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Settlement of Pekka Herlin’s Estate

Stock Exchange Release Published 23/03/2004

KONE Corporation has been informed that its fourth largest shareholder, the estate of former Board chairman Pekka Herlin, has reached an agreement on the distribution of its 1,170,111 KONE class B shares to Pekka Herlin’s heirs. The shares represent 1.84 percent of the shares and 0.78 percent of the votes in KONE Corporation
This arrangement does not change KONE Board chairman and CEO Antti Herlin’s shareholding in KONE Corporation.
Sender:
KONE Corporation
Tapio Hakakari
Secretary to the Board of Directors
Aimo Rajahalme
Executive Vice President,
Finance and Information Services
KONE is a global service and engineering company that specializes in moving people and goods. It comprises two divisions: KONE Elevators & Escalators and Kone Cargotec. KONE Elevators & Escalators sells, manufactures, installs, maintains and modernizes elevators and escalators, and services automatic building doors. Kone Cargotec supplies products and services to facilitate moving and loading cargo. KONE's B shares are listed on the Helsinki Exchanges.
www.konecorp.com