KONE confirms it has submitted a non-binding offer to acquire thyssenkrupp’s Elevator Technology business

KONE Corporation, stock exchange release, January 28,2020at 7.20 p.m. EET

KONE confirms it hassubmitted a non-binding offerto acquire thyssenkrupp's Elevator Technology business

Following recent press coverage, in particular in Bloomberg, KONE issues this statement in order to provide clarity to the markets.

KONE confirms that it has submitted a non-binding offer, as requested by thyssenkrupp,to acquire thyssenkrupp's Elevator Technology business. The value of KONE's non-binding offer is reasonably close to the value circulating in the media. The proposal is based on certain assumptions about the business, and the terms of a potential binding offer could deviate fromthe current non-binding offer.

KONE's interest towards thyssenkrupp's Elevator Technology business is based on KONE's view regarding the highly complementary geographical footprint of the businesses, substantial value creation on offer from synergies, and joint innovation potential in an operating environment increasingly shaped by digitalization.

The discussions with thyssenkrupp have been conducted on a non-exclusive basis, and there is no certainty that the discussions will lead to any agreement or transaction. Should the discussions lead to any relevant agreement between the companies, KONE will publish further information on the matter in due course.

Further information for investors:
Sanna Kaje, Vice President, Investor Relations, tel. +358 204 75 4705

Further information for media:
Hanna Rutanen, Communications Director, External Communications, tel. +358 41 507 1361

Sender:

KONE Corporation

Henrik Ehrnrooth
President and CEO

Ilkka Hara
CFO

About KONE

At KONE, our mission is to improve the flow of urban life. As a global leader in the elevator and escalator industry, KONE provides elevators, escalators and automatic building doors, as well as solutions for maintenance and modernization to add value to buildings throughout their life cycle. Through more effective People Flow®, we make people's journeys safe, convenient and reliable, in taller, smarter buildings. In 2019, KONE had annual sales of EUR 10 billion, and at the end of the year approximately 60,000 employees. KONE class B shares are listed on the Nasdaq Helsinki Ltd. in Finland.

www.kone.com