1. Together we can do it. 11.4.2005YIT Corporation Opportunities in the Russian Residential Construction Market Timo Lehmus YIT Construction Ltd April 11, 2005

2. Together we can do it. 11.4.2005YIT Corporation 1.YIT in brief 2.YIT Construction Ltd, International Operations 3.Russian market and residential construction 4.Russia in YIT´s strategy 5.YIT´s success factors Opportunities in the Russian residential construction market

3. Together we can do it. 11.4.2005YIT Corporation YIT in brief

4. Together we can do it. 11.4.2005YIT Corporation YIT’s corporate structure YIT Corporation Reino Hanhinen Corporate Management, Corporate Services, Corporate Communications Building Systems Juhani Pitkäkoski Construction Services Ilpo Jalasjoki Services for Industry Raimo Poutiainen Data Network Services Hannu Leinonen Building Systems Automation and security Facility Management Housing Business environments Infrastructure Piping and tanks Maintenance Fixed networks Mobile networks Net sales 2004 MEUR 1,332 Personnel Dec/2004 12,194 Net sales 2004 MEUR 1,427 Personnel Dec/2004 5,102 Net sales 2004 MEUR 195 Personnel Dec/2004 2,760 Net sales 2004 MEUR 127 Personnel Dec/2004 1,328

5. Together we can do it. 11.4.2005YIT Corporation Net sales by country 2004 Finland 60.0% 1,820.7 MEUR Baltic countries 5.5% 166.6 MEUR Total 3,033.4 MEUR, of which net sales outside Finland 1,212.7 MEUR Other Nordic countries 30.0% 908.9 MEUR Other countries 1.2% 35.9 MEUR Russia 3.3% 101.3 MEUR

6. Together we can do it. 11.4.2005YIT Corporation Strengthening the market position on strategic business areas BUILDING SYSTEMS DATA NETWORK SERVICES YIT Building Systems (Sweden) Net sales 1-12/2004 MEUR 506,5 Personnel 12/2004 4,225 Local offices 159 YIT Kiinteistötekniikka Oy (Finland) 1 Net sales 1-12/2004 MEUR 429,3 Personnel 12/2004 4,326 Local offices 79 YIT Building Systems AS (Norway) Net sales 1-12/2004 MEUR 281,2 Personnel 12/2004 2,507 Local offices 63 YIT A/S (Denmark) Net sales 1-12/2004 MEUR 116,6 Personnel 12/2004 1,136 Local offices 12 CONSTRUCTION SERVICES BUILDING SYSTEMS Baltic States - AS YIT Ehitus Tallinn - AB YIT Kausta, Kaunas - YIT Celtnieciba SIA, Riga Russia - ZAO YIT Lentek, St. Petersburg - ZAO YIT Ramenje, Moscow - Net sales 1-12/2004 about MEUR 260 - Personnel 1,600 1 Includes the Baltic and Russian operations In terms of net sales, YIT is the market leader in all of its segments in Finland. In Building Systems, YIT is the leading company in the Nordic countries. YIT’s strategy is to bolster its Construction Services in the Baltic countries and Russia and strengthen its Building Systems and Data Network Services in addition to these countries in all the Nordic countries.

7. Together we can do it. 11.4.2005YIT Corporation YIT’s strategic target levels Average annual growth in net sales 5–10% Return on investment 20% Equity ratio 35% Dividend payout 30–50% of net profit for the year after taxes and minority interests

8. Together we can do it. 11.4.2005YIT Corporation Major acquisitions and divestments YIT’s life-cycle service chain and geographical expansion Acquisitions Building systems maintenance and upkeep services YIT Huber (1995) Industrial maintenance YIT Service (1996) Property maintenance services YIT Rapido (1999) Building systems maintenance and upkeep services Calor (2001) Telecom network maintenance YIT Primatel (2002) Divestments Steel construction PPTH Teräs Oy (1999) Testing business Huber Testing Oy (2000) Surface-treatment business (2001) Building systems maintenance and upkeep services YIT Building Systems (2003) Jointing insulation business Makroflex (2003) Construction in Lithuania AB Kausta (1999) Construction in Estonia AS FKSM (2001) Construction in St Petersburg and Russia ZAO Lentek (1997) Construction in Moscow Oblast YIT Ramenje (2003) Plot investment agreement in the City of Moscow YIT Ramenje (2004)

9. Together we can do it. 11.4.2005YIT Corporation YIT and HEX Portfolio indexed share price development 1.1.2004 - 6.4.2005 YIT 61% HEX Portfolio 21%

10. Together we can do it. 11.4.2005YIT Corporation Market capitalization development MEUR

11. Together we can do it. 11.4.2005YIT Corporation Principal shareholders Mar. 31, 2005 No. % 1. Sampo Life Insurance Company Ltd 5,654,560 9.23 2. Suomi Mutual Life Assur. Company 4,285,590 6.99 3. Varma-Sampo 3,906,604 6.37 4. Ilmarinen Mutual Pension Ins.Co 2,057,000 3.36 5. Tapiola Insurance Group 1,865,190 3.04 6. Security Trading Ltd 1,359,000 2.22 7. Pohjola Insurance Group 964,465 1.57 8. Etera Mutual Pension Ins. Company 907,200 1.48 9. Odin Förvaltning As 768,800 1.25 10. Kaleva Mutual Insurance Company 738,700 1.21 Nominee-registered 16,587,948 27.06 Other shareholders 22,197,797 36.22 Total 61,292,854100.00 Total number of shareholders 7,720. Nominal value of the share EUR 1.00 (registered on March 26, 2004, whereby the number of shares was doubled). Share capital EUR 61,292,854.

12. Together we can do it. 11.4.2005YIT Corporation YIT Construction Ltd International Operations

13. Together we can do it. 11.4.2005YIT Corporation International operations 18% 266.8 MEUR Total net sales 1,427.3 MEUR Construction Services Breakdown of net sales 2004 Operations in Finland 82% 1,160.5 MEUR

14. Together we can do it. 11.4.2005YIT Corporation YIT Construction, International Operations Net sales 1998 – 2004, EUR million

15. Together we can do it. 11.4.2005YIT Corporation YIT Construction Ltd, International Operations Operating profit 1998 – 2004, EUR million Makroflex 30 M€ 5,9

16. Together we can do it. 11.4.2005YIT Corporation Estonia and Latvia 40 % (106,0 M€) Russia 35 % (94,3 M€) Nordic countries 4 % (9,9 M€) Lithuania 16 % (42 M€) YIT Construction Ltd, International Operations Breakdown of net sales 2004 Net sales 267 M€ Others 5 % (14,5 M€)

17. Together we can do it. 11.4.2005YIT Corporation Estonia and Latvia 25 % Water and environmental services 7 % St. Petersburg 32 % Lithuania 19 % YIT Construction Ltd, International Operations Capital Employed 2004 Others 3 % Moscow 13 % Capital Employed 104,9 EUR million

18. Together we can do it. 11.4.2005YIT Corporation Russian market and residential construction

19. Together we can do it. 11.4.2005YIT Corporation Growth in the Russian market Growth in Russia’s GDP Growth in construction 2000 – 2003 annual average 7 %7.5 % 2004 FORECAST 2005 2006 2007 7.1 % 6.5 % 6 % 10.1 % 7 % Statistics Finland, Budget committee Russia, VTT

20. Together we can do it. 11.4.2005YIT Corporation Russia – a little big country Economy in 2004 (EUR billion) RussiaFinland GDP457150 Exports12356 Imports6347 Construction2919 Statistics Finland

21. Together we can do it. 11.4.2005YIT Corporation Foreign investments into Russia are slight for the time being Average annual direct investments since 2000/GDP Russia 1% China 4% Estonia 8%

22. Together we can do it. 11.4.2005YIT Corporation From Yeltsin-era chaos to order under Putin Guided democracy Centralization of decision-making Greater control by large corporations Young market economy, rapid growth and dynamic change Social issues into the spotlight

23. Together we can do it. 11.4.2005YIT Corporation Russian market economy develops Legislation required by the market economy is complete for the most part - judicial system, taxation, customs system Application of legislation does not always work A world of constant changes - remaining legislative work, public administration reform On the right track in problem areas (corruption, relationship between administration and companies, black market)

24. Together we can do it. 11.4.2005YIT Corporation Construction in the Russian national economy (%) Finland EU Source: EuroBuild Russia

25. Together we can do it. 11.4.2005YIT Corporation Value of Russian construction output in 2003 Total: EUR 190/inhabitant (Finland: 3.700) Building construction 78% (79%) Civil engineering 22% (21%) Building renovation 23% (29%) Residential buildings 38% (21%) Other buildings 17% (24%) Source: VTT Tacis research evaluation (VTT) EuroBuild Russia Civil engineering 22% (21%)

26. Together we can do it. 11.4.2005YIT Corporation Buildings completed in Russia, 2003 All of Russia Rest of Russia Moscow Moscow Region St. Petersburg and Leningrad Region Apartment houses (new) Other residential buildings (new) Non-residential buildings (new)

27. Together we can do it. Annual housing construction in the Russian Federation (million sq.m) Federal State Statistics Service

28. Together we can do it. Housing construction in Moscow, Moscow region and St.Petersburg (million sq.m)

29. Together we can do it. 11.4.2005YIT Corporation Average bid price for residences in the cities of Russia 2002-2003 USD/m2 Moscow St. Petersburg Moscow Region

30. Together we can do it. 11.4.2005YIT Corporation Growing need for residences in Russia Structural factors Growing population immigration into large cities Lack of residences has led to cramped living conditions (In Russia: 20 m2/person, 1.2 persons/room; in Finland: 36 m2/person, 0.6 persons/room) Old residences are in a poor technical condition Repairs are difficult and expensive Undeveloped financing system Fluctuation factors High price of oil supports economic growth Economic boom increases household income Population demands Residences that are large enough (m2/person) Technically functional buildings Modern quality level and amenities Reliable builder/brand

31. Together we can do it. 11.4.2005YIT Corporation Competition situation Residential construction market has been dominated by large local construction companies. Competition has been quite centralized; that is, large companies are in a dominant position in the market, and the average project size is large. Foreign players are entering the market. YIT started residential construction in 2000

32. Together we can do it. 11.4.2005YIT Corporation Russia in YIT´s strategy

33. Together we can do it. 11.4.2005YIT Corporation Russia in YIT’s strategy Focus areas Construction - residential developer contracting - property development - building construction - industrial construction - infrastructure Strong growth, focusing on residential construction Building Systems - contracting - maintenance Steady growth and strengthening position in Facility Management & Building Service Services for Industry - negotiated contracts Steady growth Data Network Services Market trends are monitored Business segments

34. Together we can do it. 11.4.2005YIT Corporation Russia in YIT’s strategy Focus areas St. Petersburg2004 2007 2,5% 10% 450 2,200 Moscow region2004 2007 1.5% 5% 300 1,900 Moscow2004 2007 0% 0.5% - 350 Market share objectives in residential construction Sales/no.

35. Together we can do it. 11.4.2005YIT Corporation YIT ’S BUSINESS OPERATIONS IN RUSSIA (M€) Personnel 800 Construction Building Systems + Industry Residential Construction

36. Together we can do it. 11.4.2005YIT Corporation Construction Services YIT’s housing production in Russia and Baltic countries No. 2003 2004

37. Together we can do it. 11.4.2005YIT Corporation Construction Services Russia and Baltic Countries MOSCOW (10.1) ST. PETERSBURG (4.7) Russia: 144.2 million inhabitants (2003) 17,078,000 km2 NIZHNI-NOVGOROD (1.3) JEKATERINBURG (1.3) KAZAN (1.1) SAMARA (1.2) MOS.OBLAST (6.5) Current business locations Potential expansion 2007-2015 TALLINN RIGA KAUNAS VILNIUS PÄRNU

38. Together we can do it. 11.4.2005YIT Corporation RUSSIA / St. Petersburg SHUVALOVO I (326) 2002-05 VASILI ISLAND I (350) 2004-06 KAZANSKAJA 58 (40) 2003-05 VVJD (1495) 2004-06 URITSK (225) 2002-04 SHUVALOVO II (250) 2005-07 PRIMORSK I (440) 2006-08 UNDER CONSTRUCTION PLOT RESERVE MARISA TOREZA 72 (285) 2006-08) MARISA TOREZA 44 (425) 2005-07 VASILI ISLAND II (485) 2005-08 OZERKI 9 (4,5,8) (800) 2006-10 KOLOMAKI 12 (1050) 2006-08 SHUVALOVO III OZERO DOLGOJE 56 (800) 2006-09 BUILT TARGET AREAS

39. Together we can do it. 11.4.2005YIT Corporation YIT Ramenje BALASHIHA DOLGOPRUDNYJ RAMENSKOJE MOSCOW ZHUKOVSKI UNDER CONSTRUCTION PLOT RESERVE Moscow / Moscow Oblast YIT RAMENJE´S - OFFICE office MD CENTRALNY, HOUSE 5 (236) 2004-05 HOUSE 12 (135) 2004-05 MD 5, HOUSE 31 (140) 2004-05 MD KHOLODOVO, HOUSE 15 (72) 2004-05 HOUSE 8 (134) 2004-05 MD 5, HOUSE 34 (80) 2004-05 MD 5, HOUSE 32 (80) 2004-05 MD 5, HOUSE 36 (174) 2004-06 MD 5A, HOUSE 1a (344) 2005-06 MD 10, PHASE 1 (160) 2004-06 KRASNOARMEJSKAJA, HOUSE 46 (107) 2004-05 TARGET AREAS KUNTSEVSKAJA 6 (60) 2005-07

40. Together we can do it. 11.4.2005YIT Corporation YIT´s success factors

41. Together we can do it. 11.4.2005YIT Corporation Success factors in business operations Strong corporate culture Sufficient operational volume Strong local presence - good leadership - true partnership Knowledge of market, professional expertise Committed, service-minded, learning personnel General

42. Together we can do it. 11.4.2005YIT Corporation Success factors in business operations Residential business Management of strategic plot/land acquisition Strong product/service expertise Design and production control Creating and marketing a strong brand (service/product) Financial products/services

43. Together we can do it. 11.4.2005YIT Corporation More information on our site at www.yit.fi Timo Lehmus Senior Vice President International Operations YIT Construction Ltd tel. +358 20 433 2474 E-mail: timo.lehmus@yit.fi Veikko Myllyperkiö Vice President, Corporate Communications tel. +358 20 433 2297 E-mail: veikko.myllyperkio@yit.fi Esko Mäkelä Executive Vice President tel. +358 20 433 2258 E-mail: esko.makela@yit.fi Petra Thorén Manager, Investor Relations tel. +358 20 433 2635 mobile +358 40 764 5462 E-mail: petra.thoren@yit.fi

44. Together we can do it. 11.4.2005YIT Corporation Appendix YIT Group Financial statements 2004

45. Together we can do it. 11.4.2005YIT Corporation Key events in 2004 YIT´s net sales, profit before taxes and order backlog on all time high levels. YIT´s operating profit on all time high levels each quarter in YIT´s history. Building Systems has completed a successful integration process and has moved into running business operations on a normal level. The EBITA for the segment at the fourth quarter was 4,0% of net sales. Residential construction in Russia, Estonia, Latvia and Lithuania saw rapid growth. In Finland residential construction stabilised on a good level at the end of the year and the profit of Construction Services was on a good level. The order backlog of Services for Industry doubled. Data Network Services´cost efficiency and strong growth in broadband connections resulted in good profits.

46. Together we can do it. 11.4.2005YIT Corporation Financial statements 2004 key figures Net sales growth was 27% amounting to EUR 3,033.4 million (2,389.7). The share of net sales accounted for by the Group’s international activities was 40% (28%). The share of net sales accounted for by maintenance and service business increased to EUR 1,010.2 million (643.5), representing 33% (27%) of total net sales. EBITA amounted to EUR 165.7 million (118.7). Profit before taxes growth was 40% and amounted to EUR 118.2 million (84.4). Return on investment was 19.6% (16.8%). Order backlog growth was 8% and amounted to EUR 1,604.9 million (1,490.1). Earnings per share growth was 67% and was EUR 1.37 (0.82). The Board of Directors will propose to the Annual General Meeting that a dividend of EUR 0.70 (0.60) be paid per share, representing 51.1 per cent of earnings per share. YIT is increasing its dividend for the tenth year in a row.

47. Together we can do it. 11.4.2005YIT Corporation Consolidated income statement MEUR20042003Change Net sales3,033.42,389.727% Net sales outside Finland1,212.7672.580% Sale of shares in own production203.1243.1-16% Operating income and expenses-2,850.6-2,253.327% Depreciation and value adjustments-17.1-17.7-3% EBITA165.7118.740% as percentage of net sales5.5%5.0% Amortization of goodwill and goodwill on consolidation-30.6-20.152% Operating profit (EBIT)135.198.637% as percentage of net sales4.5%4.1% Financial income and expenses, net-16.8-14.218% Profit before extraordinary items118.284.440% Extraordinary income00 Extraordinary expenses00 Profit before taxes118.284.440% Profit for the report period84.048.474%

48. Together we can do it. 11.4.2005YIT Corporation Consolidated Balance Sheet MEURDec/2004Dec/2003Change ASSETS Intangible assets Goodwill152.1168.9-10% Other intangible assets12.311.84% Goodwill on consolidation72.178.0-8% Tangible assets68.466.82% Investments6.87.9-14% Inventories421.6380.811% Receivables822.1781.05% Marketable securities0.711.9-94% Cash and cash equivalents34.248.4-29% Total assets1,590.31,555.52%

49. Together we can do it. 11.4.2005YIT Corporation Consolidated Balance Sheet MEURDec/2004Dec/2003Change LIABILITIES Share capital61.361.0- Other shareholders’ equity395.9347.314% Minority interests3.63.46% Provisions26.027.3-5% Interest-bearing debt261.5264.7-1% Non interest-bearing debt842.0851.8-1% Total liabilities1,590.31,555.52%

50. Together we can do it. 11.4.2005YIT Corporation Net sales by business segment MEUR20042003Change Building Systems1,331.5681.0 1) 96% Construction Services1,427.31,398.52% Services for Industry195.1209.7 1) -7% Data Network Services127.0130.0-2% Other items-47.5-29.561% YIT Group total3,033.42,389.727% 1)The figures for 2003 are pro forma calculations. The acquired Building Systems business operations had net sales of EUR 335.1 million during the period from August 29 to December 31, 2003.

51. Together we can do it. 11.4.2005YIT Corporation Net sales by quarter MEUR 1) 1) The figure for the fourth quarter 2003 includes the net sales of the acquired Building Systems operations over a four-month period (from August 29 to December 31, 2003).

52. Together we can do it. 11.4.2005YIT Corporation EBITA and EBIT by business segment 2004 MEUR EBITA total MEUR 165.7 EBIT total MEUR 135.1 Building Systems Construction Services Services for Industry Data Network Services Other items

53. Together we can do it. 11.4.2005YIT Corporation Building Systems EBITA 2004 MEUR Q1/2004Q2/2004 Q3/2004 Q4/2004 EBITA total 33.6 MEUR (2.5%) EBITA excluding non-recurring items total 37.6 MEUR (2.8%) (3.4%) (2.3%) (1.5%) (4.0%) 1) 1)Does not include a loss provision of EUR 4 million due to an electrification project on two ships for the Royal Danish Navy.

54. Together we can do it. 11.4.2005YIT Corporation Operating profit (EBIT) by quarter MEUR 1)Operating profit was reduced by the sum of EUR 5.7 million recorded as a loss by YIT on the basis of a ruling by the Helsinki District Court. YIT has appealed the decision. 2)Includes about EUR 30 million in capital gains from the sale of Makroflex. 3)Operating profit of Building Systems business segment is burdened by EUR 5.8 million integration costs and EUR 11.5 million downscaling expenses of the acquired Building Systems operations in Sweden. 1) 2) 3)

55. Together we can do it. 11.4.2005YIT Corporation Operating profit before amortization of goodwill and goodwill on consolidation (EBITA) by business segment MEUR20042003Change Building Systems33.6-7.1- Construction Services111.6111.1- Services for Industry6.89.7-30% Data Network Services19.714.041% Other items-6.0-9.0-33% YIT Group total165.7118.740% 1)The figures for 2003 are pro forma calculations. Operating profit of Building Systems business segment is burdened by EUR 5.8 million integration costs and EUR 11.5 million downscaling expenses of the acquired Building Systems operations in Sweden. 2)Operating profit includes EUR 24.3 million non-recurring items. Operating profit of International Operations includes about EUR 30 million in capital gains from the sale of Makroflex. Operating profit of YIT Business Premises was reduced by the sum of EUR 5.7 million recorded as a loss by YIT on the basis of a ruling by the Helsinki District Court. YIT has appealed the decision. 1)1) 2)2) 1)1)

56. Together we can do it. 11.4.2005YIT Corporation Gearing ratio and cash flow 1999-2004 Gearing ratio,% Operating cash flow before taxes *, MEUR *Operating cash flow before taxes = Cash flow from operations before financial items and taxes + cash flow from investing activities 1)1) 2)2) 1) Cash flow before EUR 169.2 million transaction price of Building Systems acquisition paid on August 29, 2003 and EUR 30 million capital gains from the sale of Makroflex. 2) YIT paid EUR 22 million as additional transaction price of Building Systems acquisition in January 2004.

57. Together we can do it. 11.4.2005YIT Corporation Key figures 20042003Change Return on investment19.6% ) 16.8% Equity ratio31.1%28.3% Net interest-bearing debt, MEUR226.3204.411% Gearing ratio49.2%49.6% Earnings/share, EUR1.370.82 1) 67% Equity/share, EUR7.466.69 1) 12% Average share price, EUR15.9210.35 1) 54% Share price at end of period, EUR18.3613.45 1) 37% Gross capital expenditures, MEUR31.0232.9-87% Order backlog, MEUR1,604.91,490.18% Average personnel21,88416,21235% 1)The number of YIT’s shares was doubled on March 26, 2004 when the nominal value of the share was changed from two euros to one euro (split). The figures for the comparison periods have been converted to correspond with the doubled number of shares.

58. Together we can do it. 11.4.2005YIT Corporation Building Systems Breakdown of net sales 2004 Total net sales 1,331.5 MEUR YIT Kiinteistötekniikka Oy Finland 1) 32% 429.3 MEUR YIT Sverige AB Sweden 38% 506.5 MEUR YIT Building Systems AS Norway 21% 281.2 MEUR YIT A/S Denmark 9% 116.6 MEUR 1) Includes the Russian and Baltic operations.

59. Together we can do it. 11.4.2005YIT Corporation International operations 18% 266.8 MEUR Total net sales 1,427.3 MEUR Construction Services Breakdown of net sales 2004 Operations in Finland 82% 1,160.5 MEUR

60. Together we can do it. 11.4.2005YIT Corporation Services for Industry Breakdown of net sales 2004 Maintenance and upkeep services 69% 135.4 MEUR Total net sales 195.1 MEUR Investments 31% 59.7 MEUR

61. Together we can do it. 11.4.2005YIT Corporation Maintenance, repairs and subscriber deliveries 70% 88.9 MEUR Total net sales 127.0 MEUR Data Network Services Breakdown of net sales 2004 Project operations 30% 38.1 MEUR

62. Together we can do it. 11.4.2005YIT Corporation Operating profit (EBIT) 1995 – 2004 MEUR

63. Together we can do it. 11.4.2005YIT Corporation Order backlog by business segment MEUR20042003Change Building Systems557.8502.3 1) 11% Construction Services847.9817.74% Services for Industry116.567.2 1) 73% Data Network Services82.7102.9-20% YIT Group total1,604.91,490.18% 1)The figures for 2003 are pro forma calculations.

64. Together we can do it. 11.4.2005YIT Corporation Order backlog at end of period MEUR 332.8 346.1 319.7 411.7 477.5 479.1 574.7 735.8 938.8 1,490.1 1,604.9

65. Together we can do it. 11.4.2005YIT Corporation Order backlog by business segment December 31, 2004 Construction Services 53% 847.9 MEUR Data Network Services 5% 82.7 MEUR Building Systems 35% 557.8 MEUR Services for Industry 7% 116.5 MEUR Total order backlog 1,604.9 MEUR, of which order backlog outside Finland 621.0 MEUR

66. Together we can do it. 11.4.2005YIT Corporation Order backlog by quarter 2000–2004, MEUR at the end of period

67. Together we can do it. 11.4.2005YIT Corporation Personnel by business segment December 31, 2004 Construction Services 24% 5,102 Data Network Services 6% 1,328 Building Systems 56% 12,194 Services for Industry 13% 2,760 Total 21,680 Corporate services 1% 296

68. Together we can do it. 11.4.2005YIT Corporation Personnel by country December 31, 2004 Sweden 20% 4,236 Russia 5% 1,110 Finland 53% 11,540 Denmark 5% 1,136 Total 21,680 Norway 12% 2,507 Baltic countries 5% 1,151