdoors stock options held by Ms.
Johnson-Leipold and the estate of Samuel C. Johnson will be converted at the effective
time of the merger into options to acquire an equivalent amount of shares of common stock
of Johnson Outdoors, as the surviving corporation in the merger; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>like
other holders of Johnson Outdoors stock options other than Ms. Johnson-Leipold and the
estate of Samuel C. Johnson (the stock options of which will be converted into options to
acquire an equivalent amount of shares of the surviving corporation in the merger), each
member of management and the board of directors (other than Ms. Johnson-Leipold) who
holds a vested or unvested stock option at the effective time of the merger issued under
a Johnson Outdoors stock option plan will have the right to receive cash in respect of
such stock option in an amount equal to the product of (1) the excess, if any, of the
per-share merger consideration of $20.10 over the per-share exercise price of such stock
option, multiplied by (2) the number of shares subject to such stock option; </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5 </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>it
is expected that the executive officers of Johnson Outdoors immediately prior to the
effective time of the merger will remain executive officers of the surviving corporation
and will continue their employment on the terms in effect immediately prior to the
effective time; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
merger agreement provides that indemnification and insurance arrangements will be
maintained for Johnson Outdoors&#146; directors and officers; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
chairman of the special committee will receive $45,000 and each other member of the
special committee will receive $35,000 in consideration of each member&#146;s service on
the special committee, in each case without regard to whether the special committee
recommends approval of the merger agreement or whether the merger is consummated. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Merger Financing (page
[&#149;]) </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JO
Acquisition Corp. has received a commitment letter from GE Capital, pursuant to which GE
Capital has committed, subject to certain specified conditions discussed elsewhere in this
proxy statement, to enter into definitive agreements to provide financing of up to $142.0
million and &#128;27.0 million . The financing arrangement is expected to consist of a
five-year senior secured North American revolving credit facility of up to $85.0 million
(including a foreign subfacility of up to $5.0 million, which is to be supported by a
guarantee of the Export-Import Bank of the United States), a five-year senior secured
North American term loan of up to $7.0 million, a five-year senior secured European term
loan of up to &#128;27.0 million and a 66-month senior secured second lien term loan of up
to $50 million. Subject to certain limitations, including the absence of adverse tax
consequences, the debt financing will be secured by substantially all of the assets of the
surviving corporation in the merger and its North American subsidiaries, by a pledge of
all of the capital stock of its North American and first-tier foreign subsidiaries and by
certain specified assets of its European subsidiaries. The proceeds of the debt financing
will be used, together with the available cash of Johnson Outdoors, to pay the merger
consideration, to pay related fees and expenses, to refinance certain existing
indebtedness of Johnson Outdoors and to provide for a portion of the ongoing working
capital needs of the surviving corporation and its subsidiaries.&nbsp; </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No Solicitation of
Transactions (page [&#149;]) </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
merger agreement contains restrictions on Johnson Outdoors&#146; ability to solicit or
initiate any inquiries, proposals or offers with respect to any competing transaction.
Johnson Outdoors, the board of directors and/or the special committee may, however, if
specified conditions are satisfied and the board of directors or special committee, as the
case may be, determines in good faith that the failure to take such action would be
inconsistent with its fiduciary obligations to Johnson Outdoors shareholders (other than
participating shareholders), engage in negotiations or discussions with, and provide
information about Johnson Outdoors to, any third party that makes a bona fide unsolicited
acquisition proposal that the special committee in good faith determines constitutes a
superior proposal. The board of directors or special committee may also withdraw or modify
its approval or recommendation of the merger agreement and may approve or recommend a
superior proposal if it determines in good faith that failure to take such action would be
inconsistent with its fiduciary obligations to Johnson Outdoor shareholders (other than
participating shareholders). </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Conditions to Completion
of the Merger (page [&#149;]) </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of Johnson Outdoors and/or JO Acquisition Corp. to complete the merger are
subject to the satisfaction or waiver of various conditions specified in the merger
agreement, including conditions relating to, among other things: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
absence of any order or law which prevents the consummation of the merger, and the
absence of any governmental suit,               action or proceeding seeking to prohibit
the merger;</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6 </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
obtaining of any necessary governmental consents and approvals for the transactions
contemplated under the merger               agreement;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>approval
of the merger agreement by Johnson Outdoors shareholders;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>performance
by the parties of their obligations under the merger agreement;</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
accuracy of the parties' representations and warranties under the merger agreement;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
receipt by the special committee of the opinion contemplated by the commitment letter of
an independent advisor as to               solvency of the surviving corporation;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
submission of letters of resignation by the members of the special committee, effective
as of the effective time of the               merger; and</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>receipt
by JO Acquisition Corp. and/or the surviving corporation (and/or subsidiaries thereof) of
the funding contemplated by the commitment letter, which is subject to a number of
conditions, including the absence of certain material adverse changes in the business or
financial condition or assets of Johnson Outdoors and its North American subsidiaries. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The parties do not have any present
intention to waive any of the conditions to the merger and do not anticipate any
circumstances under which any of the conditions would be waived. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Termination of the
Merger Agreement (page [&#149;]) </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
merger agreement may be terminated at any time prior to the effective time of the merger
by the mutual written consent of Johnson Outdoors, acting under the direction of the
special committee, and JO Acquisition Corp. Either Johnson Outdoors, acting under the
direction of the special committee, or JO Acquisition Corp. may also generally terminate
the merger agreement at any time prior to the effective time of the merger in the event
of: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>failure
to consummate the merger by March 31, 2005;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>court
or other governmental action prohibiting the merger; or</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>failure
to obtain shareholder approval of the merger agreement at the special meeting.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, JO Acquisition Corp. may terminate the merger agreement at any time prior to the
effective time of the merger under specified circumstances relating to: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>failure
of the representations and warranties of Johnson Outdoors in the merger agreement to be
true and correct;</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>failure
of Johnson Outdoors to comply with its obligations under the merger agreement;</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
special committee's withdrawing, modifying or changing its approval or recommendation of
the merger agreement in a               manner adverse to JO Acquisition Corp. or failing
to reconfirm its recommendation of the merger agreement to Johnson               Outdoors
shareholders;</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
special committee recommending to the board of directors or Johnson Outdoors shareholders
an acquisition proposal other               than the merger; or</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
special meeting failing to occur on or prior to the 10th day prior to March 31, 2005.</FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, Johnson Outdoors, acting under the direction of the special committee, may
terminate the merger agreement at any time prior to the effective time of the merger under
circumstances relating to: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>failure
of the representations and warranties of JO Acquisition Corp. in the merger agreement to
be true and correct;</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>failure
of JO Acquisition Corp. to comply with its obligations under the merger agreement; or</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>approval
by the board of directors, acting upon the recommendation of the special committee, of a
superior proposal.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Expenses (page [&#149;]) </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
specified circumstances, if the merger agreement is terminated prior to the effective time
of the merger, Johnson Outdoors must reimburse up to $3&nbsp;million of JO Acquisition
Corp.&#145;s expenses in connection with the merger agreement and the transactions
contemplated by the merger agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Regulatory Approvals and
Requirements (page [&#149;]) </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the merger, Johnson Outdoors will be required to make certain filings
with, and comply with certain laws of, various federal and state governmental agencies. It
is currently expected that no regulatory approvals will be required in order to complete
the merger. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Voting Agreement (page
[&#149;]) </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helen
P. Johnson-Leipold, Imogene P. Johnson, S. Curtis Johnson, Dr. H. Fisk Johnson, Winifred
J. Marquart, JWA Consolidated, Inc., Samuel C. Johnson 1988 Trust Number One u/a
September&nbsp;14, 1988 and Johnson Bank have entered into a voting agreement with JO
Acquisition Corp. covering certain shares of Johnson Outdoors common stock beneficially
owned by them, providing, among other things, for such shares to be voted at the special
meeting in favor of approval of the merger agreement. The voting agreement is attached to
this proxy statement as Annex C. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Litigation Related to
the Merger (page [&#149;]) </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors is aware of two purported class action shareholder complaints that have been
filed in the Circuit Court of Racine County in the State of Wisconsin on behalf of Johnson
Outdoors&#146; shareholders who alleged they were injured or threatened with injury arising
from the proposed acquisition by members of the Johnson family of 100% ownership of
Johnson Outdoors. The actions name Johnson Outdoors and six individual defendants, Samuel
C. Johnson, Helen P. Johnson-Leipold, Thomas F. Pyle, Jr., John M. Fahey, Jr., Terry E.
London, and Gregory E. Lawton, who constituted the board of directors of Johnson Outdoors
at the time the complaints were filed in February 2004. The complaints, which have been
consolidated into a single action, challenge the adequacy of the consideration and
disclosures relating to the proposed transaction. Johnson Outdoors believes that Johnson
Outdoors and the individual defendants have strong defenses to the consolidated action and
does not expect the consolidated action to have a material adverse effect on Johnson
Outdoors or the consummation of the merger. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Federal Income Tax
Consequences (page [&#149;]) </FONT></H1>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
receipt of cash by a United States holder in exchange for Johnson Outdoors common stock
will be a taxable transaction for U.S. federal income tax purposes. In general, United
States holders of Johnson Outdoors common stock who receive cash in exchange for their
shares pursuant to the merger (including any cash received in connection with the exercise
of dissenters&#146; rights) should be deemed to have received cash from Johnson Outdoors
pursuant to a redemption of the shares held by such shareholder. If the deemed redemption
of the shares held by a particular United States holder qualifies as an
&#147;exchange&#148; under section 302(b) of the Internal Revenue Code of 1986, as
amended, which is referred to as the Code in this proxy statement, the United States
holder will recognize gain or loss for U.S. federal income tax purposes equal to the
difference, if any, between the holder&#146;s adjusted tax basis in the shares and the
amount of cash received. If the United States holder holds Johnson Outdoors common stock
as a capital asset, any gain or loss should generally be a capital gain or loss. If the
United States holder has held the shares for more than one year, any gain or loss should
generally be a long-term gain or loss. The deductibility of capital losses is subject to
limitations. Tax matters are very complex, and the tax consequences of the merger to you
will depend on the facts of your own situation. You should consult your tax advisor for a
full understanding of the tax consequences of the merger to you, including the federal,
state, local and foreign tax consequences of the merger. See &#147;SPECIAL
FACTORS&#151;Federal Income Tax Consequences.&#148; </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8 </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certain Risks in the
Event of Bankruptcy (page [&#149;]) </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Johnson Outdoors is insolvent at the time of the merger or becomes insolvent because of
the merger, the funds paid to shareholders upon completion of the merger may be deemed to
be a &#147;fraudulent conveyance&#148; under applicable law and therefore may be subject
to the claims of Johnson Outdoors&#146; creditors. If such claims are asserted by Johnson
Outdoors&#146; creditors, there is a risk that persons who were shareholders at the
effective time of the merger would be ordered by a court to return to Johnson
Outdoors&#146; trustee in bankruptcy all or a portion of the funds received upon the
completion of the merger. The board of directors of Johnson Outdoors has no reason to
believe that Johnson Outdoors and its subsidiaries, on a consolidated basis, will be
insolvent immediately after giving effect to the merger. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dissenters&#146; Rights
(page [&#149;]) </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you do not vote in favor of approval of the merger agreement and you fulfill other
procedural requirements, Wisconsin law entitles you to a judicial appraisal of the fair
value of your shares. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9 </FONT></P>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>QUESTIONS AND ANSWERS
ABOUT THE MERGER </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The
following questions and answers, presented for your convenience only, briefly address some
commonly asked questions about the merger. You should still carefully read the entire
proxy statement, including the information incorporated by reference and the annexes.</I> </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Why
am I receiving these materials?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
board of directors is providing these proxy materials to give you information for use in
determining how to vote in          connection with the special meeting.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>When
and where is the special meeting?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
special meeting will be held on __________________________, 200__ at    _____________
a.m., Central time, at the          ___________________________________________ located
at _______, Wisconsin.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>What
am I being asked to vote upon?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>You
are being asked to consider and vote upon a proposal to approve the merger agreement,
pursuant to which JO Acquisition          Corp. will merge with and into Johnson
Outdoors, with Johnson Outdoors as the surviving corporation in the merger.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Who
can vote on the proposal to approve the merger agreement?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
holders of Johnson Outdoors common stock at the close of business on _______________,
200__, the record date for the special meeting, may vote in person or by proxy on the
proposal to approve the merger agreement at the special meeting. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>What
vote is required to approve the merger agreement?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shareholder
approval of the merger agreement requires the affirmative vote of</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
least 80% of the votes entitled to be cast at the special meeting by shares of Johnson
Outdoors Class A common stock and Class&nbsp;B common stock, voting together as a single
voting group; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
least a majority of the votes entitled to be cast at the special meeting by shares of the
Class A common stock, voting as a separate voting group; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
least a majority of the votes entitled to be cast at the special meeting by shares of the
Class B common stock, voting as               a separate voting group; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
least 66&nbsp;2/3% of the votes entitled to be cast at the special meeting by the holders
of the outstanding shares of Class A common stock and Class&nbsp;B common stock not
beneficially owned by JO Acquisition Corp. or any of the participating shareholders or
any affiliate or associate of JO Acquisition Corp. or any of the participating
shareholders, voting together as a single voting group. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
participating shareholders consist of members of the family of the late Samuel C.
Johnson, together with Johnson Bank and entities through which such family members hold
shares of Johnson Outdoors common stock, who will collectively acquire 100% ownership of
Johnson Outdoors as a result of the merger. The participating shareholders include Helen
P. Johnson-Leipold, Johnson Outdoors&#146; Chairman and Chief Executive Officer, Imogene
P. Johnson, S. Curtis Johnson, Dr. H. Fisk Johnson, Winifred J. Marquart, JWA
Consolidated, Inc., Samuel C. Johnson 1988 Trust Number One u/a September&nbsp;14, 1988
and Johnson Bank. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10 </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>What
will happen in the merger?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JO
Acquisition Corp. will be merged with and into Johnson Outdoors, with Johnson Outdoors
continuing as the surviving          corporation in the merger.  JO Acquisition Corp. was
formed by Johnson Outdoors' Chairman and Chief Executive Officer, Helen          P.
Johnson-Leipold, solely for the purpose of acquiring all of the outstanding shares of
Johnson Outdoors common stock not          already owned or controlled by members of the
family of the late Samuel C. Johnson.  Prior to the merger, the participating
         shareholders will contribute to JO Acquisition Corp. the shares of Johnson
Outdoors common stock that they beneficially          own.  After the merger, Johnson
Outdoors will become a privately-held company owned by the participating shareholders.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>What
will I receive in the merger?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>You
will receive $20.10 in cash in exchange for each share of common stock owned by you at
the effective time of the merger, unless either (1)&nbsp;you are a participating
shareholder or (2)&nbsp;you vote against approval of the merger agreement and perfect
your dissenters&#146; rights under Wisconsin law. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>What
are the reasons for the merger?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Johnson
Outdoors&#146; purpose in undertaking the merger is to allow its unaffiliated public
shareholders to realize the value of their investment in Johnson Outdoors in cash at a
price that represents a premium to the market price of Johnson Outdoors common stock
before the public announcement of the initial proposal by members of the Johnson family
to acquire 100% ownership of Johnson Outdoors. For the participating shareholders and JO
Acquisition Corp., the purposes of the merger are to return Johnson Outdoors&#146; business
to private ownership and operate it as a private entity, consistent with the other
Johnson family enterprises; to afford Johnson Outdoors greater operating flexibility as a
privately-held company, allowing management to concentrate on long-term growth and to
reduce its focus on the quarter-to-quarter performance often emphasized by the public
markets; to enable Johnson Outdoors to use in its operations those resources that would
otherwise be expended in complying with requirements applicable to public companies; and
to allow the participating shareholders to benefit from any future earnings and growth of
Johnson Outdoors after its common stock ceases to be publicly traded. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>What
was the role of the special committee?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Because
certain directors of Johnson Outdoors have actual or potential conflicts of interest in
evaluating the merger, the board of directors appointed a special committee of
independent directors to review and evaluate the proposed merger. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>What
is the recommendation of the special committee?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
special committee has unanimously recommended to Johnson Outdoors&#146; board of
directors that the merger and the merger agreement be approved and adopted. In arriving
at its conclusion, the special committee considered the opinion of William Blair, its
independent financial advisor, that, as of the date of such opinion and based upon and
subject to the limitations, qualifications and assumptions set forth in the opinion, the
cash consideration of $20.10 per share to be paid in the merger to the shareholders of
Johnson Outdoors other than the participating shareholders and JO Acquisition Corp. was
fair, from a financial point of view, to such shareholders. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>What
are the recommendations of the special committee and the board of directors?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>The
board of directors, based in part on the unanimous recommendation of the special
committee, recommends that the Johnson </B><B>Outdoors shareholders vote FOR the approval
of the merger agreement. </B>Both the special committee and the board of directors of
Johnson Outdoors, after careful consideration of numerous factors, have determined that
the merger agreement and the merger are fair to and in the best interests of the
unaffiliated shareholders of Johnson Outdoors. See &#147;SPECIAL FACTORS&#151;Recommendations
of the Special Committee and the Board of Directors; Reasons for Recommending the
Approval of the Merger Agreement&#148; on page&nbsp;[______]. The term &#147;unaffiliated
shareholders,&#148; as used in this proxy statement, refers to shareholders that are not
affiliated with Johnson Outdoors and, therefore, excludes the participating shareholders,
JO Acquisition Corp., the directors and executive officers of Johnson Outdoors and any
other person who controls, is controlled by or is under common control with Johnson
Outdoors. </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11 </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
view of their potential conflicts of interest with respect to the merger, Ms.
Johnson-Leipold and Mr. Lawton recused themselves from the board of directors&#146;deliberations
with respect to the merger and the merger agreement and abstained from voting on the
related resolutions, including the recommendation that Johnson Outdoors shareholders vote
for the approval of the merger agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>What
are the consequences of the merger to present members of management and the board of
directors?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Following
the merger, it is expected that the members of the current management will continue as
management of the surviving corporation. Like other shareholders, members of management
and the board of directors other than Helen P. Johnson-Leipold will be entitled to
receive $20.10 per share in cash for each of their shares of Johnson Outdoors common
stock. The directors who are members of the special committee are required to tender
their resignations effective upon the consummation of the merger. The directors of JO
Acquisition Corp. immediately prior to the effective time of the merger will be the
initial directors of Johnson Outdoors, as the surviving corporation, until their
successors are duly elected and qualified or until their earlier resignation or removal. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Like
other holders of Johnson Outdoors stock options other than Ms. Johnson-Leipold and the
estate of Samuel C. Johnson (the stock options of which will be converted into options to
acquire an equivalent amount of shares of the surviving corporation in the merger), each
member of management and the board of directors (other than Ms. Johnson-Leipold) who
holds a vested or unvested stock option at the effective time of the merger issued under
a Johnson Outdoors stock option plan will have the right to receive cash in respect of
such stock option in an amount equal to the product of (1) the excess, if any, of the
per-share merger consideration of $20.10 over the per-share exercise price of such stock
option, multiplied by (2) the number of shares subject to such stock option (which amount
will be payable without interest, net of any withholding tax and subject to the option
holder&#146;s having executed a written consent on a form provided by Johnson Outdoors to
the effect that the cash payment is in full consideration for the cancellation of such
stock option). </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
For
more information, see &#147;SPECIAL FACTORS&#151;Interests of Certain Persons in the
Merger&#148; on page&nbsp;[&#149;].  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Is
the merger subject to the satisfaction of any conditions?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Yes.
Before completion of the transactions contemplated by the merger agreement, a number of
closing conditions must be satisfied or waived. These conditions are described in this
proxy statement in the section entitled &#147;The Merger Agreement&#151;Conditions to the
Completion of the Merger.&#148; These conditions include, among others, no preliminary or
permanent injunction or other order being entered or remaining in effect which prevents
the consummation of the merger; no suit, action or proceeding by any governmental entity
seeking to prohibit the consummation of the merger being pending; the obtaining of (1)
all consents and approvals, if any, from governmental entities required for consummation
of the transactions contemplated under the merger agreement and (2) all third party
consents listed as part of the merger agreement; and the approval and adoption of the
merger agreement and the merger by the required shareholders of Johnson Outdoors. If
these conditions are not satisfied or waived, the merger will not be completed even if
shareholders vote to adopt the merger agreement. </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12 </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>When
do you expect the merger to be completed?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We
are working toward completing the merger as quickly as possible after the special
meeting. We hope to complete the merger during the first calendar quarter of 2005,
although there can be no assurance that we will be able to do so. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>What
are the U.S. federal income tax consequences of the merger to holders of Johnson Outdoors
stock other than the          participating shareholders?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
receipt of cash by a United States holder in exchange for Johnson Outdoors common stock
will be a taxable transaction for U.S. federal income tax purposes. In general, United
States holders of Johnson Outdoors common stock who receive cash in exchange for their
shares pursuant to the merger (including any cash received in connection with the
exercise of dissenters&#146; rights) should be deemed to have received cash from Johnson
Outdoors pursuant to a redemption of the shares held by such shareholder. If the deemed
redemption of the shares held by a particular United States holder qualifies as an &#147;exchange&#148; under
section 302(b) of the Code, the United States holder will recognize gain or loss for U.S.
federal income tax purposes equal to the difference, if any, between the holder&#146;s
adjusted tax basis in the shares and the amount of cash received. If the United States
holder holds Johnson Outdoors common stock as a capital asset, any gain or loss should
generally be a capital gain or loss. If the United States holder has held the shares for
more than 1 year, any gain or loss should generally be a long-term gain or loss. The
deductibility of capital losses is subject to limitations. <B>Tax matters </B><B>are very
complicated, and the tax consequences of the merger to you will depend on the facts of
your own situation. You are </B><B>urged to consult your own tax advisor with respect to
your own individual tax consequences as a result of the merger.</B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>How
do I vote my Johnson Outdoors stock?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>After
carefully reading and considering the information contained in this proxy statement,
whether or not you plan to attend the special meeting in person, please complete, sign,
date and return the enclosed proxy in the accompanying self-addressed postage pre-paid
envelope or complete your proxy by following the instructions supplied on the proxy card
for voting by telephone or via the Internet (or, if your shares are held in &#147;street
name&#148; by a broker, nominee, fiduciary or other custodian, follow the directions
given by the broker, nominee, fiduciary or other custodian regarding how to instruct it
to vote your shares) as soon as possible. For more information on how to vote your
shares, see the section entitled &#147;THE SPECIAL MEETING&#151;How Shares are Voted;
Proxies; Revocation of Proxies&#148; on page&nbsp;[&#149;]. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>What
happens if I do not return a proxy card?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
you neither vote at the meeting nor grant your proxy as described in this proxy
statement, your shares will not be voted, which will have the effect of voting against
the approval of the merger agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>May
I vote in person?</FONT></TD>
</TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Yes.
You may attend the special meeting and vote your shares in person whether or not you sign
and return your proxy card or complete your proxy by following the instructions supplied
on the proxy card for voting by telephone or via the Internet. If your shares are held of
record in &#147;street name&#148; by a broker, nominee, fiduciary or other custodian and
you wish to vote in person at the special meeting, you must obtain from the record holder
a proxy issued in your name. </FONT></TD>
</TR>
</TABLE>
<BR>




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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13 </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>May
I change my vote after I have mailed my signed proxy card?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Yes.
You may revoke your proxy at any time before it is actually voted by giving notice in
writing to the Secretary of Johnson Outdoors, by giving notice in open meeting at the
special meeting or by submitting a duly executed proxy bearing a later date. Attendance
at the special meeting will not, by itself, revoke a proxy. If you have given voting
instructions to a broker, nominee, fiduciary or other custodian that holds your shares in
&#147;street name,&#148; you may revoke those instructions by following the directions
given by the broker, nominee, fiduciary or other custodian. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
my shares are held in "street name" by my broker, will my broker vote my shares for me?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Your
broker will not be able to vote your shares without instructions from you. You should
instruct your broker to vote your shares, following the procedures provided by your
broker. Failure to instruct your broker to vote your shares will have the same effect as
voting against adoption of the merger agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>What
does it mean if I receive more than one set of materials?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This
means you own shares of Johnson Outdoors stock that are registered under
               different names. For example, you may own some shares directly as a
shareholder                of record and other shares through a broker; or you may own
shares through more                than one broker. In these situations, you will receive
multiple sets of proxy                materials. You must complete, sign, date and return
all of the proxy cards or                follow the instructions for any alternative
voting procedure on each of the                proxy cards that you receive in order to
vote all of the shares you own. Each                proxy card you receive comes with its
own prepaid return envelope; if you vote                by mail, make sure you return
each proxy card in the return envelope that                accompanies that proxy card. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
the merger is completed, how will I receive the cash for my shares?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
the merger is completed, you will be contacted by the bank or trust company
               designated by JO Acquisition Corp. to act as paying agent in connection
with the                merger. The paying agent will provide instructions that will
explain how to                surrender stock certificates. You will receive cash for
your shares from the                paying agent after you comply with these
instructions. If your shares are held                for you in &#147;street name&#148; by
a broker, nominee, custodian or other                fiduciary, you will receive
instructions from the broker, nominee, custodian or                other fiduciary as to
how to effect the surrender of your shares and receive                cash for those
shares. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Should
I send in my stock certificates now?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No.
 If the merger is completed, you will receive written instructions for exchanging your
Johnson Outdoors stock          certificates for cash.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>What
rights do I have to seek appraisal of my shares?</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
you do not vote in favor of approval of the merger agreement, you may seek a judicial
appraisal of the fair value of your shares by following the procedures governing
dissenters&#146; rights specified in Subchapter XIII of the Wisconsin business
corporation law, referred to in this proxy statement as the WBCL. A copy of Subchapter
XIII of the WBCL is included as Annex E to this proxy statement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Q:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Who
can help answer my questions?</FONT></TD>
</TR>
</TABLE>
<BR>




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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14 </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
you would like additional copies, without charge, of this proxy statement or if you have
questions about the merger agreement or the merger, including the procedures for voting
your shares, you should call Innisfree M&amp;A Incorporated, our proxy solicitor for the
special meeting, toll-free at [&#149;]. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15 </FONT></P>





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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORWARD-LOOKING
STATEMENTS </FONT></H1>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
statements in this proxy statement about future expectations, plans and prospects,
including statements regarding consummation of the proposed merger, constitute
forward-looking statements. In some cases, forward-looking statements may be identified by
their incorporation of forward-looking terminology such as &#147;anticipate,&#148;
&#147;believe,&#148; &#147;continue,&#148; &#147;estimate,&#148; &#147;expect,&#148;
&#147;intend,&#148; &#147;may,&#148; &#147;should&#148; or &#147;will&#148; and other
comparable expressions. Forward-looking statements are subject to risks and uncertainties,
which could cause actual results or outcomes to differ materially from those currently
anticipated. Actual results may differ materially from those indicated by such
forward-looking statements as a result of various important factors, including the matters
discussed under &#147;Forward-Looking Statements&#148; in Johnson Outdoors&#146; most
recent annual report filed with the SEC, as well as factors relating to the
proposed merger, including (i) diversion of management attention from the operations of
the business as a result of preparations for the proposed merger and the defense of
litigation in connection the proposed merger and (ii) the cost of litigation and other
transaction related expenses that are expected to be incurred regardless of whether the
proposed merger is consummated. Shareholders, potential investors and other readers are
urged to consider these factors in evaluating the forward-looking statements and are
cautioned not to place undue reliance on such forward-looking statements. The
forward-looking statements included herein are made only as of the date of this proxy
statement, and Johnson Outdoors undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or circumstances. Notwithstanding
the foregoing, in the event of any material change in any of the information previously
disclosed, Johnson Outdoors will, where relevant and if required by applicable law, (i)
update such information through a supplement to this proxy statement and (ii) amend the
Transaction Statement on Schedule 13E-3 filed in connection with the merger, in each case,
to the extent necessary. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16 </FONT></P>




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<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SPECIAL FACTORS </FONT></H1>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Structure of the
Transaction </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proposed transaction is a merger of JO Acquisition Corp. with and into Johnson Outdoors,
which will be the surviving corporation in the merger. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal steps that will accomplish the merger are as follows: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Debt
Financing</I>. JO Acquisition Corp. has received a commitment letter from GE Capital,
pursuant to which GE Capital has committed, subject to certain conditions, to enter into
definitive agreements to provide financing of up to $142.0 million and &#128;27.0 million,
which will be used, together with the available cash of Johnson Outdoors, to pay the
merger consideration, to pay related fees and expenses, to refinance certain existing
indebtedness of Johnson Outdoors and to provide for a portion of the ongoing working
capital needs of the surviving corporation and its subsidiaries. Subject to certain
limitations, the debt financing will be secured by substantially all of the assets of the
Johnson Outdoors, as the surviving corporation in the merger, its North American
subsidiaries, by a pledge of all of the capital stock of its domestic subsidiaries and
first-tier foreign subsidiaries, and by certain specified assets of its European
subsidiaries. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Contribution
of Shares</I>. Immediately prior to the merger, the participating shareholders will
contribute or cause to be contributed to JO Acquisition Corp. shares of Johnson Outdoors
common stock beneficially owned by them, in exchange for shares of common stock of JO
Acquisition Corp. See &#147;CONTRIBUTION AND VOTING AGREEMENTS&#151;Contribution
Agreement.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The
Merger</I>. Following the receipt of the financing described above and the satisfaction or
waiver of other conditions to the merger, the following will occur in connection with the
merger: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>all
shares of Johnson Outdoors common stock that are held (1)&nbsp;in the treasury of Johnson
Outdoors, (2)&nbsp;by any wholly-owned subsidiary of Johnson Outdoors, (3)&nbsp;by JO
Acquisition Corp. or (4)&nbsp;by any of the participating shareholders will be canceled
and retired without any consideration payable therefor; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>each
other share of Johnson Outdoors common stock issued and outstanding immediately before
the merger becomes effective (other than any share as to which a dissenting shareholder
has perfected dissenters&#146; rights under Wisconsin law) will be converted into the
right to receive $20.10 in cash without interest; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>each
share of JO Acquisition Corp. common stock will be converted into a specified number of
shares of common stock of Johnson Outdoors, as the surviving corporation in the merger; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>each
holder of a vested or unvested stock option at the effective time of the merger issued
under a Johnson Outdoors stock option plan, other than stock options held by Ms.
Johnson-Leipold and the estate of Samuel C. Johnson, will have the right to receive cash
in respect of such stock option in an amount equal to the product of (1) the excess, if
any, of the per-share merger consideration of $20.10 over the per-share exercise price of
such stock option, multiplied by (2) the number of shares subject to such stock option
(which amount will be payable without interest, net of any withholding tax and subject to
the option holder&#146;s having executed a written consent on a form provided by Johnson
Outdoors to the effect that the cash payment is in full consideration for the
cancellation of such stock option); and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
the effective time of the merger, Johnson Outdoors stock options held by Ms.
Johnson-Leipold and the estate of Samuel C. Johnson will be converted into options to
acquire an equivalent amount of shares of the surviving corporation in the merger
pursuant to the terms of a conversion agreement to be entered into by Johnson Outdoors,
JO Acquisition Corp., Ms. Johnson-Leipold and the estate of Samuel C. Johnson. </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>See "THE MERGER AGREEMENT."  As a
result of the merger: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
shareholders of Johnson Outdoors (other than the participating shareholders) will no
longer have any interest in, and will no longer be shareholders of, Johnson Outdoors and
will not participate in any future earnings or growth of Johnson Outdoors; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
participating shareholders will own, directly or indirectly, all of the outstanding
shares of Johnson Outdoors;</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>shares
of Johnson Outdoors Class A common stock will no longer be listed on the Nasdaq Stock
Market, and price quotations with respect to sales of shares of Johnson Outdoors common
stock in the public market will no longer be available; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
registration of Johnson Outdoors Class A common stock under the Securities Exchange Act
of 1934, or Exchange Act, will be terminated, and Johnson Outdoors will cease filing
reports with the SEC. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Board
of Directors of Johnson Outdoors</I>. The board of directors of Johnson Outdoors after the
completion of the merger will initially consist of Ms. Johnson-Leipold. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
additional details regarding the terms and structure of the debt financing, the merger and
interests of the participating shareholders in the transaction, see &#147;SPECIAL
FACTORS&#151;Merger Financing,&#148; &#147;SPECIAL FACTORS&#151;Interests of Certain
Persons in the Merger&#148; and &#147;THE MERGER AGREEMENT.&#148; </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purpose and Reasons for
the Merger </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Johnson Outdoors&#146; purpose in undertaking the merger is to allow its unaffiliated
public shareholders to realize the value of their investment in Johnson Outdoors in cash
at a price that represents a premium to the market price of Johnson Outdoors common stock
before the public announcement of the initial proposal by members of the Johnson family to
acquire 100% ownership of Johnson Outdoors. The special committee and the board of
directors of Johnson Outdoors believe, based upon the reasons discussed under
&#147;SPECIAL FACTORS&#151;Recommendations of the Special Committee and the Board of
Directors; Reasons for Recommending the Approval of the Merger Agreement,&#148; that the
merger is fair to and in the best interests of unaffiliated shareholders of Johnson
Outdoors. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
participating shareholders and JO Acquisition Corp. intend to effect the merger to acquire
all of the outstanding shares of common stock of Johnson Outdoors not already owned by the
participating shareholders and JO Acquisition Corp. The merger will allow the
participating shareholders and JO Acquisition Corp. to return Johnson Outdoors&#146;
business to private ownership and operate it as a private company, consistent with the
other Johnson family enterprises.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
participating shareholders and JO Acquisition Corp. have determined to pursue the merger
at this time and believe that it is best for Johnson Outdoors to operate as a
privately-held entity for several reasons.  In early 2003, when Samuel C. Johnson and his
daughter, Ms. Johnson-Leipold, began to consider the possibility of a transaction in
which the Johnson family would obtain 100% ownership of Johnson Outdoors, through the
time of their initial proposal in February 2004, requirements under the Sarbanes-Oxley
Act of 2002, which was enacted July 30, 2002, and related rules and regulations
subsequently adopted by the SEC and The Nasdaq Stock Market, Inc., had significantly
increased Johnson Outdoors&#146; cost of operating as a public company and the time devoted by
its management and other employees to matters related exclusively to Johnson Outdoors
being a public company.  The participating shareholders and JO Acquisition Corp. believe
that the higher compliance costs and increased management time commitments relating to
public-company matters as a result of the Sarbanes-Oxley Act will be reduced or
eliminated through Johnson Outdoors&#146; becoming a private company.  The participating
shareholders and JO Acquisition Corp. believe that in light of these increased costs and
the historically small public float and low trading volume for the shares of Johnson
Outdoors common stock, the benefits to Johnson Outdoors of having publicly-traded
securities do not  outweigh the expenses and other requirements imposed on Johnson
Outdoors as a public company.  In light of the increased cost of Johnson Outdoors&#146; remaining
a public company and the advantages, discussed below, of Johnson Outdoors operating as a
private company, the participating shareholders and JO Acquisition Corp. have determined
that it is an appropriate time to return the company to private ownership, consistent
with the other Johnson family enterprises.  Moreover, the participating shareholders and
JO Acquisition Corp. believed that it was an appropriate time to seek financing in light
of the favorable interest rate environment. </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the constraint of the public market&#146;s emphasis on quarterly earnings, especially
quarterly earnings growth, and its reaction to public events, the participating
shareholders and JO Acquisition Corp. believe that Johnson Outdoors will have greater
operating flexibility to focus on enhancing long-term value. The participating
shareholders and JO Acquisition Corp. believe that an emphasis on long-term growth rather
than short-term earnings could eventually result in greater business opportunities than
would be available to Johnson Outdoors if it remained publicly held. For example, the
participating shareholders and JO Acquisition Corp. believe that, as a privately-held
entity, Johnson Outdoors will be able to make decisions that may negatively affect
quarterly earnings but that may increase the value of Johnson Outdoors&#146; assets or
earnings over the long term. In a public-company setting, decisions that negatively
affect earnings could significantly reduce per share price if analysts&#146; short-term
earnings expectations are not met or exceeded. Further, the general level of confidence
(or lack thereof) in the stock markets will no longer affect Johnson Outdoors&#146; stock
price. </FONT></P>







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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
Johnson Outdoors, becoming a private company is expected to reduce or eliminate certain
costs which relate to its being a public company, including legal costs, insurance costs,
the costs of certain accounting and auditing activities and internal controls, the cost
of annual meetings, the cost of preparing, printing and mailing corporate reports and
proxy statements, the expense of a transfer agent and the cost of investor relations
activities. Cost savings from Johnson Outdoors' becoming a private company are expected
to be at least $700,000 in the first full fiscal year following the merger, including
reductions in professional fees. Following the merger, at such time as Johnson Outdoors
is no longer subject to the reporting requirements of the Exchange Act, Johnson Outdoors
will be able to eliminate a good portion of the time devoted by its management and some
of its other employees to matters that relate exclusively to Johnson Outdoors being a
public company. As a result, the participating shareholders and JO Acquisition Corp.
believe that Johnson Outdoors will be better able as a private company to focus its
resources on its business and operations than it is as a public company. The
participating shareholders and JO Acquisition Corp. believe that the merger advances
these objectives.  </FONT></P>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the foregoing factors, the participating shareholders and JO Acquisition Corp.
considered the following positive factors: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
participating shareholders will benefit from any future earnings and growth of Johnson
Outdoors after it ceases to be                   publicly traded; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>information
concerning Johnson Outdoors and its operations, financial results and directors and
officers will no longer be available to competitors. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
participating shareholders and JO Acquisition Corp. also considered the following negative
factors: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>as
a result of the merger and related transactions, the participating shareholders&#146; investment
in Johnson Outdoors will represent an illiquid investment in the stock of a private
company; </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>following
the merger the participating shareholders will bear the sole burden for any future losses
or decrease in                   enterprise value; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Johnson
Outdoors&#146; debt level and interest expense will increase substantially due to the
additional financing necessary to complete the merger. See &#147;SPECIAL FACTORS&#151;Merger
Financing.&#148;</FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
participating shareholders and JO Acquisition Corp. ultimately concluded that the
potential detriments of the merger to them were outweighed by the potential benefits of
the merger to them. </FONT></P>




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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Background of the Merger </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors became a public company in October&nbsp;1987, when it completed an initial public
offering of shares of its Class&nbsp;A common stock. Since the initial public offering,
members of the Samuel C. Johnson family and related entities, through their ownership of
Class&nbsp;A and Class&nbsp;B common stock, have continued to own a majority equity
interest in Johnson Outdoors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
late 2002, Samuel C. Johnson and his daughter, Ms. Johnson-Leipold, began to consider the
impact on the growth potential of Johnson Outdoors&#146; business of the then-recently
enacted securities legislation, in particular the Sarbanes-Oxley Act of 2002, and other
recently implemented regulations, corporate governance standards and procedural controls.
Mr. Johnson and Ms. Johnson-Leipold considered whether the continuing costs associated
with Johnson Outdoors&#146; operating as a public company, including the time devoted by
its management and some of its other employees to public-company matters, outweighed the
benefits to Johnson Outdoors of being a public company. Mr. Johnson and Ms.
Johnson-Leipold also discussed the historically small public float of Johnson Outdoors&#146; common
stock and the desirability of Johnson Outdoors operating as a private company, consistent
with the other Johnson family enterprises.  See &#147;SPECIAL FACTORS&#151;Purpose and
Reasons for the Merger.&#148; </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of this assessment, Mr. Johnson and Ms. Johnson-Leipold began to discuss the
possibility of pursuing a transaction in which the Johnsons would acquire ownership of
100% of the outstanding common stock of Johnson Outdoors. On several occasions in the
spring and early summer of 2003, the Johnsons discussed the possibility of pursuing such a
transaction with McDermott Will &amp; Emery LLP, counsel to Mr. Johnson and Ms.
Johnson-Leipold. Mr. Johnson and Ms. Johnson-Leipold considered how such a transaction
might be financed, and concluded that bank financing was the most feasible strategy
consistent with their desire to acquire ownership of 100% of Johnson Outdoors&#146;
capital stock. See &#147;SPECIAL FACTORS - Alternatives to the Merger.&#148;</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Between
May and early July of 2003, Mr. Johnson, Ms. Johnson-Leipold and Roy T. George, Vice
President of J Venture Management, Inc., the Johnsons&#146; management company, conducted
interviews with four investment banks to act as their financial advisor in connection
with a possible transaction to acquire ownership of 100% of Johnson Controls&#146; capital
stock. On July 17, 2003, J Venture Management, Inc. engaged Valuemetrics Capital, L.L.C.
to act as its exclusive financial advisor to assist in exploring the feasibility of a
possible transaction with Johnson Outdoors.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over
the next several weeks and months, Mr. Johnson, Ms. Johnson-Leipold and their advisors
discussed the alternative structures, feasibility and financing of a possible transaction
to acquire ownership of 100% of the outstanding common stock of Johnson Outdoors. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
September and October of 2003, at Mr. Johnson and Ms. Johnson-Leipold&#146;s request, Mr.
George and Valuemetrics began to engage in preliminary discussions with potential
financing sources regarding the terms and structure of financing of a possible transaction
with Johnson Outdoors, which preliminary discussions continued over the next weeks and
months. </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20 </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During
the months of September 2003 to December 2003, the Johnsons and their advisors held
periodic discussions regarding the feasibility of a possible transaction to acquire
ownership of 100% of Johnson Outdoors capital stock and the results of the preliminary
discussions with potential financing sources.  On October 21, 2003, the Johnsons met with
Mr. George and representatives of Valuemetrics and McDermott Will &amp; Emery.
 Representatives of Valuemetrics reviewed their analysis of financing alternatives for a
potential transaction, including a financing structure consisting exclusively of senior
debt and a financing structure that included a subordinated, mezzanine component.
 Valuemetrics provided an update to the Johnsons regarding preliminary feedback from
potential financing sources.  The advisors also discussed with the Johnsons the process
which a board of directors of a publicly traded company might be anticipated to follow in
response to a proposal by the Johnsons to acquire ownership of 100% of Johnson Outdoors
capital stock.  The advisors discussed the possible formation by Johnson Outdoors&#146; board
of directors of a special committee of independent directors to consider such a proposal.
 The advisors explained that a special committee would likely retain its own legal and
financial advisors and described the various analyses that a special committee&#146;s
financial advisor would likely undertake to assist the special committee in evaluating
the fairness of a transaction based on such a proposal.  </FONT></P>









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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ms.   Johnson-Leipold
advised the other members of the board of directors of Johnson           Outdoors in
December 2003 that she and Mr. Johnson were exploring the           possibility of making
an offer to return Johnson Outdoors to private ownership.  </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December 18, 2003, Ms. Johnson-Leipold met with Mr. George and representatives of
Valuemetrics, with representatives of McDermott Will &amp; Emery participating via
teleconference.  At the meeting, representatives of Valuemetrics reviewed with Ms.
Johnson-Leipold draft discussion materials prepared in advance of the meeting regarding
the various analyses that they believed may be performed by a special committee financial
advisor to evaluate the fairness of any consideration offered in a proposed transaction.
 Valuemetrics reviewed which of these analyses it believed would be appropriate, and the
possible consideration ranges that those analyses might yield based on their review of
Johnson Outdoors&#146; financial information.  Valuemetrics also provided Ms. Johnson-Leipold
with an update on the feedback received from potential financing sources.  Valuemetrics
reviewed with Ms. Johnson-Leipold their analysis of potential covenant restrictions under
alternative financing scenarios. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.
Johnson and Ms. Johnson-Leipold considered the possibility of structuring the transaction
as a tender offer or a negotiated merger.  The Johnsons determined that a negotiated
merger would be preferable.  The Johnsons believed that there would be a higher degree of
certainty of being able to successfully complete the transaction as a negotiated merger.
 The negotiated merger required only one step, rather than the two steps that would have
been required if a tender offer were to be employed.  Moreover, the merger structure
could be coordinated with the timing of the proposed debt financing for the acquisition.
 The Johnsons also considered Sections 180.1140 through 180.1144 of the WBCL, which
restrict certain business combinations, and determined that it would be appropriate to
request the prior approval of the board of directors before the Johnson family or related
persons made any future acquisition or deemed acquisition of beneficial ownership of
Johnson Outdoors voting stock. </FONT></P>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
January&nbsp;2004, at the request of Mr. Johnson and Ms. Johnson-Leipold, the board of
directors adopted a resolution approving any future acquisition or deemed acquisition of
beneficial ownership of Johnson Outdoors voting stock by members of the Johnson family or
related persons and any other future action or event that would result in such persons
becoming an &#147;interested stockholder&#148; for purposes of Section&nbsp;180.1141 of
the WBCL. The resolution was adopted to preserve the ability of the board of directors to
seek to maximize shareholder value by avoiding the application to any potential business
combination involving Johnson Outdoors and members of the Johnson family or related
persons of the WBCL&#146;s three-year prohibition on business combinations with interested
stockholders. The approval of this resolution was subject to the condition that any
business combination between Johnson Outdoors, on the one hand, and any Johnson family
members or related persons that become &#147;interested stockholders,&#148; on the other
hand, would have to be approved either by a majority of the disinterested members of the
board of directors or by the affirmative vote of Johnson Outdoors&#146; shareholders
representing a majority of the votes entitled to be cast by holders of voting stock not
beneficially owned by the interested stockholders. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over
the course of the first two and one-half weeks of February 2004, the Johnsons and Mr.
George held frequent discussions with Valuemetrics and McDermott Will &amp; Emery regarding
the timing and terms of a possible proposal by the Johnsons to acquire 100% of Johnson
Outdoors&#146; capital stock and the status of the ongoing preliminary discussions with
potential financing sources. The Johnsons and their advisors also discussed the process
by which a formal proposal could be made to the board of directors. </FONT></P>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;20, 2004, Mr. Johnson and Ms. Johnson-Leipold sent the board of directors a
letter proposing that an entity to be formed by them acquire, through a merger with
Johnson Outdoors, all of the outstanding shares of Johnson Outdoors common stock not
already owned by them or related persons for $18&nbsp;per share in cash. The letter stated
that Mr. Johnson and Ms. Johnson-Leipold had engaged an investment banker and had received
indications of interest from nationally recognized lending institutions with respect to
financing that, together with amounts available from Johnson Outdoors&#146; existing
funds, Mr. Johnson and Ms. Johnson-Leipold believed would be sufficient to meet the needs
of the proposed transaction and to operate the business going forward, subject to the
completion of satisfactory due diligence. The letter stated that it did not constitute a
firm or binding offer, that Mr. Johnson and Ms. Johnson-Leipold were prepared to leave
their proposal open until March&nbsp;22, 2004 and that they reserved the right to amend or
withdraw their proposal at any time prior to execution of a definitive merger agreement.
The letter also stated that Mr. Johnson and Ms. Johnson-Leipold did not have any interest
in selling their Johnson Outdoors shares and therefore would not support an alternative
transaction. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
response, the board of directors on February&nbsp;20, 2004 appointed a special committee
of independent directors, consisting of Thomas F. Pyle, Jr., Terry E. London and John M.
Fahey, Jr., to evaluate the proposal, to conduct negotiations with respect to the proposal
and, in its discretion, to recommend approval or disapproval of the proposal and ultimate
terms thereof to the board of directors. In consideration of the expected time and other
commitments that would be required of special committee members generally and the chairman
of the special committee in particular, the board of directors determined that the
chairman of the special committee would receive $45,000 and each other member of the
special committee would receive $35,000, plus, in each case, reimbursement of expenses
incurred in connection with service on the special committee. The compensation to be paid
to the members of the special committee was not made contingent upon the completion of any
transaction or on any favorable recommendation by the special committee. The members of
the special committee elected Mr. Pyle to serve as chairman of the committee. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;20, 2004, Johnson Outdoors issued a press release announcing receipt of the
proposal from Mr. Johnson and Ms. Johnson-Leipold and the formation of the special
committee. The press release also stated that the annual meeting of Johnson Outdoors
shareholders, scheduled for February&nbsp;25, 2004, would be adjourned to a date to be
announced, and that supplementary proxy materials would be mailed to shareholders the
following week. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February 23, 2004, a purported class action shareholder complaint was filed in the Circuit
Court of Racine County in the State of Wisconsin on behalf of Johnson Outdoors&#146;
shareholders naming as defendants the members of the board of directors of Johnson
Outdoors and challenging the adequacy of the consideration and disclosures relating to the
proposal. A second complaint raising similar claims was filed on March 4, 2004. See
&#147;SPECIAL FACTORS&#151;Litigation Related to the Merger.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;25, 2004, Johnson Outdoors announced that the annual meeting of shareholders
would be reconvened on March&nbsp;9, 2004. On February&nbsp;26, 2004, Johnson Outdoors
mailed to shareholders a supplement to the proxy statement for the annual meeting,
describing the proposal by Mr. Johnson and Ms. Johnson-Leipold and stating that the
proposal would not be considered or acted upon at the annual meeting. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;25, 2004, the special committee conducted interviews with three law firms to
discuss their possible engagement to represent the special committee. As a result of these
interviews, the special committee decided to retain Skadden, Arps, Slate, Meagher &amp;
Flom LLP as its legal advisor, based, among other considerations, on that firm&#146;s
expertise in mergers and acquisitions and securities law, as well as its experience in
representing special committees of boards of directors of public companies in
going-private transactions. The special committee confirmed that Skadden, Arps had no
conflicts of interest with regard to representing the special committee in a transaction
involving Johnson Outdoors, members of the Johnson family and related persons. The special
committee also interviewed three investment banks to serve as an independent financial
advisor to assist in the special committee&#146;s evaluation of and, if deemed
appropriate, negotiations with respect to the Johnson family proposal. These interviews
covered each candidate investment bank&#146;s experience in similar engagements, knowledge
of Johnson Outdoors and the outdoor recreation products industry, fees and fee structures,
potential conflicts and various other matters. Based on these discussions, the special
committee made a tentative determination to select William Blair &amp; Company, L.L.C. as
its financial advisor. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
its meeting on March&nbsp;8, 2004, the special committee formalized the engagements of
Skadden, Arps and William Blair. Representatives of Skadden, Arps and William Blair
attended the meeting. Skadden, Arps provided the special committee with a detailed
overview of the fiduciary duties of directors under Wisconsin law and Johnson
Outdoors&#146; articles of incorporation and bylaws as members of the special committee in
the context of a proposed sale of Johnson Outdoors, in general, and the Johnsons&#146;
proposal, in particular. In addition, Skadden, Arps reported that it had engaged in
discussions with McDermott Will &amp; Emery concerning a non-disclosure agreement and a
communications protocol that would govern the due diligence process undertaken by
representatives of Mr. Johnson and Ms. Johnson-Leipold and their potential financing
sources in connection with the proposal. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the ensuing weeks, a non-disclosure agreement and a communications protocol between
Johnson Outdoors and Mr. Johnson and Ms. Johnson-Leipold were negotiated.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shortly
after the special committee&#146;s March&nbsp;8 meeting, Johnson Outdoors began providing
financial and other due diligence information to William Blair. During the next several
months, William Blair continued to evaluate the financial and other diligence information
regarding Johnson Outdoors. Also, a legal due diligence review of Johnson Outdoors was
commenced on behalf of the special committee, which review continued through the next
several months. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencing
in early March and continuing through April, 2004, Ms. Johnson-Leipold, Mr. George and
Valuemetrics held a series of meetings with a number of the prospective lenders with which Mr.
George and Valuemetrics had engaged in preliminary discussions to further explore the
terms and structure of a possible financing. During this period, the prospective lenders
also engaged in preliminary due diligence. Following these meetings and throughout May
2004, the Johnsons&#146; advisors engaged in further discussions with the prospective
lenders that expressed a continuing interest in providing financing for the proposed
transaction.</FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;16, 2004, the special committee met with representatives of Skadden, Arps and
William Blair. Representatives of Skadden, Arps reported that Johnson Outdoors, J Venture
Management, Inc., Mr. Johnson and Ms. Johnson-Leipold had agreed to the non-disclosure
agreement and communications protocol giving the special committee oversight with respect
to the release by Johnson Outdoors of information to Mr. Johnson and Ms. Johnson-Leipold,
their advisors and their potential financing sources. The special committee agreed that it
would be unrealistic for the committee to respond to the Johnsons&#146; proposal by the
March&nbsp;22 expiration date and directed Mr. Pyle to explore a more extended timetable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
discussions between Mr. Pyle and Ms. Johnson-Leipold, on March 18, 2004, Ms.
Johnson-Leipold delivered to the special committee a letter stating that she and Mr.
Johnson would extend the effectiveness of their proposal for an additional 60 days.
Johnson Outdoors issued a press release on the same day disclosing the extension of the
deadline. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;19, 2004, the special committee met and received an update from Skadden, Arps
regarding discussions with McDermott Will &amp; Emery regarding the proposal and related
matters and from William Blair regarding progress relating to its due diligence. Between
March&nbsp;19 and March&nbsp;24, 2004, representatives of William Blair met with Johnson
Outdoors management and provided the special committee with a preliminary draft of
discussion materials relating to the proposal. Skadden, Arps provided the special
committee and William Blair with a memorandum regarding a preliminary valuation of
Johnson Outdoors ranging from approximately $20.00 to $25.56 per share prepared by a
third party, VALUE Incorporated, based on publicly-available information. See &#147;SPECIAL
FACTORS - VALUE Incorporated Memorandum.&#148; This valuation had been prepared at the
direction of the plaintiffs in the litigation involving Johnson Outdoors and its
directors relating to the proposal. During this period, Mr. Pyle met to discuss
procedural matters with Mr. George of J Venture Management. Mr. George, together with
Valuemetrics, had been designated by Mr. Johnson and Ms. Johnson-Leipold to negotiate on
their behalf with respect to the proposal.  </FONT></P>





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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
special committee met on March 24, 2004, with representatives of Skadden, Arps and
William Blair in attendance. William Blair reviewed with the special committee the
previously distributed preliminary draft discussion materials. The preliminary draft
discussion materials prepared by William Blair addressed:  (1) implied transaction
multiples based on a purchase price of $18.00 per share; (2) business, financial and
public market information relating to Johnson Outdoors, including a review of projected
financial information prepared by Johnson Outdoors&#146; management, which is referred to as
the management forecast, (3) an alternative forecast considered by William Blair to
account for the shortfall between historical and budgeted earnings before interest and
taxes (commonly referred to as &#147;EBIT&#148;), in the last three fiscal years, which is referred
to as the alternative forecast, and (4) preliminary valuation ranges and multiples
relating to Johnson Outdoors and the proposal based on multiples of earnings before
interest, taxes, depreciation and amortization (commonly referred to as &#147;EBITDA&#148;), EBIT
and net income of comparable public companies, multiples paid in selected precedent
transactions, premiums paid in selected precedent transactions, estimates of present
value of enterprise value and per share equity value using discounted cash flows based on
the management forecast and the alternative forecast and possible enterprise values and
per share equity values attainable in a leveraged buyout based on the management forecast
and the alternative forecast. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March 29, 2004, the special committee met with representatives of Skadden, Arps and
William Blair. Representatives of William Blair reviewed with the special committee
revised draft discussion materials prepared by them relating to the proposal. These draft
discussion materials refined and updated the preliminary valuation analyses included in
the draft discussion materials presented to the special committee on March 24, 2004. The
meeting participants also discussed the preliminary valuation of Johnson Outdoors
prepared by VALUE Incorporated. The special committee concluded that the current offer of
$18 per share was inadequate and instructed William Blair to meet, on behalf of the
special committee, as soon as possible with Valuemetrics and Mr. George to engage in
further discussions. </FONT></P>






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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;14, 2004 and again on April&nbsp;19, 2004, representatives of William Blair
informed Mr. George and Valuemetrics of the special committee&#146;s view as to the
inadequacy of the proposed $18 per share price. William Blair indicated that the special
committee would be receptive to considering a revised proposal at a higher price, but no
target price was identified. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
special committee met on April&nbsp;20, 2004. William Blair reviewed with the special
committee its discussions with Mr. George and Valuemetrics. The special committee directed
Mr. Pyle and William Blair to continue the discussions. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Between
April 20 and May 5, 2004, Mr. Pyle and William Blair, on behalf of the special committee,
held several discussions with Mr. George and Valuemetrics to discuss the proposal. Mr.
Pyle informed Mr. George that the special committee would not approve a transaction at a
price below market and noted that, in recent weeks, closing prices for Johnson Outdoors
common stock on the Nasdaq National Market had been around $19.50 per share. During this
period, Mr. George held discussions with the Johnsons and Valuemetrics to discuss the
special committee&#146;s position with respect to the proposed price.  The Johnsons and their
advisors also discussed the potential impact on the proposal of Johnson Outdoors&#146; acquisition
from Teleflex Incorporated of Techsonic Industries Inc., a maker of underwater sonar and
video viewing and global positioning system technologies, for a cash purchase price of
$28 million, which was anticipated to occur in the near future.  The advisors discussed
the use of Johnson Outdoors&#146; financial resources to consummate the acquisition and the
apparent premium to be paid for Techsonic, as well as the continued feasibility of
obtaining financing for the merger. </FONT></P>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May 5, 2004, at the request of Mr. Johnson and Ms. Johnson-Leipold, Valuemetrics advised
William Blair that the Johnsons were willing to raise their proposed price to $19.10 per
share. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24 </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May 5, 2004, Johnson Outdoors completed the Techsonic acquisition, which added the
Humminbird&reg; brand to Johnson Outdoors&#146; marine electronics group portfolio. In its May 6,
2004 announcement of the Techsonic acquisition, Johnson Outdoors stated that the
acquisition was anticipated to be accretive to cash flow and earnings in the first full
fiscal year of ownership (fiscal 2005). </FONT></P>







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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May 11, 2004, Mr. Pyle met with Mr. George, and Mr. Pyle informed Mr. George of the
special committee&#146;s desire for a further increase in the price offered by the Johnsons.
Following the meeting, Mr. George held a telephonic meeting with Ms. Johnson-Leipold and
representatives of Valuemetrics to discuss the special committee&#146;s request for a further
increase in the proposed merger price.  Thereafter, Mr. George notified Mr. Pyle that the
Johnsons would be willing to raise their proposed price to $20.10. Mr. George also stated
that, given the cash price at which Johnson Outdoors had acquired Techsonic and their
belief that such a cash price included a premium that fully reflected the anticipated
accretive effects of the Techsonic acquisition, the Johnsons would not be willing to pay
a higher price for Johnson Outdoors common stock based on the anticipated accretive
effects of the Techsonic acquisition. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May 14, 2004, the special committee met, and Mr. Pyle reported to the special committee
on the results of the recent negotiations. Representatives of William Blair presented,
and the special committee discussed, revised draft discussion materials reflecting
Johnson Outdoors&#146; acquisition of Techsonic. These revised draft discussion materials
refined and updated the preliminary valuation analyses included in the draft discussion
materials presented to the special committee on March 29, 2004 to reflect, among other
things, the proposed purchase price of $20.10 per share, the acquisition of Techsonic,
current financial information relating to Johnson Outdoors and current public market
information relating to the preliminary valuation analyses. Skadden, Arps reviewed again
the fiduciary duties of the special committee members under Wisconsin law and Johnson
Outdoors&#146; articles of incorporation and bylaws in the context of a proposed sale of
Johnson Outdoors, in general, and the Johnsons&#146;proposal, in particular. The special
committee instructed Mr. Pyle to seek an increase in the Johnsons&#146; proposed price of
$20.10 per share and to raise with the Johnsons&#146; representatives certain matters to
be included in a proposed merger agreement. Later that day, McDermott Will &amp; Emery
delivered a draft merger agreement to Skadden, Arps. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the week of May&nbsp;17, 2004, Mr. Pyle discussed with Mr. George the special committee&#146;s
desire that the proposed merger consideration be increased to more than $20.10 per share.
In the evening of May&nbsp;17, 2004, the special committee met with representatives of
Skadden, Arps. Skadden, Arps reviewed with the special committee key issues in the draft
merger agreement. The draft merger agreement included a financing condition, but the
special committee had received no recent indication from Mr. Johnson, Ms. Johnson-Leipold
or Mr. George as to the status of financing for their proposal. The special committee
directed Skadden, Arps to respond to the draft merger agreement with the special committee&#146;s
comments, and to inquire of McDermott Will &amp; Emery as to the status of efforts to
obtain financing.  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;21, 2004, Ms. Johnson-Leipold delivered to the special committee a letter stating
that, at the request of the special committee, she and Mr. Johnson were willing to leave
their proposal open beyond its expiration date to allow the special committee to continue
to evaluate the proposal. Johnson Outdoors issued a press release on the same day
disclosing the Johnsons&#146; decision to allow the proposal to remain open. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May 22, 2004, Mr. Johnson passed away. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Between
late May and June, 2004, Mr. Pyle held discussions with each of Mr. George and Ms.
Johnson-Leipold regarding the proposal and the efforts to obtain financing. Mr. Pyle
requested that Ms. Johnson-Leipold&#146;s representatives meet with the special committee
to discuss the status of their efforts to arrange financing. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
June 2004, Ms. Johnson-Leipold and the Johnsons&#146; advisors evaluated the terms on
which the prospective lenders were willing to provide financing for the transaction and
determined that the terms and structure of the financing commitment proposed by GE Capital
would best enable the Johnsons to proceed with and consummate the proposed merger
transaction. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
special committee met on June&nbsp;28, 2004. Ms. Johnson-Leipold, Mr. George and
representatives of McDermott Will &amp; Emery attended the meeting to provide information
concerning the financing for the Johnsons&#146; proposal and to respond to questions. Ms.
Johnson-Leipold and Mr. George told the special committee that, after discussions with
numerous potential lenders, they had selected GE Capital to provide financing. Mr. George
noted that GE Capital had already commenced its due diligence review of Johnson Outdoors
and stated that he expected that a draft financing commitment letter would be available
within one week, with the possibility of final terms for the commitment letter being
established by the end of July&nbsp;2004. After an extended discussion, Ms.
Johnson-Leipold, Mr. George and McDermott Will &amp; Emery departed the meeting. The
special committee then discussed with Skadden, Arps the draft merger agreement. The
special committee also instructed representatives of William Blair to review Johnson
Outdoors&#146; most recently revised financial forecasts. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July 2, 2004, Skadden, Arps transmitted to McDermott Will &amp; Emery the special
committee&#146;s comments on the draft merger agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the week following the June&nbsp;28, 2004 special committee meeting, Mr. Pyle and Mr.
George conducted discussions about the status of efforts to obtain financing, and Mr. Pyle
invited Ms. Johnson-Leipold to provide a progress report at the next meeting of the
special committee. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;8, 2004, the special committee met, joined by Ms. Johnson-Leipold, Mr. George
and representatives of McDermott Will &amp; Emery. Ms. Johnson-Leipold and Mr. George
provided the special committee with an initial draft financing commitment letter from GE
Capital, but stated that they anticipated that a further revised draft of the commitment
letter would be provided before the special committee&#146;s comments were requested. Mr.
George reported that GE Capital&#146;s due diligence review of Johnson Outdoors was still
under way and expressed his continuing belief that a financing commitment could be in
place by the end of July. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;18, 2004, McDermott Will &amp; Emery requested that comments be provided on the
initial draft of the financing commitment letter that had been delivered on July&nbsp;8,
2004, Skadden, Arps provided the special committee members with a description of the
proposed terms of the financing commitment letter and discussed the terms of the proposed
commitment. On July&nbsp;20, 2004, Skadden, Arps transmitted to McDermott Will &amp; Emery
the comments of the special committee and suggested modifications. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
July and August, 2004 Mr. Pyle held discussions with Mr. George regarding the status of GE
Capital&#146;s ongoing due diligence and the anticipated timing of an updated financing
commitment letter. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August 23, 2004, McDermott Will &amp; Emery delivered to Skadden, Arps a revised draft
merger agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
special committee met on August&nbsp;24, 2004. Ms. Johnson-Leipold, Mr. George and
representatives of McDermott Will &amp; Emery joined the meeting. Ms. Johnson-Leipold and
Mr. George reported that the structure of the financing for the proposed transaction had
been finalized in discussions with GE Capital. The special committee expressed its concern
at the length of time the process had taken, and expressed its strong desire that the
Johnsons make progress on obtaining financing for the proposed transaction as soon as
possible. The participants then reviewed a transaction timeline. Mr. George advised the
special committee that the Johnsons and their advisors believed that they would be in a
position to finalize arrangements for the GE Capital financing commitment by the second
week of September. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skadden,
Arps delivered to McDermott Will &amp; Emery a mark-up of the draft merger agreement on
September&nbsp;1, 2004 and on the next day discussed with McDermott Will &amp; Emery the
remaining open issues. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Between
September&nbsp;3, 2004 and September&nbsp;22, 2004, Johnson Outdoors prepared its
disclosure schedule for the merger agreement and continued to respond to numerous due
diligence requests from counsel to GE Capital. During the week of September 13, 2004, Mr.
Pyle conveyed to Mr. George the special committee&#146;s request for a formal update on
the Johnsons&#146; transaction proposal and the related financing. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
special committee met again on September 22, 2004. Ms. Johnson-Leipold, Mr. George, and
representatives of Valuemetrics and McDermott Will &amp; Emery attended to provide the
special committee with a formal update regarding the Johnsons&#146; transaction proposal
and the financing thereof. Paul A. Lehmann, Johnson Outdoors&#146; Chief Financial
Officer, and Alisa D. Swire, Johnson Outdoors&#146; Vice President, Business Development
and Legal Affairs, also attended a portion of the meeting. Mr. George presented to the
special committee a revised draft commitment letter from GE Capital and an outline of the
structure of the proposed financing. Mr. George reported that the Johnsons were prepared
to proceed with the proposal at the $20.10 price that had previously been discussed,
despite what he described as a weakening in Johnson Outdoors&#146; performance since those
earlier discussions. After an extended discussion among the meeting participants, the
guests left the meeting, and the special committee reviewed with its financial and legal
advisors the status of the transaction, the price being offered and the proposed
financing. The special committee directed Skadden, Arps to meet with McDermott Will &amp;
Emery to resolve the outstanding issues with respect to the draft merger agreement and
ancillary documents. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September 26, 2004, Mr. George delivered to Mr. Pyle a revised draft, dated
September&nbsp;24, 2004, of the proposed financing commitment letter from GE Capital and
indicated that negotiation of the commitment letter had been substantially completed. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September 27, 2004, Skadden, Arps updated the members of the special committee on the
status of negotiations on the merger agreement. The special committee members specified
October 8 as a target date, for planning purposes, for formal consideration of the
proposed transaction. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
a meeting of the board of directors on September 29, 2004, Johnson Outdoors management
presented a revised fiscal-year 2004 forecast and fiscal-year 2005 budget. The special
committee met following the board of directors meeting. William Blair provided the special
committee with an update on its financial analyses. The special committee discussed the
revised fiscal-year 2004 forecast and fiscal-year 2005 budget prepared by management and
requested that William Blair circulate revised discussion materials and review the revised
forecast and budget data in preparation for the next special committee meeting. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
special committee met on October 1, 2004. Skadden, Arps and Mr. Pyle provided the special
committee members with an update on the negotiation of a proposed merger agreement. The
special committee also reviewed with representatives of William Blair revised draft
discussion materials prepared by William Blair. These revised draft discussion materials
refined and updated the preliminary valuation analyses included in the revised draft
discussion materials presented to the special committee on May 14, 2004 to reflect, among
other things, a working capital adjustment to account for the portion of Johnson Outdoors&#146; cash
balances existing at August 31, 2004 that would not be available to repay outstanding
debt on a permanent basis and instead would be required to fund the seasonal buildup of
working capital, current financial information relating to Johnson Outdoors and current
public market information relating to the preliminary valuation analyses. </FONT></P>







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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October 6, 2004, Mr. Pyle and Mr. George, together with representatives of Skadden, Arps
and McDermott Will &amp; Emery, met to negotiate remaining open items in the merger
agreement. The parties also discussed the status of the financing commitment letter. Mr.
George indicated that the financing commitment letter still had not been finalized. During
the October&nbsp;6 meeting, Mr. Pyle held discussions with Mr. George regarding the
proposed $20.10 per share merger consideration. Mr. Pyle stated that the special committee
believed that the price should be increased. Mr. George indicated that he was not in a
position to alter the proposed price, but at Mr. Pyle&#146;s request would defer a
rejection of the requested price increase until the parties could discuss price during the
following week. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October 8, 2004, the special committee met to discuss the draft discussion materials
prepared by William Blair that the special committee had previously reviewed at its March
29, May 14 and October 1, 2004 meetings, copies of which had been provided to special
committee members, at their request, prior to the October 8 meeting. William Blair noted
that the preliminary valuation analyses included in the earlier draft discussion
materials had been updated in the draft discussion materials for the October 1 meeting.
 In response to questions from the special committee, William Blair addressed various
differences between the preliminary valuation analyses in the draft discussion materials
for the October 1 meeting relative to the preliminary valuation analyses contained in
earlier drafts of the discussion materials.  Among other things, William Blair was asked
to address the preliminary leveraged buyout and discounted cash flow analyses.  William
Blair noted that increases in the preliminary valuation ranges indicated by the
more-recent preliminary leveraged buyout and discounted cash flow analyses were due
primarily to (1) revised management forecasts, which reflected, among other things, the
Techsonic acquisition, (2) the use of management forecasts for the five-fiscal-year
period ending in 2009, rather than the management forecasts for the five-fiscal-year
period ending in 2008, which was no longer the relevant period due to the availability of
historical financial data for a majority of fiscal 2004, and (3) in the case of the
preliminary leveraged buyout analysis, improvements in the credit markets. Mr. Pyle
reported to the special committee on his October 6 exchange with Mr. George regarding the
proposed merger consideration. The special committee directed Mr. Pyle to seek a higher
price. </FONT></P>






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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.          Pyle
and Mr. George subsequently discussed the status of the financing           commitment
letter and the special committee&#146;s request for an increase in           the proposed
merger consideration. Mr. George reported that the financing           commitment letter
had not yet been finalized, and he reaffirmed that there would           be no additional
increase in the proposed transaction price.  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Between
October 11 and October 27, 2004, Skadden, Arps and McDermott Will &amp; Emery continued to
work on completing Johnson Outdoors&#146; disclosure schedule, the merger agreement and
related documents, and the updating of the due diligence investigation of Johnson Outdoors
on behalf of the special committee was completed. Johnson Outdoors also responded to
additional due diligence requests from GE Capital. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
late October&nbsp;2004, Mr. Pyle spoke with Ms. Johnson-Leipold and requested an increase
in the proposed $20.10 per share merger consideration. Ms. Johnson-Leipold rejected the
request. Mr. Pyle asked that Ms. Johnson-Leipold discuss the matter with the entire
special committee on October&nbsp;27 and urged her to reconsider her response. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the morning of October&nbsp;27, 2004, Mr. Pyle, Mr. Fahey and Mr. London met by
teleconference with Ms. Johnson-Leipold and Mr. George. The special committee requested an
increase in the proposed merger consideration of $20.10. Following discussion, Ms.
Johnson-Leipold rejected the special committee&#146;s request and informed the special
committee members that the Johnsons were unwilling to proceed with the transaction at a
price in excess of $20.10. Ms. Johnson-Leipold and Mr. George then excused themselves from
the teleconference. The special committee members deliberated on the results of the
meeting with Ms. Johnson-Leipold and Mr. George and the fact that the special committee
had not received any third-party indications of interest for an acquisition of Johnson
Outdoors, even though the Johnson family proposal had been publicly disclosed eight months
earlier. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also
on October 27, 2004, McDermott Will &amp; Emery provided the special committee and its
advisors with a copy of the final draft of the financing commitment letter with GE
Capital. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;28, 2004, the special committee met. At this meeting, Skadden, Arps discussed
in detail the fiduciary duties of the special committee members under Wisconsin law and
other legal considerations, including provisions of Johnson Outdoors&#146; articles of
incorporation and bylaws, that the special committee members should take into account in
their deliberations regarding the proposed transaction. Among other things, Skadden, Arps
discussed the requirement under the articles of incorporation that, in evaluating and
responding to a merger proposal, the board of directors consider, among other factors, the
consideration being offered in the merger proposal not only in relation to the
then-current market price, but also in relation to the then-current value of Johnson
Outdoors in a freely negotiated transaction and in relation to the board of
directors&#146; estimate of the future value of Johnson Outdoors as an independent entity.
In addition, Skadden, Arps presented a detailed review of the terms of the draft merger
agreement, the financing commitment letter from GE Capital and other related
documentation. William Blair reviewed with the special committee the financial aspects of
the proposed merger. William Blair discussed, among other things, the historical and
projected financial information and historical stock prices of Johnson Outdoors; share
price premiums based on historical prices in relation to the proposed merger
consideration; and valuation analyses that included an analysis of premiums paid in recent
public-company merger-and-acquisition transactions, an analysis of comparable public
companies&#146; share prices as a multiple of their net incomes and cash flows, an
analysis of prices paid in comparable merger-and-acquisition transactions expressed as a
multiple of target-company cash flows, a discounted cash flow analysis and a leveraged
buyout analysis. William Blair delivered to the special committee its opinion that, as of
October&nbsp;28, 2004 and based on and subject to the assumptions, limitations and
qualifications set forth in the opinion, the cash consideration of $20.10 per share to be
paid in the merger to the shareholders of Johnson Outdoors other than the participating
shareholders and JO Acquisition Corp. was fair, from a financial point of view, to such
shareholders. See &#147;SPECIAL FACTORS&#151;Opinion of Financial Advisor to the Special
Committee.&#148; </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
discussion and questioning of its advisors, the special committee then determined that the
merger agreement and the merger were fair to and in the best interests of Johnson
Outdoors&#146; unaffiliated shareholders and resolved to recommend that the board of
directors approve and adopt the merger agreement and recommend that Johnson Outdoors
shareholders vote for approval of the merger agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
October&nbsp;28, 2004 special committee meeting was followed by a special meeting of the
board of directors of Johnson Outdoors. In view of her potential conflict of interest with
respect to the proposal by the participating shareholders to acquire 100% ownership of
Johnson Outdoors, Ms. Johnson-Leipold recused herself from the board of directors&#146;
deliberations with respect to the merger and the merger agreement and abstained from
voting on the merger agreement and related matters. Mr. Lawton, who is President and Chief
Executive Officer of JohnsonDiversey, Inc. a Johnson family enterprise, also recused
himself from the board of directors&#146; deliberations with respect to the merger and the
merger agreement and abstained from voting on the merger agreement and related matters due
to the potential conflict of interest. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the October&nbsp;28, 2004 meeting of the board of directors, Foley &amp; Lardner LLP,
counsel to Johnson Outdoors, discussed in detail the directors&#146; fiduciary duties
under Wisconsin law relating to a consideration of the merger agreement and related
matters. Foley &amp; Lardner LLP also presented a detailed review of the terms of the
draft merger agreement, the financing commitment letter from GE Capital and other related
documentation. Mr. Pyle, on behalf of the special committee, reviewed for the directors
the process undertaken by the special committee in evaluating the Johnson family proposal
and negotiating the merger agreement and related matters. Mr. Pyle then delivered the
special committee&#146;s recommendations to the board of directors with respect to the
merger agreement, the merger and related matters. Ms. Johnson-Leipold and Mr. Lawton then
recused themselves, and the board of directors proceeded to discuss the proposed merger
agreement, the recommendation of the special committee and the process that had been
undertaken by the special committee in evaluating and negotiating the proposed
transaction. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Members
of Johnson Outdoors management then joined the meeting to report on current developments
in an intellectual-property litigation matter involving Johnson Outdoors. Following
management&#146;s report, representatives of the Johnsons informed the board of directors
that, before Ms. Johnson-Leipold would cause the merger agreement to be executed, such
representatives would need time to update GE Capital on the status of the litigation
matter and confirm that GE Capital was prepared to execute the financing commitment
letter. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
board of directors then adjourned its meeting. Representatives of the Johnsons held
discussions with GE Capital. After reconvening its meeting, the board of directors
received from GE Capital an executed copy of its financing commitment letter. Acting on
the recommendation of the special committee, the board of directors (with Ms.
Johnson-Leipold and Mr. Lawton not voting on the transaction) then determined that the
merger agreement and the merger were fair to and in the best interests of Johnson
Outdoors&#146; unaffiliated shareholders, approved and adopted the merger agreement and
resolved to recommend to Johnson Outdoors shareholders that they vote for the approval of
the merger agreement. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the meeting of the board of directors, the merger agreement and related transaction
documents were executed by the parties. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;29, 2004, prior to the opening of trading on the Nasdaq Stock Market, Johnson
Outdoors issued a press release announcing that its board of directors had approved the
merger agreement. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Recommendations of the
Special Committee and the Board of Directors; Reasons for Recommending the Approval of
the Merger Agreement </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both
the special committee and the board of directors of Johnson Outdoors have determined that
the merger agreement and the merger are fair to and in the best interests of the
unaffiliated shareholders of Johnson Outdoors. The special committee has recommended that
the board of directors </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>approve
and adopt the merger agreement;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>approve
the merger; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>recommend
that the shareholders of Johnson Outdoors vote for the approval of the merger agreement.</FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>After considering the recommendation
of the special committee, the board of directors has approved and adopted the merger
agreement, approved the merger and resolved to recommend to Johnson Outdoors&#146;
shareholders that they vote for the approval of the merger agreement. In view of their
potential conflicts of interest with respect to the proposal by the participating
shareholders to acquire 100% ownership of Johnson Outdoors, Ms. Johnson-Leipold and Mr.
Lawton recused themselves from the board of directors&#146; deliberations with respect to
the merger and the merger agreement and abstained from voting on the related resolutions,
including the recommendations to Johnson Outdoors shareholders described in this proxy
statement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
reaching their determinations and making their recommendations, both the special committee
and the board of directors relied on Johnson Outdoors&#146; management to provide accurate
and complete financial information, projections and assumptions (based on the best
information available to management at that time), as the starting point for their
analyses. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
reaching its determination and making its recommendation, the special committee considered
factors including: </FONT></P>




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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
opinion delivered by William Blair on October&nbsp;28, 2004 that, as of that date and
based on and subject to the assumptions, limitations and qualifications set forth in the
opinion, the cash consideration of $20.10 per share to be paid in the merger to the
shareholders of Johnson Outdoors other than the participating shareholders and JO
Acquisition Corp. was fair, from a financial point of view, to such shareholders; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
fact that the merger consideration of $20.10 per share in cash to be received by Johnson
Outdoors shareholders represented, at the time of the special committee&#146;s
determination, a 21.2% premium to the average closing price of Johnson Outdoors Class A
common stock for the 30 days prior to the February 20, 2004 announcement of the Johnsons&#146; initial
proposal to acquire 100% ownership of Johnson Outdoors, and a 53.7% premium to the
average closing price for the 52 weeks prior to the February 20, 2004 announcement; </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30 </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
special committee&#146;s consideration of the various analyses undertaken by William
Blair, each of which is described below under &#147;SPECIAL FACTORS&nbsp;&#151; Opinion
of Financial Advisor to the Special Committee&#148;; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
special committee&#146;s belief, based on the performance of Johnson Outdoors&#146;common
stock immediately following the initial February&nbsp;20, 2004 announcement of the
proposal by members of the Johnson family to acquire 100% ownership of Johnson Outdoors
at a price of $18.00&nbsp;per share, absent any other operational announcement and absent
a similar increase in the stock prices of Johnson Outdoors&#146; industry peers, that the
increase in the market price of Johnson Outdoors&#146; common stock following that
announcement reflected primarily anticipation of a possible acquisition by Johnson family
shareholders, rather than a perception of higher intrinsic value for Johnson Outdoors&#146; common
stock; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
special committee&#146;s belief that the principal advantage of Johnson Outdoors
continuing as a public company would be to allow public shareholders to continue to
participate in any growth in the value of Johnson Outdoors&#146; equity, but that, under
all of the relevant circumstances and in view of the historical results of operations,
financial condition, assets, liabilities, business strategy and prospects of Johnson
Outdoors, the nature of the industry in which Johnson Outdoors competes, and trading
characteristics of companies with market capitalization similar in size to that of
Johnson Outdoors, and in light of the proposed merger consideration of $20.10&nbsp;per
share, the value to shareholders that would be achieved by continuing as a public company
was not likely to be as great as the merger consideration of $20.10 per share; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
active and direct role of the members of the special committee and their representatives
in the negotiations with respect to the merger, and the consideration of the transaction
by the special committee at numerous special committee meetings; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
negotiations that took place between the special committee and its representatives, on
the one hand, and representatives of JO Acquisition Corp., on the other hand, with
respect to the increase in the merger consideration from the initial offer at $18.00&nbsp;per
share to $20.10&nbsp;per share and the belief by the members of the special committee
that $20.10&nbsp;per share was the highest price that the participating shareholders and
JO Acquisition Corp. would agree to pay to Johnson Outdoors&#146; shareholders; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
merger consideration of $20.10 per share in cash in relation to the then-current market
price of Johnson Outdoors common stock, the then-current value of Johnson Outdoors in a
freely negotiated transaction and the future value of Johnson Outdoors as an independent
entity; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
fact that, to date, no third party has come forward with an alternative transaction
proposal;</FONT></TD>
</TR>
</TABLE>
<BR>





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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
belief that no alternative bidder would be able to consummate an acquisition of Johnson
Outdoors due to the principal Johnson family shareholders&#146; position that they were
unwilling to sell their shares of Johnson Outdoors common stock, which shares represent a
controlling interest in connection with any transaction involving the acquisition of
Johnson Outdoors; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
terms of the merger agreement that permit Johnson Outdoors and the special committee to
explore, under specified circumstances, an unsolicited acquisition proposal and, if the
special committee determines that an unsolicited acquisition proposal is a superior
proposal (meaning that the acquisition proposal would, if consummated, provide greater
value to Johnson Outdoors shareholders than the merger, from a financial point of view),
that permit the special committee to modify or withdraw its recommendation with respect
to the merger agreement and the merger and to approve or recommend the superior proposal; </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31   </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Johnson
Outdoors' right to terminate the merger agreement to accept a superior proposal;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
status and conditions of the GE Capital debt financing to fund the merger and related
expenses and to provide for the ongoing working capital of Johnson Outdoors, and the
experience and success of GE Capital in closing other similar transactions; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
significant changes made in the debt financing commitment, relative to the terms of the
commitment as initially proposed by GE Capital, to limit the conditions to such
financing; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
special committee&#146;s understanding that prospective lenders other than GE Capital had
met with representatives of the participating shareholders and had independently declined
to participate in the financing of the proposed merger on terms acceptable to the
participating shareholders; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
representation from JO Acquisition Corp. in the merger agreement as to its belief that,
upon the transactions contemplated by the merger agreement, Johnson Outdoors would not be
insolvent, would not be left with unreasonably small capital and would not have incurred
debts beyond its ability to pay such debts as they mature; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
fact that the receipt by the special committee of an opinion of an independent financial
advisor as to Johnson Outdoors&#146; solvency following the merger is a condition to
Johnson Outdoors&#146; obligation to consummate the merger; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
terms and conditions of the voting agreement providing for the principal participating
shareholders to vote in favor of approving the merger agreement;&nbsp;and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
availability to shareholders who vote against approval of the merger agreement of
dissenters&#146; rights under Wisconsin law, which provide shareholders who dispute the
fairness of the merger consideration with an opportunity to have a court determine the
fair value of their shares. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The special committee believes that
each of these factors supported its conclusion that the merger is fair to and in the best
interests of Johnson Outdoors&#146; unaffiliated shareholders. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
evaluating the merger and related transactions, the special committee did not consider </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
net book value of Johnson Outdoors, because it believed that net book value is not a
material indicator of the value of Johnson Outdoors as a going concern but rather is
indicative of historical costs; or </FONT></TD>
</TR>
</TABLE>
<BR>




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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
liquidation value of Johnson Outdoors, because the special committee considered Johnson
Outdoors as a viable, going concern business, and therefore did not consider the
liquidation value as a relevant valuation methodology. </FONT></TD>
</TR>
</TABLE>
<BR>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In addition, the special committee
did not establish, and did not consider, a pre-merger going concern value for the equity
of Johnson Outdoors and does not believe there is a single method of determining going
concern value, although the special committee believes the analyses of William Blair in
their totality may be reflective of going concern value.  The special committee also did
not consider the purchase prices paid by the participating shareholders for the options
and rights to acquire Johnson Outdoors common stock acquired from another participating
shareholder in determining the fairness of the merger to the unaffiliated shareholders.
See &#147;RECENT TRANSACTIONS AND PRIOR STOCK PURCHASES.&#148;  The special committee did not
consider purchase prices in those transactions because (1) those transactions were among
members of the Johnson family, each of whom is a participating shareholder; (2) the
$13.04 per share exercise price of the options is less than the merger consideration of
$20.10 per share; and (3) the exercise price of the rights, if exercised while Johnson
Outdoors common stock is publicly traded, will be based on the public trading price of
Johnson Outdoors common stock at the time of exercise.  See &#147;RECENT TRANSACTIONS AND
PRIOR STOCK PURCHASES.&#148; </FONT></P>




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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
special committee also considered a variety of risks and other potentially negative
factors concerning the merger agreement and the transactions contemplated by it, including
the merger. These factors included: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
fact that Johnson Outdoors' only recourse in the event of a wrongful termination or
material breach of the merger               agreement may be against JO Acquisition
Corp., a company without assets;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
fact that, following the merger, Johnson Outdoors&#146; shareholders will no longer
participate in any future earnings of Johnson Outdoors or benefit from any increases in
Johnson Outdoors&#146; value; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
fact that certain parties, including Ms. Johnson-Leipold and other members of the board
of directors, including members of the special committee, may have interests that are
different from those of Johnson Outdoors&#146; shareholders, as described under &#147;SPECIAL
FACTORS&#151;Interests of Certain Persons in the Merger&#148;; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
limitations contained in the merger agreement on Johnson Outdoors&#146; ability to
solicit other offers, as well as the possibility that Johnson Outdoors could be required
to reimburse JO Acquisition Corp. for up to $3,000,000 of its out-of-pocket expenses in
the event that the merger is not consummated; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
fact that the obligation of GE Capital to provide debt financing to pay the merger
consideration is subject to conditions outside of Johnson Outdoors&#146; control; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
risk of a potential fraudulent conveyance challenge to the merger described under
"SPECIAL FACTORS--Certain Risks in the               Event of Bankruptcy"; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
fact that, for U.S.&nbsp;federal income tax purposes, the merger consideration will be
taxable to Johnson Outdoors&#146; shareholders receiving the merger consideration. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
discussion of the information and factors considered by the special committee in reaching
its conclusions and recommendation includes all of the material factors considered by the
special committee but is not intended to be exhaustive. In view of the wide variety of
factors considered by the special committee in evaluating the merger agreement and the
transactions contemplated by it, including the merger, and the complexity of these
matters, the special committee did not find it practicable, and did not attempt, to
quantify, rank or otherwise assign relative weight to those factors. In addition,
different members of the special committee may have given different weight to different
factors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
special committee believes that sufficient procedural safeguards were and are present to
ensure the fairness of the merger and to permit the special committee to represent
effectively the interests of Johnson Outdoors&#146; unaffiliated shareholders. These
procedural safeguards include the following: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
special committee's active and intense negotiations, with the assistance of its advisors,
with representatives of JO               Acquisition Corp. and the Johnsons regarding
the merger consideration and the other terms of the merger and the merger
              agreement;</FONT></TD>
</TR>
</TABLE>
<BR>





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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>other
than their receipt of board of directors and special committee fees, their
indemnification and liability insurance rights under the merger agreement and their
entitlement to receive cash in respect of their Johnson Outdoors stock options in
connection with the merger, members of the special committee do not have an interest in
the merger different from that of Johnson Outdoors&#146; shareholders; </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33 </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
special committee retained and received the advice and assistance of William Blair as its
financial advisor and Skadden, Arps as its legal advisor, and requested and received from
William Blair an opinion, delivered orally and confirmed in writing on October&nbsp;28,
2004, with respect to the fairness from a financial point of view of the merger
consideration to be received by Johnson Outdoors shareholders other than the
participating shareholders and JO Acquisition Corp.; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
requirement that, among other necessary shareholder votes, the proposal to approve the
merger agreement receive the affirmative vote of at least 66 2/3% of the votes entitled
to be cast by the holders of the outstanding shares of Johnson Outdoors Class A common
stock and Class B common stock not beneficially owned by JO Acquisition Corp. or any of
the participating shareholders or any affiliate or associate of JO Acquisition Corp. or
any of the participating shareholders; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
recognition by the special committee that it had no obligation to recommend the approval
of the merger proposal or any               other transaction;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
recognition by the special committee that the board of directors could consider and
recommend superior proposals; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
availability of dissenters' rights under Wisconsin law for Johnson Outdoors' shareholders
who oppose the merger.</FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In light of the procedural safeguards
described above, the special committee did not consider it necessary to retain an
unaffiliated representative to act solely on behalf of Johnson Outdoors&#146; unaffiliated
shareholders for purposes of negotiating the terms of the merger agreement or preparing a
report concerning the fairness of the merger agreement and the merger. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
reaching its determination that the merger agreement and the merger are fair to and in the
best interests of Johnson Outdoors&#146; unaffiliated shareholders, the board of directors
determined that the analysis of special committee was reasonable and adopted the analysis
of the special committee as to the fairness to Johnson Outdoors&#146; unaffiliated
shareholders of the merger consideration of $20.10&nbsp;per share. In determining the
reasonableness of the special committee&#146;s analysis and adopting the special
committee&#146;s analysis, the board of directors considered and relied upon </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
process the special committee conducted in considering the merger;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
special committee's having retained and received advice from its independent legal
counsel, Skadden, Arps;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
special committee's having retained and received advice from its independent financial
advisor, William Blair;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
special committee&#146;s unanimous recommendation on October&nbsp;28, 2004 that the board
of directors determine that the merger agreement and the merger are fair to and in the
best interests of Johnson Outdoors&#146; unaffiliated shareholders and approve and adopt
the merger agreement and approve the transactions contemplated by the merger agreement,
including the merger; and </FONT></TD>
</TR>
</TABLE>
<BR>




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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
availability of dissenters&#146; rights under Wisconsin law for Johnson Outdoors&#146; shareholders
who oppose the merger. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
board of directors also believes that sufficient procedural safeguards were present to
ensure the fairness of the transaction and to permit the special committee to represent
effectively the interests of Johnson Outdoors&#146; unaffiliated shareholders. The board
of directors reached this conclusion based on, among other things: </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34 </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
fact that the special committee consisted solely of independent directors who are not
affiliated with the participating               shareholders;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
selection and retention by the special committee of its own financial advisor and legal
counsel;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
fact that the negotiations that had taken place between representatives of JO Acquisition
Corp. and the Johnsons, on the one hand, and the special committee and its
representatives, on the other hand, were structured and conducted so as to preserve the
independence of the special committee and promote the fairness of the transaction; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
fact that the merger agreement and the merger were approved by the members of the board
of directors who are not employees of Johnson Outdoors or affiliated with the
participating shareholders; and </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
requirement that, among other necessary shareholder votes, the proposal to approve the
merger agreement receive the affirmative vote of at least 66 2/3% of the votes entitled
to be cast by the holders of the outstanding shares of Johnson Outdoors Class A common
stock and Class B common stock not beneficially owned by JO Acquisition Corp. or any of
the participating shareholders or any affiliate or associate of JO Acquisition Corp. or
any of the participating shareholders. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
light of the procedural protections described above, the board of directors, including
each of the non-employee directors, did not consider it necessary either to require a
separate affirmative vote of a majority of Johnson Outdoors&#146; unaffiliated
shareholders or to retain an unaffiliated representative to act solely on behalf of
Johnson Outdoors&#146; unaffiliated shareholders for purposes of negotiating the terms of
the merger agreement or preparing a report concerning the fairness of the merger agreement
and the merger. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
view of the wide variety of factors considered by the board of directors in evaluating the
merger and the complexity of these matters, the board of directors did not find it
practicable, and did not attempt, to quantify, rank or otherwise assign relative weight to
those factors. In addition, different members of the board of directors may have given
different weight to different factors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
in part upon the recommendation of the special committee, the board of directors voted to
approve and adopt the merger agreement and resolved to recommend that you vote
&#147;FOR&#148; the approval of the merger agreement and &#147;FOR&#148; the proposal to
adjourn the special meeting if necessary to permit further solicitation of proxies in the
event there are not sufficient votes at the time of the special meeting to approve the
merger agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the merger is consummated, members of the board of directors other than Ms. Helen
Johnson-Leipold will be entitled to receive an aggregate of approximately $1,231,654,
consisting of merger consideration and cash in respect of Johnson Outdoors stock options,
approximately $921,734 of which would be received by members of the special committee.
See<I> </I>&#147;SPECIAL FACTORS&#151;Interests of Certain Persons in the Merger.&#148; </FONT></P>




<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Position of the Participating
Shareholders and JO Acquisition Corp. as to the Fairness of the Merger to Johnson
Outdoors&#146; Unaffiliated Shareholders</B> </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JO
Acquisition Corp. and the participating shareholders<B> </B>believe that the terms and
conditions of the merger are substantively and procedurally fair to the unaffiliated
shareholders. This determination is based on the following factors: </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35 </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JO
Acquisition Corp. and the participating shareholders reviewed the historical financial
performance of Johnson Outdoors and its financial results and believe the merger price of
$20.10 per share is fair based on that review. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JO
Acquisition Corp. and the participating shareholders considered the historical market
prices and trading activity of the Johnson Outdoors common stock, including the fact that
price of $20.10 per share price to be paid in the merger represents a 21.2% premium over
the average closing price of Johnson Outdoors Class A common stock for the 30 days prior
to the February 20, 2004 announcement of Ms. Johnson-Leipold&#146;s and the late Mr.
Johnson&#146;s initial proposal to acquire 100% ownership of Johnson Outdoors not owned
by the Johnsons, members of their family or entities controlled by them, and a 53.7%
premium to the average closing price for the 52 weeks prior to the February 20, 2004
announcement. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
merger will provide consideration to Johnson Outdoors&#146; shareholders entirely in cash
which will allow them to pursue other investment alternatives. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There
has historically been a small public float of Johnson Outdoors&#146; common stock,
resulting in a lack of liquidity as evidenced by relatively low trading volumes. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
special committee received a written opinion of William Blair, its independent financial
advisor, that as of October 28, 2004 and based upon and subject to the assumptions,
limitations and qualifications set forth in its opinion, the consideration to be received
by holders of shares of Johnson Outdoors common stock pursuant to the merger agreement
(other than JO Acquisition Corp. and the participating shareholders, as to which William
Blair expressed no view), was fair, from a financial point of view, to such shareholders. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Although
JO Acquisition Corp. and the participating shareholders were not part of the deliberation
process of the special committee or the board of directors and none of JO Acquisition
Corp. or the participating shareholders participated in their respective conclusions as
to the fairness of the merger to the unaffiliated shareholders, JO Acquisition Corp. and
the participating shareholders found persuasive the conclusions of the board of directors
and the special committee as to the fairness of the merger to the unaffiliated
shareholders. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
board of directors established a special committee consisting of independent directors
who are not, and have not been, officers or employees of Johnson Outdoors, JO Acquisition
Corp. or any of their respective affiliates and are not otherwise affiliated with the
participating shareholders, which was represented by its own experienced legal counsel,
Skadden, Arps, and advised by its own experienced financial advisor, William Blair, to
evaluate the merger and make recommendations to the board of directors with respect to
the merger agreement.<B><I></I></B><I></I>See<B><I> &#147;</I></B><I></I>&#147;SPECIAL
FACTORS&#151;<B><I>&nbsp;</I></B><I></I>Background of the Merger.&#148;<B><I></I></B><I></I>Furthermore,
the special committee had the exclusive authority to negotiate the terms of the merger
agreement, and the special committee negotiated the terms of the merger agreement on an
arm&#146;s-length basis. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consistent
with the WBCL, the merger agreement requires the approval of at least 66&nbsp;2/3% of the
votes entitled to be cast at the special meeting by the holders of the outstanding shares
of Class A common stock and Class&nbsp;B common stock not beneficially owned by JO
Acquisition Corp. or any of the participating shareholders or any affiliate or associate
of JO Acquisition Corp. or any of the participating shareholders. </FONT></TD>
</TR>
</TABLE>
<BR>




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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
special committee unanimously determined that the merger agreement and the merger are
fair to and in the best interests of Johnson Outdoors&#146; unaffiliated<B></B>shareholders
and unanimously recommended to the board of directors that the merger agreement be
approved and adopted and the merger be approved, and the merger agreement was approved
and adopted and the merger was approved by the members of the board of directors,
excluding Ms. Johnson-Leipold and Mr. Lawton, who recused themselves. See &#147;SPECIAL
FACTORS&#151;Background of the Merger&#148; and &#147;SPECIAL FACTORS&#151;Recommendations
of the Special Committee and the Board of Directors; Reasons for Recommending Approval of
the Merger Agreement.&#148;</FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36 </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
merger agreement was the result of arm&#146;s-length negotiations in which the special
committee, with the assistance of its advisors, vigorously negotiated with the advisors
retained by JO Acquisition Corp. the terms and conditions of the merger, including,
without limitation, the merger consideration, the representations and warranties, the
non-solicitation covenant, the conditions to closing and the termination and expense
reimbursement provisions. See &#147;SPECIAL FACTORS&#151;Background of the Merger.&#148;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Neither
Ms. Johnson-Leipold nor any of the other participating shareholders participated in the
deliberative process of the board of directors during which, the merger and the merger
agreement, were discussed. </FONT></TD>
</TR>
</TABLE>
<BR>



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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
board of directors or the special committee, as the case may be, may, at any time prior
to shareholder approval of the merger agreement, decline to make, withdraw, modify or
change a recommendation that Johnson Outdoors shareholders vote to approve the merger
agreement to the extent that the board of directors or the special committee determines
in good faith, after consultation with legal counsel, that making such recommendation or
the failure to so withdraw, modify or change its recommendation would be inconsistent
with its fiduciary duties to Johnson Outdoors shareholders (other than the participating
shareholders) under applicable laws, provided that the board of directors or the special
committee, as the case may be, immediately notifies JO Acquisition Corp. of its
determination to so decline, withdraw, modify or change its recommendation. Any such
action by the board of directors or the special committee with respect to its
recommendation will not relieve Johnson Outdoors of its obligation to convene the special
meeting and to use its reasonable efforts to solicit proxies in favor of approval of the
merger agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
merger agreement does not provide for the payment of a &#147;breakup&#148; or similar fee
to JO Acquisition Corp. under any circumstances. However, if Johnson Outdoors terminates
the merger agreement in connection with the approval of a superior proposal by the board
of directors, acting on the recommendation of the special committee, or if JO Acquisition
Corp. terminates the merger agreement due to the special committee&#146;s withdrawal,
modification or change of its recommendation to shareholders in favor of the merger
agreement in a manner adverse to JO Acquisition Corp. at a time when an acquisition
proposal is outstanding or otherwise fails to fulfill its obligations to JO Acquisition
Corp. in connection with an outstanding third party acquisition proposal, Johnson
Outdoors will be obligated to pay the out-of-pocket expenses actually and reasonably
incurred by JO Acquisition Corp. and its affiliates in connection with the merger
agreement, up to an aggregate maximum of $3,000,000. See &#147;THE MERGER AGREEMENT&#151;Expenses.&#148;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under
Wisconsin law, Johnson Outdoors&#146; shareholders who do not vote in favor of approval
of the merger agreement and who otherwise comply with the procedures for perfecting
dissenters&#146; rights under the applicable statutory provisions of Wisconsin law may
demand payment of the &#147;fair value&#148; of their shares in cash in connection with
the consummation of the merger, which may be determined to be more or less than the
$20.10 per share merger consideration. See &#147;SPECIAL FACTORS&#151;Dissenters&#146;Rights.&#148;</FONT></TD>
</TR>
</TABLE>
<BR>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
of the variety of factors considered, JO Acquisition Corp. and the participating
shareholders did not find it practicable to and did not attempt to, make specific
assessments of, quantify, rank or otherwise assign relative weights to, the specific
factors considered in reaching their determination. JO Acquisition Corp. and the
participating shareholders felt that there was no need to retain any additional
unaffiliated representatives to act on behalf of the shareholders, because the
independence of the members of the special committee and the retention by the special
committee of its own legal counsel and financial advisor permitted the special committee
to effectively represent the interests of such shareholders<B> </B>and because the merger
agreement explicitly requires the approval of the merger by the affirmative vote requires
the approval of at least 66&nbsp;2/3% of the votes entitled to be cast at the special
meeting by the holders of the outstanding shares of Class A common stock and Class&nbsp;B
common stock not beneficially owned by JO Acquisition Corp. or any of the participating
shareholders or any affiliate or associate of JO Acquisition Corp. or any of the
participating shareholders. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JO
Acquisition Corp. and the participating shareholders did not consider net book value or
liquidation value in determining the fairness of the merger to the unaffiliated
shareholders. JO Acquisition Corp. and the participating shareholders do not believe that
net book value, which is an accounting concept, reflects or has any meaningful impact on
the market trading prices of Johnson Outdoors&#146; common stock. JO Acquisition Corp. and
the participating shareholders did not consider liquidation value in determining the
fairness of the merger to the unaffiliated shareholders because the Johnson Outdoors&#146;
business is a viable, going concern business, that will continue to operate upon
consummation of the merger. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JO
Acquisition Corp. and the participating shareholders did not establish going concern
value for the Johnson Outdoors&#146; common stock as a public company to determine the fairness
of the merger consideration to the unaffiliated shareholders.  None of JO Acquisition
Corp. or the participating shareholders believe that there is a single method for
determining going concern value and, therefore, did not base their valuation of Johnson
Outdoors on a concept that is subject to various interpretations. Further, JO Acquisition
Corp. and the participating shareholders believed that, to the extent that Johnson
Outdoors&#146; pre-merger going concern value was already reflected in the pre-announcement
per share stock price of Johnson Outdoors common stock, such pre-merger going concern
value undervalued Johnson Outdoors in comparison to the offer prices being discussed in
the merger negotiations, which from the outset reflected a premium to such
pre-announcement stock price. Moreover, since going concern value is often defined as the
ability to generate earnings (rather than cash flows) from its assets, JO Acquisition
Corp. and the participating shareholders did not believe that Johnson Outdoors&#146; pre-merger
going concern value was meaningful in determining the fairness of the merger because,
following the merger, Johnson Outdoors will have a significantly different capital
structure, which will result in different opportunities and risks for the business as a
highly leveraged private company. For example, Johnson Outdoors will have a significantly
different level of fixed interest costs following the merger, which will affect Johnson
Outdoors&#146; ability to generate earnings from its assets. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JO
Acquisition Corp. and the participating shareholders did not consider the purchase prices
paid by the participating shareholders for the options and rights to acquire Johnson
Outdoors common stock acquired from another participating shareholder in determining the
fairness of the merger to the unaffiliated shareholders.  See &#147;RECENT TRANSACTIONS AND
PRIOR STOCK PURCHASES.&#148;  JO Acquisition Corp. and the participating shareholders did not
consider purchase prices in these transactions because they are among members of the
Johnson family, each of whom is a participating shareholder that will continue to hold
Johnson Outdoors common stock  upon consummation of the merger.  In addition, the $13.04
exercise price for the rights granted on July 8, 2003, which was closing price per share
for Johnson Outdoors&#146; Class A common stock on that date, is less than the merger
consideration, and the exercise price for the rights acquired on June 27, 2003 will be
determined on the date of exercise by the public trading price of Johnson Outdoors common
stock, if exercised while the company is publicly traded.  See &#147;RECENT TRANSACTIONS AND
PRIOR STOCK PURCHASES.&#148; </FONT></P>





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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Johnson Outdoors&#146;
Position as to the Fairness of the Merger to Johnson Outdoors&#146; Unaffiliated
Shareholders </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
board of directors of Johnson Outdoors believes that the merger agreement and the merger
are fair to and in the best interests of Johnson Outdoors&#146; unaffiliated shareholders
for all of the reasons set forth above under &#147;SPECIAL FACTORS&#151;Recommendations of
the Special Committee and the Board of Directors; Reasons for Recommending the Approval of
the Merger Agreement.&#148; With a view to conducting a fair process with respect to the
negotiation and consideration of the merger, the board of directors established a special
committee, consisting of three independent directors of Johnson Outdoors, none of whom has
an interest in the merger different from that of Johnson Outdoors shareholders and option
holders generally, other than the receipt of board of directors and special committee fees
and rights to indemnification and liability insurance under the merger agreement. None of
the members of the special committee is an officer or employee of Johnson Outdoors, and
none will be a shareholder, director, officer or employee of Johnson Outdoors following
the merger. With respect to the fairness of the transaction price in connection with the
merger, the board of directors has noted that the participating shareholders indicated,
following extensive negotiations with the special committee and its representatives, that
the merger consideration of $20.10 in cash per share was the highest price they would be
willing to pay. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
reaching these conclusions, the board of directors considered it significant that the
special committee retained its own financial and legal advisors who have extensive
experience with transactions similar to the merger and who assisted the special committee
in evaluating the merger and in negotiating with the participating shareholders and their
advisors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William
Blair was retained as financial advisor to the special committee and, in connection with
the special committee&#146;s October 28, 2004 meeting, was asked by the special committee
to render an opinion as to the fairness, from a financial point of view, of the merger
consideration. William Blair delivered to the special committee its written opinion that,
as of October&nbsp;28, 2004 and based on and subject to the assumptions, limitations and
qualifications set forth in the opinion, the merger consideration was fair, from a
financial point of view, to Johnson Outdoors&#146; shareholders other than the
participating shareholders and JO Acquisition Corp. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
board of directors, based in part on the unanimous recommendation of the special
committee, recommends that the Johnson Outdoors shareholders vote FOR the approval of the
merger agreement.</B> The board of directors also recommends that you vote FOR the
proposal to adjourn the special meeting if necessary to permit further solicitation of
proxies in the event there are not sufficient votes at the time of the special meeting to
approve the merger agreement. The recommendations of the board of directors were made
after consideration of all the material factors, both positive and negative, as described
above. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial Projections </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with&nbsp;JO Acquisition Corp.&#145;s review of&nbsp;Johnson Outdoors and in
the course of the negotiations between&nbsp;the special committee and&nbsp;JO Acquisition
Corp. described in &#147;SPECIAL FACTORS&#151;Background of the Merger,&#148; Johnson
Outdoors provided&nbsp;JO Acquisition Corp. with non-public business and financial
information. The non-public information included projections of&nbsp;Johnson Outdoors
future operating performance. Such projections also were provided to&nbsp;William Blair in
its capacity as financial advisor to the special committee. The information set forth
below has been excerpted from the materials provided to JO Acquisition Corp. and William
Blair, and does not give effect to the transactions contemplated by the merger agreement,
including the merger, or the financing of the merger. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors does not, as a matter of course, publicly disclose projections of future revenues
or earnings. The projections were not prepared with a view to public disclosure and are
included in this proxy statement only because such information was made available
to&nbsp;JO Acquisition Corp. in connection with its due diligence investigation
of&nbsp;Johnson Outdoors. The projections were not prepared with a view to compliance with
the published guidelines of the SEC regarding projections, nor were they prepared in
accordance with the guidelines established by the American Institute of Certified Public
Accountants for preparation and presentation of financial projections.&nbsp;Ernst &amp;
Young&nbsp;LLP,&nbsp;Johnson Outdoors&#146; independent accountants, has neither examined
nor compiled the projections, and accordingly,&nbsp;Ernst &amp; Young LLP does not express
an opinion or any other form of assurance with respect to the projections. The audit
report incorporated by reference into this proxy statement related to&nbsp;Johnson
Outdoors&#146; historical financial information does not extend to the projections and
should not be read to do so. In compiling the projections,&nbsp;Johnson Outdoors&#146;
management took into account historical performance, combined with projections regarding
development activities. The projections were developed in a manner consistent with
management&#146;s historical development of budgets and long-range operating projections
and were not developed for public disclosure. Although the projections were presented with
numerical specificity, the projections reflect numerous assumptions and estimates as to
future events made by&nbsp;Johnson Outdoors&#146; management that&nbsp;Johnson
Outdoors&#146; management believed were reasonable at the time the projections were
prepared. Failure to achieve any such assumptions would impact the accuracy of the
projections. In addition, factors such as industry performance and general business,
economic, regulatory, market and financial conditions, all of which are difficult to
predict and beyond the control of&nbsp;Johnson Outdoors&#146; management, may cause the
projections or the underlying assumptions to be inaccurate. Accordingly, there can be no
assurance that the projections will be realized, and actual results may be materially
greater or less than those contained in the projections. See &#147;FORWARD-LOOKING
STATEMENTS&#148; on page&nbsp; . </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors does not intend to update or otherwise revise the projections to reflect
circumstances existing after the date when made or to reflect the occurrence of future
events, even if any or all of the assumptions underlying the projections are shown to be
in error. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
projections&nbsp;Johnson Outdoors provided to&nbsp;JO Acquisition Corp. and&nbsp;William
Blair included estimates of fiscal year 2004, 2005 and 2006 net sales, gross profit and
net income. The materials set forth in the chart below are excerpted from the<B>
</B>projections originally provided to&nbsp;JO Acquisition Corp. and William Blair on
October 12, 2004. </FONT></P>








<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=90% ALIGN=CENTER>
<TR VALIGN=Bottom>
     <TH ALIGN=LEFT COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004</FONT><HR WIDTH=40% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005</FONT><HR WIDTH=40% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2006</FONT><HR WIDTH=40% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=9><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(in thousands)</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=52% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net sales</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> $355,300</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> $365,182</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> $378,700</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gross profit</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>147,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>157,388</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>163,215</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,998</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,359</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,760</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>






<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Opinion of the Financial
Advisor to the Special Committee </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William
Blair was retained to act as a financial advisor to the special committee in connection
with the proposed merger. In connection with the October&nbsp;28, 2004 meeting of the
special committee, the special committee requested that William Blair render an opinion as
to the fairness, from a financial point of view, to the shareholders of Johnson Outdoors
(other than the participating shareholders and JO Acquisition Corp.) of the cash
consideration to be paid in the merger to such shareholders. On October 28, 2004, William
Blair delivered its opinion to the effect that, as of that date and based upon and subject
to the assumptions, limitations and qualifications set forth in the opinion, the merger
consideration of $20.10 per share in cash to be paid by JO Acquisition Corp. to holders of
Johnson Outdoors common stock (other than the participating shareholders and JO
Acquisition Corp.) pursuant to the merger agreement was fair, from a financial point of
view, to the holders of Johnson Outdoors common stock (other than the participating
shareholders and JO Acquisition Corp.). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William
Blair&#146;s opinion was provided for the use and benefit of the special committee in
connection with the special committee&#146;s consideration of the transaction
contemplated by the draft merger agreement. William Blair&#146;s opinion is limited to
the fairness, as of the date of the opinion and from a financial point of view, to the
holders of Johnson Outdoors common stock (other than the participating shareholders and
JO Acquisition Corp.) of the merger consideration to be paid in connection with the
merger. The opinion does not address the merits of the underlying decision by Johnson
Outdoors to engage in the merger and does not constitute a recommendation to any holder
of Johnson Outdoors common stock as to how such shareholder should vote with respect to
the merger.  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William
Blair&#146;s opinion was only one of many factors taken into consideration by the special
committee in making its determination to recommend the approval of the merger agreement
and should not be viewed as determinative of the views of the special committee with
respect to the merger or merger consideration. The terms of the merger agreement, however,
including the merger consideration, were determined through negotiations between the
special committee and JO Acquisition Corp. and were approved by Johnson Outdoors&#146;
board of directors. William Blair provided financial advice to the special committee
during these negotiations, however, William Blair did not recommend to the special
committee that any specific price per share or other form of consideration constituted the
only appropriate consideration for the merger. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following summary of William Blair&#146;s opinion is qualified in its entirety by
reference to the full text of the opinion. The full text of William Blair&#146;s written
opinion, dated October 28, 2004, is attached as Annex D to this document and incorporated
into this document by reference. You are urged to read the entire opinion carefully to
learn about the assumptions made, general procedures followed, matters considered and
limits on the scope of the review undertaken by William Blair in rendering its opinion.
William Blair&#146;s opinion will be made available for inspection and copying at the
principal offices of Johnson Outdoors at 555 Main Street, Racine, Wisconsin 53403 during
normal business hours by any interested Johnson Outdoors&#146; shareholder or by his or
her representative who has been so designated in writing. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with its opinion, William Blair examined: (a) the draft merger agreement; (b)
certain audited historical financial statements of Johnson Outdoors for the five years
ended October 3, 2003; (c) the unaudited financial statements of Johnson Outdoors for
the year ended September 30, 2004; (d) certain internal business, operating and financial
information and forecasts of Johnson Outdoors prepared by the senior management of Johnson
Outdoors; (e) the financial terms of the merger compared with publicly available
information regarding the financial terms of certain other business combinations that
William Blair deemed relevant; (f) the financial position and operating results of Johnson
Outdoors compared with those of certain other publicly traded companies that William Blair
deemed relevant; (g) current and historical market prices and trading volumes of the
common stock of Johnson Outdoors; and (h) certain other publicly available information
about Johnson Outdoors. William Blair also held discussions with members of the senior
management of Johnson Outdoors to discuss the foregoing, and considered other matters
which were deemed relevant to its inquiry. William Blair also took into account such
accepted financial and investment banking procedures and considerations as it deemed
relevant. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
rendering its opinion, William Blair assumed and relied upon, without independent
verification, the accuracy and completeness of all the information examined by or
otherwise reviewed or discussed with it for purposes of the opinion, including, without
limitation, the forecasts provided by senior management of Johnson Outdoors. William Blair
assumed that Johnson Outdoors was not aware of any information that might be material to
its opinion that had not already been made available. William Blair did not make or obtain
an independent valuation or appraisal of the assets, liabilities or solvency of Johnson
Outdoors. William Blair was advised by the senior management of Johnson Outdoors that the
forecasts examined by it had been reasonably prepared on bases reflecting the best
currently available estimates and judgments of the senior management of Johnson Outdoors
as to the future results of operations and financial condition of Johnson Outdoors. In
that regard, William Blair assumed, with the consent of the special committee, that all
material assets and liabilities (contingent or otherwise) of Johnson Outdoors were as set
forth in Johnson Outdoors&#146; financial statements or other information made available
to William Blair. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William
Blair&#146;s opinion is based upon economic, market, financial and other conditions
existing on, and other information disclosed to it as of, the date of the opinion. The
opinion does not predict or take into account any changes which may occur, or information
which may become available, after the date of the opinion. It should be understood that,
although subsequent developments may affect the opinion, William Blair does not have any
obligation to update, revise or reaffirm the opinion. William Blair relied as to all legal
matters regarding the merger on advice of counsel to the special committee, and assumed
that the merger will be consummated on the terms described in the draft merger agreement,
without any amendments thereto and without any waiver of any terms or conditions
thereunder. William Blair was not requested to, and did not, participate in the
negotiation or structuring of the merger nor was it asked to consider, and its opinion
does not address, the relative merits of the merger as compared to any alternative
business strategies that might exist for Johnson Outdoors or the effect of any other
transaction in which Johnson Outdoors might engage. In connection with its engagement,
William Blair was not requested to approach, nor did it hold any discussions with, third
parties to solicit indications of interest in a possible acquisition of Johnson Outdoors.
Consequently, William Blair expresses no opinion as to whether any alternative transaction
might produce consideration for the holders of Johnson Outdoors common stock (other than
the participating shareholders and JO Acquisition Corp.) in an amount in excess of the
merger consideration. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of the material financial analyses performed and material factors
considered by William Blair to arrive at its opinion. William Blair performed certain
procedures, including each of the financial analyses described below, and reviewed with
the special committee the assumptions upon which such analyses were based, as well as
other factors. The financial analyses summarized below include information presented in
tabular format. In order to fully understand William Blair&#146;s financial analyses, the
tables must be read together with the text of each summary. The tables alone do not
constitute a complete description of the financial analyses. Considering the data below
without considering the accompanying narrative description of the financial analyses,
including the assumptions and methodologies underlying the analyses, could create a
misleading or incomplete view of William Blair&#146;s financial analyses. In performing
its analyses, William Blair made numerous assumptions with respect to financial conditions
and other matters, many of which are beyond the control of William Blair, Johnson Outdoors
and JO Acquisition Corp. Any estimates contained in the analyses performed by William
Blair are not necessarily indicative of actual values or future results, which may be
significantly more or less favorable than suggested by these analyses. In addition,
estimates of the value of businesses or securities do not purport to be appraisals or to
reflect the prices at which such businesses or securities might actually be sold.
Accordingly, these analyses and estimates are inherently subject to substantial
uncertainty. Although the following summary does not purport to describe all of the
analyses performed or factors considered by William Blair in this regard, it does describe
the principal elements of analyses made by William Blair in arriving at its opinion. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Merger
and Acquisition Premiums Paid Analysis </I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William
Blair reviewed available data from 1,200 domestic public transactions that were announced
and completed between January 1, 2001 and September 26, 2004, and from this data set, also
reviewed transactions with enterprise values between $100 million and $500 million, all
transactions in which less than 50% of the target was acquired, all transactions in which
the remaining minority interest was acquired by a previously controlling shareholder and
all transactions in which the target was taken private. Specifically, for these
transactions, William Blair compared the acquisition price per share to the (i) closing
price of the target stock one day, one week, one month, two months and three months prior
to the announcement of the transaction and (ii) 52-week average, 52-week high and 52-week
low of the target stock prior to the announcement of the transaction. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William
Blair compared the range of resulting per share stock price premiums for the reviewed
transactions to the premiums implied by comparing the $20.10 per share price to be paid in
the merger to Johnson Outdoors&#146; common stock prices one day, one week, one month, two
months and three months prior to the announcement on February 20, 2004 and to the 52-week
average, 52-week high and 52-week low of Johnson Outdoors&#146; common stock prior to the
announcement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William
Blair noted that none of the selected companies is identical to Johnson Outdoors and that
the reasons for, and circumstances surrounding, each of the transactions reviewed were
diverse. William Blair also noted that the premiums fluctuate among different industry
sectors and based on perceived growth, synergies, strategic value and type of
consideration utilized in the transaction. Accordingly, these factors affect the
comparison of the premiums implied by the merger versus the premiums paid in these
transactions. Information regarding the premiums from William Blair&#146;s analysis of
selected transactions is set forth in the following table: </FONT></P>




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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42 </FONT></P>



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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH ALIGN=LEFT COLSPAN=5><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Premiums Paid Percentile Data</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Premium Period</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Implied Transaction <BR>Premium
at $20.10 <BR>Per Share</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25th</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50th</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>75th</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH ALIGN=LEFT COLSPAN=5><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>All transactions announced and completed between January 1, 2001 and September 26, 2004</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>One Day Prior</FONT></TD>
     <TD WIDTH=19% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.6%</FONT></TD>
     <TD WIDTH=17% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.2%</FONT></TD>
     <TD WIDTH=17% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.3%</FONT></TD>
     <TD WIDTH=17% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>One Week Prior</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.3%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.9%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.7%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>One Month Prior</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.9%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.2%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34.7%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68.4%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Two Months Prior</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.2%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.8%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.3%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>81.2%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Three Months Prior</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.5%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.2%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.7%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>81.4%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52-Week Average Prior</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53.7%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3.3)%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34.1%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52-Week High Prior</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.1%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(47.5)%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7.6)%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52-Week Low Prior</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125.8%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66.7%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120.0%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>217.3%</FONT></TD></TR>
</TABLE>
<BR>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH ALIGN=LEFT COLSPAN=5><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transactions in which enterprise value was between $100 million and $500 million</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH WIDTH="19%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>One Day Prior</FONT></TD>
     <TD WIDTH="19%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.6%</FONT></TD>
     <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.1%</FONT></TD>
     <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.9%</FONT></TD>
     <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51.1%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>One Week Prior</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="19%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.3%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.9%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.9%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>One Month Prior</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="19%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.9%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.0%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37.8%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68.2%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Two Months Prior</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="19%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.2%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.8%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40.2%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>83.3%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Three Months Prior</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="19%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.5%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.4%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42.4%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>83.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52-Week Average Prior</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="19%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53.7%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.3%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37.9%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>79.4%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52-Week High Prior</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="19%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.1%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(32.1)%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1.1)%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52-Week Low Prior</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="19%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125.8%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>67.1%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>121.5%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>222.3%</FONT></TD></TR>
</TABLE>
<BR>






<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH ALIGN=LEFT COLSPAN=5><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transactions in which less than 50% of the target was acquired</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH WIDTH="19%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>One Day Prior</FONT></TD>
     <TD WIDTH="19%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.6%</FONT></TD>
     <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0%</FONT></TD>
     <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.8%</FONT></TD>
     <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.4%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>One Week Prior</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="19%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.3%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1.4)%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.9%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>One Month Prior</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="19%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.9%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.3%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.1%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Two Months Prior</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="19%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.2%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5.0)%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.5%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>56.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Three Months Prior</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="19%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.5%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(11.9)%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.9%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52-Week Average Prior</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="19%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53.7%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7.5)%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.5%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52-Week High Prior</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="19%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.1%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(40.9)%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(18.3)%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52-Week Low Prior</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="19%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125.8%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.4%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>79.8%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>149.0%</FONT></TD></TR>
</TABLE>
<BR>





<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH ALIGN=LEFT COLSPAN=5><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transactions in which remaining minority interest was acquired by a previously controlling shareholder</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>One Day Prior</FONT></TD>
     <TD WIDTH="19%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.6%</FONT></TD>
     <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.7%</FONT></TD>
     <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33.3%</FONT></TD>
     <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>One Week Prior</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.3%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.5%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.9%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>One Month Prior</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.9%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.7%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.4%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49.1%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Two Months Prior</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.2%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.7%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.7%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>78.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Three Months Prior</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.5%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.5%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.9%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>84.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52-Week Average Prior</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53.7%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.5%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.6%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52-Week High Prior</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.1%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(28.2)%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(10.8)%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52-Week Low Prior</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125.8%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59.1%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>89.0%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>148.6%</FONT></TD></TR>
</TABLE>
<BR>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH ALIGN=LEFT COLSPAN=5><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transactions in which target was taken private</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>One Day Prior</FONT></TD>
     <TD WIDTH="19%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.6%</FONT></TD>
     <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.8%</FONT></TD>
     <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34.1%</FONT></TD>
     <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>One Week Prior</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.3%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.4%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35.5%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>74.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>One Month Prior</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.9%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.8%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42.2%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>73.8%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Two Months Prior</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.2%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.4%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41.3%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>73.4%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Three Months Prior</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.5%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.2%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.6%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>71.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52-Week Average Prior</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53.7%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.4%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36.2%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65.8%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52-Week High Prior</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.1%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(35.8)%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(8.5)%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52-Week Low Prior</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125.8%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>78.2%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125.1%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>220.4%</FONT></TD></TR>
</TABLE>
<BR>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on this analysis, William Blair noted that all of the implied transaction premiums for
the merger were between the 25th and 75th percentile of premiums paid for each category
of selected transactions and that between half and a majority of the implied transaction
premiums for the merger were higher than the 50th percentile of premiums paid for each
category of selected transactions. </FONT></P>




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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43 </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Selected
Public Company Analysis </I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William
Blair reviewed the financial position and operating results of Johnson Outdoors compared
with those of certain other publicly traded companies in the sports and recreational
products industry that William Blair deemed relevant. The companies selected by William
Blair were: Amer Group Ltd., Brunswick Corporation, Callaway Golf Company, Columbia
Sportswear Company, Head N.V., K2 Inc. and Lowrance Electronics, Inc. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William
Blair selected these companies because they are publicly traded companies that engage in
businesses reasonably comparable to those of Johnson Outdoors. None of the selected
companies is identical to Johnson Outdoors. Accordingly, any analysis of the selected
publicly traded companies necessarily involved complex considerations and judgments
concerning the differences in financial and operating characteristics and other factors
that would necessarily affect the analysis of trading multiples of the selected publicly
traded companies. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among
the information William Blair considered were earnings before interest, taxes,
depreciation and amortization; earnings before interest and taxes; and net income.
William Blair analyzed the selected companies in terms of the equity market value plus
book value of debt, less cash and cash equivalents (&#147;enterprise value&#148;) as a
multiple of EBITDA and EBIT and the equity market value (based on closing share prices as
of October 26, 2004) as a multiple of net income for the most recent available publicly
disclosed estimates for calendar 2004 and calendar 2005. These multiples were compared to
Johnson Outdoors&#146; implied EBITDA, EBIT and net income multiples based on Johnson
Outdoors&#146; (i) year ended September 30, 2004 and estimates for fiscal 2005, (ii)
estimates for calendar year 2004 and calendar year 2005, (iii) year ended September 30,
2004 and estimates for fiscal 2005, pro forma for the acquisition of Techsonic
Industries, Inc. as if such acquisition had occurred at the beginning of the respective
12-month periods, and (iv) estimates for calendar year 2004 and calendar year 2005, pro
forma for the acquisition of Techsonic Industries, Inc. as if such acquisition had
occurred at the beginning of the respective 12-month periods. The enterprise value of the
merger is based on the common equity value implied by the merger consideration per share
of $20.10 (payable in cash), plus the book value of total debt, less cash and cash
equivalents (adjusted for seasonal working capital requirements, discussed below) assumed
to be included in the merger.  </FONT></P>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William
Blair reviewed Johnson Outdoors&#146; monthly working capital and average monthly working
capital for fiscal 2004. For purposes of William Blair&#146;s analysis, working capital
was defined as accounts receivable plus inventory less accounts payable. William Blair
observed that, at the time of the analysis, Johnson Outdoors was approximately at the low
point of its working capital cycle, having seasonally low accounts receivable and
inventory balances and seasonally high cash balances. William Blair concluded that some
portion of Johnson Outdoors&#146; cash balances existing at September 30, 2004 would not
be available to repay outstanding debt on a permanent basis and instead would be required
to fund the seasonal buildup of working capital during the course of fiscal 2005. In light
of this observation, William Blair applied a downward adjustment to cash on hand at
September 30, 2004, to reflect the amount by which Johnson Outdoors&#146; average working
capital during fiscal 2004 (which totaled $120.0 million) exceeded working capital at
September 30, 2004 (which totaled $97.8 million). The adjustment was rounded to $22.0
million. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William
Blair then compared the implied transaction multiples for the merger to the range of
trading multiples for the selected companies. Information regarding the multiples from
William Blair&#146;s analysis of selected publicly traded companies is set forth in the
following table: </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44 </FONT></P>


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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=9><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=4><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Implied Transaction Multiples</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=4><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Selected Public Company Valuation Multiples (for<BR>
CY 2004 Est. and CY 2005 Est.)</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Actual <SUP>(1)</SUP></FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pro Forma <SUP>(1)</SUP></FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=4><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=18% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Financial Metric</B></FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>FY</B></FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CY</B></FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>FY</B></FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CY</B></FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD WIDTH=11% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Minimum</B></FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Mean</B></FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Median</B></FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD WIDTH=11% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Maximum</B></FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004 EBITDA</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;7.5x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;7.3x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;6.8x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;6.7x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;7.9x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;9.0x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;8.8x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.4x</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005 Est. EBITDA</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;7.1x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;6.7x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;7.1x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;6.7x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;6.4x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;7.5x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;7.9x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;8.0x</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>2004 EBIT</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.9x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.8x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.0x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;9.8x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;9.3x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.0x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.7x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.5x</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005 Est. EBIT</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.8x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;9.9x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.8x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;9.9x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;8.6x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;9.5x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;9.3x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.3x</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>2004 Net Income</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.1x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.1x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.0x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.7x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.7x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.4x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.3x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.4x</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005 Est. Net Income</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.3x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.5x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.3x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.5x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.7x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.8x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.1x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.8x</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
</TABLE>



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<TR VALIGN=TOP>
<TD WIDTH=1%>&nbsp;</TD>
<TD WIDTH=99%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Est.
&#150; Estimated; CY &#150; Calendar Year; FY &#150; Fiscal Year  </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
fiscal 2004 financial statements were provided to William Blair by Johnson
               Outdoors and were preliminary in nature. Excludes one-time legal
settlement                recovery of $2.0 million and expenses related to the proposed
merger of $1.5                million. Pro forma figures assume that Techsonic
Industries, Inc. is included in                the relevant period for 12 months. Fiscal
2005 forecast excludes estimated                expenses, as provided by senior
management of Johnson Outdoors, related to the                proposed merger of $1.0
million.  </FONT></TD>
</TR>
</TABLE>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on this analysis, William Blair noted that (1) half of the EBITDA multiples implied by
the merger were within the range of minimum and maximum, but all were less than the mean
and median, selected public company valuation multiples; (2) all but two of the EBIT
multiples implied by the merger were within the range of the minimum and maximum, and two
exceeded the maximum, selected public company valuation multiples; half of the 2004 EBIT
multiples implied by the merger were higher than the median, and all of the 2004 EBIT
multiples implied by the merger were less than the mean, selected public company
valuation multiples; and all of the 2005 estimated EBIT multiples implied by the merger
were higher than the mean and median selected public company valuation multiples; and (3)
all but one of the net income multiples implied by the merger were higher than each of
the selected public company valuation multiples. </FONT></P>







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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Selected
Merger and Acquisition Transactions Analysis </I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William
Blair performed an analysis of selected recent business combinations in the sports and
recreational products industry consisting of transactions announced and closed since 2001
and based on publicly available information. In total, William Blair examined eight
transactions. The selected transactions were not intended to be representative of the
entire range of possible transactions in the industry. The eight transactions examined
were (target / acquirer): Volkl Sports / K2 Inc.; Brass Eagle / K2 Inc.; CamelBak Products
/ Bear Stearns Merchant Banking; Rawlings Sporting Goods / K2 Inc.; Remington Arms /
Bruckmann, Rosser, Sherrill &amp; Co.; Jack Wolfskin / Bain Capital; Koninklijke Gazelle /
Gazelle Holding; and Riddell Sports / Lincolnshire Management. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
William Blair analyzed the multiples implied by the selected transactions and compared
them to the implied transaction multiples of the merger, none of these transactions or
associated companies is identical to Johnson Outdoors. Accordingly, any analysis of the
selected transactions necessarily involved complex considerations and judgments concerning
the differences in financial and operating characteristics, parties involved and terms of
such transactions and other factors that would necessarily affect the implied multiples of
the merger versus the multiples in the selected transactions. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William
Blair reviewed the consideration paid in the selected transactions in terms of the
enterprise value of the target companies as a multiple of latest twelve month
(&#147;LTM&#148;) EBITDA and EBIT. William Blair noted that all such transactions involved
a change of control whereas the proposed merger did not involve a change of control.
William Blair compared the resulting range of multiples of EBITDA and EBIT for the
selected transactions to the multiples of EBITDA and EBIT for the merger (based on
year ended September 30, 2004 figures). As indicated previously, the enterprise value of
Johnson Outdoors used in this analysis is based on the common equity value implied by the
merger consideration per share of $20.10 (payable in cash), plus the book value of total
debt, less cash and cash equivalents (adjusted for seasonal working capital requirements
as discussed above under the heading &#147;Selected Public Company Analysis&#148;) assumed
to be included in the merger. Information regarding the multiples from William
Blair&#146;s analysis of selected transactions is set forth in the following table: </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45 </FONT></P>


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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=9><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Implied Transaction Multiples</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=4><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Selected Transaction Valuation Multiples</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial Metric</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Actual <SUP>(1)</SUP></FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pro Forma <SUP>(1)</SUP></FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Minimum</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mean</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Median</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Maximum</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FY 2004 EBITDA</FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;7.5x</FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;6.8x</FONT></TD>
     <TD WIDTH=13% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;4.6x</FONT></TD>
     <TD WIDTH=13% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;7.4x</FONT></TD>
     <TD WIDTH=13% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;7.0x</FONT></TD>
     <TD WIDTH=13% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.8x</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FY 2004 EBIT</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.9x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.0x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;5.4x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;9.2x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;9.0x</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.6x</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
</TABLE>




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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
fiscal 2004 financial statements were provided to William Blair by Johnson
               Outdoors and were preliminary in nature. Excludes one-time legal
settlement                recovery of $2.0 million and expenses related to the proposed
merger of $1.5                million. Pro forma figures assume that Techsonic
Industries, Inc. is included in                the relevant period for 12 months.  </FONT></TD>
</TR>
</TABLE>
<BR>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on this analysis, William Blair noted that all but one of the implied transaction
multiples of EBITDA and EBIT for the merger were higher than the mean and median selected
transaction valuation multiples and that all of the implied transaction multiples of
EBITDA and EBIT for the merger were within the range of minimum and maximum selected
transaction valuation multiples. </FONT></P>







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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Discounted
Cash Flow Analysis </I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William
Blair utilized the forecasts provided by the senior management of Johnson Outdoors to
perform a discounted cash flow analysis of Johnson Outdoors&#146; projected future cash
flows for the five-year period commencing October 2, 2004 and ending September 30, 2009.
William Blair also compared Johnson Outdoors&#146; historical EBIT to budgeted EBIT for
each of fiscal years 2001 (the earliest such year provided by senior management) through
2004, and noted that historical EBIT trailed budgeted EBIT by an average of 20% over that
period. In light of this difference, William Blair considered an alternative forecast
which discounted budgeted EBIT by a factor of 15% in the projected fiscal periods 2006
through 2009 with no adjustment to projected fiscal 2005. William Blair also noted that
for historical fiscal years 2000 through 2004, working capital (current assets less
current liabilities, exclusive of cash and cash equivalents and current debt) as a
percentage of sales averaged 18.8%, but was projected to decline to 14.6% of sales in the
forecast provided by senior management of Johnson Outdoors. In light of this difference,
William Blair considered a scenario where working capital declined to 18.0% of sales in
the alternative forecast. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Using
the discounted cash flow methodology, William Blair calculated the present values of the
projected free cash flows for Johnson Outdoors using both the forecast provided by senior
management and the alternative forecast. In these analyses, William Blair assumed terminal
value multiples ranging from 6.0x to 8.5x the projected 2009 EBITDA and discount rates
ranging from 13% to 15%. William Blair selected the EBITDA terminal value range based on
William Blair&#146;s review of, among other matters, the trading multiples of the selected
comparable public companies and the transaction multiples of selected transactions
referred to above. William Blair determined the appropriate discount rate range based upon
an analysis of the weighted average cost of capital of the comparable companies that
William Blair deemed relevant. William Blair aggregated (i) the present value of the free
cash flows over the applicable forecast period with (ii) the present value of the range of
terminal values. The aggregate present value of these items represented the enterprise
value range. An equity value per share was determined by subtracting debt, net of cash
(adjusted for seasonal working capital requirements as discussed above under the heading
&#147;Selected Public Company Analysis&#148;), assumed to be included in the transaction
and dividing the resulting equity value by the number of Johnson Outdoors shares
outstanding on a fully diluted basis. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on these assumptions, the range of enterprise values for Johnson Outdoors, implied by the
discounted cash flow analysis of the forecasts provided by senior management of Johnson
Outdoors, ranged from approximately $191 million to $265 million, as compared to the
enterprise value of Johnson Outdoors implied by the merger of $205.7 million. The implied
equity values per share of Johnson Outdoors ranged from $18.45 to $26.60 as compared to
the $20.10 per share price to be paid in the merger. The range of enterprise values for
Johnson Outdoors, implied by the discounted cash flow analysis of the alternative
forecasts, ranged from approximately $161 million to $226 million and the implied equity
values per share of Johnson Outdoors ranged from $15.18 to $22.36. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Leveraged
Buyout Analysis </I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William
Blair performed a leveraged buyout analysis of Johnson Outdoors to ascertain the range of
prices that would be acceptable to a potential financial buyer based upon current market
conditions using the management forecast and the alternative forecast that were used in
the discounted cash flow analysis. William Blair assumed a capital structure that a
financial buyer might apply to Johnson Outdoors, an equity investment that would achieve a
22.5% to 27.5% average annual rate of return and an exit multiple ranging from 6.0x to
8.5x projected fiscal 2009 EBITDA. William Blair selected the range of exit multiples
based on William Blair&#146;s review of, among other matters, the trading multiples of the
selected comparable public companies and the transaction multiples of selected
transactions referred to above. An equity value per share was determined by subtracting
debt, net of cash (adjusted for seasonal working capital requirements as discussed under
the heading &#147;Selected Public Company Analysis&#148;), assumed to be included in the
transaction and dividing the resulting equity value by the number of Johnson Outdoors
shares outstanding on a fully diluted basis. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on these assumptions, the range of enterprise values for Johnson Outdoors implied by the
leveraged buyout analysis of the forecasts provided by senior management of Johnson
Outdoors, ranged from approximately $178 million to $229 million, as compared to the
enterprise value of Johnson Outdoors implied by the merger of $205.7 million. The implied
equity values per share of Johnson Outdoors ranged from $17.00 to $22.69 as compared to
the $20.10 per share price to be paid in the merger. The range of enterprise values for
Johnson Outdoors, implied by the leveraged buyout analysis of the alternative forecasts,
ranged from approximately $162 million to $206 million and the implied equity values per
share of Johnson Outdoors ranged from $15.25 to $20.08. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General
</I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
preparation of an opinion regarding fairness is a complex analytic process involving
various determinations as to the most appropriate and relevant methods of financial
analysis and the application of those methods to the particular circumstances, and,
therefore, such an opinion is not readily susceptible to partial analysis or summary
description. The preparation of an opinion regarding fairness does not involve a
mathematical evaluation or weighing of the results of the individual analyses performed,
but requires William Blair to exercise its professional judgment, based on its experience
and expertise, in considering a wide variety of analyses taken as a whole. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the analyses conducted by William Blair was carried out in order to provide a different
perspective on the financial terms of the merger and add to the total mix of information
available. William Blair did not form a conclusion as to whether any individual analysis,
considered in isolation, supported or failed to support an opinion about the fairness of
the consideration to be received by the holders of Johnson Outdoors common stock (other
than the participating shareholders and JO Acquisition Corp.) in the merger. Rather, in
reaching its conclusion, William Blair considered the results of the analyses and
ultimately reached its opinion based on the results of all analyses taken as a whole.
William Blair did not place particular reliance or weight on any particular analysis, but
instead concluded that its analyses, taken as a whole, supported its determination.
Accordingly, notwithstanding the separate factors summarized above, William Blair believes
that its analyses must be considered as a whole and that selecting portions of its
analyses and the factors considered by it, without considering all analyses and factors,
may create an incomplete or misleading view of the evaluation process underlying its
opinion. No company or transaction used in the above analyses as a comparison is directly
comparable to Johnson Outdoors. The analyses performed by William Blair are not
necessarily indicative of future actual values or results, which may be significantly more
or less favorable than suggested by such analyses. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William
Blair has been engaged in the investment banking business since 1935. William Blair
continually undertakes the valuation of investment securities in connection with public
offerings, private placements, business combinations, estate and gift tax valuations and
similar transactions. The special committee selected William Blair to deliver an opinion
with respect to the proposed merger on the basis of such experience. In the ordinary
course of its business, William Blair may from time to time trade the securities of
Johnson Outdoors for its own account and for the accounts of customers, and accordingly
may at any time hold a long or short position in such securities. William Blair has acted
as the financial advisor to the Special Committee in connection with the Merger and will
receive fees of $800,000 for its services, none of which is contingent upon the completion
of the merger. Johnson Outdoors also agreed to reimburse William Blair for its
out-of-pocket expenses incurred with its engagement as the special committee&#146;s
financial advisor. In addition, Johnson Outdoors agreed to indemnify William Blair against
certain liabilities arising out of this engagement. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47 </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Alternatives to the
Merger </FONT></H1>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
participating shareholders chose the merger structure because it was the most efficient
means to acquire the entire equity interest in Johnson Outdoors and provide cash to the
Johnson Outdoors shareholders other than the participating shareholders. The
participating shareholders also briefly considered a tender offer transaction, but
rejected that alternative because it would not be as efficient and viable a method for
the participating shareholders to acquire all of the outstanding common stock of Johnson
Outdoors.  The merger transaction described in this proxy statement was selected in part
because it required only one step instead of two steps, as would have been required if a
tender offer were employed, and could be coordinated with the timing of the proposed debt
financing for the merger. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
the participating shareholders did not wish to increase their investments in relatively
illiquid, private-company equity interests and, at the same time, had no interest in any
transaction that would have allowed any other shareholders to retain an ownership
interest in Johnson Outdoors or that would result in Johnson Outdoors having
publicly-traded securities, they concluded that bank financing without any equity
financing component was the only feasible financing strategy for the merger. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
light of the participating shareholders&#146; public statement as to their unwillingness to
sell their shares of Johnson Outdoors common stock or to support an alternative
transaction, and in view of the absence of any third-party transaction proposals, Johnson
Outdoors did not consider specific alternatives to the proposed merger other than
foregoing the merger and continuing to operate Johnson Outdoors as a public company.
 </FONT></P>


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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certain Effects of the
Merger  </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Conversion
of Outstanding Johnson Outdoors Common Stock and Stock Options</I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the merger agreement is approved by Johnson Outdoors shareholders and the other conditions
to the closing of the merger are either satisfied or waived, JO Acquisition Corp. will be
merged with and into Johnson Outdoors, which will be the surviving corporation in the
merger. After the merger, the participating shareholders will beneficially own all of the
outstanding capital stock of Johnson Outdoors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
the merger is completed, each share of Johnson Outdoors common stock issued and
outstanding immediately prior to the effective time of the merger (other than the shares
contributed to JO Acquisition Corp. by the participating shareholders, any other shares
held by JO Acquisition Corp. or the participating shareholders and shares as to which a
dissenting shareholder has perfected dissenters&#146; rights under Wisconsin law) will be
converted into the right to receive $20.10 in cash. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the completion of the merger, each holder of a vested or unvested stock option
issued under a Johnson Outdoors stock option plan, other than stock options held by Ms.
Johnson-Leipold and the estate of Samuel C. Johnson, will have the right to receive cash in
respect of such stock option in an amount equal to the product of (1) the excess, if any,
of the per-share merger consideration of $20.10 over the per-share exercise price of such
stock option, multiplied by (2) the number of shares subject to such stock option. In
order to receive this cash payment in respect of a stock option, the option holder must
execute a written consent on a form provided by Johnson Outdoors to the effect that the
cash payment is in full consideration for the cancellation of such stock option. Cash
payments in respect of stock options will be made without interest and net of any
withholding taxes. At the effective time of the merger, Johnson Outdoors stock options
held by Ms. Johnson-Leipold and the estate of Samuel C. Johnson will be converted into
options to acquire an equivalent amount of shares of the surviving corporation in the
merger pursuant to the terms of a conversion agreement to be entered into by Johnson
Outdoors, JO Acquisition Corp., Ms. Johnson-Leipold and the estate of Samuel C. Johnson. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effect
on Ownership Structure of Johnson Outdoors</I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the effective time of the merger, the current Johnson Outdoors shareholders, other than
the participating shareholders, will cease to have ownership interests in Johnson Outdoors
or rights as Johnson Outdoors shareholders. Therefore, current unaffiliated shareholders
of Johnson Outdoors would not participate in any earnings or growth of Johnson Outdoors
following the merger and would not benefit from any increase in the value of Johnson
Outdoors following the merger. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effect
on Listing, Registration and Status of Johnson Outdoors Common Stock</I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors&#146; Class A common stock is currently registered under the Exchange Act and is
quoted on the Nasdaq National Market under the symbol &#147;JOUT.&#148; As a result of the
merger, Johnson Outdoors will be a privately-held company, and there will be no public
market for its common stock. After the merger, the Class A common stock will cease to be
quoted on the Nasdaq Stock Market, and price quotations with respect to sales of shares of
Johnson Outdoors common stock in the public market will no longer be available. In
addition, registration of the Class A common stock under the Exchange Act will be
terminated. This termination will make certain provisions of the Exchange Act, such as the
requirement of furnishing a proxy or information statement in connection with
shareholders&#146; meetings, no longer applicable to Johnson Outdoors. After the effective
time of the merger, Johnson Outdoors will also no longer be required to file periodic
reports with the SEC. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effect
on Organization and Management of Johnson Outdoors</I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the effective time of the merger, the directors of JO Acquisition Corp. will become the
directors of the surviving corporation in the merger. It is expected that the executive
officers of Johnson Outdoors immediately prior to the effective time of the merger will
remain the executive officers of the surviving corporation. At the effective time of the
merger, the articles of incorporation of the surviving corporation will be amended and
restated in their entirety to read in the form of the articles of incorporation of JO
Acquisition Corp., as in effect immediately prior to the effective time of the merger,
except that such articles of incorporation shall be amended so that they provide that the
name of the corporation is Johnson Outdoors Inc., rather than JO Acquisition Corp. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is expected that, upon consummation of the merger, the operations of Johnson Outdoors will
be conducted substantially as they currently are being conducted; however, Johnson
Outdoors will not be subject to the obligations and constraints, and the related direct
and indirect costs and personnel requirements, associated with being a public company.
Management of JO Acquisition Corp. has advised Johnson Outdoors that it does not have any
present plans or proposals that relate to, or would result in, an extraordinary corporate
transaction following completion of the merger involving Johnson Outdoors&#146; corporate
structure, business or management, such as a merger, reorganization, liquidation,
relocation of any operations or sale or transfer of a material amount of assets. It is
expected, however, that following the merger, Johnson Outdoors&#146; management will
continuously evaluate and review Johnson Outdoors&#146; business and operations and may
develop new plans and proposals that they consider appropriate to maximize the value of
Johnson Outdoors. JO Acquisition Corp., Ms. Johnson-Leipold and the other participating
shareholders reserve the right to make any changes deemed appropriate in light of their
evaluation and review or in light of future developments and are currently evaluating the
possibility of implementing an employee stock ownership plan after consummation of the
merger. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Beneficial
and Detrimental Effects</I> </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
benefit of the merger to the participating shareholders is that Johnson Outdoors&#146; will be
returned to private ownership and operated as a private company, consistent with the
other Johnson family enterprises.  As a privately-held company, information concerning
Johnson Outdoors and its operations, financial results and directors and officers will no
longer be available to competitors.  Future earnings and growth will be solely for the
benefit of the participating shareholders and not for the benefit of Johnson Outdoors&#146; other
current shareholders.  The anticipated cost savings of at least $700,000 in the first
full fiscal year following Johnson Outdoors&#146; becoming a private company will benefit the
shareholders at that time and not the current public shareholders.  Following the merger,
Johnson Outdoors management and certain other employees will be able to eliminate the
time devoted to matters that relate exclusively to Johnson Outdoors being a public
company and will be able to focus on the business and operations of the company.
Detriments of the merger to the participating shareholders include the lack of liquidity
for Johnson Outdoors common stock following the merger, the risk that Johnson Outdoors
will decrease in value following the merger, the incurrence by Johnson Outdoors
of an additional approximately $37 million of new long-term debt and approximately $34.6
million of new revolving indebtedness, net of the repayment of long-term debt outstanding
immediately prior to the merger, and the payment by Johnson Outdoors of approximately
$[&#149;] million in transaction costs and estimated fees and expenses related to the merger
and financing transactions. See &#147;SPECIAL FACTORS&#151;Purpose and Reasons for the Merger,&#148; &#147;SPECIAL
FACTORS&#151;Merger Financing&#148; and &#147;SPECIAL FACTORS&#151;Estimated Fees and Expenses of the Merger.&#148; </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
benefit of the merger to Johnson Outdoors&#146; public shareholders is the right to receive
the all-cash merger consideration of $20.10 per share for their shares of Johnson
Outdoors common stock.  The merger will enable the public shareholders to dispose of
their shares at a price the special committee has determined to be a fair price, in spite
of the fact that Johnson Outdoors&#146; common stock has generally experienced low trading
volumes and limited liquidity.  The cash merger consideration for the shares represents a
21.2% premium over the average closing price of the Class A common stock for the 30 days
prior to the February 20, 2004 announcement of Mr. Johnson and Ms. Johnson-Leipold&#146;s
proposal and a 53.7% premium to the closing price for the 52 weeks prior to February 20,
2004.  The public shareholders will additionally be able to sell their shares without
paying the usual transaction costs associated with open market sales and will no longer
have to bear the risk of any future losses or decrease in Johnson Outdoors&#146; enterprise
value.  The detriments of the merger to such shareholders are that they will cease to
participate in Johnson Outdoors&#146; future earnings and growth, if any, and that the receipt
of the payment for their shares in the merger will be a taxable for federal income tax
purposes. See &#147;SPECIAL FACTORS&#151;Federal Income Tax Consequences.&#148; </FONT></P>








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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effect
on Participating Shareholders&#146; Interest in Net Book Value and Net Earnings</I> </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After
consummation of the merger, the participating shareholders will own all of the
outstanding common stock of the surviving corporation and will benefit from any future
earnings or growth of Johnson Outdoors.  After consummation of the merger, the
participating shareholders&#146; interest in the net book value and net earnings of
Johnson Outdoors will be 100% based on their holdings of Johnson Outdoors outstanding
capital stock.  Johnson Outdoors&#146; unaffiliated shareholders will no longer hold any
direct or indirect equity interest in Johnson Outdoors and therefore will no longer own
any interest in its net book value or net earnings.  Thus, immediately after the merger,
based on Johnson Outdoors&#146; audited financial statements for the fiscal year ended
October 1 , 2004, the participating shareholders will have an interest equal to
approximately $160,642,510 in the surviving corporation&#146;s net book value and
$8,689,484 in the surviving corporation&#146;s net earnings.  The following table sets
forth the effect of the merger on the interest of each participating shareholder in the
net book value and net earnings of Johnson Outdoors, based on beneficial ownership as of
November 1, 2004.  </FONT></P>





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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50 </FONT></P>


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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Book Value(1)</FONT><HR WIDTH=80% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Earnings(1)</FONT><HR WIDTH=80% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dollar Increase</FONT><HR WIDTH=80% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Percentage<BR>
Increase</FONT><HR WIDTH=80% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dollar Increase</FONT><HR WIDTH=80% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Percentage<BR>
Increase</FONT><HR WIDTH=80% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=28% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Helen P. Johnson-Leipold</FONT></TD>
     <TD WIDTH=18% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$42,297,173</FONT></TD>
     <TD WIDTH=18% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.3</FONT></TD>
     <TD WIDTH=18% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$ 2,287,941</FONT></TD>
     <TD WIDTH=18% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Imogene P. Johnson</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$57,028,091</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.8</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$ 3,084,767</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>S. Curtis Johnson</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$35,020,067</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.8</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$ 1,894,308</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Dr. H. Fisk Johnson</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$28,690,752</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.5</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$ 1,551,942</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Winifred J. Marquart</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$ 9,927,707</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.6</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$   537,010</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>JWA Consolidated, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$47,501,990</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>86.9</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$ 2,569,480</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>86.9</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Samuel C. Johnson 1988 Trust</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Number One u/a September 14, 1988</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$19,020,073</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.7</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$ 1,028,835</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.7</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Johnson Bank</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$56,497,971</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.8</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$ 3,056,092</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.8</FONT></TD></TR>
</TABLE>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) &#150; The effect of the dollar
change in net book value and net earnings related to each participating shareholder is
impacted by joint beneficial ownership by the participating shareholders listed above.  See &#147;SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS.&#148;  This joint beneficial ownership impact results
in aggregate changes to the dollar amounts that exceed to actual net book value and net
earnings as of and for the year ended October 1, 2004. </FONT></P>









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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interests of Certain
Persons in the Merger </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
considering the recommendations of the board of directors, you should be aware that
certain of Johnson Outdoors&#146; executive officers and directors have interests in the
transaction that are different from, or are in addition to, the interests of Johnson
Outdoors&#146; shareholders generally. The special committee and the board of directors
were aware of these potential or actual conflicts of interest and considered them along
with other matters when they determined to recommend the merger. See &#147;SPECIAL
FACTORS&nbsp;&#151; Background of the Merger.&#148; </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>JO
Acquisition Corp. and the Participating Shareholders; Equity Ownership in the Surviving
Corporation Following the Merger.</I> </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ms.        Johnson-Leipold
is Johnson Outdoors&#146; Chairman and Chief Executive Officer           and is the
President and Chief Executive Officer of JO Acquisition Corp. Upon           consummation
of the merger, it is anticipated that Ms. Johnson-Leipold will           continue in the
position of Chairman and Chief Executive Officer of Johnson           Outdoors, the
surviving corporation in the merger.  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the effective time of the merger, Ms. Johnson-Leipold and the other participating
shareholders will deliver not less than 3,448,113 shares of Johnson Outdoors Class A
common stock and 1,171,294 shares of Johnson Outdoors Class B common stock to JO
Acquisition Corp., in exchange for an equal number of shares of common stock of JO
Acquisition Corp. An aggregate of 450,000 of these Class&nbsp;A shares, however, may
instead be transferred to third parties by Samuel C. Johnson Trust Number One u/a
September&nbsp;14, 1988, in satisfaction of pecuniary bequests existing on
October&nbsp;28, 2004, provided that, contemporaneously with any such transfer, an amount
in cash equal to the product of the number of Class&nbsp;A shares so transferred
multiplied by the merger consideration of $20.10 is contributed to JO Acquisition Corp.
See &#147;CONTRIBUTION AND VOTING AGREEMENTS &#150; Contribution Agreement.&#148; Upon
consummation of the merger, JO Acquisition Corp. and the participating shareholders will
not receive any amounts in connection with their ownership of Johnson Outdoors shares. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
consummation of the merger, the Johnson Outdoors stock options held by Helen P.
Johnson-Leipold and the estate of Samuel C. Johnson will be converted at the effective
time of the merger into options to acquire an equivalent amount of shares of common stock
of Johnson Outdoors, as the surviving corporation in the merger, pursuant to the terms of
a conversion agreement to be entered into by, and in a form acceptable to, JO Acquisition
Corp., Johnson Outdoors, Ms. Johnson-Leipold and the estate of Samuel C. Johnson. See
&#147;THE MERGER AGREEMENT &#150; Treatment of Stock Options.&#148;<B> </B>As of November
1, 2004, Ms. Johnson-Leipold holds options to acquire 165,000 shares of Johnson Outdoors
common stock from Johnson Outdoors, and the estate of Samuel C. Johnson holds options to
acquire 13,795 share of Johnson Outdoors common stock from Johnson Outdoors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of November 1, 2004 the participating shareholders beneficially owned shares of Johnson
Outdoors&#146; common stock as follows: </FONT></P>








<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sole Voting/<BR>
Dispositive Power</FONT><HR WIDTH=50% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shared Voting/<BR>
Dispositive Power</FONT><HR WIDTH=50% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Class A<BR>
Common Stock</FONT><HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Class B<BR>
Common Stock</FONT><HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Class A<BR>
Common Stock</FONT><HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Class B<BR>
Common Stock</FONT><HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Helen P. Johnson-Leipold</FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,035,954<SUP>(1)</SUP></FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>454,409<SUP>(3)</SUP></FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,072,972<SUP>(4)</SUP></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Imogene P. Johnson</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,288</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,354,529</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,062,330</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dr. H. Fisk Johnson</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>781,773<SUP>(2)</SUP></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>259,302<SUP>(3)</SUP></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,076,364<SUP>(4)</SUP></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S. Curtis Johnson</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>423,186<SUP>(2)</SUP></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>264,509<SUP>(3)</SUP></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,053,580<SUP>(4)</SUP></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Winifred J. Marquart</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>394,197<SUP>(2)</SUP></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>181,823<SUP>(3)</SUP></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,258<SUP>(4)</SUP></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Johnson Bank</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>71,724</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47,780</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,772,622</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>109,836</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JWA Consolidated, Inc.</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>114,464</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,037,330</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Samuel C. Johnson 1988 Trust</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,354,529</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,062,330</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Number One u/a September</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;14, 1988</FONT></TD></TR>
</TABLE>
<BR>


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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Includes options to acquire 165,000 shares of Class A common stock from Johnson
          Outdoors and 717,510 shares of Class A common stock from the Samuel C. Johnson
          1988 Trust Number One u/a September 14, 1988, which options are exercisable
          within 60 days, and 3,932 shares of Class A common stock held by the Johnson
          Outdoors 401(k) Retirement and Savings Plan as of November 1, 2004. </FONT></TD>
          </TR>
          </TABLE>


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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Includes options to acquire 394,177 shares of Class A common stock from the
          Samuel C. Johnson 1988 Trust Number One u/a September 14, 1988, which options
          are exercisable within 60 days. </FONT></TD>
          </TR>
          </TABLE>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Includes indirect right to acquire 113,623 shares of Class A common stock from
          the Samuel C. Johnson Trust Number One u/a September 14, 1988 jointly with other
          participating shareholders. </FONT></TD>
          </TR>
          </TABLE>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Includes indirect right to acquire 6,250 shares of Class A common stock from the
          Samuel C. Johnson Trust Number One u/a September 14, 1988 jointly with other
          participating shareholders. </FONT></TD>
          </TR>
          </TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Equity
Ownership in Johnson Outdoors; Merger Consideration to be Received by Directors and
Officers of Johnson Outdoors Other </I><I>than Ms. Johnson-Leipold.</I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
directors and executive officers of Johnson Outdoors other than Ms. Johnson-Leipold will
be entitled to receive $20.10 per share of Johnson Outdoors common stock held by them upon
completion of the merger. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
completion of the merger, in respect of options to acquire shares of Johnson Outdoors
commons stock held by them, the directors and executive officers of Johnson Outdoors other
than Ms. Johnson-Leipold will be entitled to receive an amount in cash equal to (1) the
excess, if any, of (x) the per share merger consideration of $20.10 over (y)&nbsp;the
applicable exercise price per share of Johnson Outdoors common stock subject to such
Johnson Outdoors stock option, multiplied by (2) the number of shares of Johnson Outdoors
common stock subject to such Johnson Outdoors stock option (and for which such Johnson
Outdoors stock option shall not theretofore have been exercised). See &#147;THE MERGER
AGREEMENT &#150; Treatment of Stock Options.&#148; </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table reflects the total amount of cash that each director and named executive
officer (as defined in Item 402(a)(3) of Regulation S-K), other than Ms. Johnson-Leipold,
will receive as merger consideration as of November 1, 2004: </FONT></P>






<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name</FONT><HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Position</FONT><HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Number of Shares<BR>
Beneficially Owned</FONT><HR WIDTH=65% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Merger<BR>
Consideration</FONT><HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jervis B. Perkins <SUP>(1)</SUP></FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chief Operating Officer</FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>942</FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$18,934&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Paul A. Lehmann <SUP>(2)</SUP></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vice President and Chief Financial Officer</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,493</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$562,859</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>John M. Fahey, Jr. <SUP>(3)</SUP></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,485</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$244,180</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gregory E. Lawton <SUP>(4)</SUP></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,457</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$309,920</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Terry E. London <SUP>(5)</SUP></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,457</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$309,920</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Thomas F. Pyle, Jr. <SUP>(6)</SUP></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,138</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$367,634</FONT></TD></TR>
</TABLE>
<BR>




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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
942 Class A Shares held by the Johnson Outdoors 401(k) Retirement and           Savings
Plan.  </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
options to acquire 40,000 Class A Shares, which options are exercisable           within
60 days, and 1,493 Class A Shares held by the Johnson Outdoors 401(k)
          Retirement and Savings Plan.  </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
options to acquire 16,575 Class A Shares, which options are exercisable           within
60 days.  </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
options to acquire 18,795 Class A Shares, which options are exercisable           within
60 days.  </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
options to acquire 18,795 Class A Shares, which options are exercisable           within
60 days.  </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
options to acquire 23,795 Class A Shares, which options are exercisable           within
60 days.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Employment
with the Surviving Corporation</I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is expected that the executive officers of Johnson Outdoors immediately prior to the
effective time of the merger will remain executive officers of the surviving corporation
and will continue their employment on the terms in effect immediately prior to the
effective time. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Directors
of the Surviving Corporation Post Transaction</I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon consummation
of the merger, the directors of JO Acquisition Corp. immediately prior to the effective
time of the merger will, from and after the effective time of the merger, be the directors
of Johnson Outdoors, as the surviving corporation, until their successors are duly elected
and qualified or until their earlier resignation or removal. Ms. Johnson-Leipold is
currently the sole director of JO Acquisition Corp. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification
and Insurance</I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the merger agreement, Johnson Outdoors, as the surviving corporation in the merger,
will indemnify, and advance reasonable expenses to, the current and former directors and
officers of Johnson Outdoors and its subsidiaries, referred to as the indemnified parties,
against all costs or expenses, judgments, fines, losses, claims, damages, liabilities and
amounts that are paid in settlement in connection with any acts or omissions occurring at
or prior to the time of the merger, and the surviving corporation must cooperate in the
defense of any such matter. All rights to indemnification and exculpation from liability
existing in favor of any indemnified parties as provided under applicable laws and the
charters and bylaws of Johnson Outdoors and its subsidiaries as of the date of the merger
agreement are to survive the merger with respect to events occurring up to and including
the time of the merger. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53 </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a period of six years following the merger, Johnson Outdoors, as the surviving
corporation, will cause to be maintained in effect directors&#146; and officers&#146;
liability insurance with reputable and financially sound carriers covering the indemnified
parties who were currently covered as of the date of the merger agreement and any other
individuals who as of the date of the merger agreement were covered by Johnson
Outdoors&#146; current directors&#146; and officers&#146; liability insurance policies
with respect to matters occurring at or prior to the effective time of the merger on terms
not less favorable to the insured parties than those provided under Johnson Outdoors&#146;
directors&#146; and officers&#146; liability insurance as of the date of the merger
agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compensation
of the Special Committee</I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
consideration of the expected time and other commitments that would be required of special
committee members generally and the chairman of the special committee in particular, the
board of directors determined that the chairman of the special committee would receive
$45,000 and each other member of the special committee will receive $35,000 as
compensation for their service on the special committee, in each case without regard to
whether the special committee were to recommend approval of the merger agreement or
whether the merger were consummated. Accordingly, Mr.&nbsp;Pyle, chairman of the special
committee, will receive $45,000, and Mr. Fahey and Mr.&nbsp;London, the other members of
the special committee, will each receive $35,000 as compensation for their services on the
special committee. In addition, the members of the special committee are entitled to
receive reimbursement for the expenses incurred in connection with their service on the
special committee. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certain Risks in the
Event of Bankruptcy </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Johnson Outdoors is insolvent at the effective time of the merger or becomes insolvent as
a result of the merger, the transfer of funds representing the $20.10&nbsp;per share price
payable to shareholders upon completion of the merger may be deemed to be a
&#147;fraudulent conveyance&#148; under applicable law and therefore may be subject to
claims of creditors of Johnson Outdoors. If such a claim is asserted by the creditors of
Johnson Outdoors following the merger, there is a risk that persons who were shareholders
at the effective time of the merger will be ordered by a court to return to Johnson
Outdoors&#146; trustee in bankruptcy all or a portion of the $20.10&nbsp;per share in cash
they received upon the completion of the merger. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the projected capitalization of Johnson Outdoors at the time of the merger and
projected results of operations and cash flow following the merger, the board of directors
of Johnson Outdoors has no reason to believe that Johnson Outdoors and its subsidiaries,
on a consolidated basis, will be insolvent immediately after giving effect to the merger. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Merger Financing </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JO
Acquisition Corp. has received a commitment letter from GE Capital, pursuant to which GE
Capital has committed, subject to certain specified conditions discussed below, to enter
into definitive agreements to provide financing of up to $142.0 million and
&#128;27.0 million. The financing arrangement is expected to consist of a
five-year senior secured North American revolving credit facility of up to $85.0 million
(including a foreign subfacility of up to $5.0 million, which is to be supported by a
guarantee of the Export-Import Bank of the United States), a five-year senior secured
North American term loan of up to $7.0 million, a five-year senior secured European term
loan of up to &#128;27.0 million and a 66-month senior secured second lien term loan of up
to $50 million. Subject to certain limitations, including the existence of adverse tax
consequences, the debt financing will be secured by substantially all of the assets of the
surviving corporation in the merger, its North American subsidiaries, by a pledge of all
of the capital stock of its North American and first-tier foreign subsidiaries, and by
certain specified assets of its European subsidiaries. The proceeds of the debt financing
will be used, together with the available cash of Johnson Outdoors, to pay the merger
consideration, to pay related fees and expenses, to refinance certain existing
indebtedness of Johnson Outdoors, and to provide for a portion of the ongoing working
capital needs of the surviving corporation and its subsidiaries.&nbsp; </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54   </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
credit facilities will bear interest either at an index rate, LIBOR or Euribor, in each
case, plus an applicable margin. In the case of the senior secured second lien term and
certain seasonal advances, the applicable margin will not be subject to adjustment after
closing. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Conditions
to Debt Financing.</I> The commitment of GE Capital to provide the above-described debt
financing arrangements and facilities is subject to satisfaction or waiver of various
conditions, including, among others: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
execution and delivery of definitive loan documentation satisfactory to GE Capital and
its counsel with respect to the          senior secured credit facility;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>inclusion
of the foreign subfacility is conditioned upon satisfactory approval by the U.S.
Export-Import Bank;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
consummation of the merger substantially on the terms set forth in the merger agreement;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>since
Johnson Outdoors&#146; last audited financial statement, no material adverse change in
the business or financial condition or assets of Johnson Outdoors and its North American
subsidiaries, taken as a whole, or of certain European subsidiaries of Johnson Outdoors,
taken as a whole; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
absence of litigation that is reasonably likely to have a material adverse impact on the
surviving corporation in the merger and its designated subsidiaries, taken as a whole, or
their ability to repay the loans or which is reasonably likely to invalidate the merger
or loan transactions; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>since
Johnson Outdoors&#146; last audited financial statement, no material increase in the
liabilities, liquidated or contingent, of Johnson Outdoors and its designated
subsidiaries, taken as a whole, or a material decrease in the assets of such entities,
taken as a whole; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
absence of any change in the loan syndication, financial or capital market conditions
generally that in GE Capital&#146;s reasonable credit judgment would materially impair
syndication of the financing; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
delivery of an opinion of a valuation firm reasonably acceptable to GE Capital,
evidencing the solvency at closing of Johnson Outdoors, as the surviving corporation in
the merger, and certain subsidiaries; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
obtaining of all requisite approvals and consents from governmental authorities and third
parties;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
ratio of the projected average total indebtedness of Johnson Outdoors for the first 12
month period following the closing date to adjusted EBITDA for the 12 month period
immediately prior to closing not in excess of 4.25 to 1.00; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>minimum
excess availability under the revolving credit facility at closing (on a pro forma basis)
sufficient to ensure that the Johnson Outdoors and Johnson Outdoors Canada maintain at
least $8.5 million of excess projected availability for the 12-month period following the
closing date; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
absence of any other offer, issuance, placement, syndication or arrangement of any debt
securities or debt facilities by or on behalf of any of the borrowers or any of their
respective affiliates, the announcement or authorization of the announcement of any of
the foregoing, or any attempts, discussions or agreements to do any of the foregoing,
except with the consent of GE Capital. </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
the only consideration in the merger is cash and because the completion of the merger is
subject to a financing condition, the participating shareholders and JO Acquisition Corp.
do not believe that the financial condition of JO Acquisition Corp. is material to a
shareholder&#146;s decision whether to vote to approve the merger agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Alternative
Financing.</I> In the event that any portion of debt financing as described above is not
available, JO Acquisition Corp. has agreed pursuant to the merger agreement to use its
commercially reasonable efforts to arrange to obtain any such portion from alternative
sources on comparable or more favorable terms to JO Acquisition Corp. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors, as the surviving corporation following the merger, anticipates that obligations
under the debt facilities will be repaid from a variety of sources, including funds
generated by the operations of Johnson Outdoors. The source and allocation of various
methods of repayment of the debt facilities will be determined, and may be modified, from
time to time, based on market conditions and such other factors deemed appropriate. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Plans for Johnson
Outdoors if the Merger is Not Completed </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is expected that, if the merger is not completed, the current management of Johnson
Outdoors, under the direction of the board of directors, will continue to manage Johnson
Outdoors as an ongoing business. From time to time, it is expected that Johnson Outdoors
will evaluate and review its business operations, properties, dividend policy and
capitalization, among other things, make such changes as are deemed appropriate and
continue to seek to identify strategic alternatives to maximize shareholder value. If the
merger agreement is not approved by shareholders, or if the merger is not consummated for
any other reason, there can be no assurance that any other transaction acceptable to
Johnson Outdoors will be offered or that Johnson Outdoors&#146; business and operations
will not be adversely affected. In addition, if the merger is not completed, depending
upon the circumstances, Johnson Outdoors may be required to reimburse certain expenses of
JO Acquisition Corp. See<I> </I>&#147;SPECIAL FACTORS&#151;Estimated Fees and Expenses of
the Merger.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Estimated Fees and
Expenses of the Merger </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors and JO Acquisition Corp. expect to incur approximately $[&#149;]&nbsp;million in fees
and expenses in connection with the consummation of the merger and the related
transactions, as set forth in the table below: </FONT></P>





<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=50% ALIGN=CENTER>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fees and Expenses</FONT><HR WIDTH=25% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Estimated Amount</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial advisory fees and expenses</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD WIDTH=22% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> [&#149;]</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Legal and accounting fees and expenses</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&#149;]</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Special committee fees and expenses</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&#149;]</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Printing and mailing fees and expenses</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&#149;]</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SEC filing fees</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&#149;]</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financing fees</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&#149;]</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Miscellaneous</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&#149;]</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  [&#149;]</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
</TABLE>
<BR>




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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Regulatory Approvals and
Requirements </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the merger, Johnson Outdoors will be required to make certain filings
with, and comply with certain laws of, various federal and state governmental agencies,
including: </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>56 </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>filing
a certificate of merger with the Department of Financial Institutions of the State of
Wisconsin in accordance with Wisconsin law after the approval and adoption of the merger
agreement and the merger by Wisconsin&#146;s shareholders; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>certain
notice filings with The Nasdaq Stock Market.</FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is currently expected that no regulatory approvals will be required in order to complete
the merger. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Litigation Related to
the Merger </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors is aware of two purported class action shareholder complaints that have been
filed in the Circuit Court of Racine County in the State of Wisconsin (each a
&#147;Complaint&#148;, and, collectively, the &#147;Complaints&#148;) on behalf Johnson
Outdoors&#146; shareholders who alleged they were injured or threatened with injury
arising from Samuel C. Johnson and Helen P. Johnson-Leipold&#146;s February&nbsp;20, 2004
non-binding proposal to acquire the outstanding shares of Johnson Outdoors common stock
not already owned by them. The Complaints are styled Buchta v. Johnson Outdoors Inc., et
al., No. 04 CV 0902 (filed February&nbsp;23, 2004), and Losinski v. Johnson Outdoors Inc.,
et al., No. 04 CV 0948 (filed March&nbsp;4, 2004). On April 2, 2004, the Complaints were
consolidated for all purposes. The Complaint filed in Buchta v. Johnson Outdoors Inc., et
al. No. 04 CV 0902 was designated as the operative Complaint in the consolidated action.
The action names Johnson Outdoors and six individual defendants, Samuel C. Johnson, Helen
P. Johnson-Leipold, Thomas F. Pyle, Jr., John M. Fahey, Jr., Terry E. London, and Gregory
E. Lawton, who constituted the board of directors of Johnson Outdoors at the time the
Complaints were filed. The Complaint challenges the adequacy of the consideration and
disclosures relating to the proposed transaction. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
plaintiffs allege, among other things, that Mr. Johnson and Ms. Johnson-Leipold, with the
acquiescence of the other directors of Johnson Outdoors, engaged in self-dealing and
failed to act in good faith toward the putative plaintiff class members; that the
individual director defendants violated their duty of fair dealing by allegedly
manipulating the timing of the proposed transaction to benefit the Johnson family at the
expense of the putative plaintiff class members; and that, unless enjoined, the individual
director defendants would continue to breach fiduciary duties owed to the putative
plaintiff class members by failing to maximize shareholder value, failing to have a
properly constituted and effective independent committee to evaluate the proposed
transaction, and allegedly putting the defendants&#146; self-interest before the interests
of the Johnson Outdoors&#146; public shareholders. The plaintiffs seek an order certifying
the proposed class, granting preliminary and injunctive relief against the consummation of
the proposed going private transaction, or, alternatively, rescissory damages, and an
award of the plaintiffs&#146; costs and attorneys fees. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February 26, 2004, the defendants filed a motion to dismiss the allegations in Buchta v.
Johnson on the basis that the claims were premature and failed to state a claim against
Johnson Outdoors or any of the individual defendants. Subsequently, separate counsel were
retained for the Johnson family defendants and the members of the special committee. The
court allowed the withdrawal of the defendants&#146; motion to dismiss the Bucta
Complaint without prejudice. The consolidated action is pending before the Honorable
Barbara A. Kluka. Pursuant to the consolidation order, only the claims, allegations and
parties included in the Buchta complaint are before the court. The court ordered the
plaintiffs to file an amended consolidated complaint as soon as practicable. To date,
plaintiffs have not filed an amended consolidated complaint. Johnson Outdoors believes
that Johnson Outdoors and the individual defendants have strong defenses to the
consolidated action and does not expect the consolidated action to have a material
adverse effect on Johnson Outdoors or the consummation of the merger.  </FONT></P>




<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>57 </FONT></P>


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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VALUE Incorporated
Memorandum </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March 19, 2004, counsel to the plaintiffs in the litigation involving Johnson Outdoors
and its directors relating to the proposed merger delivered to Skadden, Arps a memorandum
prepared by VALUE Incorporated.  The memorandum, dated March 19, 2004, stated that VALUE
Incorporated had, at the request of plaintiffs&#146; counsel, prepared a preliminary valuation
analysis of the Johnsons&#146;February 20, 2004 proposal with respect to Johnson Outdoors, and
that the memorandum had been prepared to summarize VALUE Incorporated&#146;s preliminary
findings and observations.  Skadden, Arps provided copies of the memorandum to the
special committee and William Blair. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
memorandum stated that, based on VALUE Incorporated&#146;s preliminary analysis, the fair
value of Johnson Outdoors common stock could be as high as $24 per share.  The memorandum
stated that VALUE Incorporated considered, among other things, (1) Johnson Outdoors&#146; trading
price before and after the Johnsons&#146; February 20, 2004 proposal was announced, (2) recent
financial performance and pricing multiples of three public companies that VALUE
Incorporated considered to be comparable to Johnson Outdoors, (3) pricing multiples paid
in acquisitions of companies with similar operations since the beginning of 1999 and (4) acquisition
premiums paid for manufacturers generally, and producers of sporting and athletic goods
specifically, for the five years preceding February 20, 2004. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
memorandum stated that VALUE Incorporated&#146;s analysis was based exclusively on publicly
available data concerning Johnson Outdoors. </FONT></P>







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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Federal Income Tax
Consequences </FONT></H1>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following discussion summarizes the material U.S. federal income tax consequences of the
merger that are generally applicable to (1) JO Acquisition Corp. and the participating
shareholders, (2) United States holders (as defined below) of Johnson Outdoors common
stock other than the participating shareholders and (3) Johnson Outdoors.  This
discussion is based on currently existing provisions of the Code, existing and proposed
Treasury Regulations promulgated under the Code, and current administrative rulings and
court decisions, all of which are subject to change, possibly with retroactive effect.
This discussion does not address state, local or foreign tax consequences that may be
applicable to the parties specified in the first sentence of this paragraph, and such
parties should consult their own tax advisors with respect to such consequences. </FONT></P>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>JO
Acquisition Corp. and the Participating Shareholders</I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
JO Acquisition Corp. nor the participating shareholders will recognize any gain on shares
of Johnson Outdoors common stock owned by them upon consummation of the merger and the
transactions contemplated by the contribution agreement.  As a result, JO Acquisition
Corp. and the participating shareholders will not recognize gain or loss for federal
income tax consequences due to the merger.  The participating shareholders should consult
their own tax advisors with respect to such consequences. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>United
States Holders Other than the Participating Shareholders</I> </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following discussion applies only to United States holders of Johnson Outdoors common
stock who hold such shares as capital assets and may not apply to shares of Johnson
Outdoors common stock acquired pursuant to the exercise of employee stock options or other
compensation arrangements (and does not, except as specifically set forth below, apply to
the exchange or cancellation of employee stock options, including the receipt of cash
therefor), and this discussion does not address tax issues relevant to certain classes of
taxpayers who may be subject to special treatment under the Code, such as banks, other
financial institutions, insurance companies, tax-exempt investors, regulated investment
companies, real estate investment trusts, persons subject to the alternative minimum tax,
persons who hold their Johnson Outdoors common stock as part of a position in a
&#147;straddle&#148; or as part of a &#147;hedging&#148; or &#147;conversion&#148;
transaction, persons who are deemed to sell their Johnson Outdoors common stock under the
constructive sale provisions of the Code, traders in securities that elect to use a
mark-to-market method of accounting for their securities holdings, persons that have a
functional currency other than the U.S. dollar, expatriates, S corporations, entities
classified as partnerships for U.S. federal income tax purposes or shareholders who hold
Johnson Outdoors common stock as dealers. All such United States holders should consult
their own tax advisors concerning the U.S. federal income tax consequences of the merger
to their particular situations. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tax
matters are very complex and the tax consequences of the merger to you will depend on the
facts of your particular situation. You should consult your tax advisor for a full
understanding of the tax consequences of the merger to you, including the federal, state,
local and foreign tax consequences of the merger.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a partnership holds Johnson Outdoors common stock, the tax treatment of a partner will
generally depend on the status of the partner and the tax treatment of the partnership. A
partner of a partnership holding Johnson Outdoors common stock should consult its tax
advisors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this discussion, a &#147;United States holder&#148; means a holder that is (1)
a citizen or resident of the United States for federal income tax purposes; (2) a
corporation (or other entity treated as an association taxable as a corporation for U.S.
federal income tax purposes) created or organized in or under the laws of the United
States or any state; (3) an estate, the income of which is subject to U.S. federal income
taxation regardless of its source; or (4) a trust if (a) a U.S. court is able to exercise
primary supervision over the administration of the trust and 1 or more U.S. persons have
authority to control all substantial decisions of the trust, or (b) the trust has a valid
election in effect under applicable Treasury Regulations to be treated as a U.S. person. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
federal income tax purposes, the cash received by a shareholder as a result of the merger
(including any cash received in connection with the exercise of dissenters&#146; rights)
should be deemed to be received from Johnson Outdoors pursuant to a redemption of the
shares held by such shareholder. If the deemed redemption of the shares held by a
particular United States holder qualifies as an &#147;exchange&#148; under section 302(b)
of the Code, the United States holder will recognize gain or loss for U.S. federal income
tax purposes equal to the difference, if any, between the holder&#146;s adjusted tax basis
in the shares and the amount of cash received. If the United States holder holds Johnson
Outdoors common stock as a capital asset, any gain or loss should generally be a capital
gain or loss. If the United States holder has held the shares for more than 1 year, any
gain or loss should generally be a long-term gain or loss. The deductibility of capital
losses is subject to limitations. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the deemed redemption of the shares held by a particular United States holder does not
qualify as an &#147;exchange&#148; under section 302(b) of the Code, then the cash
received by the holder will be treated as a dividend, provided that (as is anticipated to
be the case) Johnson Outdoors has sufficient accumulated or current earnings and profits.
Any such dividend income received by a United States holder will be treated as ordinary
income for federal income tax purposes, and the entire amount of the cash received (and
not merely the excess of the cash received over the holder&#146;s adjusted tax basis in
the shares) will be subject to tax. To the extent this portion of the redemption proceeds
(which will be reported on a Form 1099-DIV issued to the shareholders) constitutes
&#147;qualified dividend income&#148; under Section 1(h)(11) of the Code, it will be
taxable to the shareholder at special 5% and 15% tax rates applicable to such income
provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. If the
redemption proceeds do not constitute &#147;qualified dividend income&#148; then such
dividend income will be taxable to the shareholder as regular ordinary income (at federal
tax rates as high as 35%). In order to constitute &#147;qualified dividend income&#148;
eligible for the reduced tax rates, a number of requirements must be met, including that
the shareholder&#146;s holding period for his or her shares must be at least 60 days as of
the date on which the merger closes. Shareholders are urged to consult their tax advisors
regarding the applicability of the reduced tax rates to the portion of the redemption
proceeds that is treated as a dividend. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
federal income tax treatment of a shareholder who exercises statutory dissenters&#146;
rights is not discussed further in this section. Any shareholder considering exercising
statutory dissenters&#146; rights should consult with his or her own tax advisor. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
United States holder&#146;s disposition of shares pursuant to the merger will qualify as
an &#147;exchange&#148; under section 302(b) of the Code if (i) the disposition qualifies
as a &#147;complete redemption&#148; of the United States holder&#146;s shares, (ii) the
disposition qualifies as a &#147;substantially disproportionate redemption&#148; of the
United States holder&#146;s shares, or (iii) the deemed redemption of the United States
holder&#146;s shares qualifies as being not &#147;essentially equivalent to a
dividend&#148;. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Constructive
Ownership</I>. For the purpose of determining whether a redemption qualifies as an
&#147;exchange&#148; under section 302(b) of the Code, a United States holder must take
into account not only the shares that the holder actually owns but also any shares that
the holder is deemed to own constructively under the attribution rules of section 318 of
the Code. For example, under these attribution rules, an individual is deemed to own
constructively any shares held by his or her spouse, parents, children and grandchildren,
and is deemed to own constructively shares held by certain entities (such as corporations,
partnerships, estates, and trusts) in which he or she has an equity interest. Furthermore,
an individual is deemed to own any shares that he or she has the right to acquire by the
exercise of an option, regardless of when the option may be exercised. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Complete
Redemption</I>. A United States holder&#146;s disposition of shares pursuant to the merger
will result in a &#147;complete redemption&#148; if either: (i) the holder does not own,
directly or constructively, any shares of Johnson Outdoors stock after the merger; or (ii)
the holder does not own directly any shares of Johnson Outdoors stock after the merger
and, with respect to any constructively owned shares, the holder is eligible to (and does
in fact) waive (pursuant to section 302(c)(2) of the Code) the attribution of such shares
to the holder. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Substantially
Disproportionate Redemption</I>. A United States holder&#146;s disposition of shares
pursuant to the merger will result in a &#147;substantially disproportionate
redemption&#148; if: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
percentage of the outstanding voting stock of Johnson Outdoors that is owned, directly or
constructively, by the holder immediately after the merger is less than 80% of the
percentage of the outstanding voting stock that is owned, directly or constructively,
immediately before the merger; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
percentage of the fair market value of the outstanding common stock of Johnson Outdoors
that is owned, directly or constructively, immediately after the merger is less than 80%
of the percentage of the fair market value of the outstanding common stock that is owned,
directly or constructively, immediately before the merger. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Not
Essentially Equivalent to a Dividend</I>. A United States holder&#146;s disposition of
shares pursuant to the merger will qualify as being &#147;not essentially equivalent to a
dividend&#148; if, under all the facts and circumstances, there is a &#147;meaningful
reduction&#148; in the holder&#146;s interest (including both direct and constructive
ownership) in Johnson Outdoors as a result of the merger. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United
States holders of Johnson Outdoors common stock may be subject to backup withholding on
cash payments received in exchange for shares in the merger or received upon the exercise
of dissenters&#146; rights. Backup withholding generally will apply only if the
shareholder fails to furnish a correct social security number or other taxpayer
identification number, or otherwise fails to comply with applicable backup withholding
rules and requirements. Corporations generally are exempt from backup withholding.
Shareholders should complete and sign the substitute Form W-9 that will be part of the
letter of transmittal to be returned to the paying agent to provide the information and
certification necessary to avoid backup withholding. </FONT></P>




<BR>
<BR>
<BR>
<BR>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Johnson
Outdoors</I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors believes that the merger could result in an &#147;ownership change&#148; of
Johnson Outdoors for purposes of Section 382 of the Code. As a result, Johnson
Outdoors&#146; use of pre-merger tax net operating losses and certain other tax
attributes, if any, may be limited following the merger. In addition, Johnson Outdoors
should be entitled to an ordinary compensation deduction for U.S. federal income tax
purposes with respect to cash paid for the surrender of any compensatory option in an
amount equal to the product of (1) the excess of $20.10 over the per share exercise price
of an option multiplied by (2) the number of shares of Johnson Outdoors common stock
subject to the option. With respect to any such cash payments to its employees, Johnson
Outdoors will be responsible for withholding federal, state and local income tax as well
as the employee&#146;s share of social security, Medicare and other applicable payroll
taxes. In addition, Johnson Outdoors will be responsible for paying the employer&#146;s
share of social security, Medicare and other applicable payroll taxes. The merger should
not cause any other material U.S. federal income tax consequences to Johnson Outdoors. </FONT></P>



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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Anticipated Accounting
Treatment of the Merger </FONT></H1>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
merger will be accounted for under the purchase method of accounting, under which the
total consideration paid in the merger will be allocated among Johnson Outdoors&#146;
consolidated assets and liabilities based on the fair values of the assets acquired and
liabilities assumed. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dissenters&#146; Rights </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Sections 180.1301 through 180.1331, or Subchapter XIII, of the WBCL, dissenters&#146;
rights are available, subject to the procedures described therein, to record holders of
shares of Johnson Outdoors common stock and beneficial shareholders who object to the
merger and demand payment of the &#147;fair value&#148; of their shares in cash in
connection with the consummation of the merger, each a dissenting shareholder. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the WBCL relating to dissenters&#146; rights, the merger is considered to be a
&#147;business combination.&#148;&nbsp; Under the WBCL, in a business combination, the
&#147;fair value&#148; of shares of Johnson Outdoors common stock means the highest
closing sales price per share reported on the Nasdaq National Market during the 30-day
period immediately preceding the date on which the merger is completed.&nbsp; Accordingly,
the &#147;fair value,&#148; as so determined could be more or less than the value per
share of Johnson Outdoors common stock to be paid pursuant to the merger. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dissenting
shareholders are required to follow certain procedures set forth in the WBCL to receive in
cash the fair value of their shares of Johnson Outdoors common stock. The following is a
brief summary of such procedures, which does not purport to be complete and is qualified
by reference to the actual statutes. Subchapter XIII is reprinted in its entirety as Annex
E hereto, and the summary herein is qualified by reference to the full text thereof.
<B>Shareholders should read Annex E hereto for a description of all statutory provisions
related to dissenters&#146; rights.</B> </FONT></P>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to Section 180.1321 of the WBCL, any shareholder or beneficial shareholder desiring to
assert dissenters&#146; rights must do the following: (1) deliver to Johnson Outdoors,
before the vote to approve the merger agreement is taken, written notice of such
dissenting shareholder&#146;s intent to demand payment for such shares if the proposed
plan of merger is consummated, and (2) not vote in favor of the merger agreement. Such
written notice may be sent to Johnson Outdoors Inc., 555 Main Street, Racine, Wisconsin 53403,
Attention: Secretary. <B>A vote against approval of the merger agreement, in person or by
proxy, will not in and of itself constitute a notice of intent to demand payment
satisfying the requirements of Subchapter XIII. </B>A dissenting shareholder who fails to
satisfy either or both of clauses (1) and (2) above is not entitled to payment for such
shares under Subchapter XIII. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
a proxy which does not contain voting instructions will, unless revoked, be voted for
approval of the merger agreement, a shareholder who votes by proxy and who wishes to
exercise his or her dissenters&#146; rights must mark the proxy (1) to vote against
approval of the merger agreement or (2) to abstain from voting on approval of the merger
agreement. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61 </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
shareholder or beneficial shareholder generally must assert dissenters&#146; rights for
all shares he or she beneficially owns. A record shareholder may assert dissenters&#146;
rights as to fewer than all of the shares registered in his or her name only if the record
shareholder dissents with respect to all shares beneficially owned by any one person and
notifies Johnson Outdoors of that person&#146;s name and address. Any beneficial
shareholder asserting dissenters&#146; rights must, with respect to all shares of which he
or she is beneficial owner for another shareholder, submit to Johnson Outdoors the written
consent of the shareholder with respect to those shares no later than the time that the
beneficial shareholder asserts dissenters&#146; rights. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
later than ten days after the merger agreement is approved at the special meeting, Johnson
Outdoors will send a written dissenters&#146; notice to each of its shareholders who has
dissented to the merger agreement in accordance with Section 180.1321 of the WBCL. Upon
receipt of such notice, each dissenting shareholder has 30 days to demand payment in
writing and surrender the certificate or certificates representing such shares with
respect to which he or she has dissented. A dissenting shareholder who does not demand
payment within the designated time period is not entitled to payment for his or her shares
under Subchapter XIII. A shareholder or beneficial shareholder with share certificates who
does not deposit his or her certificates where required and by the date set in the
dissenters&#146; notice similarly will not be entitled to payment under Subchapter XIII. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
receipt of a payment demand or the effective time of the merger, whichever is later,
Johnson Outdoors will pay each dissenting shareholder who has properly perfected his or
her dissenters&#146; rights the amount that Johnson Outdoors estimates to be the fair
value of such shares, plus accrued interest, as provided in Section 180.1325 of the WBCL.
A dissenting shareholder who does not agree with the estimation of the fair value of his
or her shares or the amount of interest due must notify Johnson Outdoors of his or her
estimate in writing within 30 days after Johnson Outdoors made or offered payment for such
shares. If the dissenting shareholder and Johnson Outdoors cannot agree upon the fair
value of the shares or amount of interest due, Johnson Outdoors must file a petition in
the circuit court for the county in which its principal office is located requesting a
finding and determination of the fair value of such shares and the accrued interest
thereon. If Johnson Outdoors fails to institute such a proceeding within 60 days after the
dissenting shareholder notifies Johnson Outdoors of his or her disagreement, Johnson
Outdoors must pay each of its dissenters whose demand remains unsettled the amount
demanded by such shareholder. See Sections 180.1330 and 180.1331 of the WBCL in Annex E
for the statutory provisions governing such a court proceeding. </FONT></P>

<BR>
<BR>
<BR>
<BR>
<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE SPECIAL MEETING </FONT></H1>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date, Time and Place </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
special meeting will be held on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 200__ at
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  a.m., Central time, at the _____________________________ located at
_______, Wisconsin.  </FONT></P>



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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Matters to be Considered </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the special meeting, shareholders will be asked to: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>consider
and vote upon a proposal to approve the merger agreement;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>consider
and vote upon a proposal to adjourn the special meeting if necessary to permit further
solicitation of proxies in the event there are not sufficient votes at the time of the
special meeting to approve the merger agreement; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>transact
such other business as may properly come before the special meeting or any adjournments
or postponements of the special meeting. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Record Date; Voting
Rights </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors has fixed &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 200 as the record date for the special meeting. Only holders of
record of Johnson Outdoors common stock as of the close of business on the record date are
entitled to notice of, and to vote at, the special meeting and any adjournment or
postponement thereof. As of the close of business on the record date, there were &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of
Johnson Outdoors Class A common stock issued and outstanding held by approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; holders
of record and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
shares of Johnson Outdoors Class&nbsp;B common stock issued and outstanding held by
approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
holders of record. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the special meeting, the Class A common stock and Class&nbsp;B common stock will vote
together as a single voting group, except that, in the case of the proposal to approve the
merger agreement, the Class A common stock and Class&nbsp;B common stock are also entitled
to vote as separate voting groups. When the Class A common stock and Class&nbsp;B common
stock vote together as a single voting group, each share of Class A common stock entitles
the holder thereof to one vote and each share of Class&nbsp;B common stock entitles the
holder thereof to 10&nbsp;votes. When the Class A common stock or Class&nbsp;B common
stock votes as a separate voting group, each share of Class A common stock or Class&nbsp;B
common stock, as the case may be, entitles the holder thereof to one vote. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Quorum </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
entitled to vote at the special meeting as a separate voting group may take action on a
matter at the special meeting only if a quorum of those shares exists with respect to that
matter. Accordingly, the presence in person or by proxy of a majority of the votes
entitled to be cast by the Class A common stock and Class&nbsp;B common stock voting
together as a single voting group will constitute a quorum at the special meeting, except
that action on the proposal to approve the merger agreement will also require the
presence, in person or by proxy, of </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
majority of the votes entitled to be cast by the Class A common stock when voting as a
separate voting group; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
majority of the votes entitled to be cast by the Class&nbsp;B common stock when voting as
a separate voting group. </FONT></TD>
</TR>
</TABLE>
<BR>






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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
shares of Johnson Outdoors common stock held in treasury by Johnson Outdoors or by any of
its subsidiaries are not considered to be outstanding on the record date or otherwise
entitled to vote at the special meeting for purposes of determining a quorum. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
represented by proxies reflecting abstentions and properly executed broker non-votes will
be counted as present and entitled to vote for purposes of determining a quorum. A broker
non-vote arises when a bank, broker or other nominee holding shares for a beneficial owner
does not vote on a particular proposal because the nominee does not have discretionary
voting power with respect to that proposal and has not received voting instructions from
the beneficial owner. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Required Vote </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder
approval of the merger agreement requires the affirmative vote of </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
least 80% of the votes entitled to be cast at the special meeting by shares of the Class
A common stock and Class&nbsp;B common stock, voting together as a single voting group; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
least a majority of the votes entitled to be cast at the special meeting by shares of the
Class A common stock, voting as a separate voting group; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
least a majority of the votes entitled to be cast at the special meeting by shares of the
Class B common stock, voting as               a separate voting group; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
least 66&nbsp;2/3% of the votes entitled to be cast at the special meeting by the holders
of the outstanding shares of Class A common stock and Class&nbsp;B common stock not
beneficially owned by JO Acquisition Corp. or any of the participating shareholders or
any affiliate or associate of JO Acquisition Corp. or any of the participating
shareholders, voting together as a single voting group. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
participating shareholders have committed to vote in favor of the merger agreement shares
beneficially owned by them representing approximately 45.4% of the outstanding Class A
common stock and 95.9% of the outstanding Class B common stock, representing approximately
76.5% of the votes entitled to be cast when the Class A and Class B shares vote together
as a single voting group. See &#147;SPECIAL FACTORS&#151;Voting Agreement&#148; for a
description of the voting agreement. Johnson Outdoors&#146; directors and executive
officers other than Ms. Johnson-Leipold own approximately 0.4% of our outstanding Class A
common stock, representing approximately 0.3% of the votes entitled to be cast when the
Class&nbsp;A and Class&nbsp;B shares vote together as a single voting group, and have
indicated to Johnson Outdoors their intention to vote in favor of approval of the merger
agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order for shareholders to approve the proposal to adjourn the special meeting if necessary
to permit further solicitation of proxies in the event there are not sufficient votes at
the time of the special meeting to approve the merger agreement, the votes cast in favor
of the proposal must exceed the votes cast against the proposal, with the Class A common
stock and Class&nbsp;B common stock voting together as a single voting group. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of the proposal to approve the merger agreement, a failure to vote, a vote to
abstain or a broker non-vote will have the same effect as a vote AGAINST the proposal. In
the case of the proposal to adjourn the special meeting if necessary to permit further
solicitation of proxies in the event there are not sufficient votes at the time of the
special meeting to approve the merger agreement, a failure to vote, a vote to abstain or a
broker non-vote will have no effect on the outcome of the voting. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the special meeting is adjourned or postponed for any reason, at any subsequent
reconvening of the special meeting, all proxies will be voted in the same manner as they
would have been voted at the original convening of the meeting (except for any proxies
that have been revoked or withdrawn). </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64 </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>How Shares are Voted;
Proxies; Revocation of Proxies </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may vote by attending the special meeting and voting in person by ballot, by completing
the enclosed proxy card and then signing, dating and returning it in the postage pre-paid
envelope provided or by completing your proxy by following the instructions supplied on
the proxy card for voting by telephone or via the Internet. Submitting a proxy now will
not limit your right to vote at the special meeting if you decide to attend in person. If
your shares are held of record in &#147;street name&#148; by a broker, nominee, fiduciary
or other custodian and you wish to vote in person at the special meeting, you must obtain
from the record holder a proxy issued in your name. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
represented by a properly executed proxy will be voted at the special meeting and, when
instructions have been given by the shareholder, will be voted in accordance with those
instructions. If you submit a proxy without giving voting instructions, the persons named
as proxies on the proxy card will vote your shares FOR the approval of the merger
agreement and FOR the proposal to adjourn the special meeting if necessary to permit
further solicitation of proxies in the event there are not sufficient votes at the time of
the special meeting to approve the merger agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the date of this proxy statement, Johnson Outdoors does not expect a vote to be taken
on any matters at the special meeting other than the proposal to approve the merger
agreement and the proposal to adjourn the special meeting if necessary to permit further
solicitation of proxies in the event there are not sufficient votes at the time of the
special meeting to approve the merger agreement. A properly executed proxy gives the
persons named as proxies on the proxy card authority to vote in their discretion with
respect to any other matters that properly come before the special meeting. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you hold shares of Johnson Outdoors common stock as a participant in the Johnson Outdoors
Retirement and Savings Plan, the trustee for the Retirement and Savings Plan will vote the
shares you hold through the plan as you direct. LaSalle Bank will provide plan
participants who hold Johnson Outdoors common stock through the plan with forms on which
participants may communicate their voting instructions. If voting directions are not
received for shares held in the Retirement and Savings Plan, LaSalle Bank will vote those
shares in the same proportion that all shares of Johnson Outdoors common stock in the plan
for which voting instructions have been received are voted. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may revoke your proxy at any time before it is actually voted by giving notice in writing
to the Secretary of Johnson Outdoors, by giving notice in open meeting at the special
meeting or by submitting a duly executed proxy bearing a later date. Attendance at the
special meeting will not, by itself, revoke a proxy. If you have given voting instructions
to a broker, nominee, fiduciary or other custodian that holds your shares in &#147;street
name,&#148; you may revoke those instructions by following the directions given by the
broker, nominee, fiduciary or other custodian. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Solicitation Of Proxies </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
proxy statement is being furnished in connection with the solicitation of proxies by
Johnson Outdoors&#146; board of directors. Johnson Outdoors will bear the costs of
soliciting proxies. These costs include the preparation, assembly and mailing of the proxy
statement, the notice of the special meeting of shareholders and the enclosed proxy, as
well as the cost of forwarding these materials to the beneficial owners of Johnson
Outdoors common stock. Johnson Outdoors&#146; directors, officers and regular employees
may, without compensation other than their regular compensation, solicit proxies by mail,
e-mail or telephone, in person or via the Internet. Johnson Outdoors has retained
Innisfree M&amp;A Incorporated, a proxy solicitation firm, for assistance in connection
with the solicitation of proxies for the special meeting at a cost of approximately
$____________ and reimbursement of reasonable out-of-pocket expenses. Johnson Outdoors
will also reimburse brokerage firms, custodians, nominees, fiduciaries and others for
expenses incurred in forwarding proxy material to the beneficial owners of Johnson
Outdoors common stock. </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65 </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dissenters&#146; Rights </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
who do not vote in favor of approval of the merger agreement and who otherwise comply with
the procedures for perfecting dissenters&#146; rights under the applicable statutory
provisions of Wisconsin law summarized elsewhere in this proxy statement may demand
payment of the &#147;fair value&#148; of their shares in cash in connection with the
consummation of the merger. See &#147;SPECIAL FACTORS&#151;Dissenters&#146; Rights.&#148; </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Adjournment </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the special meeting is adjourned to a different place, date or time, Johnson Outdoors need
not give notice of the new place, date or time if the new place, date or time is announced
at the meeting before adjournment, unless a new record date is or must be set for the
adjourned meeting. The board of directors must fix a new record date if the meeting is
adjourned to a date more than 120 days after the date fixed for the original meeting. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attending the Special
Meeting </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to attend the special meeting in person, you must be a shareholder of record on the
record date, hold a valid proxy from a record holder or be an invited guest of Johnson
Outdoors. You will be asked to provide proper identification at the registration desk on
the day of the meeting or any adjournment of the meeting. </FONT></P>


<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PARTIES INVOLVED IN
THE PROPOSED TRANSACTION </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Johnson Outdoors Inc. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>555 Main Street<BR>Racine,
Wisconsin 53403<BR>Telephone: 262-631-6600 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors is a Wisconsin corporation engaged in the business of designing, manufacturing
and marketing outdoor recreation products. Since its initial public offering in 1987,
members of the Samuel C. Johnson family and related entities have owned a controlling
equity interest in Johnson Outdoors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
information about Johnson Outdoors is contained in its Annual Report on Form&nbsp;10-K for
the fiscal year ended October&nbsp;1, 2004, which is incorporated in this proxy statement
by reference. See &#147;WHERE YOU CAN FIND MORE INFORMATION&#148; on
page&nbsp;[&#149;]. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
as of December 1, 2004 respecting Johnson Outdoors&#146; executive officers (other than
Ms. Johnson-Leipold, about whom information is provided under &#147; &#151; The
Participating Shareholders&#148;) and directors is set forth below. All of the executive
officers and directors identified below are citizens of the United States. During the last
five years, none of the executive officers and directors identified below has been
convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors)
or was party to any judicial or administrative proceeding (except for matters that were
dismissed without sanction or settlement) that resulted in a judgment, decree or final
order enjoining the person from future violations of, or prohibiting activities subject
to, federal or state securities laws, or a finding of any violation of federal or state
securities laws. </FONT></P>







<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name and Address </FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Business and Background </FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><B>Executive Officers</B> </FONT></TD>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Jervis B. Perkins </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Jervis B. Perkins became Chief Operating Officer of the Company in January </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">555 Main Street </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2003. Prior to joining the Company, Mr. Perkins was employed for seven </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Racine, Wisconsin 53403 </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">years by Brunswick Corporation, a manufacturer and marketer of consumer </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">products located at 1 N. Field Court, Lake Forest, Illinois 60045. Most </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">recently Mr. Perkins served as Group General Manager of the Bowling </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Products business of Brunswick Corporation beginning in February 2000. He </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">was Executive Vice President, Sales and Marketing at Brunswick's Mercury </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Marine Division from January 1998 to February 2000. </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Paul A. Lehmann </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Paul A. Lehmann became Vice President and Chief Financial Officer of the </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">555 Main Street </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Company in May 2001. Prior to joining the Company, Mr. Lehmann was employed </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Racine, Wisconsin 53403 </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">for seven years by Steelcase North America, Inc. ("SCNA"), a manufacturer </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">and provider of office furniture and related products and services located </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">at 901 44th Street SE, Grand Rapids, Michigan 49508. From October 1999 to </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">May 2001, Mr. Lehmann was Vice President, Finance and Strategic Planning of </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">SCNA. From June 1997 to October 1999, Mr. Lehmann was Vice President, </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Operations Finance of SCNA. </FONT></TD></TR>
</TABLE>



<BR>
<BR>
<BR>
<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>67   </FONT></P>





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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name and Address </FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Business and Background </FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>&nbsp; </FONT></TD>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>Directors</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><BR>Thomas F. Pyle, Jr</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Thomas F. Pyle, Jr. has been Vice Chairman of the Board of the Company</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>555 Main Street</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>since October 1997. He has also been Chairman of The Pyle Group, a</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Racine, Wisconsin 53403</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>financial services and investments firm located at 3500 Corben Court,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Madison, Wisconsin 53704, since September 1996.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><BR>Gregory E. Lawton</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Gregory E. Lawton has been President and Chief Executive Officer of</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>555 Main Street</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>JohnsonDiversey, Inc., a manufacturer and marketer of commercial cleaning</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Racine, Wisconsin 53403</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>and hygiene solutions and services located at 8310 16th Street, P.O. Box</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>902, Sturtevant, Wisconsin 53177, since January 1999. He was President and</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Chief Executive Officer of NuTone, Inc., a manufacturer of ventilation</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>fans, intercom systems and other home products located at 4820 Red Bank</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Road, Cincinnati, Ohio 45227, from July 1994 to January 1999.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><BR>Terry E. London</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Terry E. London has been President of London Partners LLC, a private</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>555 Main Street</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>investment firm located at 3214 Princeton Avenue, Dallas, Texas 75205,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Racine, Wisconsin 53403</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>since July 2001. From May 1997 to July 2000, he was President and Chief</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Executive Officer and a Director of Gaylord Entertainment Company, a</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>hospitality and attractions, creative content and interactive media company</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>("Gaylord") located at One Gaylord Drive, Nashville, Tennessee 37214. He</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>was Executive Vice President and Chief Operating Officer of Gaylord</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>from March 1997 to May 1997.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><BR>John M. Fahey, Jr</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>John M. Fahey, Jr. has been President and Chief Executive Officer and</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>555 Main Street</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Chairman of the Executive Committee of the Board of Trustees of the</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Racine, Wisconsin 53403</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>National Geographic Society, a nonprofit scientific and educational</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>organization located at 1145 17th Street N.W., Washington, D.C. 20036,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>since March 1998.</FONT></TD></TR>
</TABLE>
<BR>


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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JO Acquisition Corp. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>555 Main Street<BR>Racine, Wisconsin
53403<BR>Telephone: 262-260-4041  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JO
Acquisition Corp. was formed by Johnson Outdoors&#146; Chairman and Chief Executive
Officer, Helen P. Johnson-Leipold, solely for the purpose of acquiring all of the
outstanding shares of Johnson Outdoors common stock not already owned or controlled by
members of the family of the late Samuel C. Johnson. Ms. Johnson-Leipold is the sole
executive officer of JO Acquisition Corp., as its President and Chief Executive Officer,
and is its sole director. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Participating
Shareholders </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c/o J Venture Management, Inc.<BR>555
Main Street<BR>Racine, Wisconsin 53403<BR>Telephone: 262-260-4041  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Johnson Bank<BR>555 Main Street  <BR>Racine,
Wisconsin 53403<BR>Telephone: 262-619-2912  </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
participating shareholders consist of members of the family of the late Samuel C. Johnson,
together with Johnson Bank and entities through which such family members hold shares of
Johnson Outdoors common stock. The participating shareholders include Helen P.
Johnson-Leipold, Johnson Outdoors&#146; Chairman and Chief Executive Officer, Imogene P.
Johnson, S. Curtis Johnson, Dr. H. Fisk Johnson, Winifred J. Marquart, JWA Consolidated,
Inc., Samuel C. Johnson 1988 Trust Number One u/a September&nbsp;14, 1988 and Johnson
Bank. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Helen
P. Johnson-Leipold</I>: Ms. Johnson-Leipold has a principal business address at 555 Main
Street, Racine, Wisconsin 53403, and her business telephone number is 262-631-6600. Ms.
Johnson-Leipold has served as Chairman and Chief Executive Officer of Johnson Outdoors,
Inc. since March 1999. Ms. Johnson-Leipold joined Johnson Outdoors in 1995 and served as
Executive Vice President of North American businesses, other than during 1997 when she
served as Vice President, Personal &amp; Home Care Products for S.C. Johnson &amp; Son,
Inc., located at 1525 Howe Street, Racine, Wisconsin 5340. Since July 2004, Ms.
Johnson-Leipold has served as Chairman of the Board of Johnson Financial Group, located at
555 Main Street, Racine, Wisconsin 53403. Ms. Johnson-Leipold has also served as a
director of S.C. Johnson &amp; Son, Inc. since 1994 and of JohnsonDiversey, Inc., located
at 8310 16th Street, PO Box 902, Sturtevant, Wisconsin 53177, since 2002, and has been
Chairman of The Johnson Foundation, located at 33 East Four Mile Road, Racine, Wisconsin
53042, since 2004 and a Trustee of The S.C. Johnson Fund, Inc. since 1997. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Imogene
P. Johnson</I>: Mrs. Johnson has a principal business address at 555 Main Street, Racine,
Wisconsin 53403, and her business telephone number is 262-260-4041. Mrs. Johnson is the
widow of the late Samuel C. Johnson, and is not actively involved in the business of
Johnson Outdoors. Mrs. Johnson has served as Chairman of the Board of<B> </B>The Prairie
School, located at 4050 Lighthouse Drive, Racine, Wisconsin 53042, since 1983. Mrs.
Johnson is not engaged in any other business activity. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dr.       H.
Fisk Johnson</I>: Dr. H. Fisk Johnson has a principal business address at           1525
Howe Street, Racine, Wisconsin 53403, and his business telephone number is
          800-494-4855. Dr. Johnson joined S.C. Johnson &amp; Son, Inc., a family company
          that specializes in the development of consumer products, in 1987 as a
Marketing           Associate and held a series of positions of increasing responsibility
until           becoming Chairman in October 2000. Dr. Johnson also serves as Chairman of
the           Board of S.C. Johnson &amp; Son, Inc. Since 2002, he has served as a member
of           President Bush&#146;s Advisory Committee for Trade Policy and Negotiation.
Dr.           Johnson has been a member of the World Business Council for Sustainable
          Development since 2004; a Director on the Board of Conservation International,
          located at 1919 M Street, NW, Washington, DC 20036, since 2001; has served on
          the Executive Board of CI&#146;s Center for Environmental Leadership in
Business           since 2001; and is Trustee Emeritus of Cornell University.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>S.          Curtis
Johnson</I>: Mr. Johnson has a principal business address at 8310 16th           Street,
PO Box 902, Sturtevant, Wisconsin 53177, and his business telephone           number is
262-631-4001. Mr. Johnson is the Chairman of JohnsonDiversey, Inc.,           the second
largest company serving the Institutional &amp; Industrial           marketplace. Mr.
Johnson joined S.C. Johnson &amp; Son, Inc. in 1983 and served           in a series of
positions of increasing responsibility until 1996 when he was           named Chairman of
Commercial Markets, Inc., a company comprised of two former           divisions of S.C.
Johnson &amp; Son, Inc., and led the initiative that resulted           in acquisition of
DiverseyLever in 2002. Mr. Johnson has served as a director of           Cargill, Inc.,
located at PO Box 9300, Minneapolis, Minnesota 55440, since 1999           and of Johnson
Financial Group, Inc. since 1994.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Winifred
J. Marquart</I>: Ms. Marquart has a principal business address at 555 Main Street, Racine,
Wisconsin 53403, and her business telephone number is 262-260-4041. Ms. Marquart has
served as the Project Coordinator in Corporate Public Affairs of S.C. Johnson &amp; Son,
Inc. since 1986. Ms. Marquart has also been an investor and participant in Windmark
Studios, located at 4924 Shell Road, Virginia Beach, Virginia 23455, since 1982. Ms.
Marquart has been a Trustee and President of the Johnson Family Foundation since 2004, a
member of the board of directors of Johnson Financial Group since 1999 and a member of the
Board of Trustees at Norfolk Academy since 1999. </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>69 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Johnson
Bank</I>: Johnson Bank is a Wisconsin banking corporation that provides personal banking
facilities, online banking, mortgages services, credit services and personalized financial
planning to customers at locations in Wisconsin and Arizona. Attached as Annex F hereto is
a list of the directors and executive officers of Johnson Bank, as well as the business
address of each such director and executive officer. Ms. Johnson-Leipold is indirectly the
controlling shareholder of Johnson Bank. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>JWA
Consolidated, Inc.</I>: JWA Consolidated, Inc. is a Wisconsin corporation owned by trusts
organized for the benefit of members of the Johnson family. Its principal business address
is at 555 Main Street, Racine, Wisconsin 53403, and its business telephone number is
262-260-4041. JWA Consolidated, Inc. invests in Johnson family enterprises and does not
engage in any other business activity. Mrs. Johnson is the sole executive officer of JWA
Consolidated, Inc., as its President, and Mrs. Johnson, Dr. Johnson and Linda L. Mallon
are the directors of JWA Consolidated, Inc. Ms. Mallon has a principal business address
at 555 Main Street, Racine, Wisconsin 53403 and has served as the Executive Vice President
of Johnson Keland Management, Inc., a provider of corporate governance, financial and
advisory services to members of the families of Samuel C. Johnson and Karen Johnson Boyd,
since 1983. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Samuel
C. Johnson 1988 Trust Number One u/a September 14, 1988</I>: The Samuel C. Johnson 1988
Trust Number One u/a September 14, 1988 is a trust for which Mrs. Johnson and the Johnson
Bank act as co-trustees. The Samuel C. Johnson 1988 Trust Number One u/a September 14,
1988 does not engage in a business. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
participating shareholders that are natural persons are citizens of the United States.
During the last five years, none of the participating shareholders and none of the
directors and executive officers of any participating shareholder has been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or was party to
any judicial or administrative proceeding (except for matters that were dismissed without
sanction or settlement) that resulted in a judgment, decree or final order enjoining the
person from future violations of, or prohibiting activities subject to, federal or state
securities laws, or a finding of any violation of federal or state securities laws. </FONT></P>




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<BR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70 </FONT></P>



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<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE MERGER AGREEMENT </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following summary of the material terms of the merger agreement is qualified in its
entirety by reference to the merger agreement, a copy of which is attached as Annex A to
this proxy statement. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Structure of the Merger </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the effective time of the merger, JO Acquisition Corp. will merge with and into Johnson
Outdoors and the separate corporate existence of JO Acquisition Corp. will end. Johnson
Outdoors will be the surviving corporation in the merger and will continue to be a
Wisconsin corporation after the merger. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
articles of incorporation of JO Acquisition Corp., as amended pursuant to the merger
agreement, and the bylaws of JO Acquisition Corp., as in effect immediately prior to the
effective time of the merger, will be the articles of incorporation and bylaws of Johnson
Outdoors, as the surviving corporation. The directors of JO Acquisition Corp. and the
officers of Johnson Outdoors immediately prior to the effective time of the merger will,
from and after the effective time of the merger, be the initial directors and officers,
respectively, of Johnson Outdoors, as the surviving corporation, until their successors
are duly elected and qualified or until their earlier resignation or removal. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>When the Merger Becomes
Effective </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors and JO Acquisition Corp. will file articles of merger with the Department of
Financial Institutions of the State of Wisconsin two business days after the satisfaction
or waiver of the closing conditions to the merger (other than the conditions that can only
be satisfied at the closing) or at such other time as JO Acquisition Corp. and Johnson
Outdoors may agree. The merger will become effective at the close of business as of the
date of the filing of the articles of merger with the Department of Financial Institutions
of the State of Wisconsin or at such other time as may be agreed by Johnson Outdoors and
JO Acquisition Corp. and specified in the articles of merger. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Effect</B> <B>of the Merger on the
Capital Stock of Johnson Outdoors and JO Acquisition Corp.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the effective time of the merger: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>all
shares of Johnson Outdoors common stock that are held (1)&nbsp;in the treasury of Johnson
Outdoors, (2)&nbsp;by any wholly-owned subsidiary of Johnson Outdoors, (3)&nbsp;by JO
Acquisition Corp. or (4)&nbsp;by any of the participating shareholders will be canceled
and retired and will cease to exist without any consideration payable therefor; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>each
other share of Johnson Outdoors common stock issued and outstanding immediately before
the merger becomes effective (other than any share as to which a dissenting shareholder
has perfected dissenters&#146; rights under Wisconsin law) will be converted into the
right to receive $20.10 in cash without interest; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>each
share of JO Acquisition Corp. common stock will be converted into a specified number of
shares of common stock of Johnson Outdoors, as the surviving corporation in the merger. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payment for Johnson
Outdoors Common Stock in the Merger </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the effective time of the merger, JO Acquisition Corp. will designate a bank or trust
company to act as paying agent in connection with the merger. At the effective time of the
merger, JO Acquisition Corp. will deliver to the paying agent, for the benefit of the
Johnson Outdoors shareholders entitled to receive the merger consideration, the amount of
the aggregate merger consideration that Johnson Outdoors shareholders are entitled to
receive under the merger agreement. The stock transfer books of Johnson Outdoors will be
closed, and there will be no further registration of transfers of the shares of Johnson
Outdoors common stock that were outstanding immediately prior to the effective time of the
merger. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>71 </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
soon as reasonably practicable after the effective time of the merger, the paying agent
will mail to each record holder of Johnson Outdoors common stock whose stock certificates
were converted into the right to receive merger consideration a letter of transmittal and
instructions for use in effecting the surrender of stock certificates in exchange for the
applicable merger consideration of $20.10 per share, without interest, less any
withholding taxes required by law. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
payment is to be made to a person other than the person in whose name the Johnson Outdoors
common stock certificate surrendered is registered, it will be a condition of payment that
the certificate so surrendered be properly endorsed or otherwise in proper form for
transfer and that the person requesting such payment pay any transfer or other taxes
required by reason of the payment to a person other than the registered holder of the
certificate surrendered or that such person establish to the satisfaction of the surviving
corporation that such tax has been paid or is not applicable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
portion of the payment fund held by the paying agent that remains unclaimed by the
shareholders of Johnson Outdoors 180 days after the effective time of the merger may be
repaid to Johnson Outdoors, as the surviving corporation, and any shareholders of Johnson
Outdoors who have not properly surrendered their stock certificates will thereafter look
only to Johnson Outdoors, as the surviving corporation, for payment of their claim for the
amount due to them (without interest) under the merger agreement for their shares of
Johnson Outdoors common stock. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
shares of Johnson Outdoors common stock that are issued and outstanding as of the
effective time of the merger and are held by a holder who has not voted in favor of the
merger or consented thereto in writing and who has properly exercised his or her appraisal
rights under the WBCL will not be converted into the right to receive the merger
consideration, but will instead become the right to receive such consideration as may be
determined to be due with respect to such dissenting shares pursuant to and subject to the
requirements of the WBCL. If, after the effective time of the merger, any such holder has
failed to perfect or has effectively withdrawn or lost his or her dissenters&#146; rights,
each share of such holder&#146;s Johnson Outdoors common stock will thereupon be deemed to
have been converted into and to have become, as of the effective time of the merger, the
right to receive, without interest or dividends, the applicable merger consideration. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
prior to the effective time of the merger, the outstanding shares of Johnson Outdoors
common stock are changed into a different number of shares or shares of a different class
as a result of a stock split, reverse stock split, stock dividend, subdivision,
reclassification, split, combination, exchange, recapitalization or other similar
transaction, the merger consideration will be appropriately adjusted in order to take into
account such change. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Treatment of Stock
Options </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
merger agreement provides that Johnson Outdoors stock options held by Helen P.
Johnson-Leipold and the estate of Samuel C. Johnson will be converted at the effective
time of the merger into options to acquire an equivalent amount of shares of common stock
of Johnson Outdoors, as the surviving corporation in the merger, pursuant to the terms of
a conversion agreement to be entered into by, and in a form acceptable to, JO Acquisition
Corp., Johnson Outdoors, Helen P. Johnson-Leipold and the estate of Samuel C. Johnson. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to other Johnson Outdoors stock options, the merger agreement requires the board
of directors (or, if appropriate, any committee administering the company stock plans) to
adopt such resolutions or take such other actions (if any) as may be required to cause
each holder of an option to purchase shares of Johnson Outdoors common stock granted under
any Johnson Outdoors stock option plan and outstanding immediately prior to the effective
time of the merger, whether vested or unvested, to become entitled to receive as promptly
as practicable after the effective time of the merger an amount in cash equal to (1) the
excess, if any, of (x) the per share merger consideration of $20.10 over (y)&nbsp;the
applicable exercise price per share of Johnson Outdoors common stock subject to such
Johnson Outdoors stock option, multiplied by (2) the number of shares of Johnson Outdoors
common stock subject to such Johnson Outdoors stock option (and for which such Johnson
Outdoors stock option shall not theretofore have been exercised). In paying any such cash
amount in respect of a Johnson Outdoors stock option, the surviving corporation will be
entitled to deduct and withhold such amounts as are required to be deducted and withheld
under applicable tax law. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>72 </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Treatment of Other
Equity-Based Compensation Arrangements </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Johnson Outdoors Worldwide Key Executive Phantom Share Long-Term Incentive Plan and all
outstanding phantom shares granted thereunder will be amended, effective as of the
effective time of the merger, so that the fair market value of one share of common stock
of Johnson Outdoors means, on any given date, the fair market value of a share of the
common stock as determined in good faith by the compensation committee of the board of
directors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Johnson Outdoors Retirement and Savings Plan will be amended or modified at or prior to
the effective time of the merger so that following such time, no participant in the plan
will have any continuing rights thereunder to acquire any equity securities of Johnson
Outdoors or any subsidiary thereof. All other equity-based plans of Johnson Outdoors,
including the Johnson Outdoors 1987 Employees&#146; Stock Purchase Plan, will be
terminated and/or suspended at or prior to the effective time of the merger. As of the
date of the merger agreement, no further payroll deductions may be made, no offering
periods or payroll deductions may be initiated and no shares of Johnson Outdoors common
stock may be issued under the employees&#146; stock purchase plan, except, in each case,
for payroll deductions with respect to purchases of shares arranged during offering
periods completed prior to the date of the merger agreement. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Representations and
Warranties </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
merger agreement contains representations and warranties of each of Johnson Outdoors and
JO Acquisition Corp. as to, among other things: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>due
organization, valid existence, good standing and qualification to do business of itself
and its subsidiaries;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>capitalization;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>corporate
power and authority to enter into the merger agreement and to consummate the transactions
contemplated thereby;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
absence of conflicts with law, organizational documents, contracts, permits and orders;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
absence of any required governmental and third party approvals other than those specified
in the merger agreement; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
absence of any fees owed to brokers in connection with the merger except as specified in
the merger agreement.</FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
merger agreement also contains representations and warranties of Johnson Outdoors as to,
among other things: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>capitalization;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
recommendation of the special committee and the board of directors and the opinion of the
special committee's financial               advisor;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SEC
filings and financial statements;</FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>73 </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
absence of certain material changes or events with respect to Johnson Outdoors from
October 3, 2003 to October 28, 2004; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>tax
matters;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>properties
and leases;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>intellectual
property;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>compliance
with applicable laws;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>possession
of permits, licenses, easements, variances, exemptions, consents, certificates, orders
and other governmental approvals which are material to the operation of the business of
Johnson Outdoors and each of its subsidiaries; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>litigation;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
absence of any material defaults in the performance, observance or fulfillment of any
material contract;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>employee
benefit plans and other agreements with employees;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>environmental
matters; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>insurance.</FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
merger agreement also contains representations and warranties of JO Acquisition Corp. as
to, among other things: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>financing
necessary to consummate the merger;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JO
Acquisition Corp.&#145;s belief that, upon the consummation of the transactions
contemplated by the merger agreement, (1)&nbsp;the surviving corporation will not be
insolvent, (2)&nbsp;the surviving corporation will not be left with unreasonably small
capital and (3)&nbsp;the surviving corporation will not have incurred debts beyond its
ability to pay such debts as they mature; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>awareness
of any breach by Johnson Outdoors of the representations and warranties made by Johnson
Outdoors in the merger agreement. </FONT></TD>
</TR>
</TABLE>
<BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
aspects of the representations and warranties of the parties are qualified by the concept
of &#147;company material adverse effect,&#148; in the case of Johnson Outdoors, and
&#147;purchaser material adverse effect,&#148; in the case of JO Acquisition Corp. See
&#147;Material Adverse Effect,&#148; below. None of the representations and
warranties in the merger agreement will survive the effective time of the merger or the
termination of the merger agreement. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as expressly contemplated by the provisions of the merger agreement relating to
termination of the merger agreement and expense reimbursement, none of Johnson Outdoors,
its subsidiaries, or any of their respective affiliates, directors or officers will have
any liability or obligation whatsoever to JO Acquisition Corp. or any of its respective
affiliates or any participating shareholder for any breach or inaccuracy of any
representation or warranty made in the merger agreement, other than for an intentional
breach or misrepresentation. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>74 </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Material Adverse Effect </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
of Johnson Outdoors&#146; representations and warranties are subject to qualification
based on the possible current or future existence of a company material adverse effect.
Company material adverse effect means, subject to certain limited exceptions, any effect,
circumstance or change that, individually or in the aggregate, is materially adverse to
the business, properties, assets, financial condition or results of operations of Johnson
Outdoors and its subsidiaries, taken as a whole. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
of JO Acquisition Corp.&#145;s representations and warranties are subject to qualification
based on the possible current or future existence of a purchaser material adverse effect.
Purchaser material adverse effect means, subject to certain limited exceptions, any
effect, circumstance or change that, individually or in the aggregate, would prevent or
materially delay the consummation of the transactions contemplated by the merger agreement
or otherwise prevent JO Acquisition Corp. from performing its obligations under the merger
agreement. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Conduct of Business
Prior to the Effective Time of the Merger </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
merger agreement provides that, during the period from the date of the merger agreement
until the earlier of the termination of the merger agreement pursuant to its terms or the
effective time of the merger, Johnson Outdoors and each of its subsidiaries must, except
to the extent as permitted by the merger agreement or to the extent that JO Acquisition
Corp. otherwise consents in writing, carry on its business in the ordinary course
consistent with past practice. In addition, during this period, Johnson Outdoors must not
do or agree in writing to do or permit any of its subsidiaries to do or agree in writing
to do any of the following without the prior written consent of JO Acquisition Corp.,
except as otherwise permitted by the merger agreement: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>accelerate,
amend or change the period of exercisability or vesting of options or restricted stock,
reprice options granted under any stock plans or authorize cash payments in exchange for
any options granted under such plans; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>grant
any incr<B>e</B>ase in com<B>p</B>ensation or fringe benefits, bonus or severance or
termination pay to any director, officer or employee, except in the ordinary course or
business, consistent with past practice (except as required by law or pursuant to
policies existing or written agreements in effect on October&nbsp;28, 2004), or adopt or
enter into any new severance plan or agreement; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>declare,
set aside or pay any dividends on or make any other distributions in respect of, or
redeem or purchase, any capital stock of Johnson Outdoors or split, combine or reclassify
any capital stock of Johnson Outdoors or any of its subsidiaries or issue or authorize
the issuance of any other securities in respect of, in lieu of or in substitution for,
any capital stock of Johnson Outdoors or any of its subsidiaries; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>issue,
deliver, sell, authorize, pledge or otherwise encumber any shares of capital stock or any
securities convertible into shares of capital stock, or subscriptions, rights, warrants
or options to acquire any shares of capital stock or any securities convertible into
shares of capital stock of Johnson Outdoors or any of its subsidiaries or agree to issue
any such shares or convertible securities, other than the issuance, delivery and/or sale
of shares of Class A common stock pursuant to the Johnson Outdoors Retirement and Savings
Plan or pursuant to the exercise of Johnson Outdoors stock options outstanding as of
October&nbsp;28, 2004; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>cause
or permit any amendment to its articles of incorporation or bylaws or similar governing
instruments of each of its               subsidiaries;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>acquire
or agree to acquire any business or business organization or division thereof;</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>75 </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>sell,
lease, license or otherwise dispose of any material properties or assets of Johnson
Outdoors or any of its subsidiaries, other than in the ordinary course of business
consistent with past practice; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>incur
any indebtedness for borrowed money or guarantee any such indebtedness, issue or sell any
debt securities or options, warrants, calls or other rights to acquire debt securities of
Johnson Outdoors or any of its subsidiaries, other than in the ordinary course of
business consistent with past practice; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>create,
assume or permit the creation of any encumbrance on any assets of Johnson Outdoors or any
of its subsidiaries, other than permitted encumbrances under the merger agreement; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>adopt
a plan of complete or partial liquidation or resolutions providing for or authorizing
such a liquidation or a dissolution, merger, consolidation, restructuring,
recapitalization or reorganization; or </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>settle
or compromise any litigation, other than settlements or compromises of litigation that do
not provide for injunctive or similar relief and where the amount paid by Johnson
Outdoors (after giving effect to insurance proceeds actually received) in settlement or
compromise does not exceed $1,000,000, and $1,500,000 in the aggregate for all such
litigation matters. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proxy Statement; Special
Meeting </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties to the merger agreement agreed to cooperate with each other in preparing this
proxy statement and filing it with the SEC together with a Transaction Statement on
Schedule 13E-3 that contains additional information regarding the merger agreement and the
merger. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors must, as soon as reasonably practicable, convene a meeting of its shareholders
for the purpose of seeking their approval of the merger agreement. Upon the request of JO
Acquisition Corp., Johnson Outdoors must postpone, adjourn and reconvene the
shareholders&#146; meeting to facilitate obtaining shareholder approval of the merger
agreement. Johnson Outdoors is required to use its reasonable efforts, including retaining
a nationally-recognized proxy solicitor, to solicit proxies from its shareholders in favor
of approval of the merger agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Changes to
Recommendations of the Special Committee and the Board of Directors </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
board of directors or the special committee, as the case may be, may, at any time prior to
shareholder approval of the merger agreement, decline to make, withdraw, modify or change
a recommendation that Johnson Outdoors shareholders vote to approve the merger agreement
to the extent that the board of directors or the special committee determines in good
faith, after consultation with legal counsel, that making such recommendation or the
failure to so withdraw, modify or change its recommendation would be inconsistent with its
fiduciary duties to Johnson Outdoors shareholders (other than the participating
shareholders) under applicable laws, provided that the board of directors or the special
committee, as the case may be, immediately notifies JO Acquisition Corp. of its
determination to so decline, withdraw, modify or change its recommendation. Any such
action by the board of directors or the special committee with respect to its
recommendation will not relieve Johnson Outdoors of its obligation to convene the special
meeting and to use its reasonable efforts to solicit proxies in favor of approval of the
merger agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the merger agreement described in the preceding paragraph, if a
third-party acquisition proposal has been publicly announced with respect to Johnson
Outdoors and JO Acquisition Corp. so requests prior to the special meeting, the board of
directors, acting upon the recommendation of the special committee, must (1)&nbsp;within a
reasonable period of time following such request (and prior to the special meeting)
publicly reaffirm its recommendation that Johnson Outdoors shareholders vote for the
approval of the merger agreement and/or (2)&nbsp;publicly announce that it is not
recommending that Johnson Outdoors shareholders accept an alternative acquisition
proposal. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>76 </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No Solicitation of
Transactions </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
October 28, 2004 until the effective time of the merger or the termination of the merger
agreement, Johnson Outdoors and its subsidiaries may not, directly or indirectly: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>solicit,
initiate or encourage any acquisition proposal;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>enter
into, continue or participate in any discussions or negotiations with, furnish any
nonpublic information relating to Johnson Outdoors or any of its subsidiaries or afford
access to the business, properties, assets, books or records of Johnson Outdoors or any
of its subsidiaries to any third party seeking to make, or that has made, an acquisition
proposal; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>approve,
endorse or recommend any acquisition proposal; or</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>enter
into any letter of intent or similar document or any contract, agreement or commitment
contemplating or otherwise relating to any acquisition proposal. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the merger agreement, an acquisition proposal is any inquiry, proposal or offer that
constitutes, or could reasonably be expected to lead to, (1) a proposal or offer for a
merger, consolidation, business combination, reorganization, recapitalization,
reclassification, extraordinary joint venture or similar transaction involving Johnson
Outdoors, (2) a sale, lease, license or transfer of substantial assets of Johnson Outdoors
and its subsidiaries other than in the ordinary course of business, (3) a sale of a
significant portion of the shares of capital stock of Johnson Outdoors (including by way
of a tender offer) or (4) any liquidation or dissolution of Johnson Outdoors, in each
case, other than the transactions contemplated by the merger agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the prohibitions described above, Johnson Outdoors, its board of directors and/or the
Special Committee may take specified actions in response to a bona fide unsolicited
acquisition proposal from any third party that the special committee determines in good
faith constitutes a superior proposal, if all of the following conditions are satisfied: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
board of directors or the special committee, as the case may be, determines in good faith
(based on the advice of its outside legal counsel) that the failure to take such action
would be inconsistent with its fiduciary obligations to Johnson Outdoors shareholders
(other than the participating shareholders) under applicable laws, </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>prior
to furnishing any nonpublic information to, or entering into any discussions with, such
third party, (1) Johnson Outdoors gives JO Acquisition Corp. at least two business days
advance written notice of the identity of such third party, the material terms and
conditions of any acquisition proposal, and Johnson Outdoors intention to furnish
nonpublic information to, or enter into discussions with, such third party and (2) such
third party enters into a confidentiality agreement prohibiting the disclosure of such
nonpublic information and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>contemporaneously
with finishing any such nonpublic information to such third party, Johnson Outdoors
furnishes such nonpublic information to JO Acquisition Corp. (to the extent such
nonpublic information has not been previously furnished). </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
actions that may be taken with respect to the superior proposal include negotiations with
and provision of nonpublic information to such a third party, withdrawal of the approval
and recommendation to shareholders of the merger agreement and approval or recommendation
of the superior proposal. The special committee may take action with respect to a superior
proposal after the second business day following delivery to JO Acquisition Corp. of its
intent to take such action. </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>77 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
merger agreement defines a superior proposal as any bona fide written acquisition proposal
that the special committee determines, in its good faith judgment (after consultation with
its financial advisor), would, if consummated, provide greater value from a financial
point of view to Johnson Outdoors shareholders (other than the participating shareholders)
than the transaction contemplated by the merger agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indemnification and
Directors&#146; and Officers&#146; Insurance </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
and after the effective time of the merger, Johnson Outdoors, as the surviving corporation
in the merger, must indemnify, and advance reasonable expenses including attorneys&#146;
fees to, the current and former directors and officers of Johnson Outdoors and its
subsidiaries, referred to as the indemnified parties, against all costs or expenses
(including attorneys&#146; fees), judgments, fines, losses, claims, damages, liabilities
and amounts that are paid in settlement in connection with any acts or omissions occurring
at or prior to the effective time of the merger, and the surviving corporation must
cooperate in the defense of any such matter. All rights to indemnification and exculpation
from liability existing in favor of any indemnified parties as provided under applicable
laws and the charters and bylaws of Johnson Outdoors and its subsidiaries as of the date
of the merger agreement are to survive the merger with respect to events occurring up to
and including the time of the merger. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a period of six years following the effective time of the merger, the surviving
corporation must cause to be maintained in effect directors&#146; and officers&#146;
liability insurance with reputable and financially sound carriers covering the indemnified
parties who were covered as of the date of the merger agreement and any other individuals
who as of the date of the merger agreement were covered by Johnson Outdoors&#146;
directors&#146; and officers&#146; liability insurance policies with respect to matters
occurring at or prior to the effective time of the merger on terms not less favorable to
the insured parties than those provided under Johnson Outdoors&#146; directors&#146; and
officers&#146; liability insurance as of the date of the merger agreement. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Additional Agreements </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
merger agreement provides that, during the period from the signing of the merger agreement
to the effective time of the merger, Johnson Outdoors will, among other things: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>upon
reasonable notice and to the extent it will not cause a disruption in Johnson Outdoors&#146; business,
(1)&nbsp;allow all designated officers, financial advisors, attorneys, accountants and
other representatives of JO Acquisition Corp. such access as the special committee
determines is reasonable to their officers, agents, employees, offices, records, files,
correspondence, audits and properties, as well as to information relating to its
commitments, contracts, titles, and financial position or otherwise pertaining to the
business and affairs of Johnson Outdoors and its subsidiaries; (2)&nbsp;furnish to JO
Acquisition Corp. and its representatives such financial, operating and other data and
other information as the special committee has determined may reasonably be requested;
and (3)&nbsp;instruct certain of its employees, counsel, auditors and financial advisors
and other agents to cooperate with JO Acquisition Corp. and its investigation of the
business of Johnson Outdoors and its subsidiaries in such ways as the special committee
determines are reasonable; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
reasonable times and to the extent it will not cause a disruption in its business,
provide and cause its subsidiaries and certain of their respective directors, officers
and other agents to provide such cooperation as the special committee determines is
reasonable in connection with the arrangement of any financing in respect of the
transactions contemplated by the merger agreement; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>cooperate
with JO Acquisition Corp. to effectuate the repatriation of the unrestricted cash
balances from Johnson Outdoors&#146; direct and indirect foreign subsidiaries for use by
the surviving corporation to pay a portion of the merger consideration. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>78 </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
merger agreement provides that, during the period from the signing of the merger agreement
to the effective time of the merger, JO Acquisition Corp. will, among other things: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>furnish
to Johnson Outdoors and its authorized representatives such financial, operating and
other information as may reasonably be requested and instruct its officers, counsel and
financial advisors to cooperate reasonably with Johnson Outdoors in the investigation of
the businesses of JO Acquisition Corp.; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>use
its commercially reasonable efforts to arrange the financing on the terms and conditions
described in the commitment letter from General Electric Capital Corporation and, if any
portion of the financing becomes unavailable on the terms and conditions contemplated in
the commitment letter, use its commercially reasonable efforts to arrange to obtain any
such portion from alternative sources on comparable or more favorable terms to JO
Acquisition Corp.; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>provide
prompt notice to Johnson Outdoors of any material breach of the commitment letter or any
termination of the commitment letter; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>not
permit any material amendment or modification to be made to, or any waiver of any
material provision or remedy under, the commitment letter without first consulting
Johnson Outdoors; and </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>not
knowingly or intentionally cause Johnson Outdoors to take action that would reasonably be
expected to cause the breach of any representation or warranty of Johnson Outdoors
contained in the merger agreement or the failure to fulfill, or breach of, any covenant,
agreement or other obligation of Johnson Outdoors under the merger agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
merger agreement provides that, during the period from the signing of the merger agreement
to the effective time of the merger, each of JO Acquisition Corp. and Johnson Outdoors
will </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>not
make any press release or other public announcement with respect to the merger agreement,
the merger or the transactions contemplated by the merger agreement without the prior
written consent of the other party, unless obligated to make such disclosure or
announcement by law, in connection with fulfilling its obligations under the merger
agreement or in connection with the defense of any adversarial proceeding relating to
Johnson Outdoors or the transactions contemplated by the merger agreement; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>use
its reasonable efforts to take, or cause to be taken, all other action and do, or cause
to be done, all other things necessary, proper or advisable to consummate the merger and
related transactions, in the most expeditious manner practicable; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>give
prompt notice to the other party of (1) any notice from any person alleging the consent
of such person is required in connection with the merger, (2) any communication from any
governmental entity in connection with the merger, (3) any litigation relating to the
merger, (4) any representation or warranty contained in the merger agreement becoming
untrue or inaccurate or (5) its failure to comply with or satisfy in any material respect
any covenant, condition or agreement required under the merger agreement; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>use
their reasonable efforts to obtain promptly all consents, waivers, approvals,
authorizations and permits from, and to make promptly all registrations and filings with
and notifications to, any governmental entity or other third party necessary for the
completion of the merger and the related transactions; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>cooperate
in the preparation, execution and filing of all documents relating to transfer taxes,
with all such taxes being the responsibility of the surviving corporation; and </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>79 </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>cooperate
with the other party in taking, or causing to be taken, all actions reasonably necessary
to delist the common stock of Johnson Outdoors from The Nasdaq Stock Market and to
terminate registration of the Johnson Outdoors common stock under the Exchange Act, in
each case effective on or after the effective time of the merger. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Limitation of Liability
for Breaches of Covenants by Johnson Outdoors </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as expressly contemplated by the provisions of the merger agreement relating to
termination of the merger agreement and expense reimbursement, none of Johnson Outdoors,
its subsidiaries, or any of their respective affiliates, directors or officers will have
any liability or obligation whatsoever to JO Acquisition Corp. or any of its respective
affiliates or any participating shareholder for any breach of or failure to perform any
covenant of Johnson Outdoors unless, and then only to the extent, the conduct constituting
such breach or such failure to perform was expressly authorized after the date of the
merger agreement by the board of directors or the special committee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Conditions to Completion
of the Merger </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of Johnson Outdoors and JO Acquisition Corp. to complete the merger are
subject to the following conditions, unless waived by the parties: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
absence of any preliminary or permanent injunction or other order, decree, judgment or
provision of applicable laws               which prevents the consummation of the merger;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
absence of any pending suit, action or proceeding by any governmental entity seeking to
prohibit the consummation of the               merger;</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Johnson
Outdoors and JO Acquisition Corp. having obtained all consents and approvals from
governmental entities necessary or required for the consummation of the transactions
contemplated under the merger agreement, the absence of which would have a company
material adverse effect or would prevent the consummation of the merger or the
transactions contemplated by the merger agreement; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>approval
of the merger agreement by Johnson Outdoors shareholders.</FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligation of Johnson Outdoors to effect the merger is subject to the satisfaction of the
following additional conditions, unless waived in writing by Johnson Outdoors acting under
the direction of the special committee: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JO
Acquisition Corp.&#145;s performance in all material respects of all of its obligations
under the merger agreement that are required to be performed by JO Acquisition Corp. at
or prior to the closing date of the merger; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
representations and warranties of JO Acquisition Corp. contained in the merger agreement
being true and correct as of               the closing date of the merger with only such
exceptions as would not have a purchaser material adverse effect; and</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
receipt by the special committee of the opinion contemplated by the commitment letter of
an independent advisor as to solvency of the surviving corporation. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligation of JO Acquisition Corp. to effect the merger is subject to the satisfaction of
the following additional conditions, unless waived by JO Acquisition Corp. in writing: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Johnson
Outdoors&#146; performance in all material respects of all of its obligations under the
merger agreement that are required to be performed by Johnson Outdoors at or prior to the
closing date of the merger; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>80 </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
representations and warranties of Johnson Outdoors contained in the merger agreement
being true and correct as of the closing date of the merger with only such exceptions as
would not have a company material adverse effect; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>each
member of the special committee having delivered a written letter of resignation to the
board of directors of Johnson Outdoors, effective as of the effective time of the merger;
and </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>receipt
by JO Acquisition Corp. and/or the surviving corporation (and/or subsidiaries thereof) of
the funding contemplated by the commitment letter. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties do not have any present intention to waive any of the conditions to the merger and
do not anticipate any circumstances under which any of the conditions would be waived. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Termination of the
Merger Agreement </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
merger agreement may be terminated at any time and for any reason prior to the effective
time of the merger by the mutual written consent of Johnson Outdoors, acting under the
direction of the special committee, and JO Acquisition Corp. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Either
Johnson Outdoors, acting under the direction of the special committee, or JO Acquisition
Corp. may terminate the merger agreement at any time prior to the effective time of the
merger if: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
merger is not consummated by March 31, 2005, except that the right to terminate the
merger agreement for this reason will not be available to any party whose failure to
fulfill any of its obligations under the merger agreement has been the cause of or
resulted in the failure to consummate the merger by March&nbsp;31, 2005; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>there
is any law of any governmental entity that makes the consummation of the merger illegal
or otherwise prohibited or if a court of competent jurisdiction or governmental entity
has issued a non-appealable final order, decree or ruling or taken any other action, in
each case having the effect of permanently restraining, enjoining or otherwise
prohibiting the merger; or </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>shareholder
approval of the merger agreement is not obtained at the special meeting (including any
adjournment or               postponement thereof).</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, JO Acquisition Corp. may terminate the merger agreement at any time prior to the
effective time of the merger  if: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
representations and warranties of Johnson Outdoors in the merger agreement fail to be
true and correct, which failure has, or would reasonably be expected to have, a company
material adverse effect, and such failure is not curable or, if curable, is not cured by
the earlier of 30 calendar days after written notice from JO Acquisition Corp. to Johnson
Outdoors and March&nbsp;31, 2005; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Johnson
Outdoors has failed to perform or comply in all material respects with its obligations,
agreements or covenants under the merger agreement, which failure is not curable or, if
curable, is not cured by the earlier of 30 calendar days after written notice from JO
Acquisition Corp. to Johnson Outdoors and March&nbsp;31, 2005; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
special committee or the board of directors withdraws, modifies or changes its approval
or recommendation of the merger agreement in a manner adverse to JO Acquisition Corp. or
fails to reconfirm its recommendation of the merger agreement to Johnson Outdoors
shareholders within 10 days after a reasonable written request by JO Acquisition Corp. to
do so; </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>81 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
special committee or the board of directors recommends to the board of directors or
Johnson Outdoors shareholders an acquisition proposal other than the merger, or </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
special committee or the board of directors fails to cause Johnson Outdoors to convene
and hold the shareholders&#146; meeting on or prior to the 10th day prior to March&nbsp;31,
2005. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, Johnson Outdoors, acting under the direction of the special committee, may
terminate the merger agreement at any time prior to the effective time of the merger if: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
representations and warranties of JO Acquisition Corp. in the merger agreement fail to be
true and correct, which failure in the aggregate would have a purchaser material adverse
effect, and such failure is not curable or, if curable, is not cured by the earlier of 30&nbsp;calendar
days after written notice from Johnson Outdoors to JO Acquisition Corp. and March&nbsp;31,
2005; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JO
Acquisition Corp. has failed to perform or comply in all material respects with its
obligations, agreements or covenants under the merger agreement, which failure is not
curable or, if curable, is not cured by the earlier of 30&nbsp;calendar days after
written notice from Johnson Outdoors to JO Acquisition Corp. and March&nbsp;31, 2005; or </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>prior
to approval of the merger at the shareholders&#146; meeting, the board of directors,
acting upon the recommendation of the special committee, approves a superior proposal,
but only if Johnson Outdoors has complied with its obligation not to solicit alternative
transactions. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Expenses </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as described below, if the merger is not consummated, Johnson Outdoors and JO Acquisition
Corp. will each pay its own expenses incurred in connection with the merger. If the merger
is consummated, Johnson Outdoors, as the surviving corporation, will pay all of the
expenses incurred by or on behalf of either Johnson Outdoors or JO Acquisition Corp. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors must pay the out-of-pocket expenses actually and reasonably incurred by JO
Acquisition Corp. and its affiliates in connection with the merger agreement and the
transactions contemplated thereby in an aggregate amount not to exceed $3,000,000 if </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Johnson
Outdoors terminates the merger agreement in connection with the approval of a superior
proposal by the board of directors, acting upon the recommendation of the special
committee; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JO
Acquisition Corp. terminates the merger agreement as a result of Johnson Outdoors&#146;material
breach of its obligations under (1)&nbsp;the covenant not to solicit transactions or (2)&nbsp;the
covenant relating to the proxy statement and Transaction Statement on Schedule&nbsp;13E-3,
the shareholders&#146; meeting to vote on the merger agreement and the recommendations of
the special committee and the board of directors with respect to the merger agreement; or </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JO
Acquisition Corp. terminates the merger agreement, at a time when an acquisition proposal
is outstanding, because (1)&nbsp;the special committee or the board of directors
withdraws, modifies or changes its approval or recommendation of the merger agreement in
a manner adverse to JO Acquisition Corp., (2)&nbsp;the special committee recommends to
the board of directors or Johnson Outdoors shareholders an acquisition proposal other
than the merger, (3)&nbsp;the special committee or the board of directors fails to
reconfirm its recommendation of the merger agreement to Johnson Outdoors&#146; shareholders
within ten days after a reasonable written request by JO Acquisition Corp. to do so, (4)&nbsp;the
special committee or the board of directors fails to cause Johnson Outdoors to convene
and hold a shareholders&#146; meeting on or prior to the tenth day prior to March 31,
2005 or (5) the special committee or the board of directors resolves to do any of the
foregoing. </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>82 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Modification or
Amendment of the Merger Agreement </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to applicable law, JO Acquisition Corp. and Johnson Outdoors (under the direction of the
special committee, in the case of Johnson Outdoors) may by written agreement, at any time
prior to the effective time of the merger, modify or amend, or grant extensions and
waivers under, the merger agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CONTRIBUTION AND
VOTING AGREEMENTS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Contribution Agreement </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following summary of the material terms of the contribution agreement is qualified in its
entirety by reference to the contribution agreement, a copy of which is set forth in Annex
B to this proxy statement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
contribution agreement provides for each participating shareholder to contribute,
transfer, assign, convey and deliver to JO Acquisition Corp. shares of Johnson Outdoors
common stock beneficially owned by such participating shareholder in consideration for the
issuance by JO Acquisition Corp. of shares of its common stock. The contribution of shares
is to take place after the last of the conditions to the merger under the merger agreement
have been fulfilled or waived or at such earlier time as the parties to the contribution
agreement may agree. The contribution agreement also provides for JO Acquisition Corp. to
reimburse the participating shareholders and J Venture Management, Inc., the Johnson
family&#146;s management company, for all of their out-of-pocket expenses and other
obligations incurred in connection with the merger and to assume such obligations and
indemnify J Venture Management, Inc. and the participating shareholders from all
liabilities arising in connection with the merger. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to the initial parties to the contribution agreement, the contribution agreement
contemplates the contribution to JO Acquisition Corp. of an aggregate of
3,448,113&nbsp;shares of Johnson Outdoors Class A common stock and 1,171,294 shares of
Johnson Outdoors Class&nbsp;B common stock. An aggregate of 450,000 of these Class&nbsp;A
shares, however, may instead be transferred to third parties by Samuel C. Johnson Trust
Number One u/a September&nbsp;14, 1988, in satisfaction of pecuniary bequests existing on
October&nbsp;28, 2004, provided that, contemporaneously with any such transfer, an amount
in cash equal to the product of the number of Class&nbsp;A shares so transferred
multiplied by the merger consideration of $20.10 is contributed to JO Acquisition Corp. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
contribution agreement will terminate upon the termination of the merger agreement in
accordance with its terms. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Voting Agreement </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following summary of the material terms of the voting agreement is qualified in its
entirety by reference to the voting agreement, a copy of which is set forth in
Annex&nbsp;C to this proxy statement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Parties</I> </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helen
P. Johnson-Leipold, Imogene P. Johnson, S. Curtis Johnson, Dr. H. Fisk Johnson, Winifred
J. Marquart, JWA Consolidated, Inc., Samuel C. Johnson 1988 Trust Number One u/a September
14, 1988 and Johnson Bank have entered into the voting agreement with JO Acquisition Corp. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Voting</I> </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>83 </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
voting agreement requires that each participating shareholder that is a party to the
voting agreement allow the specified shares beneficially owned by such shareholder,
referred to as subject shares, to be counted as present for purposes of establishing a
quorum and to vote or consent the subject shares (i)&nbsp;in favor of approving the merger
agreement, the merger and the transactions contemplated by the merger agreement; (ii) in
favor of any proposal to adjourn the special meeting if necessary for further proxy
solicitation; (iii) against any action or agreement that would result in a breach of a
covenant, representation or warranty or other obligation or agreement of Johnson Outdoors
under the merger agreement or of such participating shareholder under the voting
agreement; or (iv) against any action, agreement, transaction or proposal submitted for
approval of the shareholders of Johnson Outdoors that would reasonably be expected to
result in any of the conditions to Johnson Outdoors&#146; obligations under the merger
agreement not being fulfilled or that would reasonably be expected to prevent or impede
the transactions contemplated by the merger agreement. Any vote that is not accordance
with the voting prescribed above will be considered null and void. A participating
shareholder that is a party to the voting agreement may not enter into any agreement to
vote or give instructions in a manner inconsistent with the voting prescribed above. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Transfer
Restrictions</I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
participating shareholder that is a party to the voting agreement may not, directly or
indirectly: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>offer
for sale, sell, transfer or otherwise dispose of or enter into any contract to sell,
transfer or otherwise dispose of the subject shares, except for dispositions by operation
of law, with Johnson Outdoors&#146; prior written consent, to JO Acquisition Corp. in
accordance with the terms of the contribution agreement, to another party to the voting
agreement or to an affiliate, provided that such affiliate agrees in writing to be bound
by the terms of the voting agreement; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>grant
any proxies or power of attorney, deposit any of the subject shares into a voting trust
or enter into any voting agreement or permit to exist any liens on the subject shares
(other than liens created by the voting agreement or by operation of law); </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>exercise
the right to convert any shares of Class B common stock into shares of Class A common
stock; or</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>commit
or agree to take any of these actions.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the October&nbsp;28, 2004 date of its execution, the voting agreement imposed transfer
restrictions and voting requirements on an aggregate of 3,448,113&nbsp;shares of Johnson
Outdoors Class A common stock and 1,171,294 shares of Johnson Outdoors Class&nbsp;B common
stock. An aggregate of 450,000 of these Class&nbsp;A shares, however, may be transferred
to third parties by Samuel C. Johnson Trust Number One u/a September&nbsp;14, 1988, in
satisfaction of pecuniary bequests existing on October&nbsp;28, 2004, provided that,
contemporaneously with any such transfer, an amount in cash equal to the product of the
number of Class&nbsp;A shares so transferred multiplied by the merger consideration of
$20.10 is contributed to JO Acquisition Corp. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination</I> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
voting agreement will automatically terminate and become null and void upon the earliest
of: the mutual consent of all parties, the effective time of the merger and the date of
termination of the merger agreement. </FONT></P>

<BR>
<BR>
<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>84 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SELECTED HISTORICAL
FINANCIAL DATA </FONT></H1>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth selected historical consolidated financial data for Johnson
Outdoors and its subsidiaries.  The selected historical consolidated financial data as of
October 1, 2004 and October 3, 2003 and for each of the fiscal years in the
three-fiscal-year period ended October 1, 2004 have been derived from Johnson Outdoors&#146; audited
consolidated financial statements appearing in Johnson Outdoors&#146; Annual Report on Form 10-K
for the fiscal year ended October 1, 2004, which is incorporated by reference in this
proxy statement.  The selected historical consolidated financial data as of September 27,
2002, September 28, 2001 and September 29, 2000 and for each of the fiscal years in the
two-fiscal-year period ended September 28, 2001 have been derived from Johnson Outdoors&#146; audited
consolidated financial statements, which do not appear in this proxy statement. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
book value per basic share as of October 1, 2004 is $18.76 and the book value per diluted
share as of October 1, 2004 is  $18.31 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information contained in this section, &#147;SELECTED HISTORICAL FINANCIAL DATA&#148;should
be read in conjunction with &#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations&#148; and Johnson Outdoors&#146;consolidated
financial statements, including the related notes, incorporated by reference in this
proxy statement.  See &#147;WHERE YOU CAN FIND MORE INFORMATION.&#148; </FONT></P>



<BR>
<BR>
<BR>
<BR>
<BR>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85 </FONT></P>

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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=18><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Year Ended <SUP>(1)</SUP></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Oct. 1, 2004</FONT><HR WIDTH=80% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Oct. 3, 2003</FONT><HR WIDTH=80% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Sept. 27, 2002</FONT><HR WIDTH=80% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Sept. 28, 2001</FONT><HR WIDTH=80% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Sept. 29, 2000</FONT><HR WIDTH=80% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=18><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(In thousands, except per share data and ratios)</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=27% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>Operating Results</B></FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Net sales</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>  355,274</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>  315,892</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>  342,532</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>  345,637</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>  354,889</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Gross profit</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>147,618</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>127,989</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>141,054</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>138,781</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>144,574</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Operating expenses</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>128,490</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>116,376</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>121,303</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>123,063</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>119,855</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Operating profit</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>19,128</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>11,613</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>19,751</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>15,718</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>24,719</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Interest expense</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>5,062</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>5,165</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>6,630</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>9,085</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>9,799</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Other expense (income), net(2)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(670</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3,254</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(27,372</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>543</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(160</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Income from continuing operations</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;before income taxes and before</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;cumulative effect of change in</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;accounting principle</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>14,736</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>9,702</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>40,493</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>6,090</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>15,080</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Income tax expense</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>6,407</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,281</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>10,185</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,480</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>6,705</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Income from continuing operations</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;before cumulative effect of</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;change in accounting principle</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8,689</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>5,421</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>30,308</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3,610</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8,375</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Income (loss) from discontinued</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;operations</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(940</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Income (loss) on disposal of</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;discontinued operations</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>495</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(24,418</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Income (loss) from change in</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;accounting principle</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(22,876</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,755</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Net income (loss)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>    8,689</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>    5,421</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>    7,927</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>    5,365</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>  (16,983</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Basic earnings (loss) per common</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;share:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Continuing operations</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>     1.01</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>     0.64</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>     3.69</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>     0.44</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>     1.03</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Discontinued operations</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>0.06</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3.12</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Effect of change in accounting</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;principle</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2.79</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>0.22</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Net income (loss)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>     1.01</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>     0.64</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>     0.96</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>     0.66</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>    (2.09</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Diluted earnings (loss) per common</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;share:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Continuing operations</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>     0.99</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>     0.63</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>     3.59</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>     0.44</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>     1.03</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Discontinued operations</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>0.06</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3.12</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Effect of change in accounting</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;principle</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2.79</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>0.22</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Net income (loss)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>     0.99</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>     0.63</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>     0.94</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>     0.66</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>    (2.09</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Diluted average common shares</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;outstanding</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8,774</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8,600</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8,430</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8,170</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8,130</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Balance Sheet Data</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Current assets(3)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>  194,641</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>  195,135</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>  192,137</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>  133,180</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>  144,194</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Total assets</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>293,714</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>277,657</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>271,285</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>244,913</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>257,971</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Current liabilities(4)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>59,110</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>50,032</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>53,589</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>36,568</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>46,941</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Long-term debt, less current</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;maturities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>50,797</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>67,886</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>80,195</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>84,550</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>45,857</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Total debt</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>67,019</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>77,473</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>88,253</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>97,535</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>105,319</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Shareholders' equity</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>160,644</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>144,194</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>124,145</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>105,779</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>100,832</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Other Data</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Ratio of earnings to fixed charges</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2.14</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1.80</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3.06</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1.55</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1.81</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
</TABLE>





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<HR SIZE=1 NOSHADE WIDTH=15% color=black ALIGN=LEFT>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>(footnotes appear on following page)</I> </FONT></P>


<BR>
<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>86 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
year ended October&nbsp;3, 2003 includes 53 weeks. All other years include
                    52 weeks. Johnson Outdoors sold its European Jack Wolfskin business
during 2002;                     2002 includes 10&nbsp;months of results from this
business.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
gain on sale of the European Jack Wolfskin business of $27,251 in 2002.  </FONT></TD>
</TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
cash of $69,572, $88,910, $100,830, $16,069 and $17,363 in 2004, 2003, 2002, 2001 and
2000, respectively.  </FONT></TD>
</TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Excluding
short-term debt and current maturities of long-term debt.  </FONT></TD>
</TR>
</TABLE>
<BR>

<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>87 </FONT></P>





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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MARKET PRICE AND
DIVIDEND INFORMATION </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors Class A common stock is traded on the Nasdaq National Market under the symbol
&#147;JOUT.&#148; On _______________________, 200___ , there were __________________
shares of Class A common stock outstanding, held by approximately [&#149;]
          shareholders of record. There is no public market for Johnson Outdoors
          Class&nbsp;B common stock, but the Class&nbsp;B common stock is convertible at
          all times at the option of the holder into shares of Class A common stock.  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table shows, for the periods indicated, the reported high and low sale prices
per share of the Class A common stock on the Nasdaq National Market. </FONT></P>






<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=50% ALIGN=CENTER>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE="2">High </FONT><HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Low </FONT><HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=61% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Year Ended October 3, 2003 </FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD WIDTH=14% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD WIDTH=14% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First quarter </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$ </FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 13.76 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$ </FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 9.04 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second quarter </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12.12 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.40 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third quarter </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14.00 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.76 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth quarter </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">15.75 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12.55 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Year Ended October 1, 2004 </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First quarter </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">16.14 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12.30 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second quarter </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">20.20 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14.92 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third quarter </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">20.12 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">18.79 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth quarter </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">19.81 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">19.15 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Year Ending September 30, 2005 </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First quarter </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">20.70 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">19.02 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second quarter (through [&#149;]) </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[&#149;] </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[&#149;] </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD></TR>
</TABLE>






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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
closing sale price for shares of the Class A common stock on the Nasdaq National Market
on February&nbsp;19, 2004, the last trading day before Johnson Outdoors announced the
proposal by Samuel C. Johnson and Ms. Johnson-Leipold, was $16.95 per share. On October&nbsp;27,
2004, the last full trading day before the public announcement of approval of the merger
agreement by the board of directors, the closing sale price of the Class A common stock
on the Nasdaq National Market was $19.35 per share. On _____________________, 200___, the
last trading day for which closing sale price information was practicably available prior
to the date of the first mailing of this proxy statement, the closing price per share of
the Class A common stock on the Nasdaq National Market was $_______________. Shareholders
should obtain a current market quotation for the Class A common stock before making any
decision with respect to the merger.  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors has never declared or paid a cash dividend on its common stock and does not plan
to pay any cash dividends on its common stock in the foreseeable future. The following
limitations apply to the ability of Johnson Outdoors to pay dividends: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant
to Johnson Outdoors&#146; revolving credit agreement, dated as of October 29, 2004, by
and among Johnson Outdoors, the subsidiary borrowers from time to time parties thereto
and LaSalle Bank National Association, Johnson Outdoors generally may not, nor may it
permit any of the subsidiary borrowers to, declare or pay any dividends on its capital
stock (other than dividends payable in its own capital stock). </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Johnson
Outdoors&#146; articles of incorporation provide that no dividend (other than a dividend
payable in shares of Johnson Outdoors common stock may be declared or paid upon the Class
B common stock unless such dividend is declared or paid upon both classes of common
stock. Whenever a dividend (other than a dividend payable in shares of Johnson Outdoors
common stock) is declared or paid upon any shares of Class B common stock, at the same
time there must be declared and paid a dividend on shares of Class A common stock equal
in value to 110% of the amount per share of the dividend declared and paid on shares of
Class B common stock. Whenever a dividend is payable in shares of Johnson Outdoors common
stock, such dividend must be declared or paid at the same rate on the Class A common
stock and the Class B common stock. </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>88 </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under
the merger agreement, Johnson Outdoors has agreed not to pay dividends on its common
stock before the effective time of the merger. </FONT></TD>
</TR>
</TABLE>
<BR>

<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>89 </FONT></P>






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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RECENT TRANSACTIONS
AND PRIOR STOCK PURCHASES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
have been no transactions in the common stock of Johnson Outdoors effected during the
last 60 days by Johnson Outdoors, any of the participating shareholders or any of the
executive officers or directors of Johnson Outdoors, JWA Consolidated, Inc., JO
Acquisition Corp. or Johnson Bank.  None of the participating shareholders has purchased
common stock of Johnson Outdoors during the past two years, except as described below,
nor has Johnson Outdoors repurchased any of its common stock during the past two years. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June 27, 2003, participating shareholders Helen P. Johnson-Leipold, Dr. H. Fisk Johnson,
S. Curtis Johnson and Winifred J. Marquart each purchased from the late Samuel C. Johnson
a right to acquire shares of Class A common stock from the Samuel C. Johnson 1988 Trust
Number One u/a September 14, 1988, also a participating shareholder, at the fair market
value of the Class A common stock on the date of exercise of such right, which rights
became exercisable upon Samuel C. Johnson&#146;s passing on May 22, 2004.  Such participating
shareholders have the right to acquire up to the number of shares of Class A common stock
and Class B common stock set forth below held by the Samuel C. Johnson 1988 Trust Number
One u/a September 14, 1988.  Each such participating shareholder  paid a purchase price
of $2,500 for the right to acquire the common stock. </FONT></P>






<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=70% ALIGN=CENTER>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TH>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Shares of Class A<BR>
Common Stock </FONT><HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Shares of Class B<BR>
Common Stock </FONT><HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Helen P. Johnson-Leipold </FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">346,132 </FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6,250 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Dr. H. Fisk Johnson </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">346,132 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6,250 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">S. Curtis Johnson </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">346,132 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6,250 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Winifred J. Marquart </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">346,132 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6,250 </FONT></TD></TR>
</TABLE>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July 8, 2003, each of Ms. Johnson-Leipold, Dr. Johnson, Mr. C. Johnson and Ms. Marquart
purchased from the late Samuel C. Johnson an immediately exercisable option to acquire
from the Samuel C. Johnson 1988 Trust Number One u/a September 14, 1988 the number of
shares of Class A common stock set forth opposite such filing person&#146;s name below,
at an exercise price of $13.04 per share.  Each such participating shareholder paid the
purchase price for the option set forth opposite the filing person&#146;s name below.  On
December 31, 2004, the participating shareholders exercised their respective options and
acquired from the Samuel C. Johnson 1988 Trust Number one u/a September 14, 1988 the
number of shares of Class A common stock set forth below opposite their names.  </FONT></P>








<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=70% ALIGN=CENTER>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TH>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Shares of Class A<BR>
Common Stock </FONT><HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Purchase Price<BR>
of Option</FONT><HR WIDTH=60% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Helen P. Johnson-Leipold </FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">485,000 </FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$1,119,480 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Dr. H. Fisk Johnson </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">161,667 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$ 373,161 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">S. Curtis Johnson </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">161,667 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$ 373,161 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Winifred J. Marquart </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">161,667 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$ 373,161 </FONT></TD></TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
of Class A common stock are listed and traded on the Nasdaq National Market under the
symbol &#147;JOUT.&#148;  The following table shows, for the periods indicated, the reported high
and low sale prices per share and the average price per share, as reported by the Nasdaq
National Market: </FONT></P>





<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=70% ALIGN=CENTER>
<TR VALIGN=Bottom>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Fiscal Period </FONT><HR ALIGN=LEFT WIDTH=30% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">High </FONT><HR WIDTH=40% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Low </FONT><HR WIDTH=40% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Average </FONT><HR WIDTH=40% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Third Quarter 2003 </FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$ 8.76 </FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$14.00 </FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$10.76 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Fourth Quarter 2003 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$15.75 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$12.55 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$13.85 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Frist Quarter 2005 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$20.70 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$19.02 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$19.91 </FONT></TD></TR>
</TABLE>




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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90 </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITY OWNERSHIP OF
CERTAIN BENEFICIAL OWNERS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth certain information at November 1, 2004 regarding the
beneficial ownership of each class of Johnson Outdoors common stock by each director, each
person known by Johnson Outdoors to own beneficially more than 5% of either class of
Johnson Outdoors&#146; common stock (including any &#147;group&#148; as set forth in
Section 13(d)(3) of the Exchange Act), each named executive officer (as defined in Item
402(a)(3) of Regulation S-K), and all directors and current executive officers as a group
based upon information furnished by such persons. Except as indicated in the footnotes,
the persons listed have sole voting and investment power over the shares beneficially
owned. </FONT></P>










<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=15><HR ALIGN=LEFT WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=6><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Class A Common Stock<SUP>(1)</SUP></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=6><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Class B Common Stock<SUP>(1)</SUP></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH ALIGN=LEFT COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name and Address</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Number of Shares</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Percentage of<BR>
Class<BR>
Outstanding</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Number of Shares</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Percentage of Class<BR>
Outstanding</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=41% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Johnson Bank <SUP>(2)</SUP></FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,844,346</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(3)</SUP></FONT></TD>
     <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37.4</FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>157,616</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(3)</SUP></FONT></TD>
     <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.9</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;555 Main Street</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Racine, Wisconsin 53403</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Imogene P. Johnson <SUP>(2)</SUP></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,386,817</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(4)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,062,330</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(4)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>87.0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;555 Main Street</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Racine, Wisconsin 53403</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Samuel C.  Johnson 1988 Trust</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Number One u/a September 14,</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,354,529</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(5)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,062,330</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(5)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>87.0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;1988<SUP>(2)</SUP></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;555 Main Street</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Racine, Wisconsin 53403</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Helen P. Johnson-Leipold <SUP>(2)</SUP></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,500,363</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(6)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.7</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,072,972</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(6)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>87.8</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;555 Main Street</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Racine, Wisconsin 53403</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dr. H. Fisk Johnson <SUP>(2)</SUP></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,041,075</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(7)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.7</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,076,364</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(7)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>88.1</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;555 Main Street</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Racine, Wisconsin 53403</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S. Curtis Johnson <SUP>(2)</SUP></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>687,695</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(8)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,053,580</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(8)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>86.2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;555 Main Street</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Racine, Wisconsin 53403</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Winifred J. Marquart <SUP>(2)</SUP></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>576,020</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(9)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.6</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,258</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(9)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.1</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;555 Main Street</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Racine, Wisconsin 53403</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JWA Consolidated, Inc. <SUP>(2)</SUP></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>114,464</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(10)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.5</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,037,330</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(10)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>84.9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;555 Main Street</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Racine, Wisconsin 53403</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TowerView LLC</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>750,700</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(11)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%<SUP>(11)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;c/o The Corporation Trust</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Company, Corporation Trust</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Center, 1209 Orange Street</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Wilmington, Delaware 19801</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dimensional Fund Advisors Inc.</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>420,400</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(12)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.5</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%<SUP>(12)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;1299 Ocean Avenue</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Santa Monica, CA 90401</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Thomas F. Pyle, Jr</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,1888</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(13)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Paul A. Lehmann</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,493</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(14)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>



<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>91 </FONT></P>





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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=15><HR ALIGN=LEFT WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=6><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Class A Common Stock<SUP>(1)</SUP></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=6><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Class B Common Stock<SUP>(1)</SUP></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH ALIGN=LEFT COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name and Address</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Number of Shares</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Percentage of<BR>
Class<BR>
Outstanding</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Number of Shares</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Percentage of Class<BR>
Outstanding</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=41% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gregory E. Lawton</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,507</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(15)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Terry E. London</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,507</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(16)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>John M. Fahey, Jr</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,535</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(17)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jervis B. Perkins</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>942</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(18)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All directors and current executive</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;officers as a group (7 persons)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,638,335</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.56</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,072,972</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>87.8</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR>
     <TD COLSPAN=15><HR ALIGN=LEFT WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
</TABLE>






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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>* The amount shown is less than 1% of
the outstanding shares of such class. </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shares
of Class B common stock (&#147;Class B Shares&#148;) are convertible on a
          share-for-share basis into shares of Class A common stock (&#147;Class A
          Shares&#148;) at any time at the discretion of the holder thereof. As a result,
          a holder of Class B Shares is deemed to beneficially own an equal number of
          Class A Shares. However, in order to avoid overstatement of the aggregate
          beneficial ownership of Class A Shares and Class B Shares, the Class A Shares
          reported in the table do not include Class A Shares which may be acquired upon
          the conversion of Class B Shares.  </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Helen
P. Johnson-Leipold, Imogene P. Johnson, the Samuel C. Johnson 1988 Trust           Number
One u/a September 14, 1988 (THE &#147;1988 Trust Number One&#148;), JWA Consolidated, Inc., Johnson Bank, Dr. H.           Fisk
Johnson, S. Curtis Johnson and Winifred J. Marquart are members of a           Section
13D reporting group and may be deemed to beneficially own Class A Shares           and
Class B Shares owned by other members of the group.  </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Johnson
Bank reports sole voting and investment power with respect to 71,724           Class A
Shares and 47,780 Class B Shares, and shared voting and investment power           with
respect to 2,772,622 Class A Shares and 109,836 Class B Shares. Of the
          2,772,622 Class A Shares for which Johnson Bank reports shared voting and
          investment power, Ms. Johnson-Leipold also reports beneficial ownership of
          310,786 of these shares, the 1988 Trust Number One also reports beneficial
          ownership of 2,354,529 of these shares, Mrs. Johnson also reports beneficial
          ownership of 2,354,529 of these shares, Mr. C. Johnson also reports beneficial
          ownership of 120,886 of these shares, Dr. Johnson also reports beneficial
          ownership of 115,679 of these shares and Ms. Marquart also reports beneficial
          ownership of 38,200 of these shares. Of the 109,836 Class B Shares for which
          Johnson Bank reports shared voting and investment power, Ms. Johnson-Leipold
          also reports beneficial ownership of 19,392 of these shares, the 1988 Trust
          Number One also reports beneficial ownership of 25,000 of these shares, Mrs.
          Johnson also reports beneficial ownership of 25,000 of these shares, Dr.
Johnson           also reports beneficial ownership of 22,784 of these shares and Ms.
Marquart           also reports beneficial ownership of 9,008 of these shares. Ms.
Johnson-Leipold           is indirectly the controlling shareholder of Johnson Bank.  </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
of the shares reported by Mrs. Johnson (other than 32,288 Class A Shares           that
she holds directly) are shares over which Mrs. Johnson may be deemed to           share
voting power and investment power. Mrs. Johnson is a co-trustee of the           1988
Trust Number One. Shares reported by Mrs. Johnson include 1,037,330 Class B
          Shares directly held by the Johnson Outdoors Inc. Class B common stock Voting
          Trust (&#147;Voting Trust&#148;), of which the 1988 Trust Number One is a unit
          holder, and all of which are also reported as beneficially owned by the 1988
          Trust Number One, Ms. Johnson-Leipold, JWA Consolidated, Inc., Dr. Johnson and
          Mr. C. Johnson, as direct or indirect Voting Trust unit holders. The Voting
          Trust holds a total of 1,037,330 shares of Class B Common Stock for the benefit
          of certain members of Samuel C. Johnson's family or related entities (the &#147;Johnson Family&#148;) and is intended to further protect and
          promote the mutual interests of the Johnson Family and to provide the framework
          for continuity of management of the Company. Ms. Johnson-Leipold serves as the
          voting trustee under the Voting Trust, and as voting trustee is entitled in her
          discretion to exercise all the rights and powers of an absolute owner of all of
          the Class B Shares held by the Voting Trust, including the right to receive
          dividends, payments upon redemption or repurchase, or other corporate
          distributions upon such Class B Shares and the right to vote, consent in
          writing, or otherwise act with respect to any shareholder action with regard to
          Class B Shares, subject to certain limitations with respect to taking action on
          certain extraordinary transactions like a merger or sale of substantially all
of           the assets of Johnson Outdoors.  </FONT></TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>92   </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
of the shares reported by the 1988 Trust Number One are shares over
which           the 1988 Trust Number One may be deemed to share voting power and
investment           power. 1,900,039 Class A Shares are held directly by the 1988 Trust
Number One           and 454,490 Class A Shares are held by S.C.J. Marketing, Inc., of
which the 1988           Trust Number One is the sole shareholder. 1,037,330 Class B
Shares are held of           record by the Voting Trust, of which the 1988 Trust Number
One is a unit holder,           and all of which are also reported as beneficially owned
by Mrs. Johnson, Ms.           Johnson-Leipold, JWA Consolidated, Inc., Dr. Johnson and
Mr. C. Johnson, as           direct or indirect Voting Trust unit holders. 25,000 Class B
Shares are held by           S.C.J. Marketing, Inc.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ms.
Johnson-Leipold reports shared voting and investment power with respect to           all
of the Class A Shares (other than with respect to 1,045,954 Class A Shares)           and
all of the Class B Shares. Ms. Johnson-Leipold beneficially owns such Class           A
Shares and Class B Shares indirectly as the settlor and beneficiary of a trust
          and through such trust as a general partner of certain limited partnerships
          controlled by members of the Johnson Family and as a controlling shareholder, with trusts
          for the benefit of Mr. Johnson and his adult children, of certain corporations.
          Of the 454,409 Class A shares for which Ms. Johnson-Leipold reports shared
          voting and investment power, Johnson Bank also reports beneficial ownership of
          310,786 of these shares, Mr. C. Johnson also reports beneficial ownership of
          230,031 of these shares, Dr. Johnson also reports beneficial ownership of
          211,131 of these shares and Ms. Marquart also reports beneficial ownership of
          181,823 of these shares. Of the 1,072,972 Class B Shares for which Ms.
          Johnson-Leipold reports shared voting and investment power, 1,037,330 of these
          shares are held of record by the Voting Trust and all of which are also
reported           as beneficially owned by Mrs. Johnson, the 1988 Trust Number One, JWA
          Consolidated, Inc., Dr. Johnson and Mr. C. Johnson, as direct or indirect
Voting           Trust unit holders. Of the remaining 35,642 Class B Shares for which Ms.
          Johnson-Leipold reports shared voting and investment power, Johnson Bank also
          reports beneficial ownership of 19,392 of these shares, Mr. C. Johnson also
          reports beneficial ownership of 10,000 of these shares, Dr. Johnson also
reports           beneficial ownership of 10,000 of these shares and Ms. Marquart also
reports           beneficial ownership of 10,000 of these shares. Dr. Johnson, Mr. C.
Johnson and           Ms. Marquart also report beneficial ownership of certain rights to
acquire up to           6,250 Class B Shares, which are exercisable within 60 days. The
1,045,954 Class           A Shares for which Ms. Johnson-Leipold reports sole voting and
investment power           include options or rights to acquire 892,510 Class A Shares,
which options are           exercisable within 60 days, and 3,932 Class A Shares held by
the Johnson           Outdoors 401(k) Retirement and Savings Plan, over which Ms.
Johnson-Leipold has           sole voting power.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dr.
Johnson reports sole voting and investment power with respect to 781,773           Class
A Shares, which he holds directly, as the sole trustee of the Herbert F.
          Johnson Distributing Trust and the HFJ Foundation Trust and as the controlling
          shareholder of S.C. Johnson &amp; Son, Inc. Dr. Johnson&#146;s direct holdings
          include options or rights to acquire 394,177 Class A Shares, which options are
          exercisable within 60 days. Dr. Johnson reports shared voting and investment
          power with respect to 259,302 Class A Shares, which are held either by the H.
          Fisk Johnson Revocable Trust or by certain partnerships or corporations in
which           Dr. Johnson or his revocable trust are general partners or shareholders
and           rights to acquire up to 113,623 Class A Shares, which are exercisable
within 60           days. Of these 259,302 Class A Shares, 115,679 are also reported as
beneficially           owned by Johnson Bank, 211,131 are also reported as beneficially
owned by Ms.           Johnson-Leipold, 194,931 are also reported as beneficially owned
by Mr. C.           Johnson and 181,823 are also reported as beneficially owned by Ms.
Marquart. Dr.           Johnson reports shared voting and investment power with respect
to all of the           Class B Shares reported. Class B Shares reported by Dr. Johnson
include (a)           1,037,330 Class B Shares directly held by the Voting Trust, of
which the Herbert           F. Johnson Distributing Trust is a unit holder, and all of
which are also           reported as beneficially owned by the 1988 Trust Number One,
Mrs. Johnson, Ms.           Johnson-Leipold, JWA Consolidated, Inc. and Mr. C. Johnson,
as direct or           indirect Voting Trust unit holders; (b) 22,784 Class B Shares held
by Dr.           Johnson&#146;s revocable trust (Johnson Bank also reports these Class B
Shares           as beneficially owned); (c) 10,000 Class B Shares held by a corporation
of which           Dr. Johnson is a shareholder (Ms. Johnson Leipold, Mr. C. Johnson and
Ms.           Marquart also report these Class B Shares as beneficially owned); and (d)
rights           to acquire up to 6,250 Class B Shares, which are exercisable within 60
days (Ms.           Johnson-Leipold, Mr. C. Johnson and Ms. Marquart also report these
Class B.           Shares as beneficially owned).  </FONT></TD>
</TR>
</TABLE>
<BR>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>93 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(8) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr.
C. Johnson reports sole voting and investment power with respect to 423,186
          Class A Shares, which he holds directly, as the sole trustee of certain trusts.
          Mr. C. Johnson&#146;s direct holdings include options or rights to acquire
          394,177 Class A Shares, which options are exercisable within 60 days. Mr. C.
          Johnson reports shared voting and investment power with respect to 264,509
Class           A Shares (including rights to acquire up to 113,623 Class A Shares, which
are           exercisable within 60 days), and of these 264,509 Class A Shares, 120,886
are           also reported as beneficially owned by Johnson Bank, 230,031 are also
reported           as beneficially owned by Ms. Johnson-Leipold, 194,931 are also
reported as           beneficially owned by Dr. Johnson and 181,823 are also reported as
beneficially           owned by Ms. Marquart. Mr. C. Johnson reports shared voting and
investment power           with respect to all of the Class B Shares reported. Class B
Shares reported by           Mr. C. Johnson include (a) 1,037,330 Class B Shares directly
held by the Voting           Trust, of he is directly or indirectly a unit holder, and
all of which are also           reported as beneficially owned by the 1988 Trust Number
One, Mrs. Johnson, Ms.           Johnson-Leipold, JWA Consolidated, Inc. and Dr. Johnson,
as direct or indirect           Voting Trust unit holders; (b) 10,000 Class B Shares held
by a corporation of           which Mr. C. Johnson is a shareholder (Ms. Johnson Leipold,
Dr. Johnson and Ms.           Marquart also report these Class B Shares as beneficially
owned); and (c) rights           to acquire up to 6,250 Class B Shares, which are
exercisable within 60 days (Ms.           Johnson-Leipold, Dr. Johnson and Ms. Marquart
also report these Class B Shares           as beneficially owned.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(9) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ms.
Marquart reports sole voting and investment power with respect to 394,197           Class
A Shares, which she holds directly. Ms. Marquart&#146;s direct holdings           include
options or rights to acquire 394,177 Class A Shares, which options or rights are
          exercisable within 60 days. Ms. Marquart reports shared voting and investment
          power with respect to 181,823 Class A Shares, and of these 181,823 Class A
          Shares, 38,200 are also reported as beneficially owned by Johnson Bank, 181,823
          are also reported as beneficially owned by Ms. Johnson-Leipold, 181,823 are
also           reported as beneficially owned by Dr. Johnson and 181,823 are also
reported as           beneficially owned by Mr. C. Johnson. Ms. Marquart reports shared
voting and           investment power with respect to all of the Class B Shares reported.
Class B           Shares reported by Ms. Marquart include (a) 9,008 by Ms. Marquart&#146;s
          revocable trust (Johnson Bank also reports these Class B Shares as beneficially
          owned); (b) 10,000 Class B Shares held by a corporation of which Ms. Marquart
is           a shareholder (Ms. Johnson Leipold, Dr. Johnson and Mr. C. Johnson also
report           these Class B Shares as beneficially owned); and (c) rights to acquire
up to           6,250 Class B Shares, which are exercisable within 60 days (Ms.
Johnson-Leipold,           Dr. Johnson and Mr. C. Johnson also report these Class B
Shares as beneficially           owned).  </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(10) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JWA
Consolidated, Inc. reports sole voting and investment power with respect to           the
114,464 Class A Shares, which are also reported as beneficially owned by Ms.
          Johnson-Leipold as sole trustee of the Samuel C. Johnson Family Trust, which
          controls JWA Consolidated. JWA Consolidated, Inc. reports shared voting and
          investment power with respect to the 1,037,330 Class B Shares, which are held
of           record by the Voting Trust. JWA Consolidated, Inc. reports beneficial
ownership           of the Class B Shares held by the Voting Trust in its capacity as a
direct or           indirect unit holder of the Voting Trust. All of the Class B Shares
held by the           Voting Trust are also reported as beneficially owned by the 1988
Trust Number           One, Mrs. Johnson, Ms. Johnson-Leipold, Dr. Johnson and Mr. C.
Johnson, as           direct or indirect Voting Trust unit holders.  </FONT></TD>
</TR>
</TABLE>
<BR>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(11) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
information is based on a report on Schedule 13D, dated October 29, 2004,           filed
by TowerView LLC with the Securities and Exchange Commission. TowerView
          reported sole voting and investment power with respect to the Class A Shares.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(12) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
information is based on a report on Schedule 13G/A, dated December 31, 2003,
          filed by Dimensional Fund Advisors Inc., a registered investment advisor
          (&#147;Dimensional&#148;) with the Securities and Exchange Commission.
          Dimensional reported sole voting and sole investment power with respect to all
          of the reported shares. Dimensional disclaims beneficial ownership of all of
the           reported shares, which are owned by advisory clients of Dimensional.  </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>94 </FONT></P>


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<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(13) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
options to acquire 21,845 Class A Shares, which options are exercisable           within
60 days.  </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(14) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
options to acquire 40,000 Class A Shares, which options are exercisable           within
60 days, and 1,493 Class A Shares held by the Johnson Outdoors 401(k)
          Retirement and Savings Plan over which Mr. Lehmann has sole voting power.  </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(15) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
options to acquire 16,845 Class A Shares, which options are exercisable           within
60 days.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(16) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
options to acquire 16,845 Class A Shares, which options are exercisable           within
60 days.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(17) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
options to acquire 14,625 Class A Shares, which options are exercisable           within
60 days.  </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(18) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
942 Class A Shares held by the Johnson Outdoors 401(k) Retirement and           Savings
Plan, over which Mr. Perkins has sole voting power.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
November 1, 2004, the Johnson Family beneficially owned 3,480,950 Class A Shares, or
approximately 45.8% of the outstanding Class A Shares, and 1,168,366 Class B Shares, or
approximately 95.6% of the outstanding Class B Shares. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ownership of Johnson Outdoors common stock by the executive officers and directors of JWA
Consolidated, Inc. (other than Mrs. Johnson, Ms. Johnson-Leipold and Dr. Johnson) and
Johnson Bank is set forth on Annex G hereto. </FONT></P>





<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FUTURE SHAREHOLDER
PROPOSALS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the merger is completed, there will be no public participation in any future meetings of
shareholders of Johnson Outdoors. However, if the merger is not completed, Johnson
Outdoors&#146; shareholders will continue to be entitled to attend and participate in
Johnson Outdoors shareholders&#146; meetings. If the merger is not completed, Johnson
Outdoors will inform its shareholders, by press release or other means determined
reasonable by Johnson Outdoors, of the date by which shareholder proposals must be
received by Johnson Outdoors for inclusion in the proxy materials relating to the annual
meeting, which proposals must comply with the rules and regulations of the SEC then in
effect. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WHERE YOU CAN FIND
MORE INFORMATION </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors files annual, quarterly and current reports, proxy statements and other documents
with the SEC under the Exchange Act. Johnson Outdoors&#146; SEC filings made
electronically through the SEC&#146;s EDGAR system are available to the public at the
SEC&#146;s website at http://www.sec.gov. You may also read and copy any document we file
with the SEC at the SEC&#146;s public reference room located at 450 Fifth Street, NW,
Washington, DC 20549. Please call the SEC at (800) SEC-0330 for further information on the
operation of the public reference room. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors and JO Acquisition Corp. have filed with the SEC a Schedule 13E-3 with respect to
the proposed merger. The Schedule 13E-3, including any amendments and exhibits filed or
incorporated by reference as a part of it, is available for inspection as set forth above. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SEC allows Johnson Outdoors to &#147;incorporate by reference&#148; information that it
files with the SEC in other documents into this proxy statement. This means that Johnson
Outdoors can disclose important information to you by referring you to another document
filed separately with the SEC. The information incorporated by reference is considered to
be part of this proxy statement. The information that Johnson Outdoors files with the SEC
in the future and incorporates by reference in this proxy statement automatically updates
and supersedes previously filed information. Such updated and superseded information will
not, except as so modified or superceded, constitute part of this proxy statement. </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors incorporates by reference into this proxy statement each document it files
pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this
proxy statement and prior to the special meeting. Johnson Outdoors also incorporates by
reference into this proxy statement the following documents that it filed with the SEC
under the Exchange Act: </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>95 </FONT></P>


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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=80%>
<TR VALIGN=Bottom>
     <TH align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Filings with the SEC</FONT><HR WIDTH=50% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Period/Date of Filing</FONT><HR WIDTH=50% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Annual Report on Form 10-K</FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fiscal year ended October 1, 2004</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current Reports on Form 8-K</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Filed December 14, 2004, November 4, 2004 and October 29, 2004</FONT></TD></TR>
</TABLE>





<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson
Outdoors undertakes to provide without charge to each person to whom a copy of this proxy
statement has been delivered, upon request, by first class mail or other equally prompt
means, within one business day of receipt of such request, a copy of any or all of the
documents incorporated by reference into this proxy statement, other than the exhibits to
these documents, unless the exhibits are specifically incorporated by reference into the
information that this proxy statement incorporates. You may obtain copies of documents
incorporated by reference by requesting them in writing or by telephone from </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Alisa Swire<BR>Secretary
 <BR>Johnson Outdoors Inc.<BR>555 Main Street  <BR>Racine, Wisconsin 53403<BR>Telephone: (262) 631-6600  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Any
request for copies of documents should be made by ___________________________, 200___ in
order to ensure receipt of the documents before the special meeting.</B> </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This
proxy statement does not constitute an offer to sell, or a solicitation of an offer to
buy, any securities, or the solicitation of a proxy, in any jurisdiction to or from any
person to whom it is not lawful to make any offer or solicitation in that jurisdiction.
The delivery of this proxy statement should not create an implication that there has been
no change in the affairs of Johnson Outdoors since the date of this proxy statement or
that the information herein is correct as of any later date.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>JO
Acquisition Corp., William Blair &amp; Company, L.L.C., Valuemetrics Capital, L.L.C. and
the participating shareholders have supplied, and Johnson Outdoors has not independently
verified, the information in this proxy statement related to JO Acquisition Corp., William
Blair &amp; Company L.L.C., Valuemetrics Capital, L.L.C. and the participating
shareholders.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Shareholders
should not rely on information other than that contained or incorporated by reference in
this proxy statement. Johnson Outdoors has not authorized anyone to provide information
that is different from that contained in this proxy statement. This proxy statement is
dated ____________________________, 200___. No assumption should be made that the information contained in this
proxy statement is accurate as of any date other than that date, and the mailing of this
proxy statement will not create any implication to the contrary. Notwithstanding the
foregoing, in the event of any material change in any of the information previously
disclosed, Johnson Outdoors will, where relevant and if required by applicable law, (1)
update such information through a supplement to this proxy statement and (2) amend the
Transaction Statement on Schedule&nbsp;13E-3 filed in connection with the merger, in each
case, to the extent necessary.</B> </FONT></P>

<BR>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>96 </FONT></P>


<!-- MARKER PAGE="sheet: 21; page: 21" -->
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<!-- MARKER FORMAT-SHEET="Head Right-TNR" FSL="Project" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ANNEX A</U></B> </FONT></P>


<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>







<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AGREEMENT AND PLAN OF
MERGER </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BY AND BETWEEN </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JO ACQUISITION CORP. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AND </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JOHNSON OUTDOORS INC. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 28, 2004 </FONT></H1>










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<!-- MARKER PAGE="sheet: 30; page: 30" -->
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<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TABLE OF CONTENTS </FONT></H1>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE I
                                                      <BR>THE MERGER </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 1.1</FONT></TD>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Merger</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 1.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Closing; Effective Time</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 1.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Effects of the Merger</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 1.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Articles of Incorporation; Bylaws</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 1.5</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Directors and Officers</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 1.6</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Additional Actions</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3&nbsp;</FONT></TD></TR>
</TABLE>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE II
                              <BR>CONVERSION OF SECURITIES; EXCHANGE OF CERTIFICATES; DEPOSIT </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 2.1</FONT></TD>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Effect on Capital Stock and Company Stock Options</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 2.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Company Stock Options; Plans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 2.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shares of Dissenting Shareholders</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 2.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Adjustment of Merger Consideration</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7&nbsp;</FONT></TD></TR>
</TABLE>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE III
                                     <BR>REPRESENTATIONS AND WARRANTIES OF THE COMPANY </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 3.1</FONT></TD>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Organization; Subsidiaries</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 3.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Company Capitalization</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 3.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subsidiary Capitalization</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 3.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Authority</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 3.5</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Recommendation of Special Committee and Board of Directors;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Opinion of Financial Advisor</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 3.6</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-Contravention; Consents</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 3.7</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SEC Filings; Company Financial Statements</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 3.8</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Absence of Certain Changes or Events</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 3.9</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 3.10</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Properties</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 3.11</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Intellectual Property</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 3.12</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compliance with Laws</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 3.13</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Litigation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 3.14</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Material Contracts</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 3.15</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brokers' and Finders' Fees</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 3.16</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Employee Benefit Plans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16&nbsp;</FONT></TD></TR>
</TABLE>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-i- </FONT></P>





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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TABLE OF CONTENTS <BR>(continued)</FONT></H1>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 3.17</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Environmental Matters</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 3.18</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Insurance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17&nbsp;</FONT></TD></TR>
</TABLE>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE IV
                                    <BR>REPRESENTATIONS AND WARRANTIES OF THE PURCHASER </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 4.1</FONT></TD>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Organization, Standing and Power</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 4.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Capitalization</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 4.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Authority; Non-Contravention</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 4.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financing</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 4.5</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Knowledge of Company Breach</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 4.6</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brokers' and Finders' Fees</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20&nbsp;</FONT></TD></TR>
</TABLE>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE V
                                          <BR>CONDUCT PRIOR TO THE EFFECTIVE TIME </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 5.1</FONT></TD>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Conduct of Business by the Company</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20&nbsp;</FONT></TD></TR>
</TABLE>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE VI
                                                 <BR>ADDITIONAL AGREEMENTS </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 6.1</FONT></TD>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proxy Statement; Shareholder Approval</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 6.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No Solicitation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 6.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Access to Information</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 6.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financing Efforts</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 6.5</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Public Disclosure</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 6.6</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reasonable Efforts; Notification</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 6.7</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indemnification</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 6.8</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Treatment of Equity Plans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 6.9</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transfer Tax</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 6.10</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SEC Reports</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 6.11</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Delisting</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 6.12</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Repatriation of Foreign Cash</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 6.13</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Action by the Purchaser</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30&nbsp;</FONT></TD></TR>
</TABLE>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE VII
                                               <BR>CONDITIONS TO THE MERGER </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 7.1</FONT></TD>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Conditions to Obligations of Each Party to Effect the Merger</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 7.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Conditions to Obligations of the Company to Effect the Merger</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 7.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Conditions to Obligations of the Purchaser to Effect the Merger</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31&nbsp;</FONT></TD></TR>
</TABLE>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-ii- </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE VIII
                                                      <BR>TERMINATION </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 8.1</FONT></TD>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Termination by Mutual Consent</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 8.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Termination by Either Party</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 8.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Termination by the Purchaser</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 8.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Termination by the Company</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 8.5</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Effect of Termination</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 8.6</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34&nbsp;</FONT></TD></TR>
</TABLE>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE IX
                                                   <BR>GENERAL PROVISIONS </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 9.1</FONT></TD>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Effectiveness of Representations, Warranties and Agreements</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 9.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notices</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 9.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amendment</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 9.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Waiver</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 9.5</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interpretation; Certain Defined Terms</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 9.6</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Counterparts</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 9.7</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Entire Agreement; Third Party Beneficiaries</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 9.8</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Severability</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 9.9</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other Remedies; Specific Performance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 9.10</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Governing Law</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 9.11</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rules of Construction</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>SECTION 9.12</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Assignment</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Exhibit A</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form of Voting Agreement</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A-1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Appendix I</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Matters Relating to Johnson Outdoors Inc. Worldwide Key Executive Phantom Share Long Term</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Incentive Plan</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I-1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Appendix II</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Contribution Agreement</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II-1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Schedule 7.1(c)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Third-Party Consents</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.1(c)-1</FONT></TD></TR>
</TABLE>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AGREEMENT AND PLAN OF MERGER </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
AGREEMENT AND PLAN OF MERGER (this &#147;<U>Agreement</U>&#148;) is made and entered into
as of October&nbsp;28, 2004, by and between JO Acquisition Corp., a Wisconsin corporation
(the &#147;<U>Purchaser</U>&#148;), and Johnson Outdoors Inc., a Wisconsin corporation
(the &#147;<U>Company</U>&#148;). </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>R E C I T A L S </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
certain members of the Johnson family, including Helen P. Johnson-Leipold and Imogene P.
Johnson, and certain other persons (the &#147;<U>Contributing Shareholders</U>&#148;) have
entered into a contribution agreement with the Purchaser, dated as of the date of this
Agreement (the &#147;<U>Contribution Agreement</U>&#148;), providing for the contribution
immediately prior to the Merger (as defined below) of the shares of Class A Common Stock
(as defined below) and Class B Common Stock (as defined below) of the Company over which
the Contributing Shareholders have, directly or indirectly, voting and dispositive power
(collectively, the &#147;<U>Contribution Shares</U>&#148;) to the Purchaser; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Board of Directors of the Company (the &#147;<U>Board of Directors</U>&#148;), based
on the unanimous recommendation of a special committee of disinterested directors (the
&#147;<U>Special Committee</U>&#148;), has approved and determined to be<B> </B>in the
best interests of the shareholders of the Company a merger (the &#147;<U>Merger</U>&#148;)
of the Purchaser with and into the Company upon the terms and subject to the conditions
set forth in this Agreement, and has resolved to recommend that the holders of shares of
Company Common Stock (as defined below) approve this Agreement; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Board of Directors of the Purchaser has adopted and approved this Agreement; and </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the
Contributing Shareholders and the Purchaser are entering into a voting agreement, dated as
of the date of this Agreement, in substantially the form attached hereto as <U>Exhibit
A</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the premises and of the representations, warranties,
covenants and agreements set forth herein, the parties hereto hereby agree as follows: </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE I.  </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>THE MERGER</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.1. The Merger. Upon the terms and subject to the conditions set forth in Section 1.2,
and in accordance with Section 180.1101 of the Wisconsin business corporation law (&#147;<U>WBCL</U>&#148;),
at the Effective Time (as defined below), the Purchaser shall be merged with and into the
Company. As a result of the Merger, the separate corporate existence of the Purchaser
shall cease, and the Company shall be the surviving corporation of the Merger (the &#147;<U>Surviving
Corporation</U>&#148;).  </FONT></P>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.2. <U>Closing; Effective Time</U>. The closing of the Merger (the &#147;<U>Closing</U>&#148;)
shall take place (a) at the offices of McDermott Will &amp; Emery LLP, Chicago, Illinois,
two (2) business days after the satisfaction or, if permissible, waiver of the conditions
set forth in <U>Article VII</U> (other than the conditions that can only be satisfied at
the Closing) or (b) at such other place, time and date as the parties may agree (the date
on which the Closing takes place is referred to herein as the &#147;<U>Closing Date</U>&#148;).
At the Closing, the parties hereto shall cause the Merger to be consummated by filing
articles of merger (the &#147;<U>Articles of Merger</U>&#148;) with the Department of
Financial Institutions of the State of Wisconsin, in such form as is required by, and
executed in accordance with, Sections 180.1105 and 180.0120 of the WBCL. The term &#147;<U>Effective
Time</U>&#148; means the close of business as of the date of the filing of the Articles
of Merger with the Department of Financial Institutions of the State of Wisconsin (or
such other time as may be agreed by the parties hereto and specified in the Articles of
Merger).  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.3. <U>Effects of the Merger</U>. At the Effective Time, the effect of the Merger shall
be as provided in the applicable provisions of the WBCL. Without limiting the generality
of the foregoing, and subject thereto, at the Effective Time, all the property, rights,
immunities, privileges, powers and franchises of the Company and the Purchaser shall vest
in the Surviving Corporation, without further act or deed, and all debts, liabilities,
obligations, restrictions, disabilities and duties of each of the Company and the
Purchaser shall become the debts, liabilities, obligations, restrictions, disabilities
and duties of the Surviving Corporation and be enforceable against the Surviving
Corporation to the same extent as if the same had been contracted by the Surviving
Corporation.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.4. <U>Articles of Incorporation; Bylaws</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          At
the Effective Time, the Articles of Incorporation of the Surviving           Corporation
shall be amended and restated in their entirety to read in the form           of the
Articles of Incorporation of the Purchaser, as in effect immediately           prior to
the Effective Time, until thereafter amended in accordance with their           terms and
as provided by applicable Laws (as defined below) and this Agreement,           except
that, as of the Effective Time, Article I of such Articles of           Incorporation
shall be amended to read as follows: &#147;The name of the           Corporation is
Johnson Outdoors Inc.&#148; </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          From
and after the Effective Time, the Bylaws of the Purchaser, as in effect
          immediately prior to the Effective Time, shall be the Bylaws of the Surviving
          Corporation until thereafter amended as provided by applicable Laws, the
          Articles of Incorporation of the Surviving Corporation and such Bylaws.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.5. <U>Directors and Officers</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
directors of the Purchaser immediately prior to the Effective Time shall be           the
initial directors of the Surviving Corporation and shall hold office until           the
earlier of their resignation or removal or until their respective successors
          are duly elected and qualified, as the case may be, in accordance with the
          Articles of Incorporation and Bylaws of the Surviving Corporation and
applicable           Laws.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          The
officers of the Company immediately prior to the Effective Time shall be the
          initial officers of the Surviving Corporation and shall hold office until the
          earlier of their resignation or removal or until their respective successors
are           duly elected and qualified, as the case may be, in accordance with the
Articles           of Incorporation and Bylaws of the Surviving Corporation and
applicable Laws.  </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-2- </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.6. <U>Additional Actions</U>. If, at any time at or after the Effective Time, the
Surviving Corporation shall consider or be advised that any further deeds, assignments or
assurances in law or any other acts are necessary or desirable to (a) vest, perfect or
confirm, of record or otherwise, in the Surviving Corporation its rights, title or
interest in, to or under any of the rights, properties or assets of the Company or its
subsidiaries, or (b) otherwise carry out the provisions of this Agreement, the officers
and directors of the Surviving Corporation shall be authorized to execute and deliver, in
the name and on behalf of each of the Company and the Purchaser, all such deeds,
assignments or assurances in law and to take all acts necessary, proper or desirable to
vest, perfect or confirm title to and possession of such rights, properties or assets in
the Surviving Corporation and otherwise to carry out the provisions of this Agreement.  </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE II  </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>CONVERSION OF
SECURITIES; EXCHANGE OF CERTIFICATES; DEPOSIT</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.1. <U>Effect on Capital Stock and Company Stock Options</U>. As of the Effective Time,
by virtue of the Merger and without any action on the part of the holder of any shares of
capital stock of the Company or any shares of capital stock of the Purchaser:  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Cancellation
of Certain Company Common Stock</U>. All shares of Class A           Common Stock, par
value $.05 per share, of the Company (&#147;<U>Class A Common           Stock</U>&#148;),
and Class B Common Stock, par value $.05 per share of the           Company (&#147;<U>Class
B Common Stock</U>&#148; and together with the Class A           Common Stock, &#147;<U>Company
Common Stock</U>&#148;) that are held (i)&nbsp;in           the treasury of the Company,
(ii)&nbsp;by any wholly-owned subsidiary of the           Company or (iii)&nbsp;by the
Purchaser or any of the Contributing Shareholders           shall be canceled and retired
and shall cease to exist without any consideration           payable therefor.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
of Company Common Stock.</U> Each share of Company Common Stock           issued and
outstanding immediately prior to Effective Time (other than           Dissenting Shares
(as defined below) and shares of the Company Common Stock           referred to in <U>Section&nbsp;2.1(a)</U> above)
shall be converted into the           right to receive from the Surviving Corporation
$20.10 in cash per share of           Company Common Stock (the &#147;<U>Merger
Consideration</U>&#148;) without           interest thereon upon surrender of the
certificate previously representing such           share of Company Common Stock. As of
the Effective Time, all such shares of           Company Common Stock shall no longer be
outstanding and shall automatically be           canceled and retired and shall cease to
exist, and each holder of a certificate           representing any such share of Company
Common Stock shall cease to have any           rights with respect thereto, except the
right to receive the Merger           Consideration as provided in this <U>Section 2.1(b)</U> and
subject to           compliance with <U>Section 2.2</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
of Common Stock of the Purchaser</U>. Each share of the           Purchaser&#146;s common
stock (&#147;<U>Purchaser Common Stock</U>&#148;) issued           and outstanding
immediately prior to the Effective Time shall be converted into           and become that
certain number of fully paid and nonassessable (subject to           Section
180.0622(2)(b) of the WBCL and judicial interpretations thereof) shares           of
common stock, par value $0.05 per share, of the Surviving Corporation (the <U>&#147;Surviving
Corporation Common Stock</U>&#148;) equal to the Conversion           Number (as defined
below) upon the surrender of the certificates previously           representing such
share(s) of the Purchaser Common Stock. For purposes of this           Agreement, the
&#147;<U>Conversion Number</U>&#148; shall equal the total number           of
Contribution Shares contributed to the Purchaser prior to the Effective Time.  </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3- </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Paying
Agent</U>. Prior to the Effective Time, the Purchaser shall designate           a bank or
trust company to act as paying agent in connection with the Merger           (the &#147;<U>Paying
Agent</U>&#148;).  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Merger Consideration to Paying Agent</U>. At the Effective Time,           the
Purchaser shall deliver to the Paying Agent, for the benefit of the holders           of
Company Common Stock entitled to receive the Merger Consideration, the amount
          of the aggregate Merger Consideration which such holders of Company Common
Stock           are entitled to receive pursuant to the provisions of <U>Section 2.1(b)</U>.
          From and after the Effective Time, the certificates which immediately prior to
          the Effective Time represented shares of outstanding Purchaser Common Stock
          shall be deemed to represent the shares of Surviving Corporation Common Stock
          into which such shares of Purchaser Common Stock were converted pursuant to the
          provisions of <U>Section 2.1(c)</U>, without any further action on the part of
          the holders thereof.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
Procedures</U>. As soon as reasonably practicable after the Effective           Time, the
Paying Agent shall mail or caused to be mailed to each holder of           record of any
certificate, which as of immediately prior to the Effective Time           represented
shares of Company Common Stock and as of the Effective Time           represents the
right to receive the Merger Consideration (all such certificates,           the &#147;<U>Certificates</U>&#148;),
(i) a letter of transmittal (which shall           specify that delivery shall be
effected, and risk of loss and title to the           Certificates shall pass, only upon
delivery of the Certificates to the address           specified therein) and (ii)
instructions for use in effecting the surrender of           the Certificates in exchange
for the applicable Merger Consideration. Upon           surrender of a Certificate to the
Paying Agent, together with such letter of           transmittal, duly executed, and such
other documents as may reasonably be           required by the Paying Agent, the holder
of such Certificate shall be entitled           to receive in exchange therefor from the
Paying Agent the amount of cash into           which the shares of Company Common Stock
theretofore represented by such           Certificate shall have been converted pursuant
to <U>Section 2.1</U>. In the           event of a transfer of ownership of the shares of
Company Common Stock that is           not registered in the transfer records of the
Company, payment may be made to a           person other than the person in whose name
the Certificate so surrendered is           registered, if such Certificate shall be
properly endorsed or otherwise be in           proper form for transfer and the person
requesting such payment shall pay any           transfer or other Taxes (as defined in <U>Section
3.9</U>) required by reason of           the payment to a person other than the
registered holder of such Certificate or           establish to the satisfaction of the
Surviving Corporation that such Tax has           been paid or is not applicable. Until
surrendered as contemplated by this <U>Section 2.1(f)</U>, each Certificate shall be
deemed at any time after the           Effective Time to represent only the right to
receive upon such surrender the           amount of cash, without interest, into which
the shares of Company Common Stock           theretofore represented by such Certificate
shall have been converted pursuant           to <U>Section 2.1</U>. No interest will be
paid or will accrue on the cash           payable upon the surrender of any Certificate.
In the event any Certificate           shall have been lost, stolen or destroyed, upon
making of an affidavit of that           fact by the person claiming such Certificate to
be lost, stolen or destroyed,           the Surviving Corporation will pay in exchange
for such lost, stolen or           destroyed Certificate, the amount of cash into which
the shares of Company           Common Stock theretofore represented by such certificate
have been converted           pursuant to <U>Section 2.1</U>, except that when
authorizing such payment, the           Board of Directors of the Surviving Corporation,
may, in its discretion and as a           condition precedent to such payment, require
the owner of such lost, stolen or           destroyed Certificate to deliver a bond in
such sum as it may reasonably direct           as indemnity against any claim that may be
made against the Surviving           Corporation or the Paying Agent with respect to such
Certificate.  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding
Rights</U>. The Surviving Corporation and the Paying Agent shall           be entitled to
deduct and withhold from the Merger Consideration otherwise           payable or issuable
pursuant to this Agreement to any holder of Company Common           Stock such amount as
the Surviving Corporation or the Paying Agent is required           to deduct and
withhold with respect to such payment or issuance under the           Internal Revenue
Code of 1986, as amended, and the rules and regulations           promulgated thereunder
(the &#147;<U>Code</U>&#148;), or any provision of state,           local or foreign Tax
law. To the extent that amounts are so withheld, such           withheld amounts shall be
treated for all purposes of this Agreement as having           been paid to the holder of
Company Common Stock in respect of which such           deduction and withholding was
made.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Further Ownership Rights in the Shares</U>. All cash paid upon the           surrender of
Certificates in accordance with the terms of this <U>Section           2.1</U> shall be
deemed to have been paid in full satisfaction of all rights           pertaining to the
shares of Company Common Stock theretofore represented by such           Certificates. At
the Effective Time, the stock transfer books of the Company           shall be closed,
and there shall be no further registration of transfers on the           stock transfer
books of the Surviving Corporation of the shares of Company           Common Stock that
were outstanding immediately prior to the Effective Time. If,           after the
Effective Time, Certificates are presented to the Surviving           Corporation or the
Paying Agent for any reason, they shall be canceled and           exchanged as provided
in this <U>Article II</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<U>Return
of Funds by Paying Agent; No Liability</U>. At any time following the
          expiration of 180 days after the Effective Time, the Surviving Corporation
          shall, in its sole discretion, be entitled to require the Paying Agent to
          deliver to it any funds (including any interest received with respect thereto)
          which had been made available to the Paying Agent and which have not been
          disbursed to holders of Certificates, and thereafter such holders shall be
          entitled to look to the Surviving Corporation (subject to any applicable
          abandoned property, escheat or similar law) only as general creditors thereof
          with respect to the Merger Consideration payable upon due surrender of their
          Certificates, without any interest thereon. Notwithstanding the foregoing, none
          of the Purchaser, the Company, the Surviving Corporation or the Paying Agent
          shall be liable to any person in respect of any cash delivered to a public
          official or entity pursuant to any applicable abandoned property, escheat or
          similar law.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.2. <U>Company Stock Options; Plans</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          On
or as soon as practicable following the date of this Agreement, the Board of
          Directors (or, if appropriate, any committee administering the Company Stock
          Plans) shall adopt such resolutions or take such other actions (if any) as may
          be required to cause each holder of an option to purchase shares of Company
          Common Stock (each a &#147;<U>Company Stock Option</U>&#148;) granted under any
          Company plan, arrangement or agreement (collectively, the &#147;<U>Company
Stock           Option Plans</U>&#148;) and outstanding immediately prior to the
Effective Time,           whether vested or unvested, to become entitled to receive as
promptly as           practicable after the Effective Time an amount in cash equal to (i)
the excess,           if any, of (x) the per share Merger Consideration (as may be
adjusted pursuant           to <U>Section 2.4</U> below) over (y) the applicable exercise
price per share of           Company Common Stock subject to such Company Stock Option,
multiplied by (ii)           the number of shares of Company Common Stock subject to such
Company Stock           Option (and for which such Company Stock Option shall not
theretofore have been           exercised), except in the case of Company Stock Option
held by Helen P.           Johnson-Leipold and the estate of Samuel C. Johnson (the &#147;<U>Rollover
Stock           Options</U>&#148;), which shall be converted in accordance with <U>Section
          2.2(c)</U> below. The Surviving Corporation shall be entitled to deduct and
          withhold from the amounts otherwise payable pursuant to this <U>Section
          2.2(a)</U> to any holder of Company Stock Options such amounts as the Surviving
          Corporation is required to deduct and withhold with respect to the making of
          such payment under the Code (as defined herein), or any provision of state,
          local or foreign tax law. To the extent that amounts are so deducted and
          withheld by the Surviving Corporation, such withheld amounts shall be treated
          for all purposes of this Agreement as having been paid to the holder of the
          Company Stock Options in respect of which such deduction and withholding was
          made by the Surviving Corporation.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          The
Company&#146;s Worldwide Key Executive Phantom Share Long Term Incentive           Plan
(the &#147;<U>Phantom Share Plan</U>&#148;), and all outstanding phantom           shares
granted thereunder (the &#147;<U>Phantom Shares</U>&#148;), shall be           amended in
the manner set forth in <U>Appendix I</U> hereto, effective as of the           Effective
Time.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          At
the Effective Time, the Rollover Stock Options shall be converted into           options
to acquire an equivalent amount of shares of Surviving Corporation           Common Stock
pursuant to the terms of a conversion agreement to be entered into           by, and in a
form acceptable to, the Purchaser, the Company, Helen P.           Johnson-Leipold and
the estate of Samuel C. Johnson.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;          The
Company&#146;s plans, other than the Retirement and Savings Plan, under           which
employees, officers and/or others may purchase shares of the           Company&#146;s
capital stock, including without limitation, the Company&#146;s           1987 Employees&#146; Stock
Purchase Plan (the &#147;<U>Employee Stock Purchase           Plan</U>&#148;), shall be
terminated and/or suspended at or prior to the           Effective Time. The Company&#146;s
Retirement and Savings Plan shall be amended           or modified at or prior to the
Effective Time so that following the Effective           Time, no participant therein
shall have any continuing rights thereunder to           acquire any equity securities of
the Company, the Surviving Corporation or any           subsidiary thereof. The Company
shall ensure that (i) as of the date of this           Agreement, all payroll deductions
under the Company&#146;s Employee Stock           Purchase Plan (if any) shall cease; and
(ii) no offering periods or payroll           deductions shall be initiated, and no
shares of Company Common Stock shall be           issued, under the Company&#146;s
Employee Stock Purchase Plan after the date of           this Agreement, except, in each
case, for payroll deductions with respect to           purchases of shares arranged
during offering periods completed prior to the date           of this Agreement.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;          Prior
to the Effective Time, the Company shall take action (in accordance with           that
certain no-action letter, dated January 12, 1999, issued by the Securities           and
Exchange Commission (the &#147;<U>SEC</U>&#148;) to Skadden, Arps, Slate,
          Meagher &amp; Flom) designed to provide that the treatment of Company Stock
          Options pursuant to this <U>Section 2.2</U>, will qualify for exemption under
          Rule 16b-3(d) or (e), as applicable, under the Securities Exchange Act of 1934,
          as amended (the &#147;<U>Exchange Act</U>&#148;).  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;          Except
as otherwise provided herein or as may otherwise be agreed by the           Purchaser and
the Company, all other plans, programs or arrangements providing           for the
issuance or grant of any other interest in respect of the capital stock           of the
Company or any of its subsidiaries shall terminate as of the Effective           Time,
and no participant in any such plans, programs or arrangements shall have           any
continuing rights thereunder to acquire any equity securities of the           Company,
the Surviving Corporation or any subsidiary thereof.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.3. <U>Shares of Dissenting Shareholders</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          Notwithstanding
anything in this Agreement to the contrary, any shares of           Company Common Stock
that are issued and outstanding as of the Effective Time           and that are held by a
holder who has not voted in favor of the Merger or           consented thereto in writing
and who has properly exercised his or her appraisal           rights (the &#147;<U>Dissenting
Shares</U>&#148;) under the WBCL, shall not be           converted into the right to
receive the Merger Consideration, but shall instead           become the right to receive
such consideration as may be determined to be due           with respect to such
Dissenting Shares pursuant to and subject to the           requirements of the WBCL,
unless and until such holder shall have failed to           perfect, or shall have
effectively withdrawn or lost, his or her right to           dissent from the Merger
under the WBCL and to receive such consideration. If,           after the Effective Time,
any such holder shall have failed to perfect or shall           have effectively
withdrawn or lost such right, each share of such holder&#146;s           Company Common
Stock shall thereupon be deemed to have been converted into and           to have become,
as of the Effective Time, the right to receive, without interest           or dividends
thereon, the Merger Consideration provided for in <U>Section           2.1(b)</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          The
Company shall give the Purchaser (i) prompt notice of any notices or demands
          for appraisal or payment for shares of Company Common Stock received by the
          Company and (ii) the opportunity to participate in all negotiations and
          proceedings with respect to any such demands or notices. Any decision to
settle,           offer to settle, make any payments or otherwise negotiate, with respect
to any           such demands, shall be mutually agreeable to the Purchaser and the
Company.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.4. <U>Adjustment of Merger Consideration</U>. In the event that, subsequent to the date
of this Agreement but prior to the Effective Time, the outstanding shares of Company
Common Stock shall have been changed into a different number of shares or shares of a
different class as a result of a stock split, reverse stock split, stock dividend,
subdivision, reclassification, split, combination, exchange, recapitalization or other
similar transaction, the Merger Consideration shall be appropriately adjusted in order to
take into account such change.  </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE III  </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>REPRESENTATIONS AND
WARRANTIES OF THE COMPANY</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as disclosed in the Company&#146;s Annual Report on Form 10-K for the fiscal year ended
October 3, 2003 or any report on Form 10-Q or 8-K filed on behalf of the Company with the
SEC (as defined below) after the end of such fiscal year and prior to the date hereof, the
Company hereby represents and warrants to the Purchaser as follows: </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-7- </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.1. <U>Organization; Subsidiaries</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
Company and each of its subsidiaries identified in Section 3.1(a) of the
          written disclosure schedule delivered by the Company to the Purchaser on the
          date of this Agreement (the &#147;<U>Company Disclosure Schedule</U>&#148;) is
          duly organized, validly existing and in good standing (with respect to
          jurisdictions which recognize such concept) under the Laws of the jurisdiction
          in which it is organized and has the requisite corporate power and authority to
          carry on its business as now being conducted. The Company and each of its
          subsidiaries is duly qualified or licensed to do business and is in good
          standing in each jurisdiction (domestic or foreign) in which the nature of its
          business or the ownership or leasing of its properties makes such qualification
          or licensing necessary, other than in such jurisdictions where the failure to
be           so qualified or licensed would not have a Company Material Adverse Effect
(as           defined below). <U>Section 3.1(a) of the Company Disclosure Schedule</U>          indicates
the name and jurisdiction of organization of each subsidiary of the           Company and
the Company&#146;s direct or indirect equity interest therein.           Complete and
correct copies of the Articles of Incorporation and Bylaws of the           Company and
copies of similar governing instruments of each of its subsidiaries           currently
in effect (collectively, the &#147;Company Charter Documents&#148;)           have been
made available to the Purchaser.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          Neither
the Company nor any of its subsidiaries owns any capital stock of, or           any
equity interest of any nature in, any other corporation, partnership, joint
          venture arrangement or other business entity (other than the subsidiaries
          identified in <U>Section 3.1(a) of the Company Disclosure Schedule</U>), except
          for passive investments in equity interests of public companies as part of the
          cash management program of the Company.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.2. <U>Company Capitalization</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
authorized capital stock of the Company consists solely of (i) 20,000,000
          shares of Class A Common Stock, of which there are 7,599,831 shares issued and
          outstanding as of the date hereof; (ii) 3,000,000 shares of Class B Common
Stock           of which there are 1,221,715 shares issued and outstanding as of the date
          hereof; and (iii) 1,000,000 shares of Preferred Stock, $1.00 par value per
          share, of which no shares are issued and outstanding as of the date hereof.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          As
of the date hereof, (i) 480,766 shares of Class A Common Stock are subject to
          issuance pursuant to outstanding Company Stock Options to purchase Class A
          Common Stock under the Company Stock Option Plans and (ii) there are no options
          or warrants outstanding to purchase shares of Company Common Stock from the
          Company other than pursuant to the Company Stock Option Plans. Except as set
          forth in <U>Section 3.2</U> hereof, there are not now, and at the Effective
Time           there will not be, any other equity securities, similar ownership
interests,           subscriptions, options, warrants, calls, rights (including
preemptive rights),           commitments or agreements of any character to which the
Company is a party or by           which it is bound obligating the Company to issue,
deliver or sell, or cause to           be issued, delivered or sold, or repurchase,
redeem or otherwise acquire, or           cause the repurchase, redemption or acquisition
of, any shares of capital stock,           equity interests or similar ownership
interests of the Company.  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          All
outstanding shares of Company Common Stock are, and all shares of Company
          Common Stock which may be issued pursuant to the exercise of the Company Stock
          Options will be, when issued, duly authorized, validly issued, fully paid and
          nonassessable (subject to Section 180.0622(2)(b) of the WBCL and judicial
          interpretations thereof) and are not subject to preemptive rights created by
          statute, the Articles of Incorporation or Bylaws of the Company or any
agreement           or document to which the Company is a party or by which it is bound.
All           outstanding shares of Company Common Stock, all outstanding Company Stock
          Options and all outstanding shares of capital stock of each subsidiary of the
          Company have been issued and granted in compliance in all material respects
with           all applicable Laws. For the purposes of this Agreement, &#147;<U>Laws</U>&#148;          means
any federal, state, local, municipal or foreign law, statute,           constitution,
resolution, ordinance, code, edict, decree, rule, regulation,           ruling or
requirement issued, enacted, adopted, promulgated, implemented or           otherwise put
into effect by or under the authority of any Governmental Entity           (as defined
below). There are no registration rights granted by the Company with           respect to
any equity security of any class of the Company or with respect to           any equity
security, partnership interest or similar ownership interest of any           class of
any of its subsidiaries.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;          Except
as described in <U>Section 3.2(d) of the Disclosure Schedule</U>, there           are no
outstanding bonds, debentures, notes or other indebtedness or debt           securities
of the Company which have the right to vote (or are convertible into,           or
exchangeable for, securities having the right to vote) on any matters on           which
shareholders of the Company may vote.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.3. <U>Subsidiary Capitalization</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          Except
as set forth in <U>Section 3.3 of the Company Disclosure Schedule</U>,           the
Company owns all of the securities of its subsidiaries identified in <U>Section 3.1(a) of
the Company Disclosure Schedule</U> free and clear of all           Encumbrances (as
defined below) other than Permitted Encumbrances (as defined           below), and there
are no other equity securities, partnership interests or           similar ownership
interests of any class of equity security of any subsidiary of           the Company, or
any security exchangeable or convertible into or exercisable for           such equity
securities, partnership interests or similar ownership interests,           issued,
reserved for issuance or outstanding, in any such case issued by any           such
subsidiary.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          For
purposes of this Agreement, &#147;<U>Encumbrances</U>&#148; means any lien,
          pledge, mortgage, security interest, claim, levy, easement, encroachment,
          hypothecation, restriction, right-of-way, charge, possibility of reversion,
          right of refusal or other encumbrance. For purposes of this Agreement,
          &#147;<U>Permitted Encumbrances</U>&#148; means any of the following:
          (i)&nbsp;liens for taxes, assessments and governmental charges or levies not
yet           due and payable or due and being contested in good faith; (ii)&nbsp;Encumbrances
          imposed by Laws, such as materialmen&#146;s, mechanics&#146;, carriers&#146;,
          workmen&#146;s, warehousemen&#146;s and repairmen&#146;s liens and other
similar           liens arising in the ordinary course of business; (iii)&nbsp;pledges or
deposits           to secure obligations under workers&#146; compensation Laws or similar
          legislation or to secure public or statutory obligations; (iv) restrictions
          imposed by federal or state securities Laws and, in the case of Wisconsin
          corporations, provided by Section 180.0622(2)(b) of the WBCL;           (v)&nbsp;directors&#146; qualifying
shares (in such non-U.S. jurisdictions where           the issuance of such shares is
required by applicable Laws); and (vi)&nbsp;minor           survey exceptions, reciprocal
easement agreements, rights of way, restrictions,           covenants, zoning Laws, and
other customary encumbrances on title to real           property or other similar charges
or any other matters of record that           (A)&nbsp;were not incurred in connection
with any indebtedness for borrowed           money and (B) do not, individually or in the
aggregate, materially adversely           affect the value of or the use of such property
for its current and anticipated           purposes.  </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-9- </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.4. <U>Authority</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
Company has all requisite corporate power and authority to enter into this
          Agreement and, subject with respect to the consummation of the Merger, to the
          Company Shareholder Approval (as defined below), to consummate the transactions
          contemplated hereby. The execution and delivery by the Company of this
Agreement           and the consummation by the Company of the transactions contemplated
hereby have           been duly authorized by all necessary corporate action on the part
of the           Company, subject with respect to the consummation of the Merger, only to
the           approval of this Agreement by the Company&#146;s shareholders pursuant to
the           WBCL and the filing of the Articles of Merger pursuant to the WBCL. To the
          Company&#146;s knowledge, no approval of any holder of any securities of the
          Company is required pursuant to any agreement among securityholders of the
          Company (other than the Articles of Incorporation and Bylaws of the Company) to
          permit the consummation of the Merger. This Agreement has been duly executed
and           delivered by the Company and, assuming the due and valid authorization,
          execution and delivery hereof by the other parties hereto, this Agreement
          constitutes the valid and binding obligation of the Company, enforceable
against           the Company in accordance with its terms, except as enforceability may
be           limited by bankruptcy and other similar Laws affecting the rights of
creditors           generally and general principles of equity.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          Neither
the Company nor any subsidiary has in effect any shareholder rights plan           or
similar device or arrangement, commonly or colloquially known as a           &#147;poison
pill&#148; or &#147;anti-takeover&#148; plan or any similar plan,           device or
arrangement, and the Board of Directors of the Company has not adopted           or
authorized the adoption of such a plan, device or arrangement.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.5. <U>Recommendation of Special Committee and Board of Directors; Opinion of Financial
Advisor</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
Special Committee has unanimously (i) determined that (A) the Merger is in           the
best interests of the Company and its shareholders, other than the           Contributing
Shareholders, and (B) the Merger Consideration is fair to, and in           the best
interests of, the shareholders of the Company, other than the           Contributing
Shareholders, and (ii) resolved to recommend that the Board of           Directors
approve and adopt this Agreement and approve the transactions           contemplated
hereby.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          The
Board of Directors, acting on the unanimous recommendation of the Special
          Committee, (i) determined that (A) the Merger is in the best interests of the
          Company and its shareholders, other than the Contributing Shareholders, and (B)
          the Merger Consideration is fair to, and in the best interests of, the
          shareholders of the Company, other than the Contributing Shareholders, (ii)
          approved and adopted this Agreement and approved the transactions contemplated
          hereby, and (iii) resolved to recommend approval of this Agreement by the
          shareholders of the Company. The aforementioned determination, recommendation
          and approval of the Company&#146;s Board of Directors are each in full force
and           effect and have not been amended, revoked or revised in any respect.  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          William
Blair &amp; Company, L.L.C. has rendered to the Special Committee a           written
opinion, dated as of October 28, 2004, to the effect that, subject to           the
assumptions and limitations set forth therein, the Merger Consideration to           be
received by the holders of Company Common Stock in the Merger is fair from a
          financial point of view to such holders of Company Common Stock, other than the
          Contributing Shareholders and the Purchaser, a written copy of which has been
          delivered to the Purchaser. William Blair &amp; Company, L.L.C. has consented
to           the inclusion of a copy of its written opinion in its entirety in the Proxy
          Statement (defined below), and the Schedule 13E-3 (defined below).  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.6. <U>Non-Contravention; Consents</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
execution and delivery of this Agreement by the Company does not, and the
          performance of this Agreement by the Company will not, (i) conflict with or
          violate the Company&#146;s Articles of Incorporation or Bylaws, (ii) conflict
          with or violate any Laws applicable to the Company or any of its subsidiaries
or           by which the Company or any of its subsidiaries or any of their respective
          properties is bound, (iii) result in any breach of or constitute a default (or
          an event that with notice or lapse of time or both would become a default)
          under, or impair the Company&#146;s rights or alter the rights or obligations
of           any third party under, or give to others any rights of termination or
          acceleration of, or result in the creation of an Encumbrance on any of the
          properties or assets of the Company or any of its subsidiaries pursuant to, any
          note, bond, mortgage, indenture, agreement, lease, license, permit, franchise,
          concession or other instrument or obligation to which the Company or any of its
          subsidiaries is a party or by which the Company or any of its subsidiaries or
          its or any of their respective assets are bound, or (iv) violate any order,
          writ, injunction, judgment or decree of any court, arbitrator, commission,
          regulatory board, bureau, agency, or authority or other governmental body,
          whether federal, state, municipal, county, local or foreign           (&#147;<U>Governmental
Entity</U>&#148;), except, in the case of clauses (ii),           (iii) or (iv), for such
conflicts, violations, breaches, defaults, impairments,           alterations,
terminations, accelerations or Encumbrances or rights which would           not have a
Company Material Adverse Effect, and except for and subject to the           filings and
compliance activities referred to in <U>Section 3.6(b)</U> below.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          No
action by or in respect of, or filing with any Governmental Entity or other
          person, is required to be obtained or made by the Company in connection with
the           execution and delivery of this Agreement or the consummation by the Company
of           the transactions contemplated hereby, except (i) as set forth on <U>Section
3.6           of the Company Disclosure Schedule,</U> (ii) as may result from facts or
          circumstances relating solely to the Purchaser, (iii) for the filing of the
          Articles of Merger with the Department of Financial Institutions of the State
of           Wisconsin and appropriate documents with the relevant authorities of other
          states in which the Company is qualified to do business, (iv) for compliance
          with any applicable requirements of the Securities Act of 1933, as amended (the
          &#147;<U>Securities </U>Act&#148;), the Securities Exchange Act of 1934, as
          amended (the &#147;<U>Exchange Act</U>&#148;), and any other applicable
          securities Laws, whether state or foreign, (v) for compliance with applicable
          requirements of the Wisconsin Administrative Code<B>, </B> (vi) for such
filings           required under the delisting or other requirements of The Nasdaq Stock
Market,           Inc. (&#147;<U>Nasdaq</U>&#148;) and (vii) for such other consents,
          authorizations, filings, approvals and registrations which if not obtained
would           not have a Company Material Adverse Effect.  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.7.      <U>SEC Filings; Company Financial Statements</U>. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
Company has filed all forms, reports and documents required to be filed by           the
Company with the SEC since January 1, 2000 under Section 13(a) or Section           15(d)
of the Exchange Act. All such required forms, reports and documents are
          referred to herein as the &#147;<U>Company SEC Reports</U>.&#148; As of their
          respective dates, the Company SEC Reports (i) were prepared in all material
          respects in accordance with the requirements of the Exchange Act and the rules
          and regulations of the SEC thereunder applicable to such Company SEC Reports
and           (ii) did not at the time they were filed (or if amended or superseded by a
          filing prior to the date of this Agreement, then on the date of such filing)
          contain any untrue statement of a material fact or omit to state a material
fact           required to be stated therein or necessary in order to make the statements
          therein, in the light of the circumstances under which they were made, not
          misleading, except to the extent corrected prior to the date of this Agreement
          by a subsequently filed Company SEC Report. None of the Company&#146;s
          subsidiaries are required to file any forms, reports or other documents under
          Section 13(a) or Section 15(d) of the Exchange Act.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          (i)
Each of the consolidated financial statements of the Company (including, in
          each case, any related notes thereto) contained in the Company SEC Reports (the
          &#147;<U>Company Financials</U>&#148;), were prepared in accordance with United
          States generally accepted accounting principles (&#147;<U>GAAP</U>&#148;) as in
          effect on the date of filing such Company SEC Reports applied on a consistent
          basis throughout the periods involved (except as may be indicated in the notes
          thereto or, in the case of unaudited interim financial statements, as may be
          permitted by the SEC under Forms 10-Q, 8-K or any successor forms under the
          Exchange Act) and fairly presented, in all material respects, the consolidated
          financial position of the Company and its subsidiaries as at the respective
          dates thereof and the consolidated results of the Company&#146;s operations and
          cash flows for the periods indicated, except that the unaudited interim
          financial statements may not contain footnotes and were or are subject to
normal           and recurring year-end adjustments.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
audited consolidated balance sheet as of October 3, 2003 of the Company
          included in the Company&#146;s Form 10-K filed with the SEC on December 29,
2003           is hereinafter referred to as the <U>&#147;Company Balance Sheet</U>.&#148;          Except
as disclosed in <U>Section 3.7(b) of the Company Disclosure Schedule</U>,           the
Company Balance Sheet or in the Company SEC Reports filed, in each case,           prior
to the date hereof, neither the Company nor any of its subsidiaries has           any
liabilities or obligations of any nature (absolute, accrued, contingent or
          otherwise) except for (w) liabilities or obligations incurred since the date of
          the Company Balance Sheet which would not have a Company Material Adverse
          Effect, (x) liabilities incurred since the date of the Company Balance Sheet in
          the ordinary course of business consistent with past practice, (y) liabilities
          incurred in connection with this Agreement and the transactions contemplated
          hereby and (z) liabilities, commitments and contingencies not required to be
          included therein under GAAP.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.8. <U>Absence of Certain Changes or Events</U>. Since the date of the Company Balance
Sheet to the date hereof, the business of the Company and each of its subsidiaries has
been conducted in the ordinary course consistent with past practices (other than the
transactions contemplated by this Agreement) and there is not and has not been any
Company Material Adverse Effect.  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.9. <U>Taxes</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
Company and each of its subsidiaries has timely filed or caused to be timely
          filed, all material Tax Returns (as defined in <U>Section 3.9(b)</U>) required
          to be filed by it, and has paid, collected or withheld, or caused to be paid,
          collected or withheld, all material Taxes (as defined in <U>Section 3.9(b</U>)),
          required to be paid by them (whether or not shown on such Tax Returns as being
          required to be paid, collected or withheld), other than such Taxes for which
          specific reserves in the Company Financials have been established or which are
          being contested in good faith. There are no material written claims or
          assessments pending against the Company or any of its subsidiaries for any
          alleged deficiency in any Tax, and the Company has not been notified in writing
          of any proposed Tax claims or assessments against the Company or its
          subsidiaries (other than, in each case, claims or assessments for which
adequate           reserves in the Company Financials have been established or which are
being           contested in good faith and are set forth in <U>Section 3.9 of the
Company           Disclosure Schedule</U> or are immaterial in amount). Except as set
forth in <U>Section 3.9 of the Company Disclosure Schedule</U>, neither the Company nor
          any of its subsidiaries is subject to any waivers or extensions of any
          applicable statute of limitations to assess any material amount of Taxes. There
          are no outstanding requests by the Company or any of its subsidiaries for any
          extension of time within which to file any material Tax Return or within which
          to pay any material amounts of Taxes shown to be due on any Tax Return. There
          are no material Encumbrances for Taxes upon the assets of the Company or any of
          its subsidiaries, other than liens for current Taxes not yet due and payable
and           liens for Taxes that are being contested in good faith. None of the Company
or           any subsidiary thereof is a party to any agreement or arrangement that would
          reasonably be expected to result, separately or in the aggregate, in the actual
          or deemed payment by the Company or any subsidiary thereof in connection with
          the Merger of any &#147;excess parachute payments&#148; within the meaning of
          Section 280G of the Code or that would be nondeductible under Section 162(m) of
          the Code. None of the Company or any subsidiary thereof has been a United
States           real property holding corporation within the meaning of Section 897(c)
of the           Code during the applicable period specified in Section 897(c)(1)(A)(ii)
of the           Code. All material Taxes required to be withheld, collected or deposited
by or           with respect to the Company and its subsidiaries have been timely
withheld,           collected or deposited, as the case may be, and, to the extent
required, have           been paid to the relevant taxing authority. Neither the Company
nor any of its           subsidiaries has ever been a member of a group filing a
consolidated federal           income Tax Return or a combined, consolidated, unitary or
other affiliated group           Tax Return for state, local or foreign Tax purposes
(other than a group the           common parent of which was the Company in a Tax period
for which the statute of           limitations has not expired), and neither the Company
nor any of its           subsidiaries has any liability for the Taxes of any other person
under Treasury           Regulations Section 1.1502-6 (or any corresponding provision of
state, local or           foreign tax law), as a transferee or successor, by contract, or
otherwise.  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          For
the purposes of this Agreement, &#147;<U>Tax</U>&#148; or           &#147;<U>Taxes</U>&#148; refers
to (i) any and all federal, state, local and           foreign taxes, assessments and
other governmental charges, duties, impositions           and liabilities relating to
taxes, including taxes based upon or measured by           gross receipts, gross or net
income, capital profits, sales, use and occupation,           and value added, ad
valorem, transfer, franchise, withholding, payroll,           recapture, employment,
alternative or add-on minimum, lease, service, license,           severance, stamp,
occupation premium, environmental, windfall profit, excise and           property taxes,
customs, duties and other taxes, governmental fees and other           like assessments,
together with all interest, penalties, additions to tax and           additional amounts
with respect thereto, (ii) any liability for payment of any           amounts of the type
described in clause (i) as a result of being a member of an           affiliated
consolidated, combined or unitary group, and (iii) any liability for           amounts of
the type described in clauses (i) and (ii) as a result of any express           or
implied obligation to indemnify another person or as a result of any
          obligations under any agreements or arrangements with any other person with
          respect to such amounts and including any liability for taxes of a predecessor
          entity. The term &#147;<U>Tax Returns</U>&#148; as used herein means all
          returns, declarations, reports, claims for refund, information statements and
          other documents relating to Taxes filed with any taxing authority, including
all           schedules and attachments thereto, and including all amendments thereof,
and the           term &#147;<U>Tax Return</U>&#148; means any one of the foregoing Tax
Returns.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.10. <U>Properties</U>. Except as would not have a Company Material Adverse Effect, the
Company and each of its subsidiaries has good and valid title to, or valid leasehold
interests in, their respective real and personal properties and assets, free and clear of
Encumbrances other than such leasehold interests and Permitted Encumbrances. Each of the
Company and its subsidiaries has complied in all material respects with the terms of all
leases to which it is a party and under which it is in occupancy, is not in default under
any such lease, and all such leases are in full force and effect, except for such
instances of noncompliance, defaults or failures to be in full force and effect that
would not have a Company Material Adverse Effect.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.11. <U>Intellectual Property</U>. Except as would not have a Company Material Adverse
Effect, the Company or its subsidiaries own, license or otherwise possess legally
enforceable rights to use all patents, trademarks, trade names, service marks, copyrights
and any applications therefor, technology, know-how, computer software programs or
applications, and tangible or intangible proprietary information or material that are
used in their business as currently conducted.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.12. <U>Compliance with Laws</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          Neither
the Company nor any of its subsidiaries is in conflict with, or has           violated or
is in violation of, any Laws applicable to the Company or any of its
          subsidiaries or by which the Company or any of its subsidiaries or any of their
          respective properties is bound, except for conflicts and violations that would
          not have a Company Material Adverse Effect. To the Company&#146;s knowledge, no
          investigation or review by any Governmental Entity is pending or has been
          threatened in a writing delivered to the Company or any of its subsidiaries
          against the Company or any of its subsidiaries which would have a Company
          Material Adverse Effect, nor, to the Company&#146;s knowledge, has any
          Governmental Entity indicated an intention to conduct an investigation of the
          Company or any of its subsidiaries which would have a Company Material Adverse
          Effect. There is no judgment, injunction, order or decree binding upon the
          Company or any of its subsidiaries which would have a Company Material Adverse
          Effect.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          The
Company and its subsidiaries hold those permits, licenses, easements           variances,
exemptions, consents, certificates, orders and approvals from           Governmental
Entities that are material to the operation of the business of the           Company and
each of its subsidiaries as currently conducted (collectively, the           &#147;<U>Company
Permits</U>&#148;), and are in compliance with the terms of the           Company
Permits, except where the failure to hold or be in compliance with such           Company
Permits would not have a Company Material Adverse Effect.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.13. <U>Litigation</U>. Except as set forth in <U>Section 3.13 of the Company Disclosure
Schedule</U> or as may result from facts, circumstances or actions relating to the
Purchaser or the transactions contemplated by this Agreement, there are no claims, suits,
actions, arbitrations, investigations or proceedings pending or, to the knowledge of the
Company, threatened against the Company or any of its subsidiaries, before any
Governmental Entity or any arbitrator (i) that seeks to restrain or enjoin the
consummation of the transactions contemplated by this Agreement, (ii) which would have a
Company Material Adverse Effect or (iii) would prevent or materially delay the Company&#146;s
ability to consummate the transactions contemplated by this Agreement and perform its
obligations hereunder.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.14. <U>Material Contracts</U>. All contracts of the Company or any subsidiary of the
Company that (a) have been filed as an exhibit to any Company SEC Report in compliance
with Item 601(a)(10) of Regulation S-K promulgated under the Securities Act, (b) relate
to any indebtedness in excess of $1,000,000 or (c) provide for aggregate payments to or
from the Company or any of its subsidiaries in excess of $1,000,000 (collectively, the
&#147;<U>Material Contracts</U>&#148;) are listed on <U>Section 3.14 of the Company
Disclosure Schedule</U>. Each Material Contract is a valid and binding obligation of the
Company or one of its subsidiaries, as the case may be, and is in full force and effect,
subject to applicable bankruptcy, insolvency or similar Laws relating to creditors&#146; rights
and general principles of equity, except where the failure to be in full force and effect
would not have a Company Material Adverse Effect. Neither the Company nor any of its
subsidiaries is, to the Company&#146;s knowledge, in material breach or default under any
Material Contract. The Company has made available to the Purchaser complete and correct
copies of all Material Contracts that are not filed as an exhibit to any Company SEC
Report.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.15. <U>Brokers&#146; and Finders&#146; Fees</U>. Neither the Company nor any of its
subsidiaries has entered into any contract, arrangement or understanding with any finder,
broker or investment banking firm which may result in the obligation of the Company, any
of its subsidiaries, the Purchaser, or the Surviving Corporation to pay any finder,
brokerage or investment banking fee in connection with this Agreement or the consummation
of the transactions contemplated hereby, except that the Special Committee has retained
William Blair &amp; Company, L.L.C. as its financial advisor pursuant to an engagement
letter dated March 4, 2004, a copy of which has been provided to the Purchaser.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.16.     <U>Employee Benefit Plans</U>. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
Company Benefit Plans that are material to the Company and its subsidiaries,
          taken as a whole, are referred to herein collectively, the &#147;<U>Material
          Company Benefit Plans</U>&#148;. For purposes hereof, &#147;<U>Company Benefit
          Plans</U>&#148; shall mean, collectively, each employee benefit plan, program
or           policy of the Company or any of its subsidiaries providing benefits to any
          current or former employee, officer or director (or any beneficiary or
dependent           thereof), or any agent or independent contractor of the Company or
any of its           subsidiaries, including without limitation any employee welfare
benefit plan           within the meaning of Section 3(1) of the Employee Retirement
Income Security           Act of 1974, as amended, and the regulations promulgated
thereunder           (&#147;<U>ERISA</U>&#148;) (whether or not such plan is subject to
ERISA) and           any bonus, incentive, deferred compensation, vacation, stock
purchase, stock           option, severance or fringe benefit arrangement, plan, program
or policy.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          With
respect to each Material Company Benefit Plan, the Company has delivered or
          made available to the Purchaser a true, correct and complete copy of: (i) all
          plan documents and trust agreements; (ii) the most recent Annual Report (e.g.,
          Form 5500 Series) and accompanying schedule, if any; (iii) the current summary
          plan description, if any; (iv) the most recent actuarial report or valuation,
if           any; and (v) the most recent determination letter from the United States
          Internal Revenue Service (the &#147;<U>IRS</U>&#148;), if any.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          Except
as would not have a Company Material Adverse Effect, the IRS has issued a
          favorable determination letter with respect to each Company Benefit Plan that
is           intended to be qualified within the meaning of Section 401(a) of the Code
and           its related trust.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;          Except
as would not have a Company Material Adverse Effect or as set forth on <U>Section 3.16 of
the Company Disclosure Schedule</U>, (i) the Company and its           subsidiaries have
complied, and are now in compliance, with all provisions of           ERISA, the Code and
all applicable Laws applicable to the Material Company           Benefit Plans, and each
Material Company Benefit Plan has been administered in           all respects in
accordance with its terms, and (ii) there are no pending or, to           the knowledge
of the Company, threatened claims (other than claims for benefits           in the
ordinary course), lawsuits or arbitrations which have been asserted or
          instituted against the Material Company Benefit Plans which could reasonably be
          expected to result in any liability of the Company or any of its subsidiaries
to           any Material Company Benefit Plan participant, the Pension Benefit Guaranty
          Corporation, the Department of Treasury, the Department of Labor, any
          Multiemployer Plan (as defined in Section 3(37) of ERISA) or any Material
          Company Benefit Plan.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;          Except
as expressly contemplated herein or as set forth on <U>Section 3.16 of           the
Company Disclosure Schedule</U>, neither the execution and delivery of this
          Agreement nor the consummation of the transactions contemplated hereby, taken
          alone, will result in, cause the accelerated vesting, funding or delivery of,
or           increase the amount or value of, any payment or benefit to any employee,
officer           or director of the Company under any Material Company Benefit Plan.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;          Other
than pursuant to the Company&#146;s Retirement and Savings Plan or as set           forth
in <U>Section 3.16 of the Company Disclosure Schedule</U>, no Material           Company
Benefit Plan holds Company Common Stock, and the terms of such plans           will not
prevent the completion of the Merger.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;          Except
as set forth in <U>Section 3.16 of the Company Disclosure Schedule</U>,           or as
would not have a Company Material Adverse Effect, with respect to any           Material
Company Benefit Plan established or maintained outside the United           States of
America that is not subject to ERISA, neither the Company nor any of           its
subsidiaries has incurred any material obligation in connection with the
          termination or withdrawal from any such Material Company Benefit Plan.  </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-16- </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.17.     <U>Environmental Matters</U>. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
Company and its subsidiaries are in compliance with all applicable
          Environmental Laws (as defined below), except where failure to be in compliance
          would not have a Company Material Adverse Effect. There is no claim with
respect           to Environmental Laws pending or, to the knowledge of the Company,
threatened           against the Company or any of its subsidiaries, except as would not
have a           Company Material Adverse Effect. Neither the Company nor its
subsidiaries has           agreed to assume or undertake responsibility for any liability
or obligation of           any other person arising under or relating to Environmental
Laws, including, but           not limited to, any obligation for investigation or
corrective or remedial           action, which would have a Company Material Adverse
Effect. Notwithstanding           anything to the contrary contained in this Agreement,
the representations and           warranties in this <U>Section 3.17</U> are Company&#146;s
exclusive           representations and warranties with respect to the subject matter
contained           herein.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          As
used in this Agreement, (i) &#147;<U>Environmental Law</U>&#148; means any           Laws
now in effect and any judicial or administrative order, consent decree or
          judgment pertaining to the Company, any of its subsidiaries or any of their
          properties relating to pollution, health, worker health and safety or
protection           of the environment, including, without limitation, those relating to
the use,           handling, transportation, treatment, storage, disposal, release,
exposure or           discharge of Hazardous Substances; and (ii) &#147;<U>Hazardous
          Substances</U>&#148; means (a) petroleum and petroleum products, by-products or
          breakdown products, radioactive materials, asbestos-containing materials and
          polychlorinated biphenyls, and (b) any other chemicals, materials or substances
          regulated as toxic or hazardous or as a pollutant, contaminant or waste under
          any applicable Environmental Law.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.18. <U>Insurance</U>. Except as set forth in <U>Section 3.18 of the Company Disclosure
Schedule</U> or as would not have a Company Material Adverse Effect:  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          all
material insurance policies carried by or covering the Company and its
          subsidiaries with respect to their business, assets and properties are in full
          force and effect, and, to the knowledge of the Company, no notice of
          cancellation has been given with respect to any such policy;  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          neither
the Company nor any of its subsidiaries has assigned, pledged or           transferred
any rights under any such insurance policies; and  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          there
are no claims by the Company or any subsidiary under any such policy or
          instrument as to which any insurance company is denying liability or defending
          under a reservation of rights clause.  </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE IV  </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>REPRESENTATIONS AND
WARRANTIES OF THE PURCHASER</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchaser hereby represents and warrants to the Company as follows: </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-17- </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.1. <U>Organization, Standing and Power</U>. The Purchaser is a corporation duly
organized, and validly existing under the Laws of the State of Wisconsin and has the
requisite power and authority to carry on its business as now being conducted.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.2. <U>Capitalization</U>. The authorized capital stock of the Purchaser consists of
10,000,000 shares of Purchaser Common Stock, of which there are 10 shares issued and
outstanding as of the date of this Agreement. All outstanding shares of Purchaser Common
Stock are duly authorized, validly issued, fully paid and nonassessable (subject to
Section 180.0622(2)(b) of the WBCL and judicial interpretations thereof) and are not
subject to preemptive rights created by statute, the Articles of Incorporation or Bylaws
of the Purchaser or any agreement or document to which the Purchaser is a party. On the
date hereof, the Purchaser and certain of the Contributing Shareholders entered into the
Contribution Agreement, a true and correct copy of which is attached as <U>Appendix&nbsp;II
</U>hereto.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.3. <U>Authority; Non-Contravention</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
Purchaser has all requisite organizational power and authority to enter into
          this Agreement and to consummate the transactions contemplated hereby. The
          execution and delivery of this Agreement and the consummation of the
          transactions contemplated hereby have been duly authorized by all necessary
          organizational action on the part of the Purchaser. This Agreement has been
duly           executed and delivered by the Purchaser and, assuming the due and valid
          authorization, execution and delivery hereof by the Company, this Agreement
          constitutes the valid and binding obligation of the Purchaser enforceable
          against it in accordance with its terms, except as enforceability may be
limited           by bankruptcy and other similar Laws affecting the rights of creditors
generally           and general principles of equity.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          The
execution and delivery of this Agreement by the Purchaser does not and the
          consummation of the transactions contemplated hereby by the Purchaser will not
          (i) conflict with or violate the Articles of Incorporation or Bylaws of the
          Purchaser, (ii) conflict with or violate any Laws applicable to the Purchaser
or           by which the Purchaser or any of its properties is bound, or (iii) result in
any           breach of or constitute a default (or an event that with notice or lapse of
time           or both would become a default) under, or impair the Purchaser&#146;s
rights or           alter the rights or obligations of any third party under, or give to
others any           rights of termination or acceleration of, or result in the creation
of an           Encumbrance on any of the properties or assets of the Purchaser pursuant
to, any           note, bond, mortgage, indenture, agreement, lease, license, permit,
franchise,           concession or other instrument or obligation to which Purchaser is a
party or by           which it is bound or (iv) violate any order, writ, injunction,
judgment or           decree of any Governmental Entity applicable to the Purchaser,
except, in the           case of clauses (ii), (iii) and (iv), for such conflicts,
violations, breaches,           defaults, impairments, alterations, terminations,
accelerations or Encumbrances           or rights which would not have a Purchaser
Material Adverse Effect.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          No
action by or in respect of, or filing with any Governmental Entity or other
          person, is required to be obtained or made by the Purchaser in connection with
          the execution and delivery of this Agreement or the consummation by the
          Purchaser of the transactions contemplated hereby, except (i) as may result
from           facts or circumstances relating solely to the Company, (ii) for the filing
of           the Articles of Merger with the Department of Financial Institutions of the
          State of Wisconsin, (iii) for compliance with any applicable requirements of
the           Exchange Act, and any other applicable state and federal securities Laws,
          whether domestic or foreign, (iv) for compliance with applicable requirements
of           the Wisconsin Administrative Code and (v) for such other consents,
          authorizations, filings, approvals and registration which if not obtained or
          made would not have a Purchaser Material Adverse Effect.  </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-18- </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.4. <U>Financing</U>. The Purchaser has received, and provided to the Special Committee
a copy of, a fully executed commitment letter from General Electric Capital Corporation
dated October&nbsp;28, 2004 providing for financing necessary to consummate the Merger
and describing the terms and conditions upon which such lender will arrange and provide
such financing (the &#147;<U>Commitment Letter</U>&#148;). A true and correct copy of the
Commitment Letter is included in Section&nbsp;4.4 of the written disclosure schedule
delivered by the Purchaser to the Company on the date of this Agreement. The lender&#146;s
obligations to fund the commitments under the Commitment Letter are not subject to any
conditions other than as set forth in the Commitment Letter. The Purchaser is not aware
of any fact or occurrence existing on the date of this Agreement that (i) makes any of
the assumptions or statements set forth in the Commitment Letter inaccurate, (ii) causes
the Commitment Letter to be ineffective or (iii) precludes the satisfaction of the
conditions set forth in the Commitment Letter.<B></B>All commitment or other fees
required to be paid under the Commitment Letter on or prior to the date hereof have been
paid. The aggregate amount of financing committed pursuant to the Commitment Letter,
together with the Company&#146;s available cash as contemplated by the Commitment Letter,
is sufficient to fund all amounts required to be paid in connection with the consummation
of the transactions contemplated by this Agreement and to pay all of the related fees and
expenses.<B></B> The Purchaser believes that, upon the consummation of the transactions
contemplated by this Agreement (i) the Surviving Corporation will not be insolvent, (ii)
the Surviving Corporation will not be left with unreasonably small capital, and (iii) the
Surviving Corporation will not have incurred debts beyond its ability to pay such debts
as they mature.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.5. <U>Knowledge of Company Breach</U>. As of the date hereof, the Purchaser is not
aware of any breach of the representations and warranties made by the Company in this
Agreement.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.6. <U>Brokers&#146; and Finders&#146; Fees</U>. The Purchaser has not entered into any
contract, arrangement or understanding with any finder, broker or investment banking
firm, other than Valuemetrics Capital, L.L.C., which may result in the obligation of the
Purchaser, the Company, any of its subsidiaries or the Surviving Corporation to pay any
finder, brokerage or investment banking fee in connection with this Agreement or the
consummation of the transactions contemplated hereby.  </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE V  </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>CONDUCT PRIOR TO THE
EFFECTIVE TIME</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.1.      <U>Conduct of Business by the Company</U>. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          Except
as set forth in <U>Section&nbsp;5.1(a) of the Company Disclosure           Schedule</U>,
during the period from the date of this Agreement and continuing           until the
earlier of the termination of this Agreement pursuant to its terms or           the
Effective Time, the Company and each of its subsidiaries shall, except to           the
extent as permitted by the terms of this Agreement or to the extent that the
          Purchaser shall otherwise consent in writing (which consent shall not be
          unreasonably withheld), carry on its business in the ordinary course consistent
          with past practice.  </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-19- </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          In
addition, except as set forth in <U>Section&nbsp;5.1(b) of the Company
          Disclosure Schedule</U> or as otherwise permitted by the terms of this
          Agreement, without the prior written consent of the Purchaser (which consent
          shall not be unreasonably withheld), during the period from the date of this
          Agreement and continuing until the earlier of the termination of this Agreement
          pursuant to its terms or the Effective Time, the Company shall not do and shall
          not permit any of its subsidiaries to do any of the following:  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;          accelerate,
amend or change the period of exercisability or vesting of options           or
restricted stock, reprice options granted under any employee, consultant,
          director or other stock plans or authorize cash payments in exchange for any
          options granted under any of such plans;  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;          grant
any increase in compensation or fringe benefits, bonus or severance or
          termination pay to any director, officer or employee other than in the ordinary
          course of business, consistent with past practice, except pursuant to written
          agreements in effect, or policies existing, on the date hereof (or as required
          by applicable Laws) or adopt or enter into any new severance plan or agreement;  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;          declare,
set aside or pay any dividends on or make any other distributions           (whether in
cash, stock, equity securities or property) in respect of, or redeem           or
purchase, any capital stock of the Company or split, combine or reclassify           any
capital stock of the Company or any of its subsidiaries or issue or           authorize
the issuance of any other securities in respect of, in lieu of or in
          substitution for, any capital stock of the Company or any of its subsidiaries;  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;          issue,
deliver, sell, authorize, pledge or otherwise encumber any shares of           capital
stock or any securities convertible into shares of capital stock, or
          subscriptions, rights, warrants or options to acquire any shares of capital
          stock or any securities convertible into shares of capital stock of the Company
          or any of its subsidiaries, or enter into other agreements or commitments of
any           character obligating it to issue any such shares or convertible securities
          (including, without limitation, issuing or committing to issue any shares,
          convertible securities or options under the Employee Stock Purchase Plan, the
          Company Stock Option Plans, the Phantom Share Plan or otherwise), other than
the           issuance, delivery and/or sale of shares of Class A Common Stock pursuant
to the           Company&#146;s Retirement and Savings Plan or pursuant to the exercise
of           Company Stock Options outstanding as of October 28, 2004;  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;          cause
or permit any amendments to the Company Charter Documents;  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;          acquire
or agree to acquire by merging or consolidating with, or by purchasing a
          substantial equity interest in or portion of the assets (outside the ordinary
          course of business) of, or by any other manner, any business or any
corporation,           partnership, association or other business organization or
division thereof;  </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-20- </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;          sell,
lease, license or otherwise dispose of any material properties or assets           of the
Company or of any of its subsidiaries other than sales, leases, licenses,           or
dispositions of assets or properties in the ordinary course of business
          consistent with past practice;  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;          incur
any indebtedness for borrowed money or guarantee any such indebtedness of
          another person, issue or sell any debt securities or options, warrants, calls
or           other rights to acquire any debt securities of the Company or any of its
          subsidiaries, other than in the ordinary course of business consistent with
past           practice;  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;          create,
assume or permit the creation of any Encumbrance on any assets of the           Company
or any of its subsidiaries, other than Permitted Encumbrances;  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;          adopt
a plan of complete or partial liquidation or resolutions providing for or
          authorizing such a liquidation or a dissolution, merger, consolidation,
          restructuring, recapitalization or reorganization;  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;          settle
or compromise any litigation (whether or not commenced prior to the date           of
this Agreement), other than settlements or compromises of litigation that do
          not provide for injunctive or similar relief and where the amount paid by the
          Company (after giving effect to insurance proceeds actually received) in
          settlement or compromise does not exceed $1,000,000,<B></B>provided that the
          aggregate amount paid in connection with the settlement or compromise of all
          such litigation matters shall not exceed $1,500,000; or  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;          agree
in writing or otherwise to take (or permit any of its subsidiaries to           agree in
writing or otherwise to take) any of the actions described in <U>Section 5.1(b)(i)</U> through
<U>(xi)</U> above.  </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE VI  </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ADDITIONAL AGREEMENTS</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.1. <U>Proxy Statement; Shareholder Approval</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
Company shall, as soon as reasonably practicable following the date of this
          Agreement, prepare and file with the SEC the proxy statement relating to the
          Company Shareholders&#146; Meeting (as defined below) (such proxy statement as
          amended or supplemented from time to time being hereinafter referred to as the
          &#147;<U>Proxy Statement</U>&#148;) in preliminary form (provided that the
          Purchaser and its counsel shall be given opportunity to review and comment on
          the Proxy Statement prior to its filing with the SEC), and the Company shall
use           reasonable efforts to respond as promptly as practicable to any comments of
the           SEC with respect thereto. The Company shall notify the Purchaser promptly
of the           receipt of any comments from the SEC and of any request by the SEC for
          amendments or supplements to the Proxy Statement or the Schedule 13E-3 (as
          defined below) or for additional information and shall supply the Purchaser
with           copies of all material correspondence between the Company or any of its
          representatives, on the one hand, and the SEC, on the other hand, with respect
          to the Proxy Statement or the Schedule 13E-3. The Purchaser shall cooperate in
          the preparation of the Proxy Statement and shall as soon as practicable
          following the date hereof furnish the Company with all information for
inclusion           in the Proxy Statement as shall reasonably be requested by the
Company. The           Company shall give the Purchaser and its counsel the opportunity
to review all           amendments and supplements to the Proxy Statement and all
responses to requests           for additional information and replies to comments of the
SEC prior to their           being filed with or sent to the SEC, and the Purchaser shall
provide the Company           with such information about it as may be required to be
included in the Proxy           Statement or as may be reasonably required to respond to
any comment of the SEC.           The Company, on the one hand, and the Purchaser, on the
other hand, agree to           promptly correct any information provided by either of
them for use in the Proxy           Statement or the Schedule 13E-3, if any, if and to
the extent that it shall have           become false or misleading, and the Company
further agrees to take all steps           reasonably necessary to cause the Proxy
Statement and the Schedule 13E-3 as so           corrected to be filed with the SEC, as
and to the extent required by applicable           Laws. The Company shall cause the
Proxy Statement to be mailed to record holders           of Company Common Stock as
promptly as reasonably practicable after clearance by           the SEC, as and to the
extent required by applicable Laws. The Purchaser shall,           as soon as practicable
following the date of this Agreement, prepare and,           together with the Company,
file with the SEC a Disclosure Statement on Schedule           13E-3 (the <U>&#147;Schedule
13E-3</U>&#148;). The Company shall cooperate in           the preparation, signing (to
the extent required) and filing of the Schedule           13E-3 and shall as soon as
practicable following the date hereof furnish the           Purchaser with all
information for inclusion in the Schedule 13E-3 as shall be           reasonably
requested by the Purchaser.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          Subject
to the second sentence of this <U>Section 6.1(b)</U>, (i) the Proxy           Statement
shall contain the unanimous recommendation of the Company&#146;s Board           of
Directors (excluding any director who recuses himself or herself), acting           upon
the recommendation of the Special Committee, that the shareholders of the
          Company vote for the approval of this Agreement and (ii) if there shall have
          been publicly announced an Acquisition Proposal (as hereinafter defined) and if
          requested to do so by the Purchaser at any time prior to the Company
          Shareholders&#146; Meeting, the Company&#146;s Board of Directors, acting upon
          the recommendation of the Special Committee, shall (x) within a reasonable
          period of time following such request (and prior to the Company
          Shareholders&#146; Meeting) publicly reaffirm its recommendation that the
          shareholders of the Company vote for the approval of this Agreement and/or (y)
          publicly announce that it is not recommending that the shareholders of the
          Company accept an alternative Acquisition Proposal. Notwithstanding the
          immediately preceding sentence, the Board of Directors or the Special
Committee,           as the case may be, may at any time prior to shareholder approval of
this           Agreement decline to make, withdraw, modify or change a recommendation
that the           shareholders of the Company vote to approve this Agreement to the
extent that           the Board of Directors or the Special Committee determines in good
faith, after           consultation with legal counsel, that making such recommendation
or the failure           to so withdraw, modify or change its recommendation would be
inconsistent with           its fiduciary duties to the Company&#146;s shareholders
(other than the           Contributing Shareholders) under applicable Laws (which
declinations,           withdrawal, modification or change shall not constitute a breach
of this           Agreement); <U>provided</U> that (i) the Board of Directors or the
Special           Committee (as the case may be) shall immediately notify the Purchaser
of its           determination to so decline, withdraw, modify or change its
recommendation           (including the reasoning therefor) and (ii) such declination,
withdrawal,           modification or change shall not relieve the Company of its
obligations under <U>Sections </U>6.1(a) and <U>(c)</U> hereof.  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          The
Company shall, as soon as reasonably practicable following the date of
          execution of this Agreement, duly call, give notice of, and convene a meeting
of           all of its shareholders for the purpose of seeking their approval of this
          Agreement (the &#147;<U>Company Shareholders&#146; Meeting</U>&#148;). The
          Company shall postpone, adjourn and reconvene the Company Shareholders&#146;          Meeting
upon the request of the Purchaser to facilitate obtaining the Company
          Shareholder Approval. The Company shall use its reasonable efforts (through its
          agents or otherwise) to solicit from the holders of the Company Common Stock
          proxies in favor of approval of this Agreement. Without limiting the foregoing,
          the Company shall retain a nationally recognized proxy solicitor, reasonably
          acceptable to the Purchaser, to solicit proxies in favor of the approval of
this           Agreement from the holders of the outstanding shares of Company Common
Stock as           of the record date for the Company Shareholders&#146; Meeting.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;          The
Company agrees, as to information with respect to the Company, its officers,
          directors, shareholders (other than the Contributing Shareholders) and
          subsidiaries contained in the Proxy Statement or the Schedule 13E-3, and the
          Purchaser agrees, as to information with respect to the Contributing
          Shareholders, the Purchaser and its officers, directors, shareholders,
          subsidiaries and financing contained in the Proxy Statement or Schedule 13E-3,
          that such information, at the date the Proxy Statement is mailed and (as then
          amended or supplemented) at the time of the Company Shareholders&#146; Meeting,
          will not be false or misleading with respect to any material fact, or omit to
          state any material fact required to be stated therein or necessary to make the
          statements therein, in light of the circumstances in which they are made, not
          misleading.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.2. <U>No Solicitation</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
Company and its subsidiaries will immediately cease any and all existing
          discussions or negotiations with any parties conducted heretofore with respect
          to any Acquisition Proposal (as defined below). Subject to <U>Section 6.2(b)</U>          below,
from the date hereof until the Effective Time or termination of this           Agreement
in accordance with <U>Article VIII</U> hereof, whichever is earlier,           neither
the Company nor any of its subsidiaries shall authorize or permit any of           its or
their officers, directors, employees, investment bankers, attorneys,
          accountants, consultants or other agents or advisors to, directly or
indirectly,           (i) solicit, initiate or encourage any Acquisition Proposal, (ii)
enter into,           continue or participate in any discussions or negotiations with,
furnish any           nonpublic information relating to the Company or any of its
subsidiaries or           afford access to the business, properties, assets, books or
records of the           Company or any of its subsidiaries to any third party seeking to
make, or that           has made, an Acquisition Proposal, (iii) approve, endorse or
recommend any           Acquisition Proposal or (iv) enter into any letter of intent or
similar document           or any contract, agreement or commitment contemplating or
otherwise relating to           any Acquisition Proposal. In the event the Company
receives any Acquisition           Proposal, the Company shall as promptly as practicable
notify the Purchaser of           such receipt and provide the Purchaser with the
identity of the third party           making such Acquisition Proposal and a copy of such
Acquisition Proposal or a           reasonably detailed written summary setting forth the
material terms and           conditions thereof.  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          Notwithstanding
the foregoing, nothing in this <U>Section 6.2</U> shall prohibit           the Company,
the Board of Directors and/or the Special Committee, as the case           may be,
directly or indirectly through advisors, agents or other intermediaries,           from
(i) engaging in negotiations or discussions with any third party (whether           or
not such third party has had previous discussions or negotiations with the
          Company) that makes (and may continue such discussions and negotiations until
          such third party withdraws) a bona fide unsolicited Acquisition Proposal that
          the Special Committee in good faith determines constitutes a Superior Proposal
          (as defined below), (ii) furnishing to such third party nonpublic information
          relating to the Company or any of its subsidiaries or affording access to the
          business properties, assets, books or records of the Company or any of its
          subsidiaries to such third party, (iii) taking and disclosing to its
          shareholders a position contemplated by Rules 14d-9 and 14e-2(a) under the
          Exchange Act or otherwise making disclosure to them, (iv) following receipt of
          such an Acquisition Proposal (which the Special Committee determines in good
          faith constitutes a Superior Proposal), withdrawing or modifying in a manner
          adverse to the Purchaser its approval or recommendation of this Agreement and
          the Merger, (v) approving or recommending such an Acquisition Proposal (which
          the Special Committee determines in good faith constitutes a Superior Proposal)
          and/or (vi) taking any action ordered to be taken by the Company by any court
of           competent jurisdiction if, and only if, all of the following conditions are
          satisfied: (1) the Board of Directors or the Special Committee, as the case may
          be, determines in good faith (based on the advice of its outside legal counsel)
          that the failure to take such action would be inconsistent with its fiduciary
          obligations to the Company&#146;s shareholders (other than the Contributing
          Shareholders) under applicable Laws, (2) prior to furnishing any nonpublic
          information to, or entering into any discussions with, such person or group,
(x)           the Company gives the Purchaser at least two business days advance written
          notice of the identity of such person or group and, if and when an Acquisition
          Proposal has been made, all of the material terms and conditions of such
          Acquisition Proposal and of the Company&#146;s intention to furnish nonpublic
          information to, or enter into discussions with, such person or group and (y)
          such third party or group enters into a confidentiality agreement in a form
          reasonably acceptable to the Board of Directors or the Special Committee, as
the           case may be, prohibiting the disclosure of such nonpublic information and
(3)           contemporaneously with furnishing any such nonpublic information to such
person           or group, the Company furnishes such nonpublic information to the
Purchaser (to           the extent such nonpublic information has not been previously
furnished by the           Company to the Purchaser). The Special Committee may recommend
any such Superior           Proposal, recommend the Company&#146;s entering into an
agreement with respect           to any such Superior Proposal, approve the solicitation
of additional takeover           or other investment proposals or cause the Company to
exercise its termination           rights under <U>Section 8.4</U>, in each case, at any
time after the second           business day following delivery to Purchaser of notice of
its intention to take           such action with respect to the Superior Proposal.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          For
purposes of this Agreement, &#147;<U>Superior Proposal</U>&#148; means any           bona
fide written Acquisition Proposal that the Special Committee determines, in           its
good faith judgment (after consultation with its financial advisor), would,           if
consummated, provide greater value from a financial point of view to the           Company&#146;s
shareholders (other than the Contributing Shareholders) than the           transaction
contemplated by this Agreement.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;          For
purposes of this Agreement, &#147;<U>Acquisition Proposal</U>&#148; shall           mean
any inquiry, proposal or offer that constitutes, or could reasonably be
          expected to lead to, (i) a proposal or offer for a merger, consolidation,
          business combination, reorganization, recapitalization, reclassification,
          extraordinary joint venture or similar transaction involving the Company; (ii)
a           sale, lease, license or transfer of substantial assets of the Company and its
          subsidiaries (other than in the ordinary course of business), (iii) a sale of a
          significant portion of the shares of capital stock of the Company (including by
          way of a tender offer) or (iv)&nbsp;any liquidation or dissolution of the
          Company, in each case, other than the transactions contemplated by this
          Agreement.  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.3. <U>Access to Information</U>. From the date hereof to the Effective Time, the
Company shall, and shall cause its directors, officers, employees, auditors, counsel,
financial advisors and other agents, to, upon reasonable notice, to the extent it will
not cause a disruption in the business of the Company, (x) allow all designated officers,
financial advisors, attorneys, accountants and other representatives of the Purchaser
such access as the Special Committee shall determine is reasonable to their officers,
agents, employees, offices, records, files, correspondence, audits and properties, as
well as to all information relating to its commitments, contracts, titles and financial
position, or otherwise pertaining to the business and affairs of the Company and its
subsidiaries; (y) furnish to the Purchaser and its aforementioned representatives such
financial, operating and other data and other information as the Special Committee has
determined such persons may reasonably request; and (z) instruct certain of its
employees, counsel, auditors and financial advisors and other agents to cooperate with
the Purchaser and its investigation of the business of the Company and its subsidiaries
in such ways as the Special Committee shall determine are reasonable. From the date
hereof to the Effective Time, the Purchaser shall (a) furnish to the Company, its
counsel, financial advisors, auditors and other authorized representatives such financial
and operating data and other information as such persons may reasonably request, and (b)
instruct its officers, counsel and financial advisors to cooperate reasonably with the
Company in its investigation of the businesses of the Purchaser. Except as may be
required (i) by Laws; (ii) in connection with fulfilling its obligations under the terms
of this Agreement; (iii) in connection with the defense of or other involvement in any
claim or adversarial proceeding relating to the Company, the Purchaser or the
transactions contemplated by this Agreement, whether among the Parties or involving any
third party; or (iv) as otherwise consented to in writing by the other party, the parties
shall, and shall cause their officers, employees, agents, consultants and affiliates to,
hold all information obtained pursuant to this Agreement in confidence and in the event
of termination of this Agreement for any reason, each party shall promptly return or
destroy all nonpublic documents obtained from the other party and any copies made of such
documents and all documentation and other material prepared based on written nonpublic
information furnished by the other party shall be destroyed. If either party receives a
request to disclose all or any part of the information obtained pursuant to this
Agreement, that party will (i) promptly notify the other party of the existence, terms
and circumstances surrounding such request so that the other party may seek a protective
order or other appropriate remedy and (ii) in the event no such protective order or other
remedy is obtained and disclosure of such information is required, at the other party&#146;s
cost and expense, exercise all commercially reasonable efforts to obtain reliable
assurance that confidential treatment will be accorded such portion of the disclosed
information that the other party so designates. No information or knowledge obtained in
any investigation pursuant to this <U>Section 6.3</U> will affect or be deemed to modify
any representation or warranty contained herein or the conditions to the obligations of
the parties to consummate the Merger.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.4. <U>Financing Efforts</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
Purchaser shall use its commercially reasonable efforts to arrange the
          financing on the terms and conditions described in the Commitment Letter,
          including its commercially reasonable efforts to (i) negotiate definitive
          agreements with respect thereto on terms and conditions contained therein and
          (ii) to satisfy all conditions applicable to the Purchaser in such definitive
          agreements that are within its control. In the event any portion of the
          financing becomes unavailable on the terms and conditions contemplated in the
          Commitment Letter, the Purchaser shall use its commercially reasonable efforts
          to arrange to obtain any such portion from alternative sources on comparable or
          more favorable terms to the Purchaser (the &#147;<U>Alternative
          Financing</U>&#148;). The Purchaser shall give the Company prompt notice of any
          material breach by any party of the Commitment Letter or any termination of the
          Commitment Letter. The Purchaser shall keep the Company informed on a
reasonably           current basis in reasonable detail of the status of its efforts to
arrange the           financing and shall not permit any material amendment or
modification to be made           to, or any waiver of any material provision or remedy
under, the Commitment           Letter without first consulting the Company.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          The
Company shall provide, and will cause each of its subsidiaries and certain           of
their respective directors, officers, employees, auditors, counsel, financial
          advisors and other agents to provide, at reasonable times and to the extent it
          will not cause a disruption in the business of the Company, such cooperation as
          the Special Committee shall determine is reasonable in connection with the
          arrangement of any financing in respect of the transactions contemplated by
this           Agreement, including, without limitation, participation in meetings, due
          diligence sessions, road shows, the preparation of any offering memoranda,
          private placement memoranda, and similar documents, the execution and delivery
          of any commitment letters, underwriting or placement agreements, loan
          agreements, pledge and security documents, other definitive financing documents
          or other requested certificates or documents, including comfort letters of
          accountants, legal opinions and real estate title documentation as may
          reasonably be requested by the Purchaser or its advisors.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.5. <U>Public Disclosure</U>. No party hereto shall make any press release or public
announcement with respect to this Agreement, the Merger or the transactions contemplated
hereby without the prior written consent of the other parties hereto (which consent shall
not be unreasonably withheld); <U>provided</U>, <U>however</U>, that each party hereto
may make any disclosure or announcement which such party, in the opinion of its legal
counsel, is obligated to make (i) by Laws; (ii) in connection with fulfilling its
obligations under the terms of this Agreement; and (iii) in connection with the defense
of or other involvement in any claim or adversarial proceeding relating to Company or the
transactions contemplated by this Agreement, whether among the parties or involving any
third party, in each such case, the party desiring to make the disclosure shall consult
with the other party hereto prior to making such disclosure or announcement.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.6. <U>Reasonable Efforts; Notification</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          Upon
the terms and subject to the conditions set forth in this Agreement, each           of
the parties agrees to use reasonable efforts to take, or cause to be taken,           all
actions, and to do, or cause to be done, and to assist and cooperate with           the
other parties in doing, all things necessary, proper or advisable to           consummate
and make effective, in the most expeditious manner practicable, the           Merger and
the other transactions contemplated by this Agreement, including           using
reasonable efforts to accomplish the following: (i) the taking of all
          reasonable acts necessary to cause the conditions precedent set forth in <U>Article
VII</U> to be satisfied (including in connection with any Assignment           of Claims
Act matters related to the Company&#146;s government contracts and any           filings
to obtain guarantees of the Export-Import Bank of the United States for
          specified indebtedness), (ii) the preparation and filing of the (preliminary
and           final) Proxy Statement and Schedule 13E-3, (iii) the obtaining of all
necessary           actions or nonactions, waivers, consents, approvals, orders and
authorizations           from Governmental Entities (including with respect to antitrust
matters, if           required) and the making of all necessary registrations,
declarations and           filings (including registrations, declarations and filings
with Governmental           Entities, if any) and the taking of all reasonable steps as
may be necessary to           avoid any suit, claim, action, investigation or proceeding
by any Governmental           Entity, (iv) the obtaining of all necessary consents,
approvals or waivers from           third parties and consent, in a form reasonably
acceptable to the Purchaser,           from the holders of all Company Stock Options to
the treatment of such Company           Stock Options in accordance with <U>Section&nbsp;2.2(a)</U>,
(v) the defending           of any suits, claims, actions, investigations or proceedings,
whether judicial           or administrative, challenging this Agreement or the
consummation of the           transactions contemplated hereby and thereby, including
seeking to have any stay           or temporary restraining order entered by any court or
other Governmental Entity           vacated or reversed and (vi) the execution or
delivery of any additional           instruments necessary to consummate the transactions
contemplated by or           reasonably necessary to give effect to the terms of this
Agreement. The Company           shall use its reasonable efforts to obtain such consents
as are sought in           accordance with <U>clause&nbsp;(iv)</U> with respect to any
material lease or           other Material Contract without material amendment to the
terms and conditions           (including amounts payable thereunder) thereof as in
effect on the date hereof.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          Each
of the Company on the one hand and the Purchaser on the other hand will           give
prompt notice to the other of (i) any notice or other communication from           any
person alleging that the consent of such person is or may be required in
          connection with the transactions contemplated hereby, (ii) any notice or other
          communication from any Governmental Entity in connection with the transactions
          contemplated hereby, (iii) any litigation relating to, involving or otherwise
          affecting the Company, the Purchaser or their respective subsidiaries that
          relates to the consummation of the transactions contemplated hereby. The
Company           shall give prompt notice to the Purchaser of any representation or
warranty made           by it contained in this Agreement becoming untrue or inaccurate,
or any failure           of the Company to comply with or satisfy in any material respect
any covenant,           condition or agreement to be complied with or satisfied by it
under this           Agreement, such that the conditions set forth in <U>Article VII</U> would
not be           satisfied, <U>provided</U>, <U>however</U>, that no such notification
shall           affect the representations, warranties, covenants or agreements of the
parties           or the conditions to the obligations of the parties under this
Agreement. The           Purchaser shall give prompt notice to the Company of any
representation or           warranty made by it contained in this Agreement becoming
untrue or inaccurate,           or any failure of the Purchaser to comply with or satisfy
in any material           respect any covenant, condition or agreement to be complied
with or satisfied by           it under this Agreement, such that the conditions set
forth in <U>Article           VII</U> would not be satisfied, <U>provided</U>, <U>however</U>,
that no such           notification shall affect the representations, warranties,
covenants or           agreements of the parties or the conditions to the obligations of
the parties           under this Agreement.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.7. <U>Indemnification</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          From
and after the Effective Time, the Surviving Corporation shall, to the           fullest
extent permitted under applicable Laws, indemnify and hold harmless each           of the
individuals who at any time prior to the Effective Time was a director or
          officer of the Company or any of its subsidiaries (collectively, the
          &#147;<U>Indemnified Parties</U>&#148;) from and against any costs or expenses
          (including reasonable attorneys&#146; fees), judgments, fines, losses, claims,
          damages, liabilities and amounts paid in settlement in connection with any acts
          or omissions occurring at or prior to the Effective Time, including, without
          limitation, acts or omissions relating to the transactions contemplated by this
          Agreement, and promptly advance all reasonable expenses, including reasonable
          attorneys&#146; fees, as incurred by or on behalf of an Indemnified Party, and
          the Surviving Corporation will cooperate in the defense of any such matter.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          The
rights to indemnification and exculpation from liability existing on the           date
hereof in favor of the present or former directors and officers of the           Company
or any of its subsidiaries as provided under applicable Laws and the           Company
Charter Documents as in effect on the date hereof with respect to           matters
occurring up to and including the Effective Time shall survive the           Merger. The
Articles of Incorporation and Bylaws of the Surviving Corporation           shall contain
the provisions with respect to indemnification and exculpation           from liability
set forth in the Articles of Incorporation and Bylaws of the           Company on the
date of this Agreement, which provisions thereafter shall not be           amended,
repealed or otherwise modified in any manner that would adversely           affect the
rights thereunder of the Indemnified Parties, unless, and only to the           extent,
such amendment, repeal or modification is required by applicable Laws.           From and
after the Effective Time, the Company Charter Documents other than the           Articles
of Incorporation and Bylaws of the Company shall not be amended,           repealed or
otherwise modified in any manner that would adversely affect the           rights
thereunder of the Indemnified Parties, unless, and only to the extent,           such
amendment, repeal or modification is required by applicable Laws.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          For
a period of six (6) years following the Effective Time, the Surviving
          Corporation shall cause to be maintained in effect directors&#146; and
          officers&#146; liability insurance with reputable and financially sound
carriers           covering the Indemnified Parties who are currently covered and any
other           individuals who are currently covered by the Company&#146;s current
          directors&#146; and officers&#146; liability insurance policies (the
          &#147;<U>Insured Parties</U>&#148;) with respect to matters occurring at or
          prior to the Effective Time (including, without limitation, the transactions
          contemplated by this Agreement) on terms not less favorable to the Insured
          Parties than those provided under the Company&#146;s directors&#146; and
          officers&#146; liability insurance as of the date of this Agreement.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;          This
<U>Section 6.7</U> is intended to benefit, and shall be enforceable by, the
          Insured Parties, including the Indemnified Parties, and shall be binding on all
          successors and assigns of the Surviving Corporation. In the event that the
          Surviving Corporation or any of its successors or assigns (i) consolidates with
          or merges into any other person and shall not be the continuing or surviving
          person of such consolidation or merger or (ii) transfers or conveys all or
          substantially all of its properties and assets to any person, then, and in each
          such case, proper provision shall be made so that such successors, assigns and
          transferees of the Surviving Corporation assume the obligations set forth in
          this <U>Section 6.7</U>.  </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-28- </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.8. <U>Treatment of Equity Plans</U>. Company shall cause all Company Stock Option
Plans, and all Company Stock Options granted thereunder, all Phantom Share Plans, and all
Phantom Shares granted thereunder, the Employee Stock Purchase Plan and the Company&#146;s
Retirement and Savings Plan to be treated as set forth in <U>Section 2.2</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.9. <U>Transfer Tax</U>. The Company and the Purchaser shall cooperate in the
preparation, execution and filing of all returns, questionnaires, applications or other
documents regarding any real property transfer or gains, sales, use, transfer, value
added, stock transfer and stamp taxes, any transfer, recording, registration and other
fees and any similar Taxes which become payable in connection with the transactions
contemplated by this Agreement (together with any related interest, penalties or
additions to tax, &#147;<U>Transfer Taxes</U>&#148;). All Transfer Taxes shall be the
responsibility of the Surviving Corporation.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.10. <U>SEC Reports</U>. From the date of this Agreement until the earlier of the
termination of this Agreement pursuant to <U>Article VIII</U> or the Effective Time, the
Company shall use reasonable efforts to file on a timely basis all SEC Reports required
to be filed by it with the SEC under the Exchange Act, the Securities Act and the
published rules and regulations of the SEC under either of the foregoing applicable to
such SEC Reports, which SEC Reports shall comply in all material respects with the
requirements of the Exchange Act, the Securities Act and the published rules and
regulations of the SEC thereunder, each as applicable to such SEC Reports.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.11. <U>Delisting</U>. Each of the parties hereto agrees to cooperate with the other
party in taking, or causing to be taken, all actions reasonably necessary (i) to delist
the Company Common Stock from the Nasdaq and (ii) to terminate the registration of the
Company Common Stock under the Exchange Act; provided that such delisting and termination
shall not be effective until or after the Effective Time.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.12. <U>Repatriation of Foreign Cash</U>. The Company shall cooperate with the Purchaser
to effectuate the repatriation of the unrestricted cash balances (including any amounts
borrowed under the Commitment Letter) from the Company&#146;s direct and indirect foreign
subsidiaries for use by the Surviving Corporation to pay a portion of the Merger
Consideration at the Effective Time.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.13. <U>Action by the Purchaser</U>. The Purchaser, its directors, officers or
affiliates shall not knowingly or intentionally cause the Company to take action that
would reasonably be expected to cause the breach of any Company representation or
warranty contained in this Agreement or the failure to fulfill, or the breach of, any
covenant, agreement or other obligation of the Company under this Agreement.  </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE VII  </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>CONDITIONS TO THE
MERGER</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.1. <U>Conditions to Obligations of Each Party to Effect the Merger</U>. The obligations
of the Company and the Purchaser to consummate the Merger are subject to the satisfaction
at or prior to the Closing Date of the following conditions (unless waived by the parties
in accordance with the provisions of <U>Section 9.4</U> hereof):  </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-29- </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          No
preliminary or permanent injunction or other order, decree, judgment or
          provision of applicable Laws shall have been entered and remain in effect by
any           Governmental Entity which prevents the consummation of the Merger.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          There
shall not be pending any suit, action or proceeding by any Governmental           Entity
seeking to prohibit the consummation of the Merger.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          The
Company and the Purchaser shall have obtained all (i) consents and approvals
          from Governmental Entities necessary or required for the consummation of the
          transactions contemplated under this Agreement, the absence of which would have
          a Company Material Adverse Effect or would prevent the consummation of the
          Merger or the transactions contemplated hereby, and (ii) the consents and
          approvals from the third parties identified on <U>Schedule 7.1(c)</U> attached
          hereto, all on terms and conditions reasonably satisfactory to the Purchaser.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;          The
Company shall have obtained the following votes of its shareholders           approving
this Agreement (collectively, the &#147;Company Shareholder           Approval&#148;):
(i) the affirmative vote of not less than 80 percent (80%) of           the votes
entitled to be cast at the Company Shareholders&#146; Meeting by the
          outstanding shares of Class A Common Stock and Class B Common Stock, voting
          together as a single voting group; (ii) the affirmative vote of not less than
          sixty-six and two-thirds percent (66 2/3%) of the votes entitled to be cast at
          the Company Shareholders&#146; Meeting by the holders of the outstanding shares
          of Class A Common Stock and Class B Common Stock not beneficially owned by the
          Purchaser, or any of the Contributing Shareholders or otherwise beneficially
          owned by a significant shareholder that is a party to the Merger or an
affiliate           or associate thereof (as such terms are used in Section 180.1131 of
the WBCL)           voting together as a single voting group; (iii) the affirmative vote
of not less           than a majority of the votes entitled to be cast at the Company
          Shareholders&#146; Meeting by the outstanding shares of Class A Common Stock,
          voting as a separate voting group; and (iv) the affirmative vote of not less
          than a majority of the votes entitled to be cast at the Company
          Shareholders&#146; Meeting by the outstanding shares of Class B Common Stock,
          voting as a separate voting group, in each case at a duly held meeting of
          shareholders called for the purpose of voting on this Agreement.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.2. <U>Conditions to Obligations of the Company to Effect the Merger</U>. The obligation
of the Company to effect the Merger shall be subject to the satisfaction at or prior to
the Closing Date of the following conditions (unless waived by the Company in accordance
with the provisions of <U>Section 9.4</U> hereof):  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
Purchaser shall have performed, in all material respects, all of its
          obligations contained herein that are required to be performed by the Purchaser
          at or prior to the Closing Date.  </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-30- </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          The
representations and warranties of the Purchaser contained in this Agreement
          (disregarding any qualification contained therein with respect to materiality
          and material adverse effect) shall be true and correct as of the Closing Date
          (except those representations and warranties that address matters as of a
          particular date, which shall remain true and correct as of such date) with only
          such exceptions as would not have a Purchaser Material Adverse Effect. The
          Company shall have received a certificate of an executive officer of the
          Purchaser, dated the Closing Date, certifying to such effect.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          The
Special Committee shall have received (as an addressee) the opinion
          contemplated by the Commitment Letter of an independent advisor as to solvency
          of the Surviving Corporation.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.3. <U>Conditions to Obligations of the Purchaser to Effect the Merger</U>. The
obligation of the Purchaser to effect the Merger shall be subject to the satisfaction at
or prior to the Closing Date of the following conditions (unless waived by the Purchaser
in accordance with the provisions of <U>Section 9.4</U> hereof):  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
Company shall have performed, in all material respects, all of its           obligations
contained herein that are required to be performed by the Company at           or prior
to the Closing Date, and the Purchaser shall have received a           certificate of an
executive officer of the Company, dated the Closing Date,           certifying to such
effect.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          The
representations and warranties of the Company contained in this Agreement
          (disregarding any qualification contained therein with respect to materiality
          and material adverse effect) shall be true and correct as of the Closing Date
          (except those representations and warranties that address matters as of a
          particular date, which shall remain true and correct as of such date) with only
          such exceptions as would not have a Company Material Adverse Effect. The
          Purchaser shall have received a certificate of an executive officer of the
          Company, dated the Closing Date, certifying to such effect.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          On
or prior to the Closing Date, each member of the Special Committee shall have
          delivered a written letter of resignation to the Company&#146;s Board of
          Directors, effective as of the Effective Time.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;          The
Purchaser and/or the Surviving Corporation (and/or subsidiaries thereof)           shall
have received the funding contemplated by the Commitment Letter.  </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE VIII  </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>TERMINATION</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.1. <U>Termination by Mutual Consent</U>. This Agreement may be terminated and the
Merger abandoned at any time prior to the Effective Time, as set forth below,
notwithstanding approval thereof by the shareholders of the Company, by mutual written
consent of the Purchaser and the Company (acting under the direction of the Special
Committee) for any reason.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.2. <U>Termination by Either Party</U>. This Agreement may be terminated and the Merger
abandoned at any time prior to the Effective Time, as set forth below, notwithstanding
approval thereof by the shareholders of the Company, by either the Company (acting under
the direction of the Special Committee) or the Purchaser if:  </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-31- </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          the
Merger has not been consummated on or before March 31, 2005 (the           &#147;<U>Termination
Date</U>&#148;), <U>provided</U>, that this right to           terminate this Agreement
shall not be available to any party whose failure to           fulfill any of its
obligations under this Agreement has been the cause of or           resulted in the
failure to consummate the Merger by the Termination Date;  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          there
shall be any Law of any Governmental Entity that makes consummation of the
          Merger illegal or otherwise prohibited or if a court of competent jurisdiction
          or Governmental Entity shall have issued a non-appealable final order, decree
or           ruling or taken any other action, in each case having the effect of
permanently           restraining, enjoining or otherwise prohibiting the Merger; or  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          at
the Company Shareholders&#146; Meeting (including any adjournment or
          postponement thereof), the Company Shareholder Approval shall not have been
          obtained.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.3. <U>Termination by the Purchaser</U>. This Agreement may be terminated and the Merger
abandoned at any time prior to the Effective Time, as set forth below, notwithstanding
approval thereof by the shareholders of the Company, by the Purchaser if:  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          the
representations and warranties of the Company set forth herein (without           giving
effect to any materiality limitations contained therein) shall fail to be           true
and correct on a given date as though made on and as of such date (except           for
representations and warranties made as of a specified date, which shall fail           to
be so true and correct as of such date), the failure of such representations
          and warranties to be so true and correct has, or would reasonably be expected
to           have, a Company Material Adverse Effect and such failure is not curable or,
if           curable, is not cured by the earlier of (x) 30 calendar days after written
          notice of such failure is given by the Purchaser to the Company and (y) the
          Termination Date;  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          the
Company shall have failed to perform or comply in all material respects with
          its obligations, agreements or covenants contained in this Agreement, which
          failure is not curable or, if curable, is not cured by the earlier of (x) 30
          calendar days after written notice of such failure is given by the Purchaser to
          the Company and (y) the Termination Date; or  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          (i)
the Special Committee or the Board of Directors withdraws, modifies or           changes
its approval or recommendation of this Agreement in a manner adverse to           the
Purchaser, or (ii) the Special Committee shall have recommended to the Board           of
Directors or the Company&#146;s shareholders an Acquisition Proposal other           than
the Merger, or (iii) the Special Committee or the Board of Directors fails           to
reconfirm its recommendation of this Agreement to the Company&#146;s
          shareholders within ten days after a reasonable written request by the
Purchaser           to do so, or (iv) the Special Committee or the Board of Directors
fails to cause           the Company to convene and hold the Company Shareholders&#146; Meeting
on or           prior to the 10th day prior to the Termination Date, or (v) the Special
          Committee or the Board of Directors resolves to do any of the foregoing.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.4. <U>Termination by the Company</U>. This Agreement may be terminated and the Merger
abandoned at any time prior to the Effective Time, as set forth below, notwithstanding
approval thereof by the shareholders of the Company, by the Company (acting under the
direction of the Special Committee) if:  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          the
representations and warranties of the Purchaser set forth herein (without
          giving effect to any materiality limitations contained therein) shall fail to
be           true and correct on a given date as though made on and as of such date
(except           for representations and warranties made as of a specified date, which
shall fail           to be so true and correct as of such date), the failure of such
representations           and warranties to be so true and correct in the aggregate would
have a Purchaser           Material Adverse Effect and such failure is not curable or, if
curable, is not           cured by the earlier of (x) 30 calendar days after written
notice of such           failure is given by the Company to the Purchaser and (y) the
Termination Date;  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          the
Purchaser shall have failed to perform or comply in all material respects           with
its obligations, agreements or covenants contained in this Agreement, which
          failure is not curable or, if curable, is not cured by the earlier of (x) 30
          calendar days after written notice of such failure is given by the Company to
          the Purchaser and (y) the Termination Date;  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          prior
to approval of the Merger at the Company Shareholders&#146; Meeting, the           Board
of Directors, acting upon the recommendation of the Special Committee,           shall
have approved a Superior Proposal, but only if prior to termination under           this
subsection, the Company shall have complied with the provisions of <U>Section 6.2</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.5. <U>Effect of Termination</U>. In the event of the termination of this Agreement
pursuant to this <U>Article VIII</U>, written notice thereof shall forthwith be given to
the other party or parties specifying the provision hereof pursuant to which such
termination is made, and this Agreement, except as provided in <U>Section 9.1</U>, shall
forthwith become void and there shall be no liability on the part of any party hereto or
any of its affiliates, directors, officers, shareholders, members or managers, except,
subject to&nbsp;<U>Section 9.1</U>, nothing herein shall relieve any party from liability
for any intentional breach hereof.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.6. <U>Expenses</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          Except
as otherwise provided in <U>Section 8.6(b)</U>, if the Merger is not
          consummated, each party will bear its own costs and expenses (including legal,
          accounting and investment banking fees and expenses) incurred in connection
with           this Agreement and the transactions contemplated hereby. If the Merger is
          consummated, the Surviving Corporation shall be responsible for all of the
          parties&#146; fees and expenses (including legal, accounting and investment
          banking fees and expenses).  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          Upon
the termination of this Agreement (i) by the Company pursuant to <U>Section
          8.4(c)</U> or (ii) by the Purchaser pursuant to <U>Section 8.3(b)</U> as a
          result of the Company&#146;s material breach of its obligations under <U>Sections
6.1</U> or <U>6.2</U> hereof or (iii) by the Purchaser pursuant to <U>Section 8.3(c)</U> to
the extent an Acquisition Proposal is outstanding at           the time of such
termination, then in each such case, the Company shall           reimburse the Purchaser
for documented out-of-pocket expenses actually and           reasonably incurred by the
Purchaser and its affiliates in connection with this           Agreement and the
transactions contemplated by this Agreement (including, but           not limited to,
fees and expenses of such persons&#146; counsel, accountants and           financial
advisors) in an aggregate amount not to exceed $3,000,000           (&#147;<U>Expense
Reimbursement</U>&#148;). The payment of the Expense           Reimbursement shall be
made by wire transfer of immediately available funds to           an account designated
by the Purchaser or by check if the Purchaser fails to           designate an account, in
either case (except as otherwise specifically provided           herein) within ten (10)
days following written demand from the Purchaser to the           Company.  </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-33- </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          The
Company acknowledges that the agreements contained in this <U>Section           8.6</U> are
an integral part of the transactions contemplated by this Agreement,           and that,
without these agreements, the Purchaser would not have entered into           this
Agreement. Accordingly, if the Company fails to pay promptly any amounts           due
pursuant to <U>Section 8.6</U>, and, in order to obtain such payment, the
          Purchaser commences a suit which results in a judgment against the Company for
          the Expense Reimbursement set forth in <U>Section 8.6</U>, the Company shall
pay           to the Purchaser its documented out-of-pocket expenses actually and
reasonably           incurred (including attorneys&#146; fees and expenses) in connection
with such           suit.  </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE IX  </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>GENERAL PROVISIONS</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.1. <U>Effectiveness of Representations, Warranties and Agreements</U>. The
representations, warranties and agreements in this Agreement shall terminate at the
Effective Time or upon the termination of this Agreement pursuant to <U>Article VIII</U>,
as the case may be. This <U>Section 9.1</U> shall not limit any covenant or agreement of
the parties which by its terms contemplates performance after the Effective Time,
including any confidentiality obligations contained herein. Notwithstanding anything to
the contrary contained in this Agreement except as expressly contemplated by <U>Article
VIII</U>, none of the Company, its subsidiaries, or any of their respective affiliates,
directors or officers shall have any liability or obligation whatsoever to the Purchaser
or any of its respective affiliates or any Contributing Shareholder (a)&nbsp;for any
breach or inaccuracy of any representation or warranty made in this Agreement, other than
for an intentional breach or misrepresentation or (b)&nbsp;for any breach of or failure
to perform any covenant of the Company unless, and then only to the extent, the conduct
constituting such breach or such failure to perform was expressly authorized after the
date hereof by the Board of Directors or the Special Committee.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.2. <U>Notices</U>. All notices, claims, demands and other communications hereunder
shall be deemed to have been duly given or made, and shall be effective, on the date such
notices, claims, demands or other communications, as the case may be, are delivered to
the recipient thereof in person, by a commercial delivery service or by facsimile
(receipt confirmed) at the following addresses or facsimile numbers:  </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-34- </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          If
to the Purchaser:  </FONT></P>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
JO
Acquisition Corp.                            <BR>555 Main Street, Suite 500
                           <BR>Racine, WI  53403-4616                            <BR>Attn:  Helen
P. Johnson-Leipold and Roy T. George                            <BR>Tel: (262) 260-2000
                          <BR>Fax: (262) 260-5339 </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
With
a copy to: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
McDermott
Will &amp; Emery LLP                            <BR>28 State Street
                           <BR>Boston, MA 02109                            <BR>Attn:    John B.
Steele and Patricia A. Johansen                            <BR>Tel: (617) 535-4000
                          <BR>Fax: (617) 535-3800 </FONT></TD>
</TR>
</TABLE>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          If
to the Company:  </FONT></P>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Members
of the Special Committee                            <BR>of the Board of Directors
                           <BR>Johnson Outdoors Inc.                            <BR>555 Main
Street                            <BR>Racine, WI  53403                            <BR>Attn:
 Thomas F. Pyle, Jr.                            <BR>Tel: (608) 245-3701
                           <BR>Fax: (608) 245-3717 </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
With
a copy to: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Johnson
Outdoors Inc.                            <BR>555 Main Street
                           <BR>Racine, WI  53403                            <BR>Attn:  Alisa
Swire                            <BR>Tel:  (262) 631-6644                            <BR>Fax:
 (262) 631-6610 </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
and
to: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Skadden,
Arps, Slate, Meagher &amp; Flom LLP                            <BR>333 West Wacker Drive
                           <BR>Chicago, IL  60606                            <BR>Attn:    Charles
W. Mulaney, Jr. and Susan S. Hassan                            <BR>Tel: (312) 407-0700
                           <BR>Fax: (312) 407-0411 </FONT></TD>
</TR>
</TABLE>
<BR>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-35- </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>or to such other addresses as the
person to whom such notice is given may have previously furnished to the others in writing
in the manner set forth above. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.3. <U>Amendment</U>. This Agreement may be amended by the parties hereto by action
taken by each of the Purchaser and the Company (under the direction of the Special
Committee in the case of the Company) at any time prior to the Effective Time. This
Agreement may not be amended except by an instrument in writing signed by the parties
hereto.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.4. <U>Waiver</U>. At any time prior to the Effective Time and to the extent legally
permitted, any party hereto may (under the direction of the Special Committee in the case
of the Company), with respect to the other parties hereto, (a) extend the time for the
performance of any of the obligations or other acts (except to the extent prohibited by
law), (b) waive any inaccuracies in the representations and warranties contained herein
or in any document delivered pursuant hereto and (c) waive compliance with any of the
agreements or conditions contained herein. Any such extension or waiver shall be valid if
set forth in an instrument in writing signed by the party or parties to be bound thereby.
The failure of any party to assert any of its rights under this Agreement or otherwise
shall not constitute a waiver of such rights.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.5. <U>Interpretation; Certain Defined Terms</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          When
a reference is made in this Agreement to Sections, such reference shall be           to a
Section of this Agreement unless otherwise indicated. The words           &#147;<U>include</U>,&#148; &#147;<U>includes</U>&#148; and
          &#147;<U>including</U>&#148; when used herein shall be deemed in each case to
be           followed by the words &#147;<U>without limitation</U>.&#148; The table of
          contents and headings contained in this Agreement are for reference purposes
          only and shall not affect in any way the meaning or interpretation of this
          Agreement. References to this Agreement include all Schedules, Appendixes and
          Exhibits attached hereto.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          For
purposes of this Agreement, the terms &#147;<U>knowledge</U>&#148; or           &#147;<U>knows</U>&#148; mean
(i) with respect to the Company, with respect to           any matter in question, the
actual knowledge, after reasonable inquiry of such           matter, of Paul A. Lehmann,
Jervis B. Perkins and Alisa Swire and (ii) with           respect to the Purchaser, with
respect to any matter in question, the actual           knowledge, after reasonable
inquiry of such matter, of Helen P. Johnson-Leipold           and Roy T. George.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          For
purposes of this Agreement, the term &#147;<U>Company Material Adverse           Effect</U>&#148; means,
for all purposes of this Agreement, any effect,           circumstance or change that,
individually or in the aggregate, is materially           adverse to the business,
properties, assets, financial condition or results of           operations of the Company
and its subsidiaries, taken as a whole; <U>provided</U><U>however</U>, that the events,
effects, circumstances or           changes that are generally applicable to (i) the
industries and markets in which           the Company and its subsidiaries operate, (ii)
the United States or global           economy, or (iii) the United States securities
markets shall be excluded from           the determination of Company Material Adverse
Effect; and <U>provided</U><U>further</U>, that any adverse effects, circumstances or
changes on the           Company or its subsidiaries resulting from the execution of this
Agreement and           the announcement of this Agreement and the transactions
contemplated hereby           shall also be excluded from the determination of Company
Material Adverse           Effect.  </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-36- </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;          For
purposes of this Agreement, the term &#147;<U>Purchaser Material Adverse           Effect</U>&#148; means,
for all purposes of this Agreement, any effect,           circumstance or change that,
individually or in the aggregate, would prevent or           materially delay the
consummation of the transactions contemplated by this           Agreement or otherwise
prevent the Purchaser from performing its obligations           under this Agreement; <U>provided,</U><U>however</U>,
that the effects,           circumstances or changes that are generally applicable to (i)
the industries and           markets in which the Purchaser and its affiliates operate,
(ii) the United           States or global economy, or (iii) the United States securities
markets shall be           excluded from the determination of Purchaser Material Adverse
Effect.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;          For
purposes of this Agreement, the term &#147;<U>person</U>&#148; shall mean           any
individual, corporation (including any non-profit corporation), general
          partnership, limited partnership, limited liability partnership, joint venture,
          estate, trust, company (including any limited liability company or joint stock
          company), firm or other enterprise, association, organization, entity or
          Governmental Entity.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;          For
purposes of this Agreement, &#147;<U>subsidiary</U>&#148; of a specified           entity
will be any corporation, partnership, limited liability company, joint           venture
or other legal entity of which the specified entity (either alone or           through or
together with any other subsidiary) owns, directly or indirectly, 50%           or more
of the stock or other equity or partnership interests, the holders of           which are
generally entitled to vote for the election of the Board of Directors           or other
governing body of such corporation or other legal entity.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.6. <U>Counterparts</U>. This Agreement may be executed in one or more counterparts, all
of which shall be considered one and the same agreement and shall become effective when
one or more counterparts have been signed by each of the parties and delivered to the
other party, it being understood that all parties need not sign the same counterpart.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.7. <U>Entire Agreement; Third Party Beneficiaries</U>. This Agreement and the documents
and instruments and other agreements among the parties hereto as contemplated by or
referred to herein, including the Company Disclosure Schedule (a) constitute the entire
agreement among the parties with respect to the subject matter hereof and supersede all
prior agreements and understandings, both written and oral, among the parties with
respect to the subject matter hereof; and (b) are not intended to confer upon any other
person any rights or remedies hereunder, except as specifically provided in <U>Section 6.7</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.8. <U>Severability</U>. In the event that any provision of this Agreement or the
application thereof, becomes or is declared by a court of competent jurisdiction to be
illegal, void or unenforceable, the remainder of this Agreement will continue in full
force and effect and the application of such provision to other persons or circumstances
will be interpreted so as reasonably to effect the intent of the parties hereto, unless
the parties agree to replace such void or unenforceable provision of this Agreement with
a valid and enforceable provision that will achieve, to the extent possible, the
economic, business and other purposes of such void or unenforceable provision.  </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-37- </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.9. <U>Other Remedies; Specific Performance</U>. Except as otherwise provided herein,
any and all remedies herein expressly conferred upon a party will be deemed cumulative
with and not exclusive of any other remedy conferred hereby, or by law or equity upon
such party, and the exercise by a party of any one remedy will not preclude the exercise
of any other remedy. The parties hereto agree that irreparable damage would occur in the
event that any of the provisions of this Agreement were not performed in accordance with
their specific terms or were otherwise breached. It is accordingly agreed that the
parties shall be entitled to seek an injunction or injunctions to prevent breaches of
this Agreement and to enforce specifically the terms and provisions hereof in any court
of the United States or any state having jurisdiction, this being in addition to any
other remedy to which they are entitled at law or in equity.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.10. <U>Governing Law</U>. This Agreement shall be governed by and construed in
accordance with the Laws of the State of Wisconsin, regardless of the Laws that might
otherwise govern under applicable principles of conflicts of laws thereof.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.11. <U>Rules of Construction</U>. The parties hereto agree that they have been
represented by counsel during the negotiation and execution of this Agreement and,
therefore, waive the application of any law, regulation, holding or rule of construction
providing that ambiguities in an agreement or other document will be construed against
the party drafting such agreement or document.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.12. <U>Assignment</U>. This Agreement shall not be assigned by operation of law or
otherwise, except that the Purchaser may assign all or any of its rights hereunder to any
of its affiliates provided that no such assignment shall relieve the Purchaser of its
obligations hereunder.  </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*&nbsp;*&nbsp;*&nbsp;*&nbsp;* </FONT></P>


<BR>
<BR>
<BR>
<BR>
<BR>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-38- </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, each of the parties hereto has caused this Agreement and Plan of Merger
to be executed by their duly authorized respective officers as of the date first written
above. </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JOHNSON OUTDOORS INC.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:&nbsp;&nbsp;<U>/s/ Paul A. Lehmann</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name:&nbsp;&nbsp;Paul A. Lehmann</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title:&nbsp;&nbsp;Vice President and Chief Financial Officer</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JO ACQUISITION CORP.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:&nbsp;&nbsp;<U>/s/ Helen Johnson-Leipold</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name:&nbsp;&nbsp;Helen Johnson-Leipold</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title:&nbsp;&nbsp;President and Chief Executive Officer</FONT></TD></TR>
</TABLE>






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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ANNEX B</U></B> </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CONTRIBUTION AGREEMENT </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
CONTRIBUTION AGREEMENT (this &#147;<U>Agreement</U>&#148;), dated as of October 28, 2004
(the &#147;<U>Effective Date</U>&#148;), is made by and between JO Acquisition Corp., a
Wisconsin corporation (&#147;<U>Acquisition Corp.</U>&#148;), and each party listed on
<U>Schedule I</U> hereto, as such schedule may be amended from time to time to reflect
additional persons who become parties hereto (each, a &#147;<U>Beneficial Holder</U>&#148;
and collectively, the &#147;<U>Beneficial Holders</U>&#148;). </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>W I T N E S S E T H:  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
each Beneficial Holder holds, directly or indirectly and either individually or jointly,
the voting and dispositive power over<B> </B>the issued and outstanding shares of Class A
Common Stock, par value $0.05 per share (the &#147;<U>Class A Common Stock</U>&#148;), and
Class B Common Stock, par value $0.05 per share (&#147;<U>Class B Common Stock</U>&#148;
and together with the Class A Shares &#147;<U>Company Common Stock</U>&#148;), of Johnson
Outdoors Inc., a Wisconsin corporation (the &#147;<U>Company</U>&#148;), set forth
opposite such Beneficial Holder&#146;s name on <U>Schedule I</U> hereto (collectively, the
<U>&#147;Contribution Shares</U>&#148;); and </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
Acquisition Corp. and the Company are parties to that certain Agreement and Plan of
Merger, dated as of October 28, 2004 (the &#147;<U>Merger Agreement</U>&#148;), pursuant
to which Acquisition Corp. will merge with and into the Company and the issued and
outstanding Company Common Stock, options and other convertible securities of the Company
will be cancelled or converted in accordance with the terms of the Merger Agreement (the
&#147;<U>Merger</U>&#148;); and </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
as a condition to the Merger Agreement, each Beneficial Holder is entering into this
Agreement pursuant to which the Contribution Shares will be contributed to Acquisition
Corp. in consideration of the issuance by Acquisition Corp. of an equivalent number of the
shares of the common stock of Acquisition Corp. (the &#147;<U>Acquisition Corp.
Shares</U>&#148;); and </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
Acquisition Corp. and the Beneficial Holders intend that the transfer of property by the
Beneficial Holders to Acquisition Corp. as set forth herein will constitute the transfer
of property within the meaning of section 351(a) of the Internal Revenue Code of 1986, as
amended. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of and in reliance upon the covenants, conditions,
representations and warranties herein contained, the parties hereto agree as follows: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Contribution
of Company Common Stock</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          Subject
to the terms and conditions set forth in this Agreement and in reliance           upon
the representations and warranties herein, on the Contribution Date (as           defined
in Section&nbsp;2 below), each Beneficial Holder shall, severally and           not on
behalf of any other Beneficial Holder, contribute, transfer, assign,           convey and
deliver (or cause to be contributed, transferred, assigned, conveyed           and
delivered) to Acquisition Corp. those Contribution Shares over which such
          Beneficial Holder is the record holder or holds sole voting and dispositive
          power, and shall use his, her or its best efforts to cause to be contributed,
          transferred, assigned, conveyed and delivered to Acquisition Corp. those
          Contribution Shares over which such Beneficial Holder has shared or otherwise
          indirect or shared voting and dispositive power, in each case, in consideration
          for receipt of Acquisition Corp. Shares by the record holder of such
          Contribution Shares (such contribution, transfer, assignment, conveyance and
          delivery of all of the Contribution Shares that are the subject of this
          Agreement being referred to hereinafter as the <U>&#147;Contribution</U>&#148;)
          free and clear of any lien, pledge, security interest or other encumbrance
          (collectively &#147;<U>Liens</U>&#148;) other than Liens in favor of one or
more           of the other parties hereto, the Company or as provided by
          Section&nbsp;180.0622(2)(b) of the Wisconsin business corporation law
          (&#147;<U>WBCL</U>&#148;).  </FONT></P>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          Notwithstanding
anything to the contrary set forth herein, transfers of an           aggregate of up to
450,000 shares of Class A Common Stock held of record by the           Samuel C. Johnson
1988 Trust Number One u/a September 14, 1988, in satisfaction           of pecuniary
bequests existing on the date hereof, shall not be a breach of this           Agreement
or deemed to be transfers prohibited hereby, provided that           contemporaneously
with any such transfer, an amount in cash equal to the product           of the number of
shares of Class A Common Stock so transferred multiplied by the           Merger
Consideration (as defined in the Merger Agreement) is contributed to
          Acquisition Corp.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Contribution
Date</U>. Consummation of the Contribution and the issuance by           Acquisition
Corp. of the Acquisition Corp. Shares shall take place at the           offices of
McDermott Will &amp; Emery LLP, Chicago, Illinois, or at such other           place as
the parties hereto may mutually agree, after the last of the conditions           set
forth in Article&nbsp;VII of the Merger Agreement has been fulfilled or           waived,
or at such earlier time as the parties hereto may agree, but in any           event prior
to the Effective Time (as defined in the Merger Agreement) (the           &#147;<U>Contribution
Date</U>&#148;).  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Action
by Beneficial Holders</U>. Subject to the terms and conditions set           forth
herein, on the Contribution Date:  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;          each
Beneficial Holder shall, severally and not on behalf of any other           Beneficial
Holder, cause to be delivered to Acquisition Corp. stock certificates
          representing the Contribution Shares over which such Beneficial Holder is the
          record holder or holds sole or shared voting and dispositive power, which
          certificates shall be endorsed in blank or accompanied by stock powers endorsed
          in blank;  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;          if
any Contribution Shares are held in the name of a record holder other than           the
Beneficial Holder (each, a &#147;<U>Record Holder</U>&#148;), on the
          Contribution Date, the Beneficial Holder shall use its best efforts to cause
          such Record Holder to become party to this Agreement by executing a counterpart
          signature page and joinder agreement hereto, in a form reasonably satisfactory
          to Acquisition Corp.; and  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;          if
any Contribution Shares are held in &#147;street name&#148;, such Beneficial
          Holder agrees to arrange for appropriate transfer to Acquisition Corp.
          hereunder.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Action
by Acquisition Corp</U>. Subject to the terms and conditions herein           contained,
on the Contribution Date, Acquisition Corp. shall issue and deliver           to each
Beneficial Holder (or appropriate Record Holder, as the case may be)           such
documents as the Beneficial Holder may reasonably request, evidencing the
          Acquisition Corp. Shares issued to the Beneficial Holder (or Record Holder, as
          the case may be) in consideration of the Contribution.  </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Unwind
if Merger Terminated</U>. In the event that the Contribution is           consummated but
the Merger Agreement is terminated in accordance with its terms,           then promptly
following such termination, each Beneficial Holder and Record           Holder shall
assign, transfer, convey and deliver to Acquisition Corp. the           number of
Acquisition Corp. shares received by him, her or it pursuant to this           Agreement
and, in exchange therefor, Acquisition Corp. shall assign, transfer,           convey and
deliver to such Beneficial Holder (or Record Holder, as the case may           be) the
Contribution Shares so contributed by him, her or it to Acquisition           Corp. on
the Contribution Date.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
And Warranties of the Parties</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
of the Beneficial Holders</U>. Each Beneficial Holder and           each Record Holder
who becomes a party hereto, severally and not jointly,           represents and warrants
to Acquisition Corp. as follows:  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<U>Authority</U>.
Such Beneficial Holder (or Record Holder, as the case may be)           has the capacity,
or, in the case of a person other than a natural person acting           as an
individual, has all necessary power and authority to execute and deliver           this
Agreement and to consummate the transactions contemplated hereby.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Validity
and Enforceability</U>. This Agreement has been duly executed and           delivered by
such Beneficial Holder (or such Record Holder who becomes a party           hereto, as
the case may be) and, assuming due authorization, execution and           delivery by
Acquisition Corp., represents the legal, valid and binding           obligation of such
Beneficial Holder or such Record Holder enforceable against           such Beneficial
Holder or Record Holder in accordance with its terms, except as           such
enforceability may be limited by bankruptcy, insolvency, fraudulent           transfer,
reorganization, moratorium and other similar laws of general           applicability
relating to or affecting creditors&#146; rights, and to general           equitable
principles. Except as contemplated hereby, no further action on the           part of
such Beneficial Holder or Record Holder is or will be required in           connection
with the transactions contemplated hereby.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Title</U>.
Such Beneficial Holder (or such Record Holder, as the case may be)           has good and
marketable title to the number of Contributed Shares set forth           opposite such
Beneficial Holder&#146;s name on Schedule I hereto (or set forth           in the
document by which such Record Holder became a party hereto, as the case           may
be), free and clear of any and all Liens other than as set forth in Section
          1(b) or Liens in favor of the Company or one or more of the other parties
hereto           or as provided by Section&nbsp;180.0622(2)(b) of the WBCL. Upon the
consummation           of the transactions contemplated by this Agreement, Acquisition
Corp. will           acquire good and valid title to the Contributed Shares contributed
by such           Beneficial Holder or Record Holder, free and clear of all Liens, other
than           Liens in favor of the Company or one or more of the other parties hereto
or as           provided by Section&nbsp;180.0622(2)(b) of the WBCL.  </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3 </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Conflict</U>. Except as contemplated hereby, the execution and delivery of           this
Agreement by such Beneficial Holder or Record Holder does not, and the
          performance by such Beneficial Holder or Record Holder of his or her
obligations           under this Contribution Agreement and the consummation of the
transactions           contemplated hereby will not (A) violate, conflict with or result
in a breach or           termination of, or otherwise give any person additional rights
or compensation           under, or the right to terminate or accelerate, or constitute
(with notice or           lapse of time, or both) a default under the terms of any note,
deed, lease,           instrument, security agreement, mortgage, commitment, contract,
agreement,           license or other instrument or oral understanding to which such
Beneficial           Holder or Record Holder is a party, (B) result in the creation of
any Liens upon           the Contributed Shares or any of the assets or properties of
such Beneficial           Holder or Record Holder or (C) require such Beneficial Holder
or Record Holder           to obtain any consent, approval or action of, make any filing
with or give any           notice to any person as a result or under the terms of any
contract to which           such Beneficial Holder or Record Holder is a party or by
which any of his or her           properties is bound.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;<U>Consents</U>.
No consent, approval or authorization of any person or federal,           state, local or
foreign government, political subdivision, legislature, court,           agency,
department, bureau, commission or other governmental regulatory           authority, body
or instrumentality (each, a &#147;<U>Governmental           Entity</U>&#148;) is required
in connection with the execution and delivery by           such Beneficial Holder or
Record Holder of this Agreement or the consummation of           the transactions
contemplated hereby.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment
Intent</U>. Such Beneficial Holder (or Record Holder, as the case           may be)
represents that he, she or it is an &#147;<U>accredited           investor</U>&#148; as
such term is defined in Rule 501 under the Securities Act           of 1933, as amended
(the &#147;<U>Securities Act</U>&#148;), that the           Acquisition Corp. Shares are
being acquired for the account of the Beneficial           Holder or the Record Holder,
as applicable, for investment only and not with a           view to, or any present
intention of, effecting a distribution of such           securities or any part thereof
except pursuant to a registration statement or an           available exemption under
applicable law. Such Beneficial Holder or Record           Holder acknowledges that the
Acquisition Corp. Shares have not been registered           under the Securities Act or
the securities laws of any state or other           jurisdiction and cannot be disposed
of unless they are subsequently registered           under the Securities Act and any
applicable state laws or unless an exemption           from such registration is
available. Such Beneficial Holder or Record Holder (A)           has knowledge and
experience in financial and business matters so as to be           capable of evaluating
and understanding the merits and risks of an investment in           the Acquisition
Corp., (B) has received and reviewed certain information           concerning the
Acquisition Corp. and has had the opportunity to obtain           additional information
as desired in order to evaluate the merits and the risks           inherent of an
investment in the Acquisition Corp. and (C) is able to bear the           economic risk
of its investment in the Acquisition Corp. and the Acquisition           Corp. and in
that, among other factors, such Beneficial Holder or Record Holder           can afford
to hold the Acquisition Corp. for an indefinite period and can afford           a
complete loss of its investment in the Acquisition Corp.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
of Acquisition Corp</U>. Acquisition Corp. represents and           warrants to each
Beneficial Holder and to each Record Holder who becomes a party           hereto as
follows:  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<U>Organization;
Power and Authority</U>. Acquisition Corp. is a corporation           duly organized and
validly existing under the laws of the State of Wisconsin.           Acquisition Corp.
has all necessary power and authority to execute and deliver           this Agreement and
to consummate the transactions contemplated hereby.  </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4 </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Validity
and Enforceability</U>. This Agreement has been duly executed and           delivered by
Acquisition Corp. and, assuming due authorization, execution and           delivery by
each Beneficial Holder and each Record Holder, represents the legal,           valid and
binding obligation of Acquisition Corp. enforceable against           Acquisition Corp.
in accordance with its terms, except as such enforceability           may be limited by
bankruptcy, insolvency, fraudulent transfer, reorganization,           moratorium and
other similar laws of general applicability relating to or           affecting creditors&#146; rights,
and to general equitable principles. No           further action on the part of
Acquisition Corp. is or will be required in           connection with the transactions
contemplated hereby.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Conflict</U>. The execution and delivery of this Agreement by Acquisition           Corp.
does not, and the performance by Acquisition Corp. of its obligations           under
this Contribution Agreement and the consummation of the transactions
          contemplated hereby will not (A) violate or conflict with Acquisition
          Corp.&#145;s articles of incorporation or bylaws or any law, order, judgment or
          decree, applicable to Acquisition Corp. or by which it is bound, (B) violate,
          conflict with or result in a breach or termination of, or otherwise give any
          person additional rights or compensation under, or the right to terminate or
          accelerate, or constitute (with notice or lapse of time, or both) a default
          under the terms of any note, deed, lease, instrument, security agreement,
          mortgage, commitment, contract, agreement, license or other instrument or oral
          understanding to which Acquisition Corp. is a party, or (C) result in the
          creation of any Liens upon the assets or properties of Acquisition Corp.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;<U>Consents</U>.
No consent, approval or authorization of any person or           Governmental Entity is
required in connection with the execution and delivery by           Acquisition Corp. of
this Agreement or the consummation of the transactions           contemplated hereby.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
of Acquisition Corp. Shares</U>. As of the Contribution Date, and           after giving
effect to the transactions contemplated hereby, issuance to the           Beneficial
Holders and/or the Record Holders, as applicable, of the shares of           Acquisition
Corp. upon satisfaction of all of the conditions contemplated herein           and the
consummation of the Contribution will have been duly authorized, and           such
shares will be validly issued, fully paid and non-assessable(subject to           Section&nbsp;180.0622(2)(b)
of the WBCL and judicial interpretations thereof);           will have been offered,
issued, sold and delivered in compliance in all material           respects with
applicable federal and state securities laws; and will not be           subject to any
preemptive rights.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Assumption
of Liabilities and Expenses</U>. As of the date hereof, J Venture           Management,
Inc. (&#147;<U>JVM</U>&#148;) and certain of the Beneficial Holders           have
incurred out-of-pocket expenses and other obligations in connection with           the
investigation, evaluation, offer, negotiation, financing and other actions           on
behalf of the Beneficial Holders in relation to the Merger, the financing
          thereof and the transactions contemplated by this Agreement and by the Merger
          Agreement, including but not limited to the costs and expenses of financial and
          legal advisors, and JVM and the Beneficial Holders expect to incur additional
          costs and expenses in order to consummate the Merger and the transactions
          contemplated by this Agreement and the Merger Agreement (collectively, the
          &#147;<U>Obligations</U>&#148;). Acquisition Corp. hereby agrees (1) to
          reimburse the Beneficial Holders and JVM for all of the Obligations, and (2) to
          assume such Obligations and to indemnify and hold JVM and the Beneficial
Holders           harmless from and against any and all claims and liabilities arising in
          connection therewith or resulting therefrom.  </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5 </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Fiduciary
Duties</U>. Notwithstanding anything in this Agreement to the           contrary set
forth herein, none of the covenants and agreements contained in           this Agreement
shall prevent any Beneficial Holder from serving as an officer of           the Company
or a member of the Company&#146;s Board of Directors, or from taking           any
action, subject to the applicable provisions of the Merger Agreement, while
          acting in such capacity as an officer or a director of the Company.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous
Provisions</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Beneficial
Holder Acting Individually</U>. In executing this Agreement, each           Beneficial
Holder is acting individually, and not jointly with other similarly           situated
owners of Company Common Stock.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Shared Voting or Disposition Authority</U>. By entering into this           Agreement,
the Beneficial Holder does not agree to confer upon any other person           or share
the power to dispose or vote or direct the disposition or voting of           his, her or
its Company Common Stock.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement</U>. This Agreement constitutes the entire agreement of the           parties
hereto with respect to the subject matter hereof, and supersedes all           prior
agreements and understandings of the parties, oral and written, with           respect to
the subject matter hereof.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment;
Binding Effect.</U> This Agreement may only be amended by a           written instrument
executed by Acquisition Corp. and a majority-in-interest of           the Beneficial
Holders. This Agreement shall inure to the benefit of and bind           the respective
parties, successors and assigns.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
Any notice required to be given hereunder shall be sufficient if           in writing,
and sent by facsimile transmission or by courier service (with proof           of
service), or hand delivery, addressed to Acquisition Corp. or to the           Beneficial
Holder, as the case may be, as set forth on <U>Schedule II</U>          hereto.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver</U>.
The failure of any of the parties hereto to at any time enforce           any of the
provisions of this Agreement shall not be deemed or construed to be a           waiver of
any such provision, nor to in any way affect the validity of this           Agreement or
any provision hereof or the right of any of the parties hereto to           thereafter
enforce each and every provision of this Agreement. No waiver of any           breach of
any of the provisions of this Agreement shall be effective unless set           forth in
a written instrument executed by the party or parties against whom or           which
enforcement of such waiver is sought; and no waiver of any such breach           shall be
construed or deemed to be a waiver of any other or subsequent breach.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Specific
Performance</U>. The parties hereto agree that irreparable damage           would occur
in the event that any of the provisions of this Agreement were not           performed in
accordance with their specific terms or were otherwise breached.           Accordingly,
the parties further agree that each party will be entitled to an           injunction or
restraining order to prevent breaches of this Agreement and to           enforce
specifically the terms and provisions hereof in any court of the United           States
or any state having jurisdiction, this being in addition to any other           right or
remedy to which such party may be entitled under this Agreement, at law           or in
equity.  </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6 </FONT></P>


<!-- *************************************************************************** -->
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Agreement shall be governed by and construed in           accordance with
the laws of the State of Wisconsin, without regard to the           principles of
conflicts of law thereof.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Agreement may be executed by facsimile and in two or           more counterparts,
each of which shall be deemed to be an original, but all of           which together
shall constitute one and the same instrument.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
If any term or other provision of this Agreement is           invalid, illegal or
incapable of being enforced by any rule of law, or public           policy, all other
conditions and provisions of this Agreement shall nevertheless           remain in full
force and effect so long as the economic or legal substance of           the transactions
contemplated herein are not affected in any manner materially           adverse to any
party hereto. Upon such determination that any term or other           provision is
invalid, illegal or incapable of being enforced, the parties hereto           shall
negotiate in good faith to modify this Agreement so as to effect the           original
intent of the parties as closely as possible in a mutually acceptable           manner.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.
This Agreement shall terminate upon the termination of the           Merger Agreement in
accordance with its terms; <U>provided</U>, <U>however</U>,           that to the extent
Acquisition Corp. receives Expense Reimbursement (as defined           in the Merger
Agreement) from the Company, then the obligations of Acquisition           Corp. under
Section 5 shall continue notwithstanding termination.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Signature page
follows.] </FONT></P>

<BR>
<BR>
<BR>
<BR>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto as
of the date set forth below. </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>JO ACQUISITION CORP.</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By: <U>/s/ Helen Johnson-Leipold</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name: Helen Johnson-Leipold</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Its: President and Chief Executive Officer</FONT></TD></TR>
</TABLE>




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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Beneficial Holders:</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/ Helen P. Johnson-Leipold</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Helen P. Johnson-Leipold</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/ Imogene P. Johnson</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Imogene P. Johnson</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/ Fisk Johnson</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>H. Fisk Johnson</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/ S. Curtis Johnson</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S. Curtis Johnson</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/ Winifred J. Marquart</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Winifred J. Marquart</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>JOHNSON BANK</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By: <U>/s/ Brian Lucareli</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name: Brian Lucareli</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title: Senior Vice President</FONT></TD></TR>
</TABLE>





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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Beneficial Holders:</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>JWA CONSOLIDATED, INC.</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By: <U>/s/ Imogene P. Johnson</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name: Imogene P. Johnson</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title: President</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SAMUEL C. JOHNSON 1988 TRUST NUMBER ONE U/A SEPTEMBER 14, 1988</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By: <U>/s/ Imogene P. Johnson</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name: Imogene P. Johnson</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title: Co-Trustee</FONT></TD></TR>
</TABLE>




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<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule I </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Contribution Shares </FONT></H1>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Beneficial Holder</U> </FONT></TH>
     <TH COLSPAN=4><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Contribution Shares</U> </FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>&nbsp; </FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Sole Voting/<BR>
<U>Dispositive Power</U> </FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Shared Voting/<BR>
<U>Dispositive Power<SUP>2</SUP></U> </FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>&nbsp; </FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Class A<BR>
<U>Common Stock<SUP>1</SUP></U> </FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Class B<BR>
<U>Common Stock</U> </FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Class A<BR>
<U>Common Stock</U> </FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Class B<BR>
<U>Common Stock</U> </FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Helen P. Johnson-Leipold </FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">323,444 </FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0 </FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">340,786 </FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,066,722 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Imogene P. Johnson </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">32,288 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,354,529 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,062,330 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>H. Fisk Johnson </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">387,596 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">145,679 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,070,114 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>S. Curtis Johnson </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">29,009 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">150,886 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,047,330 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Winifred J. Marquart </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">20 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">68,200 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">19,008 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Johnson Bank </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">71,724 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">47,780 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,747,964 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">76,184 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>JWA Consolidated, Inc. </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">114,464 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,037,330 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Samuel C. Johnson 1988 Trust </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Number One u/a September </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14, 1988 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,354,529 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,062,330 </FONT></TD></TR>
</TABLE>

<BR>
<BR>


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<HR SIZE=1 NOSHADE WIDTH=15% ALIGN=LEFT COLOR=BLACK>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>1</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excludes
options to acquire shares held of record by Samuel C. Johnson 1988 Trust Number One u/a
September 14, 1988. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>2</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Represents
shares over which one or more of the Beneficial Holders together hold 100% of the voting
and dispositive power; represents an aggregate total of 2,777,964 shares of Class A
Common Stock and 1,123,514 shares of Class B Common Stock.  </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule II </FONT></H1>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=50% align=center>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Beneficial Holder</U></B></FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Address</U></B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Helen P. Johnson-Leipold</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>555 Main St., Racine, WI</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Imogene P. Johnson</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>555 Main St., Racine, WI</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>H. Fisk Johnson</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>555 Main St., Racine, WI</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>S. Curtis Johnson</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>555 Main St., Racine, WI</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Winifred J. Marquart</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>555 Main St., Racine, WI</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Johnson Bank</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>555 Main St., Racine, WI</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>JWA Consolidated, Inc.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>555 Main St., Racine, WI</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Samuel C. Johnson 1988 Trust</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>555 Main St., Racine, WI</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Number One u/a September 14, 1988</FONT></TD></TR>
</TABLE>




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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CONTRIBUTION AGREEMENT </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Counterpart Signature
Page and Joinder Agreement </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
executing this page in the space provided, the undersigned investor hereby agrees
(i)&nbsp;that it is a <B>[&#147;Beneficial Holder&#148;] [&#147;Record Holder&#148;]
</B>as defined in that certain Contribution Agreement dated as of October 28, 2004 and as
amended through the date hereof, by and among JO Acquisition Corp. and certain Beneficial
Holders identified therein (the &#147;Contribution Agreement&#148;), (ii) that it is a
party to the Contribution Agreement for all purposes and (iii) that it is bound by all
terms and conditions of the Contribution Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number
of shares:&nbsp;&nbsp;&nbsp;&nbsp;Class A Common Stock ____________________<BR>&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class
B Common Stock ____________________ </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXECUTED
this ___ day of _______________ 200_. </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>____________________________________</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Print or Type Name)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Signature)</FONT></TD></TR>
</TABLE>




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<!-- MARKER FORMAT-SHEET="Head Right-TNR" FSL="Project" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ANNEX C</U></B> </FONT></P>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VOTING AGREEMENT </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>by and </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>among </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JO ACQUISITION CORP. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE SHAREHOLDERS NAMED
HEREIN </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>dated as of October 28,
2004 </FONT></P>


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<HR SIZE=5 COLOR=GRAY NOSHADE>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VOTING AGREEMENT </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting
Agreement, dated as of October 28, 2004 (the &#147;<U>Agreement</U>&#148;), by and among
Helen P. Johnson-Leipold, Imogene P. Johnson, H. Fisk Johnson, S. Curtis Johnson, Winifred
J. Marquart, JWA Consolidated, Inc., a Delaware corporation, Samuel C. Johnson 1988 Trust
Number One u/a September 14, 1988 (the &#147;<U>Trust</U>&#148;) and Johnson Bank, a
Wisconsin state bank (collectively, including the Trust, the
&#147;<U>Shareholders</U>,&#148; and each individually, a &#147;<U>Shareholder</U>&#148;),
and JO Acquisition Corp., a Wisconsin corporation (&#147;<U>Purchaser</U>&#148;). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
concurrently with the execution of this Agreement, Johnson Outdoors Inc., a Wisconsin
corporation (the &#147;<U>Company</U>&#148;) and Purchaser are entering into an Agreement
and Plan of Merger (the &#147;<U>Merger </U>Agreement&#148;) (terms used but not defined
herein shall have the meanings set forth in the Merger Agreement) pursuant to which
Purchaser will be merged with and into the Company (the &#147;<U>Merger</U>&#148;); </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
as of the date hereof, each Shareholder beneficially owns (as such term is defined in Rule
13d-3 promulgated under the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder (the &#147;<U>Exchange Act</U>&#148;)) the number of
shares of Class&nbsp;A Common Stock, par value $0.05 per share, of the Company
(&#147;<U>Class&nbsp;A Common Stock</U>&#148;) and Class&nbsp;B Common Stock, par value
$0.05 per share, of the Company (&#147;<U>Class&nbsp;B Common Stock</U>&#148; and,
together with the Class&nbsp;A Common Stock, &#147;<U>Company Common Stock</U>&#148;) set
forth opposite such Shareholder&#146;s name on Schedule I hereto (such shares of Company
Common Stock, together with any other shares of Company Common Stock, sole or shared
voting power over which is acquired by such Shareholder during the period from and
including the date hereof through and including the date on which this Agreement is
terminated in accordance with its terms, collectively, the &#147;<U>Subject Common
Shares</U>&#148;); </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
as a condition to its willingness to enter into the Merger Agreement, Purchaser has
required that the Shareholders enter into this Agreement whereby each Shareholder commits
to cause the Subject Common Shares over which such Shareholder has sole voting power, and
to use its best efforts to cause the Subject Common Shares over which such Shareholder has
joint voting power, to be voted in favor of the Merger on the terms and subject to the
conditions of this Agreement; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
as a further condition to the Merger Agreement, the Shareholders and Purchaser are
entering into a Contribution Agreement, dated as of the date hereof in substantially the
form attached as Appendix II to the Merger Agreement (the &#147;<U>Contribution
Agreement</U>&#148;). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the foregoing and the respective representations,
warranties, covenants and agreements contained in this Agreement and intending to be
legally bound, the parties agree as follows: </FONT></P>




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<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE I  <BR>VOTING
MATTERS  </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
1.1 <U>Agreement to Vote</U>. Each Shareholder hereby agrees that, from and after the
date hereof until the termination of this Agreement, at any duly called meeting of the
shareholders of the Company, and in any action by written consent of the shareholders of
the Company, such Shareholder shall, if a meeting is held, appear at the meeting and any
adjournment or postponement thereof, in person or by proxy, or otherwise cause the
Subject Common Shares over which such Shareholder has sole voting power (and use its best
efforts to cause the Subject Common Shares over which such Shareholder has joint voting
power) to be counted as present thereat for purposes of establishing a quorum, and such
Shareholder shall vote or consent the Subject Common Shares over which such Shareholder
has sole voting power (and cause to be voted or consented the Subject Common Shares over
which such Shareholder has joint voting power), in person or by proxy, (a) in favor of
approving the Merger Agreement, the Merger and each of the other transactions and other
matters specifically contemplated by the Merger Agreement, (b)&nbsp;in favor of any
proposal to adjourn any such meeting if necessary to permit further solicitation of
proxies in the event there are not sufficient votes at the time of such meeting to
approve the Merger Agreement, (c)&nbsp;against any action or agreement submitted for
approval of the shareholders of the Company that would result in a breach of any
covenant, representation or warranty or any other obligation or agreement of the Company
under the Merger Agreement or of such Shareholder under this Agreement and (d) except as
otherwise agreed in writing by the Company, against any action, agreement, transaction or
proposal submitted for approval of the shareholders of the Company that would reasonably
be expected to result in any of the conditions to the Company&#146;s obligations under
the Merger Agreement not being fulfilled or that is intended, or would reasonably be
expected, to prevent, impede, interfere with, delay or adversely affect the transactions
contemplated by the Merger Agreement. Any vote by such Shareholder that is not in
accordance with this Section 1.1 shall be considered null and void. Such Shareholder
shall not enter into any agreement or understanding with any person or entity prior to
the termination of this Agreement to vote or give instructions in a manner inconsistent
with clauses (a), (b) or (c) of this Section 1.1.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE II
 <BR>REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDERS  </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Shareholders hereby severally represents and warrants to the Purchaser as follows
with respect to itself only: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.1 <U>Corporate Existence; Authorization</U>. If such Shareholder is a business
organization, such Shareholder is duly organized, validly existing and in good standing
(with respect to jurisdictions that recognize such concept) under the Laws of the
jurisdiction of its organization or formation and has all requisite power and authority
to enter into this Agreement, to carry out its obligations hereunder and to consummate
the transactions contemplated by this Agreement. If such Shareholder is a natural person,
such Shareholder has the capacity to enter into this Agreement, to carry out its
obligations hereunder and to consummate the transactions contemplated by this Agreement.
This Agreement has been duly and validly executed and delivered by such Shareholder and,
assuming due execution and delivery by each of the other parties hereto, this Agreement
constitutes a legal, valid and binding obligation of such Shareholder enforceable against
such Shareholder in accordance with its terms, except as such enforceability may be
limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
other similar Laws of general applicability relating to or affecting creditors&#146; rights,
and to general equitable principles.  </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 71; page: 71" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.2       <U>No Conflict; Required Filings and Consents</U>. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
execution and delivery of this Agreement by such Shareholder does not, and           the
performance of this Agreement by such Shareholder will not, (i) conflict           with
or violate the articles of incorporation, limited liability company           agreement
or equivalent organizational documents, as the case may be, of such
          Shareholder, (ii) conflict with or violate any Laws applicable to such
          Shareholder or by which such Shareholder or any of its properties is bound or
          (iii) result in any breach of or constitute a default (or event that with
notice           or lapse of time or both would become a default) under, or impair such
          Shareholder&#146;s rights or alter the rights or obligations of any third party
          under, or give to others any rights of termination or acceleration of, or
result           in the creation of an Encumbrance on any Subject Common Shares (other
than           pursuant to this Agreement) or other properties or assets of such
Shareholder           pursuant to, any note, bond, mortgage, indenture, agreement, lease,
license,           permit, franchise, concession or other instrument or obligation to
which such           Shareholder is a party or by which it is bound (including any trust
agreement,           voting agreement, shareholders&#146; agreement or voting trust) or
          (iv)&nbsp;violate any order, writ, injunction, judgment or decree of any
          Governmental Entity applicable to such Shareholder, except, in the case of
          clauses&nbsp;(ii), (iii) or (iv), for such conflicts, violations, breaches,
          defaults, impairments, alterations, terminations, accelerations or Encumbrances
          or rights that would not prevent or materially delay the ability of such
          Shareholder to carry out its obligations under, and to consummate the
          transactions contemplated by, this Agreement.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          The
execution and delivery of this Agreement by such Shareholder does not, and           the
performance of this Agreement by such Shareholder shall not, require any
          consent, approval, authorization or permit of, or filing with, or notification
          to, any Governmental Entity, except where the failure to obtain such consents,
          approvals, authorizations or permits, or to make such filings or notifications,
          would not prevent or materially delay the ability of such Shareholder to carry
          out its obligations under, and to consummate the transactions contemplated by,
          this Agreement.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.3 <U>Ownership of Shares</U>. Such Shareholder is the record or beneficial owner of,
and has good title to, the Subject Common Shares set forth opposite its name on Schedule
I. Such Shareholder, together with its affiliates, if any, or another Shareholder, has
sole or shared voting power, and sole or shared power of disposition, with respect to all
of such Subject Common Shares, and such Subject Common Shares are free and clear of all
Liens, other than as set forth in Section&nbsp;4.1(b) or any Liens in favor of one or
more other Shareholders or created by this Agreement. Such Shareholder has not appointed
or granted any proxy inconsistent with this Agreement, which appointment or grant is
still effective, with respect to the Subject Common Shares, it being understood and
agreed that any proxy granted by a Shareholder to one or more of the other Shareholders
shall not be deemed to be inconsistent with this Agreement unless it would result in the
voting of Subject Common Shares in a manner inconsistent with Section&nbsp;1.1 of this
Agreement or prevent the voting in accordance with Section&nbsp;1.1 of this Agreement of
Subject Common Shares.  </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 72; page: 72" -->
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<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.4 <U>Absence of Litigation</U>. As of the date hereof, there is no suit, action,
investigation or proceeding pending or, to the knowledge of such Shareholder, threatened
against such Shareholder before or by any Governmental Entity that could impair the
ability of Shareholder to perform its obligations hereunder or to consummate the
transactions contemplated hereby on a timely basis.  </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE III
 <BR>REPRESENTATIONS AND WARRANTIES OF PURCHASER  </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchaser
hereby represents and warrants to each Shareholder as follows: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.1 <U>Corporate Authorization</U>. Purchaser is duly organized and validly existing
under the Laws of the State of Wisconsin and has all requisite power and authority to
enter into and perform all of its obligations under this Agreement and to consummate the
transactions contemplated by this Agreement. The execution and delivery of this Agreement
by Purchaser, the performance by Purchaser of its obligations hereunder and the
consummation by Purchaser of the transactions contemplated hereby have been duly
authorized by all requisite action on the part of Purchaser. This Agreement has been duly
executed and delivered by Purchaser and, assuming the due and valid authorization,
execution and delivery hereof by the other parties hereto, this Agreement constitutes the
valid and binding obligation of Purchaser, enforceable against Purchaser in accordance
with its terms, except as enforceability may be limited by bankruptcy and other similar
Laws affecting the rights of creditors generally and general principles of equity.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.2 <U>No Conflict; Required Filings and Consents</U>. The execution and delivery of this
Agreement by Purchaser does not, and the performance of this Agreement by Purchaser will
not, (a) conflict with or violate Purchaser&#146;s articles of incorporation or bylaws,
(b) conflict with or violate any Laws applicable to Purchaser or by which Purchaser or
any of its properties is bound, (c)&nbsp;result in any breach of or constitute a default
(or event that with notice or lapse of time or both would become a default) under, or
impair Purchaser&#146;s rights or alter the rights or obligations of any third party
under, or give to others any rights of termination or acceleration of, or result in the
creation of an Encumbrance on any of the properties or assets of Purchaser pursuant to,
any note, bond, mortgage, indenture, agreement, lease, license, permit, franchise,
concession or other instrument or obligation to which Purchaser is a party or by which it
is bound or (d)&nbsp;violate any order, writ, injunction, judgment or decree of any
Governmental Entity, except, in the case of clauses&nbsp;(b), (c) and (d), for such
conflicts, violations, breaches, defaults, impairments, alterations, terminations,
accelerations or Encumbrances or rights that would not prevent or materially delay the
ability of Purchaser to carry out its obligations under, and to consummate the
transactions contemplated by, this Agreement. Other than filings required under the
Exchange Act, the execution and delivery of this Agreement by Purchaser and the
performance of this Agreement by Purchaser do not require any filing with, permit,
authorization, notification, consent or approval of, any Governmental Entity.  </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4 </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE IV  <BR>COVENANTS
OF THE SHAREHOLDERS  </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Shareholder severally, but not jointly and severally, hereby covenants and agrees as
follows with respect to itself only: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.1 <U>Restriction on Transfer of Shares</U>.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          Such
Shareholder shall not, directly or indirectly: (i) offer for sale, sell
          (including short sales), transfer, tender, pledge, encumber, assign or
otherwise           dispose of (including by gift) or enter into any contract, option,
derivative,           hedging or other arrangement or understanding (including any
profit-sharing           arrangement) with respect to or consent to the offer for sale,
sale, transfer,           tender, pledge, encumbrance, assignment or other disposition of
any or all of           the Subject Common Shares or any interest therein (any of the
foregoing, a           &#147;<U>Transfer</U>&#148;), except to any affiliate of such
Shareholder or to           another Shareholder, provided in the case of a Transfer to an
affiliate that           such affiliate agrees in writing to be bound by the terms of
this Agreement, or           Transfers which occur by operation of law, with the Company&#146;s
prior written           consent or to Purchaser immediately prior to the Effective Time
in accordance           with the Contribution Agreement, (ii) grant any proxies or powers
of attorney           (other than to an affiliate of such Shareholder that agrees in
writing to be           bound by the terms of this Agreement or to another Shareholder or
other           Shareholders) with respect to the Subject Common Shares, deposit any of
the           Subject Common Shares into a voting trust or enter into any other voting
          arrangement (other than with an affiliate of such Shareholder that agrees in
          writing to be bound by the terms of this Agreement or with another Shareholder
          or other Shareholders) or permit to exist any other Lien of any nature
          whatsoever with respect to the Subject Common Shares (other than such other
          Liens created by or arising under this Agreement or existing by operation of
          law), (iii)&nbsp;exercise the right to convert any shares of Class&nbsp;B
Common           Stock into shares of Class&nbsp;A Common Stock or (iv) commit or agree
to take           any of the foregoing actions.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          Notwithstanding
anything to the contrary set forth herein, transfers of an           aggregate of up to
450,000 shares of Class&nbsp;A Common Stock held of record by           the Trust in
satisfaction of pecuniary bequests existing on the date hereof           shall not be a
breach of this Agreement or deemed to be transfers prohibited           hereby, provided
that contemporaneously with any such transfer, an amount in           cash equal to the
product of the number of shares of Class&nbsp;A Common Stock           so transferred
multiplied by the Merger Consideration is contributed to           Purchaser.  </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5 </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.2 <U>Contribution Agreement</U>. Such Shareholder agrees to comply with the terms and
conditions of the Contribution Agreement.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.3 <U>Certain Events</U>. Such Shareholder agrees that this Agreement and the
obligations hereunder shall attach to the Subject Common Shares and shall be binding upon
any person or entity to which legal or beneficial ownership of the Subject Common Shares
shall pass, whether by operation of law or otherwise, including without limitation the
Shareholder&#146;s administrators, successors or receivers.  </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE V
 <BR>MISCELLANEOUS  </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.1 <U>Termination</U>. This Agreement shall automatically terminate, and none of
Purchaser or any Shareholder shall have any rights or obligations hereunder and this
Agreement shall become null and void and have no further effect, upon the earliest to
occur of (a) the mutual consent of all of the parties hereto, (b) the Effective Time and
(c) the date of termination of the Merger Agreement in accordance with its terms.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.2 <U>Non-Survival of Representations and Warranties</U>. None of the representations
and warranties in this Agreement shall survive the termination of this Agreement. This
Section 5.2 shall not limit any covenant or agreement of the parties contained herein
which by its terms contemplates performance after the termination of this Agreement.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.3 <U>Notices</U>. Any notices or other communications required or permitted under, or
otherwise in connection with this Agreement shall be in writing and shall be deemed to
have been duly given when delivered in person or on receipt after dispatch by registered
or certified mail, postage prepaid, addressed, or on receipt if transmitted by national
overnight courier, in each case as follows:  </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
If
to Purchaser or any Shareholder: </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
JO
Acquisition Corp.                            <BR>555 Main Street, Suite 500
                           <BR>Racine, WI  53403-4616                            <BR>Attn:  Helen
P. Johnson-Leipold and Roy T. George                            <BR>Tel: (262) 260-2000
                           <BR>Fax: (262) 260-5339 </FONT></TD>
</TR>
</TABLE>
<BR>




<BR>
<BR>
<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6 </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
With
a copy to: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
McDermott
Will &amp; Emery LLP                            <BR>28 State Street
                           <BR>Boston, MA 02109                            <BR>Attn:  John B.
Steele and Patricia A. Johansen                            <BR>Tel: (617) 535-4000
                           <BR>Fax: (617) 535-3800 </FONT></TD>
</TR>
</TABLE>
<BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.4 <U>Appraisal Rights</U>. To the extent permitted by applicable Laws, each Shareholder
hereby waives any rights of appraisal or rights to dissent from the Merger that it may
have under applicable Laws.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.5 <U>Expenses</U>. All costs and expenses (including legal fees) incurred in connection
with this Agreement shall be paid by the party incurring such expenses.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.6 <U>Headings</U>. The headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this Agreement.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.7 <U>Severability</U>. If any term or other provision of this Agreement is invalid,
illegal or incapable of being enforced by any rule of Law or public policy, all other
conditions and provisions of this Agreement shall nevertheless remain in full force and
effect so long as the economic or legal substance of the transactions contemplated hereby
is not affected in any manner materially adverse to any party. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the
parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in an acceptable manner to the end
that transactions contemplated hereby are fulfilled to the extent possible.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.8 <U>Entire Agreement</U>. This Agreement constitutes the entire agreement, and
supersedes all prior agreements and understandings, both written and oral, among the
parties with respect to the subject matter hereof.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.9 <U>Assignment</U>. Neither this Agreement nor any of the rights, interests or
obligations hereunder shall be assigned by any of the parties hereto, in whole or in part
(whether by operation of law or otherwise), without the prior written consent of the
other parties, and any attempt to make any such assignment without such consent shall be
null and void.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.10 <U>Binding Effect</U>. This Agreement shall be binding upon and inure solely to the
benefit of each party hereto and their respective successors and assigns.  </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.11 <U>Mutual Drafting</U>. This Agreement shall be construed without regard to any
presumption or rule requiring construction or interpretation against the party drafting
or causing this Agreement to be drafted.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.12      <U>Governing Law; Consent to Jurisdiction; Waiver of Trial by Jury</U>. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          This
Agreement shall be governed by and construed in accordance with the Laws of           the
State of Wisconsin, regardless of the laws that might otherwise govern under
          applicable principles of conflicts of laws thereof.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          Each
of the parties hereto hereby irrevocably and unconditionally submits, for
          itself and its property, to the exclusive jurisdiction of the courts of the
          State of Wisconsin in any action or proceeding arising out of or relating to
          this Agreement or the agreements delivered in connection herewith or the
          transactions contemplated hereby or thereby or for recognition or enforcement
of           any judgment relating thereto, and each of the parties hereby irrevocably
and           unconditionally (i)&nbsp;agrees not to commence any such action or
proceeding           except in such court, (ii)&nbsp;agrees that any claim in respect of
any such           action or proceeding may be heard and determined in such court,
          (iii)&nbsp;waives, to the fullest extent it may legally and effectively do so,
          any objection which it may now or hereafter have to the laying of venue of any
          such action or proceeding in such court, and (iv)&nbsp;waives, to the fullest
          extent permitted by Laws, the defense of an inconvenient forum to the
          maintenance of such action or proceeding in such court. Each of the parties
          hereto agrees that a final judgment in any such action or proceeding shall be
          conclusive and may be enforced in other jurisdictions by suit on the judgment
or           in any other manner provided by Laws. Each party to this Agreement
irrevocably           consents to service of process in the manner provided for notices
in Section           5.3. Nothing in this Agreement shall affect the right of any party
to this           Agreement to serve process in any other manner permitted by Laws.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER           THIS
AGREEMENT MAY INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT           HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL           BY JURY
IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR           RELATING
TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION           HEREWITH OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY           CERTIFIES AND
ACKNOWLEDGES THAT (I)&nbsp;IT UNDERSTANDS AND HAS CONSIDERED THE           IMPLICATIONS
OF SUCH WAIVERS, (II)&nbsp;IT MAKES SUCH WAIVERS VOLUNTARILY, AND           (III)&nbsp;IT
HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER           THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.12(c).  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.13 <U>Amendment: Waiver</U>. No provision of this Agreement may be waived unless in
writing signed by all of the parties to this Agreement, and the waiver of any one
provision of this Agreement shall not be deemed to be a waiver of any other provision.
This Agreement may be amended, supplemented or otherwise modified only by a written
agreement executed by all of the parties to this Agreement.  </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8 </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.14 <U>Stop Transfer Order</U>. In furtherance of this Agreement, each Shareholder shall
and does hereby authorize and request that the Company instruct its transfer agent to
enter a stop transfer order, consistent with the terms of this Agreement and subject to
such transfers as may be permitted by the express terms hereof, with respect to all of
the Subject Common Shares beneficially owned by such Shareholder.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.15 <U>Further Assurances</U>. From time to time, at the other party&#146;s request and
without further consideration, each party hereto shall execute and deliver such
additional documents and take all such further action as may be reasonably necessary to
consummate and make effective, in the most expeditious manner practicable, the
transactions contemplated by this Agreement.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.16 <U>Fiduciary Duties</U>. Notwithstanding anything in this Agreement to the contrary
set forth herein, none of the covenants and agreements contained in this Agreement shall
prevent any Shareholder from serving as an officer of the Company or a member of the
Company&#146;s Board of Directors, or from taking any action, subject to the applicable
provisions of the Merger Agreement, while acting in such capacity as an officer or a
director of the Company.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.17 <U>Specific Performance</U>. The parties hereto agree that irreparable damage would
occur in the event any of the provisions of this Agreement were not to be performed in
accordance with the terms hereof and that the parties shall be entitled to seek specific
performance of the terms hereof in addition to any other remedies at law or in equity.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.18 <U>Counterparts</U>. This Agreement may be executed in one or more counterparts, and
by the different parties hereto in separate counterparts, each of which when executed
shall be deemed to be an original but all of which taken together shall constitute one
and the same agreement.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Signature page
follows.] </FONT></P>

<BR>
<BR>
<BR>
<BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the date
first above written. </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/ Helen P. Johnson-Leipold</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Helen P. Johnson-Leipold</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/ Imogene P. Johnson</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Imogene P. Johnson</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/ H. Fisk Johnson</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>H. Fisk Johnson</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/ S. Curtis Johnson</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S. Curtis Johnson</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/ Winifred J. Marquart</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Winifred J. Marquart</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JWA CONSOLIDATED, INC.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By: <U>/s/ Imogene P. Johnson</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name: Imogene P. Johnson</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Its: President</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SAMUEL C. JOHNSON 1988 TRUST NUMBER ONE U/A SEPTEMBER 14, 1988</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By: <U>/s/ Imogene P. Johnson</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name: Imogene P. Johnson</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Its: Co-Trustee</FONT></TD></TR>
</TABLE>





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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JOHNSON BANK</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By: <U>/s/ Brian Lucareli</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name: Brian Lucareli</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Its: Senior Vice President</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JO ACQUISITION CORP.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By: <U>/s/ Helen P. Johnson-Leipold</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name: Helen P. Johnson-Leipold</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Its: President and Chief Executive Officer</FONT></TD></TR>
</TABLE>




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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule I </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subject Common Shares </FONT></H1>










<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Shareholder</U> </FONT></TH>
     <TH COLSPAN=4><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Subject Common Shares</U> </FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>&nbsp; </FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Sole Voting/<BR>
<U>Dispositive Power</U> </FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Shared Voting/<BR>
<U>Dispositive Power<SUP>1</SUP></U> </FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>&nbsp; </FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Class A<BR>
<U>Common Stock<SUP>2</SUP></U> </FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Class B<BR>
<U>Common Stock</U> </FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Class A<BR>
<U>Common Stock</U> </FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Class B<BR>
<U>Common Stock</U> </FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Helen P. Johnson-Leipold </FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">323,444 </FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0 </FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">340,786 </FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,066,722 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Imogene P. Johnson </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">32,288 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,354,529 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,062,330 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>H. Fisk Johnson </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">387,596 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">145,679 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,070,114 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>S. Curtis Johnson </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">29,009 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">150,886 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,047,330 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Winifred J. Marquart </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">20 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">68,200 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">19,008 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>JWA Consolidated, Inc. </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">114,464 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,037,330 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Samuel C. Johnson 1988 Trust </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Number One u/a September 14, </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,354,529 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,062,330 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Johnson Bank </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">71,724 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">47,780 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,747,964 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">76,184 </FONT></TD></TR>
</TABLE>

<BR>
<BR>
<BR>
<BR>
<BR>


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<HR SIZE=1 NOSHADE WIDTH=15% ALIGN=LEFT COLOR=BLACK>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>1</SUP> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Represents
an aggregate total of 2,777,964 shares of Class A Common Stock and 1,123,514 shares of
Class B Common Stock over which one or more of the Shareholders together hold 100% of the
voting and dispositive power.</FONT></TD>
</TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                                     <SUP>2</SUP>  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Excludes
options to acquire shares held of record by Samuel C. Johnson 1988 Trust Number One u/a
September 14, 1988. </FONT></TD>
</TR>
</TABLE>
<BR>


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<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Appendix I:<BR>Matters
Relating to  <BR>Johnson Outdoors Inc. <BR><U>Worldwide Key Executive Phantom Share Long Term
Incentive Plan </U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FIRST AMENDMENT </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TO THE JOHNSON OUTDOORS
INC. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WORLDWIDE KEY
EXECUTIVE PHANTOM </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SHARE LONG-TERM
INCENTIVE PLAN </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
First Amendment (the &#147;Amendment&#148;), to the Johnson Outdoors Inc. Worldwide Key
Executive Phantom Share Long-Term Incentive Plan (the &#147;Plan&#148;) hereby amends the
Plan as follows, effective as of the Effective Time, as defined in the Agreement and Plan
of Merger dated as of October 28, 2004 by and between Johnson Outdoors Inc. and JO
Acquisition Corp. </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
last sentence of Section 5(b) shall be deleted and replaced with the           following: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;For
the purposes of the Plan, the &#147;fair market value&#148; of one share of Common Stock
means, on any given date, the fair market value of a share of Common Stock as determined
in good faith by the Committee.&#148; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Effectiveness
of Plan</U>. Except as expressly amended herein, the Plan                     shall
continue in full force and effect and is hereby ratified and confirmed in
                    all respects as of the date hereof. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, this Amendment to the Plan is adopted as of ________, 200_. </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Committee, Worldwide Key Executive</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Phantom Share Long-Term Incentive Plan</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>__________________________________</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title:</FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I-1 </FONT></P>


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<!-- MARKER FORMAT-SHEET="Head Right-TNR" FSL="Project" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ANNEX D</U></B> </FONT></P>
<BR>
<BR>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[GRAPHIC
OMITTED][WILLIAM BLAIR LOGO] </FONT></H1>

<BR>
<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 28, 2004  </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Special Committee of the
Board of Directors<BR>Johnson Outdoors Inc.<BR>555 Main Street  <BR>Racine, Wisconsin 53403  </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gentlemen: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>You have requested our opinion as to
the fairness, from a financial point of view, to the holders of the outstanding shares of
common stock (other than Helen P. Johnson-Leipold, Imogene P. Johnson and the other
parties to the Contribution Agreement (as defined in the Merger Agreement) and JO
Acquisition Corp. (&#147;Merger Sub&#148;)) (such holders being referred to herein as the
&#147;Shareholders&#148;) of Johnson Outdoors Inc. (the &#147;Company&#148;) of the $20.10
per share in cash (the &#147;Merger Consideration&#148;) proposed to be paid to the
Shareholders pursuant to the draft Agreement and Plan of Merger dated as of October 26,
2004 (the &#147;Merger Agreement&#148;) by and between Merger Sub and the Company.
Pursuant to the terms of and subject to the conditions set forth in the draft Merger
Agreement, the Merger Sub will be merged with and into the Company (the
&#147;Merger&#148;) and each share of Class A common stock, $0.05 par value per share, and
Class B common stock, $0.05 par value per share of the Company held by the Shareholders
will be converted into the right to receive the Merger Consideration upon consummation of
the Merger. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In connection with our review of the
proposed Merger and the preparation of our opinion herein, we have examined: (a) the draft
Merger Agreement; (b) certain audited historical financial statements of the Company for
the five years ended September 30, 2003; (c) the unaudited financial statements of the
Company for the year ended September 30, 2004; (d) certain internal business, operating
and financial information and forecasts of the Company (the &#147;Forecasts&#148;),
prepared by the senior management of the Company; (e) the financial terms of the Merger
compared with publicly available information regarding the financial terms of certain
other business combinations we deemed relevant; (f) the financial position and operating
results of the Company compared with those of certain other publicly traded companies we
deemed relevant; (g) current and historical market prices and trading volumes of the
common stock of the Company; and (h) certain other publicly available information about
the Company. We have also held discussions with members of the senior management of the
Company to discuss the foregoing, have considered other matters which we have deemed
relevant to our inquiry and have taken into account such accepted financial and investment
banking procedures and considerations as we have deemed relevant. In connection with our
engagement, we were not requested to approach, nor did we hold any discussions with, third
parties to solicit indications of interest in a possible acquisition of the Company. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In rendering our opinion, we have
assumed and relied upon, without independent verification, the accuracy and completeness
of all the information examined by or otherwise reviewed or discussed with us for
purposes of this opinion, including, without limitation, the Forecasts provided by senior
management of the Company. We have assumed that the Company is not aware of any
information that might be material to our opinion that has not been provided to us. We
have not made or obtained an independent valuation or appraisal of the assets,
liabilities or solvency of the Company. We have been advised by the senior management of
the Company that the Forecasts examined by us have been reasonably prepared on bases  </FONT></P>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reflecting the best currently
available estimates and judgments of the senior management of the Company as to the
future results of operations and financial condition of the Company. In that regard, we
have assumed, with your consent, that all material assets and liabilities (contingent or
otherwise) of the Company are as set forth in the Company&#146;s financial statements or
other information made available to us. Our opinion herein is based upon economic,
market, financial and other conditions existing on, and other information disclosed to us
as of, the date of this letter and our opinion does not predict or take into account any
changes which may occur, or information which may become available, after the date
hereof. It should be understood that, although subsequent developments may affect this
opinion, we do not have any obligation to update, revise or reaffirm this opinion. We
have relied as to all legal matters regarding the Merger on advice of counsel to the
Special Committee of the Board of Directors of the Company, and have assumed that the
Merger will be consummated on the terms described in the draft Merger Agreement, without
any amendments thereto and without any waiver of any terms or conditions thereunder. We
were not requested to, and did not, participate in the negotiation or structuring of the
Merger nor were we asked to consider, and our opinion does not address, the relative
merits of the Merger as compared to any alternative business strategies that might exist
for the Company or the effect of any other transaction in which the Company might engage.
We were not requested to, nor did we, seek alternative participants for the proposed
Merger. Consequently, we express no opinion as to whether any alternative transaction
might produce consideration for the Shareholders in an amount in excess of the Merger
Consideration.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>William Blair &amp; Company has been
engaged in the investment banking business since 1935. We continually undertake the
valuation of investment securities in connection with public offerings, private
placements, business combinations, estate and gift tax valuations and similar
transactions. In the ordinary course of our business, we may from time to time trade the
securities of the Company for our own account and for the accounts of customers, and
accordingly may at any time hold a long or short position in such securities. We have
acted as the financial advisor to the Special Committee in connection with the Merger and
will receive a fee for our services. Our fee is not contingent upon the consummation of
the Merger. In addition, the Company has agreed to indemnify us against certain
liabilities arising out of our engagement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our opinion is being provided for the
use and benefit of the Special Committee of the Board of Directors of the Company in
connection with its consideration of the transaction contemplated by the draft Merger
Agreement. Our opinion is limited to the fairness, from a financial point of view, to the
Shareholders of the Merger Consideration to be paid in connection with the Merger, and we
do not address the merits of the underlying decision by the Company to engage in the
Merger and this opinion does not constitute a recommendation to any Shareholder as to how
such Shareholder should vote with respect to the proposed Merger. This letter may not be
disclosed, communicated or otherwise referred to, in whole or in part, to any third party
without our prior written consent, except that this opinion may be included in its
entirety in a proxy statement mailed to the Shareholders by the Company with respect to
the Merger. Any reference to us or to our opinion in such proxy statement, however, shall
be subject to our prior review and approval. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Based upon and subject to the
foregoing, it is our opinion that, as of the date hereof, the Merger Consideration is
fair, from a financial point of view, to the Shareholders. </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Very truly yours,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/ William Blair &amp; Company, L.L.C.</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WILLIAM BLAIR &amp; COMPANY, L.L.C.</FONT></TD></TR>
</TABLE>


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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ANNEX E</U></B> </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTIONS 180.1301
THROUGH 180.1331 OF THE<BR>WISCONSIN BUSINESS CORPORATION LAW  </FONT></H1>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>180.1301 Definitions</B>.  In
ss. 180.1301 to 180.1331: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          &#147;Beneficial shareholder&#148; means a person who is a beneficial owner of
          shares held by a nominee as the shareholder. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          &#147;Business
combination&#148; has the meaning given in s. 180.1130(3).  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          &#147;Corporation&#148; means
the issuer corporation or, if the corporate action           giving rise to dissenters&#146; rights
under s. 180.1302 is a merger or share           exchange that has been effectuated, the
surviving domestic corporation or           foreign corporation of the merger or the
acquiring domestic corporation or           foreign corporation of the share exchange.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          &#147;Dissenter&#148; means
a shareholder or beneficial shareholder who is           entitled to dissent from
corporate action under s. 180.1302 and who exercises           that right when and in the
manner required by ss. 180.1320 to 180.1328.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          &#147;Fair
value&#148;, with respect to a dissenter&#146;s shares other than in           a business
combination, means the value of the shares immediately before the           effectuation
of the corporate action to which the dissenter objects, excluding           any
appreciation or depreciation in anticipation of the corporate action unless
          exclusion would be inequitable. &#147;Fair value&#148;, with respect to a
          dissenter&#146;s shares in a business combination, means market value, as
          defined in s. 180.1130(9)(a) 1. to 4.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          &#147;Interest&#148; means
interest from the effectuation date of the corporate           action until the date of
payment, at the average rate currently paid by the           corporation on its principal
bank loans or, if none, at a rate that is fair and           equitable under all of the
circumstances.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          &#147;Issuer
corporation&#148; means a domestic corporation that is the issuer           of the shares
held by a dissenter before the corporate action.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>History:  1989 a. 303; 1991 a. 16. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>180.1302</B> <B>Right to
dissent</B>. (1) Except as provided in sub. (4) and s. 180.1008(3), a shareholder or
beneficial shareholder may dissent from, and obtain payment of the fair value of his or
her shares in the event of, any of the following corporate actions: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consummation
of a plan of merger to which the issuer corporation is a party if                     any
of the following applies:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder approval is required for the merger
by s. 180.1103 or by the                     articles of incorporation.  </FONT></TD>
</TR>
</TABLE>
<BR>




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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
2.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        The
issuer corporation is a subsidiary that is merged with its parent under s.
                    180.1104.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        Consummation
of a plan of share exchange if the issuer corporation&#146;s                     shares
will be acquired, and the shareholder or the shareholder holding shares
                    on behalf of the beneficial shareholder is entitled to vote on the
plan.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(c)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        Consummation
of a sale or exchange of all, or substantially all, of the                     property
of the issuer corporation other than in the usual and regular course of
                    business, including a sale in dissolution, but not including any of
the                     following:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A sale pursuant to court order.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 2-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
2.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        A sale
for cash pursuant to a plan by which all or substantially all of the net
                    proceeds of the sale will be distributed to the shareholders within
one year                     after the date of sale.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(cm)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consummation of a plan of conversion.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(d)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        Except
as provided in sub. (2), any other corporate action taken pursuant to a
                    shareholder vote to the extent that the articles of incorporation,
bylaws or a                     resolution of the board of directors provides that the
voting or nonvoting                     shareholder or beneficial shareholder may dissent
and obtain payment for his or                     her shares.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Except
as provided in sub. (4) and s. 180.1008(3), the articles of incorporation           may
allow a shareholder or beneficial shareholder to dissent from an amendment           of
the articles of incorporation and obtain payment of the fair value of his or
          her shares if the amendment materially and adversely affects rights in respect
          of a dissenter&#146;s shares because it does any of the following:  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        Alters
or abolishes a preferential right of the shares.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        Creates,
alters or abolishes a right in respect of redemption, including a
                    provision respecting a sinking fund for the redemption or repurchase,
of the                     shares.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(c)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        Alters
or abolishes a preemptive right of the holder of shares to acquire
                    shares or other securities.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(d)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        Excludes
or limits the right of the shares to vote on any matter or to cumulate
                    votes, other than a limitation by dilution through issuance of shares
or other                     securities with similar voting rights.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(e)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        Reduces
the number of shares owned by the shareholder or beneficial shareholder
                    to a fraction of a share if the fractional share so created is to be
acquired                     for cash under s. 180.0604.  </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Notwithstanding
sub. (1)(a) to (c), if the issuer corporation is a statutory           close corporation
under ss. 180.1801 to 180.1837, a shareholder of the statutory           close
corporation may dissent from a corporate action and obtain payment of the           fair
value of his or her shares, to the extent permitted under sub. (1)(d) or           (2) or
s. 180.1803, 180.1813(1)(d) or (2)(b), 180.1815(3) or 180.1829(1)(c).  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Except
in a business combination or unless the articles of incorporation provide
          otherwise, subs. (1) and (2) do not apply to the holders of shares of any class
          or series if the shares of the class or series are registered on a national
          securities exchange or quoted on the National Association of Securities
Dealers,           Inc., automated quotations system on the record date fixed to
determine the           shareholders entitled to notice of a shareholders meeting at
which shareholders           are to vote on the proposed corporate action.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Except
as provided in s. 180.1833, a shareholder or beneficial shareholder           entitled to
dissent and obtain payment for his or her shares under ss. 180.1301           to 180.1331
may not challenge the corporate action creating his or her           entitlement unless
the action is unlawful or fraudulent with respect to the           shareholder,
beneficial shareholder or issuer corporation.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>History:  1959 a. 303; 1991 a. 16;
2001 a. 44. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>180.1303</B> <B>Dissent by
shareholders and beneficial shareholders</B>. (1) A shareholder may assert
dissenters&#146; rights as to fewer than all of the shares registered in his or her name
only if the shareholder dissents with respect to all shares beneficially owned by any one
person and notifies the corporation in writing of the name and address of each person on
whose behalf he or she asserts dissenters&#146; rights. The rights of a shareholder who
under this subsection asserts dissenters&#146; rights as to fewer than all of the shares
registered in his or her name are determined as if the shares as to which he or she
dissents and his or her other shares were registered in the names of different
shareholders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          A
beneficial shareholder may assert dissenters&#146; rights as to shares held on
          his or her behalf only if the beneficial shareholder does all of the following:  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        Submits
to the corporation the shareholder&#146;s written consent to the
                    dissent not later than the time that the beneficial shareholder
asserts                     dissenters&#146; rights.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        Submits
the consent under par. (a) with respect to all shares of which he or
                    she is the beneficial shareholder.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>History: 1989 a. 303. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>180.1320</B> <B>Notice of
dissenters&#146; rights</B>. (1) If proposed corporate action creating dissenters&#146;
rights under a. 180.1302 is submitted to a vote at a shareholders&#146; meeting, the
meeting notice shall state that shareholders and beneficial shareholders are or may be
entitled to assert dissenters&#146; rights under ss. 180.1301 to 180.1331 and shall be
accompanied by a copy of those sections. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          If
corporate action creating dissenters&#146; rights under s. 180.1302 is
          authorized without a vote of shareholders, the corporation shall notify, in
          writing and in accordance with s. 180.0141, all shareholders entitled to assert
          dissenters&#146; rights that the action was authorized and send them the
          dissenters&#146; notice described in s. 180.1322.  </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>History: 1989 a. 303. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>180.1321</B> <B>Notice of intent
to demand payment</B>. (1) If proposed corporate action creating dissenters&#146; rights
under s. 180.1302 is submitted to a vote at a shareholders&#146; meeting, a shareholder or
beneficial shareholder who wishes to assert dissenters&#146; rights shall do all of the
following: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        Deliver
to the issuer corporation before the vote is taken written notice that
                    complies with s. 180.0141 of the shareholder&#146;s or beneficial
                    shareholder&#146;s intent to demand payment for his or her shares if
the                     proposed action is effectuated.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        Not
vote his or her shares in favor of the proposed action.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          A
shareholder or beneficial shareholder who fails to satisfy sub. (1) is not
          entitled to payment for his or her shares under ss. 180.1301 to 180.1331.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>History: 1989 a. 303. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>180.1322</B> <B>Dissenters&#146;
notice.</B> (1) If proposed corporate action creating dissenters&#146; rights under s.
180.1302 is authorized at a shareholders&#146; meeting, the corporation shall deliver a
written dissenters&#146; notice to all shareholders and beneficial shareholders who
satisfied s. 180.1321. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
dissenters&#146; notice shall be sent no later than 10 days after the           corporate
action is authorized at a shareholders&#146; meeting or without a vote           of
shareholders, whichever is applicable. The dissenters&#146; notice shall           comply
with s. 180.0141 and shall include or have attached all of the following:  </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        A
statement indicating where the shareholder or beneficial shareholder must
                    send the payment demand and where and when certificates for
certificated shares                     must be deposited.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        For
holders of uncertificated shares, an explanation of the extent to which
                    transfer of the shares will be restricted after the payment demand is
received.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(c)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        A form
for demanding payment that includes the date of the first announcement
                    to news media or to shareholders of the terms of the proposed
corporate action                     and that requires the shareholder or beneficial
shareholder asserting                     dissenters&#146; rights to certify whether he
or she acquired beneficial                     ownership of the shares before that date.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(d)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        A date
by which the corporation must receive the payment demand, which may not
                    be fewer than 30 days nor more than 60 days after the date on which
the                     dissenters&#146; notice is delivered.  </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4 </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(e)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        A copy
of ss. 180.1301 to 180.1331.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>History: 1989 a. 303. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>180.1323</B> <B>Duty to demand
payment.</B> (1) A shareholder or beneficial shareholder who is sent a dissenters&#146;
notice described in s. 180.1322, or a beneficial shareholder whose shares are held by a
nominee who is sent a dissenters&#146; notice described in s. 180.1322, must demand
payment in writing and certify whether he or she acquired beneficial ownership of the
shares before the date specified in the dissenters&#146; notice under s. 180.1322 (2) (c).
A shareholder or beneficial shareholder with certificated shares must also deposit his or
her certificates in accordance with the terms of the notice. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          A
shareholder or beneficial shareholder with certificated shares who demands
          payment and deposits his or her share certificates under sub. (1) retains all
          other rights of a shareholder or beneficial shareholder until these rights are
          canceled or modified by the effectuation of the corporate action.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          A
shareholder or beneficial shareholder with certificated or uncertificated
          shares who does not demand payment by the date set in the dissenters&#146;          notice,
or a shareholder or beneficial shareholder with certificated shares who           does
not deposit his or her share certificates where required and by the date           set in
the dissenters&#146; notice, is not entitled to payment for his or her           shares
under ss. 180.1301 to 180.1331.  </FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>History: 1959 a. 303. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>180.1324</B> <B>Restrictions on
uncertificated shares.</B> (1) The issuer corporation may restrict the transfer of
uncertificated shares from the date that the demand for payment for those shares is
received until the corporate action is effectuated or the restrictions released under a.
180.1326. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
shareholder or beneficial shareholder who asserts dissenters&#146; rights as           to
uncertificated shares retains all of the rights of a shareholder or           beneficial
shareholder, other than those restricted under sub. (1), until these           rights are
canceled or modified by the effectuation of the corporate action.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>History: 1989 a. 303. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>180.1325</B> <B>Payment. </B> (1)
Except as provided in s. 180.1327, as soon as the corporate action is effectuated or upon
receipt of a payment demand, whichever is later, the corporation shall pay each
shareholder or beneficial shareholder who has complied with s. 180.1323 the amount that
the corporation estimates to be the fair value of his or her shares, plus accrued
interest. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The payment shall be accompanied by
all of the following:  </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        The
corporation&#146;s latest available financial statements, audited and
                    including footnote disclosure if available, but including not less
than a                     balance sheet as of the end of a fiscal year ending not more
than 16 months                     before the date of payment, an income statement for
that year, a statement of                     changes in shareholders&#146; equity for
that year and the latest available                     interim financial statements, if
any.  </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5 </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        A
statement of the corporation&#146;s estimate of the fair value of the shares.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(c)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        An
explanation of how the interest was calculated.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(d)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        A
statement of the dissenter&#146;s right to demand payment under s. 180.1328
                    if the dissenter is dissatisfied with the payment.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(e)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        A copy
of ss. 180.1301 to 180.1331.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>History: 1989 a. 303. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>180.1326</B> <B>Failure to take
action.</B> (1) If an issuer corporation does not effectuate the corporate action within
60 days after the date set under s. 180.1322 for demanding payment, the issuer corporation
shall return the deposited certificates and release the transfer restrictions imposed on
uncertificated shares. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          If
after returning deposited certificates and releasing transfer restrictions,           the
issuer corporation effectuates the corporate action, the corporation shall
          deliver a new dissenters&#146; notice under s. 180.1322 and repeat the payment
          demand procedure.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>History: 1989 a. 303. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>180.1327</B> <B>After-acquired
shares.</B> (1) A corporation may elect to withhold payment required by s. 180.1325 from a
dissenter unless the dissenter was the beneficial owner of the shares before the date
specified in the dissenters&#146; notice under s. 180.1322 (2) (c) as the date of the
first announcement to news media or to shareholders of the terms of the proposed corporate
action. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          To
the extent that the corporation elects to withhold payment under sub. (1)           after
effectuating the corporate action, it shall estimate the fair value of the
          shares, plus accrued interest, and shall pay this amount to each dissenter who
          agrees to accept it in full satisfaction of his or her demand. The corporation
          shall send with its offer a statement of its estimate of the fair value of the
          shares, an explanation of how the interest was calculated, and a statement of
          the dissenter&#146;s right to demand payment under s. 180.1328 if the dissenter
          is dissatisfied with the offer.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>History: 1989 a. 303. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>180.1328</B> <B>Procedure if
dissenter dissatisfied with payment or offer.</B> (1) A dissenter may, in the manner
provided in sub. (2), notify the corporation of the dissenter&#146;s estimate of the fair
value of his or her shares and amount of interest due, and demand payment of his or her
estimate, less any payment received under s. 180.1325, or reject the offer under s.
180.1327 and demand payment of the fair value of his or her shares and interest due, if
any of the following applies: </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6 </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        The
dissenter believes that the amount paid under s. 180.1325 or offered under
                    s. 180.1327 is less than the fair value of his or her shares or that
the                     interest due is incorrectly calculated.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        The
corporation fails to make payment under s. 180.1325 within 60 days after
                    the date set under s. 180.1322 for demanding payment.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(c)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        The
issuer corporation, having failed to effectuate the corporate action, does
                    not return the deposited certificates or release the transfer
restrictions                     imposed on uncertificated shares within 60 days after
the date set under s.                     180.1322 for demanding payment.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          A
dissenter waives his or her right to demand payment under this section unless
          the dissenter notifies the corporation of his or her demand under sub. (1) in
          writing within 30 days after the corporation made or offered payment for his or
          her shares. The notice shall comply with s. 180.0141.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>History: 1989 a. 303. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>180.1330</B> <B>Court action.</B>
(1) If a demand for payment under s. 180.1328 remains unsettled, the corporation shall
bring a special proceeding within 60 days after receiving the payment demand under s.
180.1328 and petition the court to determine the fair value of the shares and accrued
interest. If the corporation does not bring the special proceeding within the 60-day
period, it shall pay each dissenter whose demand remains unsettled the amount demanded. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
corporation shall bring the special proceeding in the circuit court for the
          county where its principal office or, if none in this state, its registered
          office is located. If the Corporation is a foreign corporation without a
          registered office in this state, it shall bring the special proceeding in the
          county in this state in which was located the registered office of the issuer
          corporation that merged with or whose shares were acquired by the foreign
          corporation.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
corporation shall make all dissenters, whether or not residents of this           state,
whose demands remain unsettled parties to the special proceeding. Each           party to
the special proceeding shall be served with a copy of the petition as           provided
in s. 801.14.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
jurisdiction of the court in which the special proceeding is brought under           sub.
(2) is plenary and exclusive. The court may appoint one or more persons as
          appraisers to receive evidence and recommend decision on the question of fair
          value. An appraiser has the power described in the order appointing him or her
          or in any amendment to the order. The dissenters are entitled to the same
          discovery rights as parties in other civil proceedings.  </FONT></P>


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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Each dissenter made a party to the special proceeding is entitled to judgment
          for any of the following: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        The
amount, if any, by which the court finds the fair value of his or her
                    shares, plus interest, exceeds the amount paid by the corporation.  </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7 </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        The
fair value, plus accrued interest, of his or her shares acquired on or
                    after the date specified in the dissenter&#146;s notice under s.
180.1322 (2)                     (c), for which the corporation elected to withhold
payment under s. 180.1327.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>History: 1989 a. 303. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
this section does not provide for different procedures, all procedural mechanisms under
chs. 801 to 847 are available in an action under this section. Kohler Co. v. Sogen
International Fund, Inc. 2000 WI App 60, 233 Wis. 2d 592, 608 N.W.2d 746. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>180.1331</B> <B>Court costs and
counsel fees.</B> (1) (a) Notwithstanding ss. 814.01 to 814.04, the court in a special
proceeding brought under s. 180.1330 shall determine all costs of the proceeding,
including the reasonable compensation and expenses of appraisers appointed by the court
and shall assess the costs against the corporation, except as provided in par. (b). </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        Notwithstanding
ss. 814.01 and 814.04, the court may assess costs against all                     or some
of the dissenters, in amounts that the court finds to be equitable, to
                    the extent that the court finds the dissenters acted arbitrarily,
vexatiously or                     not in good faith in demanding payment under s.
180.1328.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
parties shall bear their own expenses of the proceeding, except that,
          notwithstanding ss. 814.01 to 814.04, the court may also assess the fees and
          expenses of counsel and experts for the respective parties, in amounts that the
          court finds to be equitable, as follows:  </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        Against
the corporation and in favor of any dissenter if the court finds that
                    the corporation did not substantially comply with ss. 180.1320 to
180.1328.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                        Against
the corporation or against a dissenter, in favor of any other party, if
                    the court finds that the party against whom the fees and expenses are
assessed                     acted arbitrarily, vexatiously or not in good faith with
respect to the rights                     provided by this chapter.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Notwithstanding
ss. 814.01 to 814.04, if the court finds that the services of           counsel and
experts for any dissenter were of substantial benefit to other           dissenters
similarly situated, the court may award to these counsel and experts           reasonable
fees to be paid out of the amounts awarded the dissenters who were           benefited.  </FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>History: 1989 a. 303. </FONT></P>



<BR>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8 </FONT></P>









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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>ANNEX F</B></U>  </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name, business,
address, present principal occupation or employment <BR>and material five-year employment
history of the directors and executive officers of:  </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Johnson Bank </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Richard A. Hansen.</U> Mr. Hansen
has a principal place of business at 555 Main Street, Suite 260, Racine, Wisconsin 53403.
He is Chairman of the Board of Johnson Bank. He is also President and Chief Executive
Officer of Johnson Financial Group, Inc. He has held this position since 1995. He is a
Director of the Bank Administration Institute, located at One N. Franklin, Suite 1000,
Chicago, IL, 60606. He is a Director of the Puelicher Center for Banking Education at the
University of Wisconsin-Madison School of Business, located at 975 University Ave.
Madison, WI, 53706. He is a Director of the Wisconsin Foundation for Independent Colleges,
Inc., located at 735 N. Water St., Suite 600, Milwaukee, WI, 53202 He is a Director of
Johnson Community Development Company. 555 Main St, Suite 400, Racine, WI 53403. He is
Vice-Chairman of the Board for All Saints Healthcare System, Inc., located at 3801 Spring
Street, Racine Wisconsin, 53405. He is Chairman of the Board of Future Wisconsin, Inc,
2249 Pinehurst Drive, Middleton, WI 53562. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Russell C. Weyers</U>. Mr. Weyers
has a principal place of business at 555 Main Street, Suite 260, Racine, Wisconsin 53403.
He is President and a Director Johnson Bank, Wisconsin. He is Executive Vice President and
Chief Operating Officer of Johnson Financial Group. He has held this position since May
2004. He was Executive Vice President for Strategic Development for Johnson Financial
Group. He held this position from December 2001 to May 2004. He was President of Johnson
Bank Racine. He held this position from December 1999 to December 2001, located at555 Main
Street, Suite 260, Racine, Wisconsin 53403. He is President of Johnson Community
Development Corporation, 555 Main St, Suite 400, Racine, WI 53403. He is a Director of
Johnson Insurance, located at 555 Main Street, Suite 260, Racine, Wisconsin 53403. He is a
Director of Wisconsin Bankers Association, located at 4721 S. Biltmore Lane Madison,
Wisconsin 53718. He is Treasurer for the Racine Youth Leadership Academy, located at 725
Lake Avenue Racine, Wisconsin 53403. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Brian L. Lucareli</U>: Mr.
Lucareli has a principal business address at 555 Main Street, Suite 260, Racine, Wisconsin
53403. Mr. Lucareli is Senior Vice President/Director of Trust Services for Johnson Bank.
Prior to his current position he was Vice President-Regional Market Manager for Johnson
Trust. In addition, Mr. Lucareli is the current chairman of the Racine Business
Improvement District #1, located at 413 Main Street, Racine, Wisconsin, 53403. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>David L. Eberle</U>. Mr. Eberle
has a principal place of business at P.O. Box 246 Franksville, Wisconsin 53126. He is a
Director of Johnson Bank. He is President of Norco Manufacturing Corporation. He has held
this position since December 1, 1986. He is owner of Monjour Properties, P.O. Box 246,
Franksville, WI 53126. He is President-elect on the Executive Board of the Racine County
Economic Development Corporation, located at 2320 Renaissance Blvd. Sturtevant, Wisconsin
53177. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Jean M. Jacobson</U>. Ms. Jacobson
has a principal place of business at 6119 Heg Park Road Wind Lake, Wisconsin 53185. She is
a Director of Johnson Bank. She is a Director of Aurora Health Care Southeast Region, 8348
Washington Ave, Racine, WI 53406. She is not currently engaged in any other business
activity. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>John M. Scroeder</U>. Mr.
Schroeder has a principal place of business at, 1525 Howe Street Racine, Wisconsin 53403.
He is currently a Consultant to S.C. Johnson &amp; Son, Inc. and Advisor to the Samuel C.
Johnson Family. He has held this position since 2000. Prior to his current position he was
Senior Vice President and Advisor to the Chairman of S.C. Johnson &amp; Son, Inc. He held
this position from 1996 to 2000. He is a Director of Johnson Bank. He is Vice Chairman of
the Board of Directors of Johnson Financial Group, Inc., located at 555 Main Street, Suite
260, Racine, Wisconsin 53403. He is a Director of Johnson Asset Management, Inc., located
at 555 Main Street, Suite 260, Racine, Wisconsin 53403. He is a Director of Johnson Trust
Company, Inc., located at 555 Main Street, Suite 260, Racine, Wisconsin 53403. He is a
Director of Johnson Insurance Services, Inc., located at 555 Main Street, Suite 260,
Racine, Wisconsin 53403. He is a Director of Johnson Keland Management, Inc. 555 Main St,
Suite 500, Racine, WI 53403-4616. He is the Emeritus Board Member of the Dean&#146;s
Advisory Board at the University of Wisonsin-Madison School of Business, located at 975
University Avenue Madison, Wisconsin 53706. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Robert O.Walker</U> Mr. Walker has
a principal place of business at 4715 Oakdale Avenue, Racine, Wisconsin 53402. He is a
Director of Johnson Bank. He a Director of All Saints Healthcare Hospital, located at 3801
Spring Street Racine, Wisconsin 53403. He is a Director of Lincoln Lutheran Home, located
at 2000 Dominick Drive Racine, Wisconsin 53403. Mr. Walker is not currently engaged in any
other business activity. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Richard C. Gorton</U> Mr. Gorton
has a principal place of business at 1836 Oakdale Avenue Racine, Wisconsin 53406.. He is a
Director of Johnson Bank. He is Chairman and Treasurer of Gormac Products, located at 1836
Oakdale Avenue Racine, Wisconsin 53406. He has held this position since 1993. He is a
Member of the Executive Committee and a Director of the PMPA Educational Foundation 6700
West Snowville Road, Brecksville, OH 44141. He is a Director of Gorton Farms, Racine, WI
53406. He is a Director of Brannum Lumber Co., located at 1720 Taylor Avenue Racine,
Wisconsin 53403. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Jerold P. Franke</U>. Mr. Franke
has a principal place of business at 301 West Wisconsin Avenue Suite 400 Milwaukee,
Wisconsin 53203. He is a Director of Johnson Bank. He is Chairman and Treasurer of Gormac
Products, located at, 301 West Wisconsin Avenue Suite 400 Milwaukee, Wisconsin 53203. He
has held this position since 2000. Prior to becoming President of Wispark, he was served
as Senior Vice President from January 1999 to August 2000. He is a Director of Wispark. He
is a Director of the Kenosha Area Business Alliance, located at 600 52nd Street, Suite
120, Kenosha, Wisconsin 53140. He is a Director of the Downtown Racine Corporation,
located at 413 Main Street Racine, Wisconsin 53140. He is a Director of the Racine County
Economic Development Corporation, located at 2320 Renaissance Blvd. Sturtevant, Wisconsin
53177. He is a Director of Forward Wisconsin, located at 201 West Washington Avenue, Suite
500, Madison, Wisconsin 53703. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>W. Lee
McCollum</U>. Mr. McCollum has a principal place of business located at 1525
          Howe Street Racine, Wisconsin 53403-5011. He is a Director of Johnson Bank. He
          is Senior Vice President and Chief Financial Officer of S.C. Johnson &amp; Son,
          Inc., located at 1525 Howe Street Racine, Wisconsin 53403-5011. He has held
this           position since 1997.  </FONT></P>






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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ANNEX G</U></B> </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ownership of Executive
Officers and Directors of Certain Participating Shareholders </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth information at November 1, 2004 regarding the beneficial
ownership of Johnson Outdoors common stock by each executive officer and director of JWA
Consolidated, Inc. (other than Mrs. Johnson, Ms. Johnson-Leipold and Dr. Johnson) and
Johnson Bank, based upon information furnished by such persons.  The persons listed have
sole voting and investment power over the shares beneficially owned. </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=5><HR WIDTH=100% SIZE=2 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Class A Common Stock*</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Class B Common Stock*</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name and Address</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Number of Shares</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Percentage of<BR>
Class Outstanding</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Number of Shares</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Percentage of<BR>
Class Outstanding</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Linda L. Mallon</FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>555 Main Street, Suite 500</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Racine, Wisconsin 53403</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Richard A. Hansen</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>555 Main Street, Suite 260</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Racine, Wisconsin 53403</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Russell C. Weyers</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>555 Main Street, Suite 260</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Racine, Wisconsin 53403</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Brian L. Lucareli</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>555 Main Street, Suite 260</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Racine, Wisconsin 53403</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>David L. Eberle</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>P.O. Box 246</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Franksville, Wisconsin 53126</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Jean M. Jacobson</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6119 Heg Park Road</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Wind Lake, Wisconsin 53185</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>John M. Scroeder</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1525 Howe Street</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,368&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>**&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,456&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>**&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Racine, Wisconsin 53403</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Robert O. Walker</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4715 Oakdale Avenue</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Racine, Wisconsin 53402</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Richard C. Gorton</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1836 Oakdale Avenue</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>200&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>**&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Racine, Wisconsin 53406</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Jerold P. Franke</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>301 West Wisconsin Avenue, Suite 400</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Milwaukee, Wisconsin 53203</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>W. Lee McCollum</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1525 Howe Street</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Racine, Wisconsin 53403</FONT></TD></TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>* Class B Shares are convertible on
a share-for-share basis into Class A Shares at any time at the discretion of the holder
thereof. As a result, a holder of Class B Shares is deemed to beneficially own an equal
number of Class A Shares.  However, in order to avoid overstatement of the aggregate
beneficial ownership of Class A Shares and Class B Shares, the Class A Shares reported in
the table do not include Class A Shares which may be acquired upon the conversion of
Class B Shares. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>** The amount shown is less than 1%
of the outstanding shares of such class. </FONT><HR WIDTH=100% SIZE=2 COLOR=BLACK NOSHADE></P>







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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PRELIMINARY COPIES</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROXY </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JOHNSON OUTDOORS
INC.<BR>SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ____________________, 200___  </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THIS PROXY IS
SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF<BR>JOHNSON OUTDOORS INC.  </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The undersigned constitutes and
appoints <B>PAUL A. LEHMANN </B>and <B>JERVIS B. PERKINS</B>, and each of them, each with
full power to act without the other, and each with full power of substitution, the true
and lawful proxies of the undersigned, to represent and vote, as designated below and in
their discretion upon such other business as may properly come before the special meeting
or any adjournment or postponement thereof, all shares of Class A common stock and Class
B common stock of Johnson Outdoors Inc. that the undersigned is entitled to vote at the
special meeting of shareholders of such corporation to be held at its headquarters,
located at 555 Main Street, Racine, Wisconsin, on ___________________, 200___, at local
time, and at any adjournment or postponement thereof:  </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Board of Directors
recommends a vote FOR Items 1 and 2. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This proxy when properly executed
will be voted in the manner directed herein by the undersigned shareholder. <B>If no
direction is made, this proxy will be voted FOR items 1 and 2.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The undersigned acknowledges receipt
of the notice of said special meeting and the accompanying proxy statement. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Continued and to be
signed on reverse side)  </FONT></P>


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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT><HR width=80% size=1 color=black noshade></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT><HR width=80% size=1 color=black noshade></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Vote-by-Internet</B></FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Vote-by-Telephone</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Log on to the Internet and go to</B></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Call toll-free</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>http://www.________________</B></FONT><HR width=80% size=1 color=black noshade></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>OR</B><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>1-877-_______</B></FONT><HR width=80% size=1 color=black noshade></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If you vote over the
Internet or by telephone, please do not mail your card. </FONT></H1>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JOHNSON OUTDOORS INC.
                                           <BR>SPECIAL MEETING OF SHAREHOLDERS TO BE HELD
_____________, 200___ </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PLEASE MARK VOTES AS
IN THIS EXAMPLE USING DARK INK ONLY.&nbsp;&nbsp;&nbsp;[ &#150; ] </FONT></H1>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
approve the Agreement and Plan of Merger, dated as of October 28, 2004, by and between JO
Acquisition Corp. and Johnson        Outdoors Inc.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=70% align=center>
<TR VALIGN=Bottom>
     <TD WIDTH=21% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FOR</FONT></TD>
     <TD WIDTH=12% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;]</FONT></TD>
     <TD WIDTH=21% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AGAINST</FONT></TD>
     <TD WIDTH=12% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;]</FONT></TD>
     <TD WIDTH=22% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ABSTAIN</FONT></TD>
     <TD WIDTH=12% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
adjourn the special meeting if necessary to permit further solicitation of proxies in the
event there are not sufficient        votes at the time of the special meeting to approve
the Agreement and Plan of Merger referred to in Item 1.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=70% align=center>
<TR VALIGN=Bottom>
     <TD WIDTH=21% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FOR</FONT></TD>
     <TD WIDTH=12% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;]</FONT></TD>
     <TD WIDTH=21% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AGAINST</FONT></TD>
     <TD WIDTH=12% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;]</FONT></TD>
     <TD WIDTH=22% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ABSTAIN</FONT></TD>
     <TD WIDTH=12% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Signature(s):
_____________________________________________________ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: _______________ </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Note:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Please
sign exactly as your name appears on your stock certificate. Joint owners should each
sign personally.  A corporation        should sign full corporate name by duly authorized
officers and affix corporate seal, if any.  When signing as attorney,        executor,
administrator, trustee or guardian, give full title as such.</FONT></TD>
</TR>
</TABLE>
<BR>


<HR WIDTH=100% SIZE=1 NOSHADE>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FOLD AND DETACH HERE </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>YOUR VOTE IS IMPORTANT! </FONT></H1>






<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PLEASE VOTE, SIGN,
DATE, DETACH AND MAIL THE PROXY CARD  <BR>PROMPTLY USING THE ENCLOSED ENVELOPE OR COMPLETE
YOUR PROXY BY <BR>FOLLOWING THE INSTRUCTIONS FOR VOTING BY TELEPHONE OR VIA THE INTERNET
                                                          <BR>AS SOON AS POSSIBLE </FONT></H1>






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