1. 11 YIT Group Financial Statements 2009 Juhani Pitkäkoski President and CEO News conference for analysts, investors and the media February 4, 2010

2. 22 Contents Financial Statements 2009 Group development Business review Financial position Future outlook Market development Strategic focus areas Outlook for 2010 Appendices 2

3. 33 Financial Statements 2009

4. 44 Highlights in 2009 Profitability & sales Cash flow & capital efficiency Business agility Q4 year’s best in profit and revenue Operating profit improved every quarter In challenging markets we succeeded to keep good volumes Order backlog decreased - variation between segments Fast reactions to beat the general market development Market share strengthened in residential production and sales Focus on maintenance, renovation and public investments Adapting organisation and fixed costs to market situation Good financial position at year’s end Invested capital decreased in-line with plans Return on investment clearly below strategic target level Good operating cash flow throughout the year 4

5. 55 EUR million1-12/09 1-12/08 Change1-3/094-6/097-9/0910-12/09 Revenue3,452.4 3,939.7-12%823.7853.1815.0960.5 Operating profit165.5 260.6-36%22.138.145.659.7 % of revenue4.8%6.6%-2.7%4.5%5.6%6.2% Financial income and expenses, net -58.6-67.5-13%-19.9-12.9-15.7-10.2 Profit before taxes106.9193.1-45%2.225.229.949.5 Earnings per share, EUR 0.531.05-50%0.020.120.150.24 Return on investment, % 10.9%17.5%-14.3%11.4%9.8%10.9% Equity ratio, %33.8%30.7%-28.3%29.3%29.7%33.8% Operating cash flow after investments 211.4-19.4-10.327.829.5143.8 Order backlog2,773.63,233.7-14%3,045.02,916.42,800.82,773.6 Key figures Q4 strongest in revenue, operating profit and cash flow

6. 66 Financial statements 2009 Group development

7. 77 Operating profit improved every quarter EUR million % % YIT Group operating profit 2005-2009 YIT Group operating profit 2009 -36% +31%

8. 88 Operating profit development by segment EUR million % % % Building and Industrial Services Operating profit 2009: EUR 119 million, change -26% Construction Services Finland Operating profit 2009: EUR 82 million, change -27% International Construction Services Operating profit 2009: EUR -18 million, (08: MEUR 9) EUR million Q1/09 Q2/09 Q3/09 Q4/09 -5-5

9. 99 Revenue development steady in 2009 EUR million YIT Group revenue 2005-2009 YIT Group revenue 2009 -12% +18%

10. 10 Revenue development by segment EUR million +15% +18% +19% Building and Industrial Services Revenue 2009: EUR 2,125 million, change -11% Construction Services Finland Revenue 2009: EUR 1,030 million, change -10% International Construction Services R evenue 2009: EUR 360 million, change -27%

11. 11 EUR million Order backlog EUR 2,774 million EUR million YIT Group order backlog 2005-2009 YIT Group order backlog 2009 2,774 3,234 -14% -1% 3,045 2,916 2,801 2,774 Suspended projects in Russia included in the order backlog of 2008 and 2009.

12. 12 Order backlog development by segment EUR million Building and Industrial Services Change 2008-2009: -19% Construction Services Finland Change 2008-2009: +15% International Construction Services *) Change 2008-2009: -30% - 4% -10% +11% 1,239 1,127 998 960 *) Suspended projects in Russia included in the order backlog.

13. 13 23,480 employees at year’s end Number of employees 2000-2009 Personnel by country 12/09 -9% Total number of personnel in 12/2009: 23,480

14. 14 Payout ratio % Dividend / share EUR Dividend proposal EUR 0.40 per share Strategic target: Dividend payout 40–60% of net profit for the period

15. 15 Financial Statements 2009 Business review

16. 16 Business segment comparison Building and Industrial Services Nordic countries, Central Europe, Russia, Baltic countries 59% 76% 30% Revenue EBIT Personnel Capital invested 61% Percentage of YIT business segments in 2009 Construction Services Finland International Construction Services Russia, Baltic countries, Czech Republic 41% 13% 22% 29% negative 11% 48% 10% Finland ROI 31.4% 20.5% -2.7% 16

17. 17 Building and Industrial Services Non-residential new construction decreased Austria -12% Czech Republic -23% Denmark -13% Finland -27% Germany -4% Norway -11% Sweden -22% Development in energy efficiency services Sources: Euroconstruct, November 2009, EK investment survey, January 2010. Market development 2009 YIT actions Non-residential renovation and modernisation relatively stable Austria -9% Czech Republic -27% Denmark -3% Finland -5% Germany -3% Norway -2% Sweden -5% Industrial investments in Finland Fixed investments by the manufacturing industry -40% Large share of replacements, fewer enlargements Investments in energy sector on high level Shifting focus from new construction to renovation Service and maintenance increased in Q4 17

18. 18 Building and Industrial Services Revenue development by country 2008 2009 Total revenue: EUR 2,396 million Total revenue: EUR 2,125 million EUR million *) Operations acquired in Germany, Austria, Poland, Czech Republic, Hungary and Romania were transferred to YIT on August 1, 2008. *) -27% -18% -14% -11% -56% -4% +104% 18

19. 19 Service and maintenance increased in Q4 EUR million Building and Industrial Services: Service and maintenance revenue % 2009: EUR 1,151 million 2008: EUR 1,260 million Change -9%

20. 20 Forerunner in energy-efficiency services Germany: ESCO energy-saving agreement with the Giessen penitentiary Norway: Energy-efficient total technical solution for Comfort Square Hotel in Stavanger Finland: Alteration of the refrigeration and ventilation systems at training ice stadium, in Jyväskylä Sweden: Bedrock heat pump and solar panels for hot water production at a property owned by Micasa Energy efficiency reviews for Outokumpu and Toyota Examples of deliveries in 2009: Building systems solution delivered by YIT to Aibel office building in Norway was introduced at UN Climate Change Conference 2009 as a model example of good energy-efficient solution. 20

21. 21 Construction Services Finland Infra services kept relatively stable Active in business premises - but clear decrease in volume Strengthen market share in residential start-ups and sales to consumers Residential construction New residential construction -29% Housing start-ups decreased 3rd year in a row Business premises New non-residential construction -27% - offices down 1/2, commercial down 1/3 Non-residential renovation and modernisation -5% Infrastructure construction New construction -1% Renovation +2% Source: Euroconstruct, November 2009. Market development 2009 YIT actions 21

22. 22 Increasing trend in consumer sales Number 57 166 213 189 394 313 242 470 270 352 326 510 Apartments sold in Finland 436 896 982 1,188 2009: 3,502 apartments 1,567 to consumers 1,935 to investors (2008: 1,920 apartments)

23. 23 Start-ups accelerated quarterly Number Residential start-ups in FinlandUnsold apartments in Finland Number 817 921 1,118 1,404 1,292 1,542 2,424 239 1,292 834 1,139 997 1,252 1,061 3,447 2009 2008 2009

24. 24 Large volumes under construction Over 70% of apartments under construction already sold Apartments under construction in Finland (at the end of year) Number 3,446 3,773 1,887 2,809 3,396 3,570 2,984

25. 25 Renovation Showroom and production premises for Skanno, Espoo Extension of Lastenklinikka children’s hospital in Helsinki New construction Rantatie Business Park, Kalasatama, Helsinki Extension of Turku University Hospital Active in business premises - but clear decrease in volume 25 Renovation Refurbished office premises at Teollisuuskatu 21 in Helsinki Sinimäentie 8: office and warehouse in Espoo Investor contracts Joensuu Shopping Centre sold to Fennia Salmisaari Wellness Center sold to Varma Koivuhaan pienliikekeskus,Vantaa Logistics and office premises for Transpoint Oy in Kujala logistics centre, Lahti Development projects examples in 2009 Contracting examples in 2009 First ”Energy genius” office building started up in Järvenpää All new office premises constructed by YIT in Finland will be energy saving offices! 25

26. 26 Infra services kept relatively stable Examples of YIT’s infraprojects in 2009 Infra projects Kehä I (ring road, first phase) Savonlinna bridges and highway 14 Ruislahti-Miekkoniemi Aviapolis tunnel station in Ring Rail line Hakamäentie tunnel, Helsinki Bridges in Kemi Environmental services Waste management centres in Rauma, Nurmijärvi, Lohja Waste water treatment: Kakolanmäki in Turku and Luotsinmäki in Pori Maintenance of roads Espoo, Kemi, Oulunkylä-Viikki Municipal services Varkaus outsourcing of municipal engineering 26

27. 27 International Construction Services Russia Housing price level and construction costs decreased - Apartment RUR-prices down ~20% in Oct/08 - Sep/09 Low demand in the beginning of 2009 - One third compared to 2008 Market picked up during the year - Price level stabilized in Q4 - Residential projects started up in the market during the last months of 2009 Baltic countries Residential construction decreased considerably Non-residential construction decreased 30-35% Residential market showing recovery during the last months of 2009 Shifting focus to tender-based projects to secure volumes in Baltic countries Source: Euroconstruct, November 2009 Market development 2009 YIT actions Continue project development and make new start-ups in Russia Improve housing sales and strengthen market position 27

28. 28 Stronger residential sales Number Apartments sold in Russia 2009 2008 2009

29. 29 Start-ups to secure sales inventory Unsold apartments in Russia Number 6,810 5,218 7,353 8,230 5,534 4,747 4,014 Apartments started up in Russia Total start-ups 2009: 672 2008: 3,622* Number *) In October 2008 YIT suspended the construction of 2,485 residential units in Russia. 3,603 2008 2009 2008 2009

30. 30 Number of apartments under construction decreased Apartments under construction in Russia Number 6,874 8,407 5,969 6,080 In October 2008, YIT decided to suspend the construction of 2,485 residential units in Russia. Suspended units are not included in figures. Construction costs remaining *) EUR million *) At the ruble rate at the end of each quarter. 4,174 Share of apartments started up in 2009 EUR 42 million.

31. 31 Shifting focus from residential construction to contracting in Baltic countries Number of unsold apartments in Baltic countries Number 1,029 296 243 96 46 Estonia Hiab Balti manufacturing and office building, Narva Saarioinen Factory, Rapla Reconstruction works of coast park, Pärnu Design and build of foundations of fuel oil tanks at the Port of Muuga, Tallinn Luunja Community Center, Tartu Lithuania Finnfoam factory, Kaunas Shopping centre, Vilnus Modernization of the diagnostic block of the Santariskes hospital Design, reconstruction work and project supervision works of the Endocrinology Clinic, Kaunas Reconstruction of the block of Kaunas University of Technology 31 40 Focus on contracting - Examples of projects in 2009 81

32. 32 Financial Statements 2009 Financial position

33. 33 Operating cash flow good throughout the year EUR million Operating cash flow after investments Total 2009: EUR 211 million (2008: EUR -19 million)

34. 34 Invested capital decreased EUR million YIT Group invested capital 2008-2009 YIT Group invested capital 2009 -11% Invested capital = Balance sheet total - non-interest bearing debt

35. 35 Capital efficiency Invested capital development EUR million 1,601 1,654 1,561 1,471 1,651 Group: Invested capital = Balance sheet total - non-interest bearing debt Segments: Interest-bearing financial items have been netted 35

36. 36 Capital efficiency Asset structure per segment Total assets 12/2009 EUR million Construction Services biggest items in inventories: Russia work in progress land plots development costs suspended projects finished apartments Finland land plots Building and Industrial Services biggest items: Receivables trade receivables Goodwill ABB and MCE acquisitions 36

37. 37 Return on investment clearly lower than strategic target level % % YIT Group return on investment 2005-2009, rolling 12 months Strategic target: Return on investment 20%

38. 38 Return on investment per segment % % % Building and Industrial Services Construction Services Finland International Construction Services

39. 39 Good financial position Net debt down, stable maturity structure Interest-bearing debt Cash and cash equivalents EUR million Net debt 846 745 660 590 844 Maturity structure of long-term debt 12/2009 EUR million 860 886 671 2008 2009

40. 40 Balanced debt portfolio Markets 30% Credit institutions 23% Sold receivables 11% Debt portfolio 12/2009 Total EUR 671 million Average interest rate 3.6% Insurance companies 32% Floating interest rate 33% Average interest rate 2.7% Fixed interest rate 67% Average interest rate 4.1% Factoring 4%

41. 41 Currency risk of debt portfolio EUR 93% RUB 3% SEK 4% Original debt portfolio 12/2009 Original debt portfolio and forward agreements 12/2009 EUR 58% RUB 31% SEK 4% Other 1% EEK 3% Loans taken by parent company as a rule EUR-denominated - parent company hedges foreign currency-denominated loans to subsidiaries LTL 3%

42. 42 Net financial costs decreased EUR million 19.9 8.3 10.0 6.1 43.1 12.9 Debt portfolio 12/09: EUR 671 million - Average interest rate 3.6% - Hedged debt investments in Russia EUR 214 million 9/09: EUR 886 million, 3.3% 6/09: EUR 860 million, 3.6% 3/09: EUR 844 million, 4.9% 12/08: EUR 846 million, 4.7% Exchange rate losses, mainly due to the ruble hedging Q4/09: EUR 5.9 million Q3/09: EUR 7.8 million Q2/09: EUR 5.1 million Q1/09: EUR 9.6 million Q4/08: EUR 27.6 million Main factors impacting net financial costs 15.7 Net financial costs 10.1 2009: EUR 58.6 million 2008: EUR 67.5 million 42

43. 43 Gearing and equity ratio improved Gearing ratio Equity ratio % % 2008 2009 2008 2009

44. 44 Future outlook

45. 45 Future outlook Market development

46. 46 Market outlook Residential demand continues to be good - Russia - better consumer confidence, stabilized price level, development in mortgage market - Baltics - housing markets starting to recover - Finland - stronger consumer confidence, low interest, moderate price level, limited supply Infrastructure construction stable in Finland Non-residential new construction decreasing Renovation and modernisation of buildings increasing Industrial investments still on low level, maintenance more stable Building and Industrial Services Construction Services Finland International Construction services 46

47. 47 Industrial investments on low level in Finland Fixed investments by manufacturing industry in Finland EK Investment Survey Investments in the entire economy

48. 48 Renovation and modernisation of buildings increasing Source: Euroconstruct, November 2009. Renovation and modernisation Volume-index 1985=100

49. 49 New non-residential construction decreasing Source: Euroconstruct, November 2009. New non-residential construction Volume-index 1985=100

50. 50 Vacancy rates in Finland Catella, September 10, 2009.

51. 51 The Ring Rail Line circular rail route of the Helsinki Metropolitan Area Länsimetro (new underground line connecting Espoo to Helsinki) Mining projects E18 highway Koskenkylä- Kotka E18 highway bypass in Hamina Railway Kokkola-Ylivieska Infrastructure construction stable in Finland Infrastructure construction Major possibilities in the market 2010 - Source: Euroconstruct, November 2009. EUR billion 51

52. 52 The balance figures are obtained by deducting the weighted proportion of negative answers from that of positive answers. The balance figures can range between -100 and 100 - the higher the balance figure, the brighter the view. Source: Statistics Finland, Consumer Survey, January 27, 2009. Finnish economy Own economy Views on economic situation after one year balance figure (percentage of positive answers - negative answers) Residential market in Finland Consumer confidence strengthening

53. 53 Residential market in Finland Interest rates at low level EUR million % Source: Bank of Finland, January 29, 2010.

54. 54 Residential market in Finland Production low compared to need Residential start-ups in Finland No of apartments VTT: Estimated average need for new apartments 30,000 annually until 2015 Need: 30,000 VTT = VTT Research Centre in Finland RT = The Confederation of Finnish Construction Industries Source: The Confederation of Finnish Construction Industries (RT), October 2009. 54 RT: Estimated start-ups in 2010: 23,000

55. 55 Residential market in Finland Housing price development moderate Source: Statistics Finland, Jan 29, 2010. Changes in House prices, Wages and Consumer prices, index 1983=100

56. 56 Residential market in Russia Consumer confidence improving Source: Rosstat. Consumer confidence index rose 5 points in Q4/09 However, still well below the 2002-2008 level 2002 2003 2004 2005 2006 2007 2008 2009

57. 57 Residential market in Russia Apartment price development stabilized Source: www.bn.ru Ruble/m2 Housing price development Jan/2008-Jan/2010 Ruble exchange rate on January 22, 2010: 1 EUR = 41,9485 RUB Moscow secondary St. Petersburg secondary St. Petersburg primary

58. 58 Residential market starting to recover in Baltic countries Construction confidence in Baltic countries

59. 59 Future outlook Strategic focus areas

60. 60 YIT’s strategic target levels Average annual growth in revenue 5-10% Return on investment 20% Cash flow from operating activities after investments sufficient for dividend payout and debt reduction Equity ratio 35% Dividend payout 40–60% of net profit for the period 60

61. 61 International Construction Services Construction Services Finland Building and Industrial Services Strategic focus areas Increase residential development Strengthen position in infrastructure services Focus on existing properties in non-residential Increase market share in Nordic countries and Central Europe Increase service and renovation Forerunner in energy- saving solutions Be ready to grow and utilize market opportunities Improve profitability Improve capital efficiency 61

62. 62 Future outlook Outlook for 2010

63. 63 YIT estimates that in 2010 the Group revenue will increase and profit before taxes will increase significantly compared to 2009. Outlook for 2010 63

64. 64

65. 65 More information Timo Lehtinen Chief Financial Officer (CFO) tel. +358 20 433 2258 Mob. +358 45 670 0626 e-mail: timo.lehtinen@yit.fi Juhani Pitkäkoski President and CEO tel. +358 20 433 3301 e-mail: juhani.pitkakoski@yit.fi

66. 66 Appendices - Change accounting principles - Strategic targets - Ownership

67. 67 Accounting principles IFRIC 15 IFRIC15 = Agreements for the Construction of Real Estate The application will change mainly the recognition of YIT Group's housing development projects to take place at the time of delivery while until now they have been recognised as income based on the principle of percentage of completion multiplied by the percentage of sales. In business premises development the method of income recognition will be evaluated case by case depending on the terms of agreements. Implications The application will mainly have an impact on the reporting of revenue, operating profit, profit for the period, inventories, trade receivables, advances received, interest- bearing liabilities, deferred taxes, shareholders' equity and balance sheet total. The amendment will also have an impact on the key figures. Change in the income recognition will cause greater variation between the different quarters. Despite of the change in accounting principle, YIT will publish the segment information using the principle of percentage of completion multiplied by the percentage of sales also in the future. The interpretation shall be applied as of the financial period starting on January 1, 2010. Comparison figures will be published on March 23, 2010. 67

68. 68 Change in income recognition YIT’s key figures 2009 68 POC = principle of percentage of completion multiplied by the percentage of sales Key figures 2009 POCIFRIC15 RevenueMEUR 3,452MEUR 3,486 Profit before taxes MEUR 107MEUR 110 Retained earnings MEUR 690MEUR 654 Return on investment 10.9%10.8% Operating cash flow after investmentsMEUR 211MEUR 230 Equity ratio33.8%32.4% Dividend payout ratio (Board’s proposal) 74.9%73.2%

69. 69 EUR million Strategic target: Average annual growth in revenue 5-10% Group revenue 1994-2009 -12%

70. 70 % Strategic target: Return on investment 20% Return on investment 1994-2009

71. 71 EUR million Operating cash flow after investments 2008-2009 Strategic target: Cash flow from operating activities after investments sufficient for dividend payout and debt reduction EUR million 20092008 Operating cash flow after investments 211-19 Dividends paid -63-102 Change in net debt-147+130 Operating cash flow after investments Dividends paid

72. 72 % Strategic target: Equity ratio 35% Equity ratio 1994-2009

73. 73 Payout ratio Strategic target: Dividend payout 40–60% of net profit for the period % Dividend / share EUR *) Board proposal *)

74. 74 Major shareholder. 1. Structor S.A.14,700,00011.55 2. Varma Mutual Pension Insurance Company5,815,9084.57 3. Mandatum Life Insurance Company5,444,7994.28 4. Ilmarinen Mutual Pension Insurance Company5,091,7854.00 5. Suomi Mutual Life Assurance Company3,297,9592.59 6. YIT Oyj2,145,0001.69 7. Svenska Litteratursällskapet i Finland1,874,2001.47 8. Tapiola Mutual Pension Insurance Company1,785,0001.40 9. State Pension Fund1,650,0001.30 10. Etera1,472,2591.16 10 biggest, total43,276,91034.01 Others52,699,97041.43 Nominee registered shares, total31,246,54224.56 Total127,223,422100.00 January 31, 2010 Shares %

75. 75 29,630 shareholders on January 31,2010 30,127 29,678 29,630

76. 76 38% of shares in international ownership 39% 38%