The annihilation of the nucleon-antinucleon (NN ) system into two mesons including , ii, g', p, co, 5, a&, a~, f2 as well as K and K is studied in a distorted-wave Born-approximation approach, in the conventional framework based on nucleon, delta-isobar, and hyperon (A, X, Y ) exchange. Results for branching ratios are in fair agreement with the data; they show a strong sensitivity to the kind of initial-state interaction used. For polarizations and backward differential cross-section data of pp -+~+m. , E K, there are characteristic discrepancies between experiment and model predictions;possible reasons are discussed.