By studying the invariant-mass distribution of the $e^+e^-$ in conversion decays, it is possible to learn more about mesons structure and underlying quark dynamics. At KLOE, the study of the $phi to pi^0 e^+e^-$ process is currently going to be final
ized. At present, about 9000 events have been selected from a data sample of 1.7 fb$^{-1}$ from 2004/2005 data taking campaign. A very good agreement between data and Monte Carlo distributions has been achieved for all interesting kinematical variables. A preliminary invariant-mass spectrum of $e^{+}e^{-}$ is presented.
