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KONE Sells Holding in Polar

Stock Exchange Release Published 01/10/2003

KONE is selling all of its holdings in Polar Kiinteistöt Oyj to the German real estate company IVG Immobilien AG.

KONE has a direct holding in Polar of 10,904,801 shares representing 6.1 percent of the total share capital. KONE also has an indirect holding in Polar through Cervuctum Oy, of which KONE owns 25 percent. Cervuctum is selling all of its shares in Polar - 47,343,950 shares representing 26.3 percent of the total share capital - to IVG.

The share price in the transaction is EUR 0.75 per share. The transaction will not significantly affect KONE’s financial result. The transaction is subject to competition authority approval.

Sender:

KONE Corporation

Tapio Hakakari
Secretary to the Board of Directors

Outi-Maria Liedes
Senior Vice President
Corporate Communications & IR

For further information, please contact:

Tapio Hakakari
Secretary to the Board of Directors
tel. +358 (0)400 408 316

Outi-Maria Liedes
SVP, Corporate Communications & IR
tel. +358 (0)204 75 4501

KONE is a global service and engineering company that specializes in moving people and goods. Annual net sales total EUR 5,500 million, and we employ nearly 35,000 people. KONE's B shares are listed on the Helsinki Exchanges.

www.kone.com