KONE Corporation, Stock Exchange Release, May 7, 2008 KONE defined its vision and redefined its strategy at the end of 2007 to better respond to current changes in the business environment and to deepen the customer focus in all operations. KONE has now defined its new long-term financial targets. These new financial targets replace the previous targets set in conjunction with the demerger in May 2005. The new long-term objectives are: Growth: faster than market Profitability: EBIT-% 14 Cash flow: improving working capital "We are actively working with our new development programs. These programs enable KONE's continuous development into a more customer-focused and increasingly more productive company. Our long-term objective is to develop KONE into a very strong company in this industry, both in terms of market position and profitability," says Matti Alahuhta, President & CEO of KONE Corporation. About KONE KONE's objective is to offer the best people flow experience by developing and delivering solutions that enable people to move smoothly, safely, comfortably and without waiting in buildings in an increasingly urbanizing environment. KONE provides its customers with industry-leading elevators, escalators and innovative solutions for modernization and maintenance, and is one of the global leaders in its industry. In 2007, KONE had annual net sales of EUR 4.1 billion and over 32,500 employees. KONE class B shares are listed on the OMX Nordic Exchange Helsinki in Finland. www.kone.com For further information, please contact: Aimo Rajahalme, Executive Vice President, Finance, tel. +358 (0) 204 75 4484