YIT Group Financial Statements 2009 Juhani Pitkäkoski President

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

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

Financial Statements 2009 3

Highlights in 2009 Profitability & sales Business agility Q 4 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 Cash flow & capital efficiency 4 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

Key figures Q 4 strongest in revenue, operating profit and cash flow EUR million 1 -12/09 1 -12/08 Change 1 -3/09 4 -6/09 7 -9/09 10 -12/09 Revenue 3, 452. 4 3, 939. 7 -12% 823. 7 853. 1 815. 0 960. 5 Operating profit 165. 5 260. 6 -36% 22. 1 38. 1 45. 6 59. 7 • % of revenue 4. 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 taxes 106. 9 193. 1 -45% 2. 2 25. 2 29. 9 49. 5 0. 53 1. 05 -50% 0. 02 0. 15 0. 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. 7% 33. 8% 211. 4 -19. 4 - 10. 3 27. 8 29. 5 143. 8 2, 773. 6 3, 233. 7 -14% 3, 045. 0 2, 916. 4 2, 800. 8 2, 773. 6 Earnings per share, EUR Operating cash flow after investments Order backlog 5

Financial statements 2009 Group development 6

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

Operating profit development by segment Building and Industrial Services Construction Services Finland International Construction Services Operating profit 2009: EUR 119 million, change -26% Operating profit 2009: EUR 82 million, change -27% Operating profit 2009: EUR -18 million, (08: MEUR 9) EUR million % -5 Q 1/09 8 Q 2/09 Q 3/09 Q 4/09

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

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

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

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

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 13

Dividend proposal EUR 0. 40 per share Payout ratio % Strategic target: Dividend payout 40– 60% of net profit for the period 14 EUR Dividend / share

Financial Statements 2009 Business review 15

Business segment comparison Revenue EBIT Capital invested Building and Industrial Services Nordic countries, Central Europe, Russia, Baltic countries Construction Services Finland ROI Personnel 61% 59% 30% 31. 4% 76% 29% 41% 22% 20. 5% 13% 10% negative 48% -2. 7% 11% Finland International Construction Services Russia, Baltic countries, Czech Republic Percentage of YIT business segments in 2009 16

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

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

Service and maintenance increased in Q 4 Building and Industrial Services: Service and maintenance revenue EUR million 19 2009: EUR 1, 151 million 2008: EUR 1, 260 million Change -9% %

Forerunner in energy-efficiency services Examples of deliveries in 2009: 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 20 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.

Construction Services Finland YIT actions Market development 2009 Residential construction • New residential construction -29% • Housing start-ups decreased 3 rd 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 • Renovation Source: Euroconstruct, November 2009. 21 -1% +2% Strengthen market share in residential start-ups and sales to consumers Active in business premises - but clear decrease in volume Infra services kept relatively stable

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

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

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

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

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

International Construction Services Market development 2009 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 Q 4 - 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 Source: Euroconstruct, November 2009 27 YIT actions Improve housing sales and strengthen market position Continue project development and make new start-ups in Russia Shifting focus to tender-based projects to secure volumes in Baltic countries

Stronger residential sales Apartments sold in Russia Number 2009 28 2009

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

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

Shifting focus from residential construction to contracting in Baltic countries Number of unsold apartments in Baltic countries Number 1, 029 Focus on contracting Examples of projects in 2009 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 296 243 96 81 46 40 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

Financial Statements 2009 Financial position 32

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

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

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

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

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% 37

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

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

Balanced debt portfolio Debt portfolio 12/2009 Total EUR 671 million Average interest rate 3. 6% Factoring 4% Markets 30% Sold receivables 11% Credit institutions 23% Insurance companies 32% 40 Fixed interest rate 67% Average interest rate 4. 1% Floating interest rate 33% Average interest rate 2. 7%

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

Net financial costs decreased Net financial costs EUR million Main factors impacting net financial costs 2008: EUR 67. 5 million Debt portfolio 2009: EUR 58. 6 million 43. 1 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% 19. 9 8. 3 10. 0 12. 9 15. 7 6. 1 12/09: EUR 671 million - Average interest rate 3. 6% - Hedged debt investments in Russia EUR 214 million 10. 1 Exchange rate losses, mainly due to the ruble hedging Q 4/09: EUR 5. 9 million Q 3/09: EUR 7. 8 million Q 2/09: EUR 5. 1 million Q 1/09: EUR 9. 6 million Q 4/08: EUR 27. 6 million 42

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

Future outlook 44

Future outlook Market development 45

Market outlook • Residential demand continues to be good - Russia - better consumer confidence, stabilized price level, development in mortgage market International Construction services - 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 46 Construction Services Finland Building and Industrial Services

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

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

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

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

Infrastructure construction stable in Finland Major possibilities in the market 2010 - Infrastructure construction EUR billion • • • Source: Euroconstruct, November 2009. 51 The Ring Rail Line circular rail route of the Helsinki Metropolitan Area Länsimetro (new underground line connecting Espoo to Helsinki) Mining projects E 18 highway KoskenkyläKotka E 18 highway bypass in Hamina Railway Kokkola-Ylivieska

Residential market in Finland Consumer confidence strengthening Views on economic situation after one year balance figure (percentage of positive answers - negative answers) Own economy Finnish economy 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. 52

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

Residential market in Finland Production low compared to need Residential start-ups in Finland No of apartments Need: 30, 000 VTT: Estimated average need for new apartments 30, 000 annually until 2015 RT: Estimated start-ups in 2010: 23, 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

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

Residential market in Russia Consumer confidence improving Consumer confidence index rose 5 points in Q 4/09 However, still well below the 2002 -2008 level 2002 2003 Source: Rosstat. 56 2004 2005 2006 2007 2008 2009

Residential market in Russia Apartment price development stabilized Ruble/m 2 Housing price development Jan/2008 -Jan/2010 Moscow secondary St. Petersburg primary Source: www. bn. ru Ruble exchange rate on January 22, 2010: 1 EUR = 41, 9485 RUB 57

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

Future outlook Strategic focus areas 59

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

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

Future outlook Outlook for 2010 62

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

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

Appendices - Change accounting principles - Strategic targets - Ownership

Accounting principles IFRIC 15 = 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, interestbearing 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. 67 • The interpretation shall be applied as of the financial period starting on January 1, 2010. • Comparison figures will be published on March 23, 2010.

Change in income recognition YIT’s key figures 2009 POC IFRIC 15 MEUR 3, 452 MEUR 3, 486 Profit before taxes MEUR 107 MEUR 110 Retained earnings MEUR 690 MEUR 654 10. 9% 10. 8% MEUR 211 MEUR 230 Equity ratio 33. 8% 32. 4% Dividend payout ratio (Board’s proposal) 74. 9% 73. 2% Key figures 2009 Revenue Return on investment Operating cash flow after investments POC = principle of percentage of completion multiplied by the percentage of sales 68

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

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

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

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

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

Major shareholder January 31, 2010 Shares 1. Structor S. A. % 14, 700, 000 11. 55 2. Varma Mutual Pension Insurance Company 5, 815, 908 4. 57 3. Mandatum Life Insurance Company 5, 444, 799 4. 28 4. Ilmarinen Mutual Pension Insurance Company 5, 091, 785 4. 00 5. Suomi Mutual Life Assurance Company 3, 297, 959 2. 59 6. YIT Oyj 2, 145, 000 1. 69 7. Svenska Litteratursällskapet i Finland 1, 874, 200 1. 47 8. Tapiola Mutual Pension Insurance Company 1, 785, 000 1. 40 9. State Pension Fund 1, 650, 000 1. 30 10. Etera 1, 472, 259 1. 16 10 biggest, total 43, 276, 910 34. 01 Others 52, 699, 970 41. 43 Nominee registered shares, total 31, 246, 542 24. 56 127, 223, 422 100. 00 Total . 74

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

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