YIT Corporation Interim Report January – September 2001 1 1 1 1

GROUP STRUCTURE YIT CORPORATION Reino Hanhinen Group Administration Corporate Services YIT CONSTRUCTION LTD Ilpo Jalasjoki YIT INSTALLATION LTD Juhani Pitkäkoski Technical Building Services (HEPACE) Maintenance and Operation Services for Industry Investment and Upkeep Services for Industry Residential Construction Building Construction Property Services Infraservices International Operations Net sales Jan-Sep/2001 EUR 703 mill. Net sales Jan-Sep/2001 EUR 460 mill. Personnel Sep/2001 4,300 Personnel Sep/2001 5,700

CONSOLIDATED INCOME STATEMENT (EUR million) Jan - Sep/ 2001 2000 change % Dec/ Net sales 1,162.9 895.7 30 1,235.4 of which international operations 210.2 107.2 96 146.4 Operating income and expenses 1,070.7 811.5 32 1,126.8 Depreciation and write downs 18.7 13.6 38 18.9 Operating profit 73.5 70.6 4 89.7 % of net sales 6.3 7.9 .. 7.3 Financial income and expenses, net 8.5 6.9 23 10.2 Profit before extraordinary items 65.0 63.7 2 79.5 5.6 7.1 6.4 Extraordinary in come Extraordinary expenses 0.1 Profit before taxes 79.4 Profit for the report period 45.5 46.2 - 2 54.7 The figures for the comparison period in 2000 are pro forma.

CONSOLIDATED BALANCE SHEET (EUR million) Sep/ Sep/ change Dec/ 2001 2000 % 2000 ASSETS Intangible assets 55.3 23.7 133 23.8 Tangible assets 60.2 85.4 - 30 85.2 Investments Own shares 4.0 6.6 - 39 7.8 Other investments 9.0 13.4 - 33 11.0 Inventories 237.6 215.6 1 249.4 Receivables 484.4 470.3 3 411.0 Marketable securities 10.9 3.4 221 1.4 Cash and cash equivalents 15.5 15.1 3 11.2 Total assets 876.9 833.5 5 800.8

CONSOLIDATED BALANCE SHEET (EUR million) Sep/ Sep/ change Dec/ 2001 2000 % 2000 LIABILITIES Share capital 58.8 58.8 58.8 Other shareholders’ equity 275.3 243.1 13 250.2 Minority interests 1.7 1.2 42 1.6 Provisions for liabilities and charges 10.5 6.7 57 6.9 Long - term liabilities 143.8 125.1 15 92.5 Current liabilities 386.8 398.6 - 3 390.8 Total shareholders’ equity and liabilities 876.9 833.5 5 800.8

KEY FIGURES Sep/ Sep/ change Dec/ 2001 2000 % 2000 Earnings per share, EUR 1.58 1.61 - 2 1.90 Equity per share, EUR 11.36 10.28 11 10.52 Net interest - bearing debt, EUR million 121.9 162.6 - 25 115.4 Equity ratio, % 40.2 37.9 .. 40.2 Gearing ratio, % 36.7 54.8 .. 38.1 Backlog of orders, EUR million 737.7 638.5 16 574.7 Average share price during the period, EUR 12.86 12.71 1 12.73 Market capitalization, EUR million 327.0 384.9 - 15 389.3 Average personnel 10,105 8,158 24 8,189

NET SALES BY DIVISION YIT Construction Subgroup (EUR million) Jan - Sep/ Jan - Sep/ change Oct/2000 - Jan - Dec/ 2001 2000 % Sep/2001 2000 YIT Construction Subgroup YIT Building Construction 422.1 378.5 12 559.7 516.1 YIT Property Services 134.6 92.8 45 167.7 125.9 YIT Infraservices 90.9 96.8 - 6 122. 2 128.1 YIT Internat. Operations 66.5 66.7 98.5 98.7 YIT Installation Subgroup 460.3 268.1 72 596.6 377.4 Other items - 11.5 - 7.2 60 - 15.1 - 10.8 YIT Group, total 1,162.9 895.7 30 1,502.6 1,235.4

share of international business EUR 210 million NET SALES BY DIVISION Jan – Sep/2001 YIT Building Construction EUR 422 million (35%) YIT Property Services EUR 135 million (11%) YIT Installation EUR 460 million (40%) YIT Infraservices EUR 91 million (8%) YIT International Operations EUR 67 million (6%) Total EUR 1,163 million share of international business EUR 210 million

OPERATING PROFIT BY DIVISION (EUR million) Jan - Sep/ Jan - Sep/ change Oct/2000 - Jan - Dec/ 2001 2000 % Sep/2001 2000 YIT Construction Subgroup YIT Building Construction 35.5 38.0 - 7 45.2 47.7 YIT Property Services 19.2 12.2 57 20.1 13.1 YIT Infraservices 3.4 2.1 62 3.9 2.6 YIT Internat. Operations 3.7 2.7 37 5.5 4.5 YIT Construction Subgroup, total 57.7 54.1 7 70.5 66.9 YIT Installation 18.7 16.2 15 24.0 21.5 Subgroup Other items - 2.9 0.3 .. - 1.9 1.3 YIT Group, total 73.5 70.6 4 92.6 89.7

BACKLOG OF ORDERS BY DIVISION (EUR million) Sep/ Sep/ change Dec/ 2001 2000 % 2000 YIT Construction Subgroup YIT Building Construction 257.4 253.8 1 221.8 YIT Property Services 138.3 121.0 14 109.0 YIT Infraservices 49.3 57.3 - 14 54.0 YIT Internat. Operations 87.5 52.9 65 50.8 YIT Installation Subgroup 205.2 153.5 34 139.1 YIT Group, total 737.7 638.5 16 574.7

BACKLOG OF ORDERS BY QUARTER 1996 – 2001 EUR million at end of period 800 700 600 500 400 300 200 100 1996 1997 1998 1999 2000 2001

STRONG GROWTH IN INDUSTRIAL, PROPERTY AND INFRASTRUCTURE MAINTENANCE SERVICES Measures Facility Management (Rapido, Optum 1999) Maintenance of infrastructure - public road maintenance opened to competition Industrial maintenance - Scandinavian Mill Service - several acquisitions Calor Servicing and maintenance business % of net sales EUR million

TARGET LEVELS FOR FINANCIAL INDICATORS Annual growth in net sales 10 - 15% Return on investment 18% Equity ratio 45% Dividend payout 30 - 50% of the annual profit after taxes and minority interests

NET SALES AND OPERATING PROFIT 1996 – Jan - Sep/2001 Net sales (EUR million) Operating profit (EUR million) 1-9 1-9 1-9 1-9 Target level: Annual growth 10 - 15%

RETURN ON INVESTMENT 1996 - 2000 AND EQUITY RATIO 1996 – Sep/2001 9/00 9/01 Target level: 18% Target level: 45%

NET SALES BY QUARTER 2000 – 2001 EUR million 430.3 377.2 355.4 339.7 315.6 298.6 281.5 Figures for 2000 are pro forma.

OPERATING PROFIT BY QUARTER 2000 - 2001 EUR million 30.2 29.4 24.6 19.3 19.5 21.1 19.0

NET SALES BY QUARTER 1999 - 2001 EUR million Figures for 1999 and 2000 are pro forma.

OPERATING PROFIT BY QUARTER 1999 - 2001 EUR million

EARNINGS PER SHARE AND EQUITY PER SHARE 1996 – Sep/2001 Earnings per share, EUR Equity per share, EUR 9/00 9/01 9/00 9/01

NET INTEREST-BEARING DEBT AND GEARING RATIO 1996 –Sep/2001 Net debt (EUR mill.) Gearing ratio, % 9/00 9/01 9/00 9/01

PRINCIPAL SHAREHOLDERS October 31, 2001 No. % 1. Tapiola Group 4,532,945 15.43 2. Sampo Group 2,767,780 9.42 3. Pohjola Group 2,730,000 9.29 4. Suomi Companies 2,347,370 7.99 5. Varma-Sampo Mutual Pension Ins.Co 2,161,352 7.36 6. Fidelity Investments (nominee-registered) 1,674,900 5.70 7. Ilmarinen Mutual Pension Ins.Co 1,175,800 4.00 8. Local Government Pensions Inst. 750,000 2.55 9. Kaleva Mutual Insurance Company 666,000 2.27 10. OKOBANK Group 595,400 2.03 11. YIT Corporation 364,100 1.24 Other nominee-registered 2,592,620 8.82 Other shareholders 7,025,418 23.90 Total 29,383,685 100.00 Total number of shareholders 2,959. Nominal value of the share 2 euros. Share capital EUR 58,767,370.

YIT SHARE AND HEX PORTFOLIO INDEX, RELATIVE DEVELOPMENT YIT HEX

DIVIDEND PAYOUT 1996 - 2000 Dividend per share, EUR Dividend payout % of annual profit YIT’s dividend policy: 30 - 50% of the annual profit after taxes and minority interests

Vol.index 1985 = 100, season adjusted TOTAL OUTPUT BY MAIN BRANCHES Vol.index 1985 = 100, season adjusted Industry GDP Services Construction Source: Statistics Finland/TT, the Confederation of Finnish Industry and Employers, Oct. 2001

Quarterly, Seasonally Adjusted TOTAL OUTPUT Quarterly, Seasonally Adjusted FIM bn FIM bn Source: Etla, the Research Institute of the Finnish Economy, Sept. 2001

GDP AND CONSTRUCTION IN FINLAND Change from the previous year 1988 - 2002 % 20 15 14 11 10 10 10 5.5 6 5 5.3 5.7 4.5 5 4.8 5 4 5 3.5 3 4.2 2 1.5 2 -1 -5 -3 -1 -3 -3.5 -10 -7 -15 -15 -16 -20 -17 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001* 2002* *estimate GDP Construction Source: Statistics Finland/Confederation of Finnish Construction Industries’ estimate, Oct. 2001

MUNICIPALITIES IN FINLAND MIGRATION BETWEEN MUNICIPALITIES IN FINLAND persons 1-9/2001: 225,600 1-9/2000: 201,500 (increase 12%) Source: Statistics Finland/Confederation of Finnish Construction Industries, Oct. 2001

HOUSING PRODUCTION IN FINLAND 1970 - 2002 Number of completed housing units E Source: Confederation of Finnish Construction Industries, Sept. 2001

NEW HOUSING LOAN LENDING RATES AND WITHDRAWALS FIM mill. % Source: Bank of Finland, Oct. 2001

CONSUMERS’ ESTIMATE OF THEIR OWN HOUSEHOLDS’ AND FINLAND’S ECONOMIC SITUATION IN 12 MONTHS’ TIME Balance figure Economy becomes better Economy becomes weaker Source: Statistics Finland’s Consumer Survey, Oct. 2001

FINNISH HOUSEHOLDS’ INTENTIONS TO PURCHASE OR CHANGE A DWELLING IN THE NEXT 12 MONTHS Percentage of households Source: Statistics Finland’s Consumer Survey, Oct. 2001

HOUSEHOLDS’ DISPOSABLE INCOME PRICES OF DWELLINGS/ HOUSEHOLDS’ DISPOSABLE INCOME Standardized price/square meter 0.20 0.18 0.16 0.14 0.12 0.10 0.08 0.06 Source: Bank of Finland, Aug. 2001

VACANCY RATES IN THE GREATER HELSINKI AREA 1990 - 2001 Source: Catella Property Consultants, Sept. 2001

CONSTRUCTION OUTPUT IN SWEDEN 1995 – 2005 Forecasts 2001 - 2005 SEK bn Residences Offices, hospitals etc. Industry Source: Sveriges Byggindustrier

INDUSTRY’S INVESTMENTS Tangible investments/Statistics Finland 1980 - 2001 FIM billion, current prices TT’s Investment Survey Tangible investments/Statistics Finland Source: Statistics Finland and TT, June 2001

STRENGTHENING OF YIT INSTALLATION’S POSITION IN THE NORDIC MARKET Finland - several acquisitions - e.g. technical building service systems - industrial piping and tanks Other Nordic countries - Calor, Sweden - YIT Industrier AS, Bergen, Norway

YIT CONSTRUCTION LTD’S SUBSIDIARIES IN RUSSIA AND IN THE BALTIC COUNTRIES Russia ZAO Lentek, St. Petersburg ZAO YIT Peter, St. Petersburg ZAO YIT Genstroi, Moscow ZAO Makroflex, Moscow Baltic countries and Poland AS FKSM, Tallinn, Estonia AS Makroflex, Tallinn, Estonia YIT Universaalehituse AS, Tallinn, Estonia YIT Latvija SIA, Riga, Latvia AB Kausta, Kaunas, Lithuania YIT UAB, Vilnius, Lithuania YIT Polska sp. zo.o., Crakow, Poland Personnel about 1,100

FROM THE CONSTRUCTOR TO THE SERVICE COMPANY OF THE 2000’S YIT’s strategic path Sale of surface treatment business 2001 Sale of steel sturcture business 1999 Calor AB (1/2001) YIT Building Warranty (10/2000) Sale of asphalting business1997 YIT Smart (9/2000) Sonera Living Oy (6/2000) Facility Management (Rapido 5/1999, Optum 6/1999 etc.) YIT Home –service concept (from 1998) Maintenance of infrastructure (1995) HEPACE (several acquisitions, first acquisition Huber 1995) Yleinen Insinööritoimisto, establ. 1912 Capital investment services and maintenance for industry (PPTH 1976, Huber 1995)

EXAMPLES OF P/E MULTIPLES IN COMPARABLE COMPANIES Construction/Service Companies 2000 2001E ACS, Spain 15.4 14.3 Amec, Great Britain 20.5 17.8 Balfour Beatty, Great Br. 11.3 12.0 Carillion, Great Britain 12.1 Dragados, Spain 11.9 John Mowlem, Great Br. 25.9 13.0 VWS, Netherlands 7.5 6.7 Average 15.3 12.6 YIT 7.2 6.5 Skanska, Sweden 7.3 20.8 Source: ABN AMRO/Alfred Berg, Sept. 2001

YIT’S BASIC MESSAGES YIT shares provide a good yield. Membership of EMU has significantly lessened the construction industry’s cyclical sensitivity. YIT is less affected by cyclical fluctuations than the construction industry. A significant and growing share of YIT’s net sales is generated by its maintenance business Over half of YIT’s 10,000 employees work in industrial and property technology installation and maintenance tasks. YIT’s services encompass the entire life cycle on an investment. YIT’s business operations are growing in the Nordic installation market and the Baltic construction market. YIT has operated in Russia for 40 years, and is thus well poised to tap into large potential markets. 2,600 YIT employees work abroad (7,600 in Finland). YIT is the technology leader in its field of business.

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