Auditors

The main function of statutory auditing is to verify that the financial statements represent a true and fair view of the Group's performance and financial position for the financial year. Konecranes' financial year is the calendar year. The auditor regularly reports to the Board's Audit Committee. The auditor is obliged to audit the validity of the Company's accounting and closing accounts for the financial year, and to give the General Meeting an auditor's report.

The auditors of Konecranes are elected by the AGM. The auditors are elected to office until further notice. The same auditor with principal responsibility may not serve for more than seven financial years. A proposal for the election of external auditors made by the Audit Committee shall be disclosed in the invitation to the AGM. The Audit Committee strives for a regular rotation of its external auditors.

Authorized public accountant (APA) Ernst & Young Oy was elected as the Company’s new external auditors as of the financial year 2006. Ernst & Young Oy with Mr. Roger Rejström, APA, as the auditor with principal responsibility, have audited the Company’s accounting, fi nancial statements and administration.

External auditor's fees

In 2007, the fees paid to Ernst & Young Oy and its affi liated audit companies for auditing Konecranes Group companies totaled EUR 1,294,581 while the fees paid for consulting services totaled EUR 738,494.