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Announcement of Change in KONE's Shareholding

Announcement of Change in KONE's Shareholding

Stock Exchange Release Published 20/12/2002

Pekka Herlin has requested the conversion of 928,734 unlisted class A KONE Corporation shares he owns to class B shares listed on the Helsinki Exchanges in accordance with Section 5 of KONE Corporation's Articles of Association.

KONE's board of directors has today, 20 December, 2002, approved the conversion of shares in accordance with the demand. The conversion of the shares has been registered today in the Trade Register. It is estimated that the new class B shares will be open for trade from December 27, 2002.


Following the execution of the conversion KONE's share capital will


consist of:


9,526,089 class A shares


53,937,531 class B shares


At the same time, in accordance with the Securities Market Act Chapter 2 Section 10, KONE Corporation notifies the following:


Following the execution of the conversion of shares, the share of


voting rights in KONE Corporation held by Pekka Herlin and companies or organizations in which he has a controlling interest declines from 74.53% to 73.11%. Voting rights conferred by KONE shares personally held by Pekka Herlin decline to less than one-twentieth of the total voting rights attached to shares or from 6.05% to 0.78%.


Sender:


KONE Corporation


Tapio Hakakari


Secretary to the Board of Directors


Following the conversion, KONE Corporation shares controlled by Pekka Herlin are as follows:


Class A sharesClass B sharesVotes% of Shares% of Votes
Holding Manutas Oy6 785 574145 8906 800 16310.92 %45.58 %
Security Trading Oy2 034 62711 262 6593 160 89220.95 %21.19 %
Pekka Herlin01 170 111117 0111.84 %0.78 %
Kone Foundation705 8881 232 454829 1333.05 %5.56 %
Total9 526 08913 811 11410 907 19936.77 %73.11 %