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Press Release

Final Closing of the Books of Demerged Kone Corporation

8/16/2005

In accordance with Finland's Corporate Law 14 a, paragraph 5, the Consolidated Financial Statements covering the 1 April-31 May, 2005 reporting period for Kone Corporation, which was demerged into KONE Corporation and Cargotec Corporation on 1 June, 2005, were handled by a meeting of the Kone Corporation Board of Directors. In the demerger process, Kone Corporation's assets and debts were assigned to KONE Corporation and Cargotec Corporation so no proposal is being made for profit distribution.
 
The Shareholders' Meeting will be held on Wednesday, 7 September, 2005 at 2:00 p.m. local time in the Hotel Kalastajatorppa State Room, Kalastajatorpantie 1, in Helsinki. The meeting shall decide on adoption of the final statement of the demerged Kone Corporation and granting of discharge from liability to the members of the Board of Directors and the President for the period 1 April, 2005-31 May, 2005. Shareholders may inspect the audited final financial statement one week prior to the Shareholders' Meeting at KONE headquarters at Kartanontie 1, Helsinki.
 
In order to take part in the Shareholders' Meeting, shareholders must have been registered in the Kone Corporation shareholders' register maintained by the Finnish Central Securities Depository on 31 May, 2005 or have the right to participate as accorded by clause 2 of paragraph 4 of Finland's Corporate Law 3 a.
 
A shareholder who wishes to participate in the Shareholders' Meeting must notify the Company not later than 4:00 p.m. on 2 September, 2005. Notification can be made by:
 
- Mail to: KONE Corporation, Share register, Kartanontie 1, 00330 Helsinki, Finland;
- Telefax: + 358 204 75 4309; or
- Telephone: +358 204 75 4332.
 
 
Sender:
Cargotec Corporation
 
Kari Heinistö                            
Senior Executive Vice President and CFO                                            
 
Eeva Mäkelä
SVP, Investor Relations and Communications