The analytical solution of the general relaxation problem in a low-pressure system with exponential transition probabilities, as given previously for vibrational energy transfer on collision, is now extended to include rotational energy transfer. The approximation is made that the rotational degrees of freedom are equilibrated and that the barrier to dissociation is linear and asymmetric. The theory is used to calculate the rate constant for dissociation, the number density incubation time, and the vibrational relaxation time in the dissociation of H2, D2, and 02. Agreement with experiment and other more elaborate calculations is very satisfactory.