In the reaction K − +p→ Λ +X at 4.25 GeV/ c both the target fragmentation of the proton into lambda and the beam fragmentation of kaon into lambda have been studied. The sample consists of 21 000 Λ events with t >−1.0 (GeV/ c ) 2 and 9000 Λ events with u > −1.0 (GeV/ c ) 2 . Abundant π 0 and meson resonance production for residual masses M x <1.1 GeV/ c 2 is observed. In the t -channel of am effective exchange trajectory is deduced. which lies between the K and K(890) trajectories. In the u -channel the effective exchange trajectory is in good agreement with a nucleon trajectory. The extrapolated average pion multiplicities of the residual mass system in the t -channel are in very good agreement with the values measured in antiproton-proton annihilations at rest.
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