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Decisions of KONE Corporation’s Extraordinary Shareholders’ Meeting

Decisions of KONE Corporation’s Extraordinary Shareholders’ Meeting

Stock Exchange Release Published 17/12/2004

KONE Corporation’s Extraordinary Shareholders’ Meeting was held in Helsinki on 17 December, 2004. The Shareholders’ Meeting decided upon the following items:

1. Demerger of the Corporation

The Extraordinary Shareholders’ Meeting approved the demerger plan that the Board of Directors signed on 1 November, 2004, according to which KONE will split into two separate companies, KONE Corporation and Cargotec Corporation. The demerger will enter into force when the execution of the demerger is registered in the Trade Register. The planned date of registration is 31 May, 2005. The recipient corporations will apply for the listing of their class B shares and option rights on the main list of the Helsinki Stock Exchange as of approximately June 1, 2005.
The complete demerger plan and demerger prospectus are available on the KONE website at www.konecorp.com.

2. Amendment of Sections 12 and 13 of the Articles of Association

The Board of Directors’ proposals that the financial period of the corporation be extended until 31 March, 2005, and that the first paragraph of Section 12 and the entire Section 13 of the Articles of Association be amended to read as follows, were approved.
“12 § Shareholders’ Meeting
The ordinary Shareholders’ Meeting shall be held annually within three months from the end of the financial period on a day decided by the Board of Directors.”
The rest of the Section will remain as it is.
“13 § Financial Period
The financial period of the corporation is 1 April - 31 March. The exceptional financial period is 1 January, 2004 - 31 March, 2005.”

3. Granting of Authorization to Assign Treasury Shares

The Shareholders’ Meeting did not handle the granting of authorization to assign treasury shares, as the corporation sold all 2,696,876 class B shares in its possession on 10 December, 2004 based on its existing authorization.
KONE Corporation
Tapio Hakakari
Director, Secretary to the Board of Directors
Minna Mars
Senior Vice President, Corporate Communications & IR
For further information, please contact:
Tapio Hakakari, Director, Secretary to the Board of Directors, tel. +358 (0)400 408 316