Group CEO Reino Hanhinen Event for analysts and investors YIT Group Interim Report January–June 2004 Group CEO Reino Hanhinen Event for analysts and investors August 5, 2004 August 5, 2004 | YIT CORPORATION

Contents I. YIT Group, Interim Report January–June 2004 II. Future Outlook Appendices August 5, 2004 | YIT CORPORATION

YIT Group, Interim Report January–June 2004 August 5, 2004 | YIT CORPORATION

Interim Report January–June 2004 Net sales growth was 61% amounting to EUR 1,504.4 million (932.1). The growth of net sales was affected by the acquisition of Building Systems operations from ABB and the growth of market-financed housing production in Finland. The share of net sales accounted for by the Group’s international activities grew from 19% to 39%. The share of net sales accounted for by the maintenance and servicing business was 32% (22%). EBITA amounted to EUR 75.1 million (63.5) and EBIT to EUR 60.2 million (57.9). Exclusive of non-recurring items in the comparison period, EBIT growth was 79%. Order backlog growth was 44% amounting to EUR 1,569.8 million (1,091.8). Return on investment 16.5% (20.4%). Earnings per share amounted to EUR 0.57 (0.61). August 5, 2004 | YIT CORPORATION

YIT’s corporate structure YIT Corporation Reino Hanhinen Corporate Management, Corporate Services, Corporate Communications Construction Services Ilpo Jalasjoki Services for Industry Raimo Poutiainen Building Systems Juhani Pitkäkoski 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 Jan-Jun/2004 MEUR 653 Personnel Jun/2004 12,310 Net sales Jan-Jun/2004 MEUR 726 Personnel Jun/2004 5,030 Net sales Jan-Jun/2004 MEUR 92 Personnel Jun/2004 2,925 Net sales Jan-Jun/2004 MEUR 55 Personnel Jun/2004 1,386 August 5, 2004 | YIT CORPORATION

Strengthening the market position on strategic business areas 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. Construction markets in the Baltic countries and Russia are YIT´s strategic expansion areas. BUILDING SYSTEMS YIT Building Systems (Sweden) Net sales H1/2004 MEUR 239 Personnel 6/2004 4,152 Local offices 159 YIT Kiinteistötekniikka Oy (Finland) 1 Net sales H1/2004 MEUR 215. Personnel 6/2004 4,111 Local offices 79 YIT Building Systems AS (Norway) Net sales H1/2004 MEUR 148 Personnel 6/2004 2,547 Local offices 63 YIT A/S (Denmark) Net sales H1/2004 MEUR 51 Personnel 6/2004 1,090 Local offices 12 CONSTRUCTION SERVICES DATA NETWORK SERVICES Baltic States - AS FKSM, Tallinn - AB YIT Kausta, Kaunas - YIT Latvija SIA, Riga Russia - ZAO YIT Lentek, St. Petersburg - ZAO YIT Ramenje, Moscow Net sales H1/2004 about MEUR 130 - Personnel 1,582 1Includes the Baltic and Russian operations August 5, 2004 | YIT CORPORATION

Consolidated income statement MEUR Jan-Jun/ 2004 2003 Change Jan-Dec/ Net sales 1,504.4 932.1 61% 2,389.7 Net sales outside Finland 581.8 181.6 *) 672.5 Operating income and expenses -1,421.0 -860.3 65% -2,253.3 Depreciation and value adjustments -8.3 -17.7 EBITA 75.1 63.5 18% 118.7 as percentage of net sales 5.0% 6.8% Amortization of goodwill and goodwill on consolidation -14.9 -5.6 -20.1 Operating profit (EBIT) 60.2 57.9 4% 98.6 4.0% 6.2% 4.1% Financial income and expenses, net -7.3 -6.4 14% -14.2 Profit before extraordinary items 52.9 51.5 3% 84.4 Extraordinary income Extraordinary expenses Profit before taxes Profit for the report period 35.0 35.5 -1% 48.4 *) Change over 100% August 5, 2004 | YIT CORPORATION

Consolidated balance sheet MEUR Jun/ 2004 2003 Change Dec/ ASSETS Intangible assets Goodwill 159.7 0.5 *) 168.9 Other intangible assets 12.4 8.7 43% 11.8 Goodwill on consolidation 77.9 69.3 12% 78.0 Tangible assets 65.2 57.1 14% 66.8 Investments Own shares 7.2 Other investments 8.5 7.4 15% 7.9 Inventories 402.3 396.5 1% 380.8 Receivables 824.8 599.0 38% 781.0 Marketable securities 0.9 10.7 -92% 11.9 Cash and cash equivalents 35.9 19.9 80% 48.4 Total assets 1,587.6 1,176.3 35% 1,555.5 *) Change over 100% August 5, 2004 | YIT CORPORATION

Consolidated balance sheet MEUR Jun/2004 Jun/2003 Change Dec/2003 LIABILITIES Share capital 61.2 59.6 3% 61.0 Other shareholders’ equity 346.2 323.3 7% 347.3 Minority interests 3.6 2.2 64% 3.4 Provisions 22.8 8.8 *) 27.3 Interest-bearing debt 279.8 170.1 264.7 Non-interest-bearing debt 874.0 612.3 43% 851.8 Total shareholders’ equity and liabilities 1,587.6 1,176.3 35% 1,555.5 *) Change over 100% August 5, 2004 | YIT CORPORATION

Strategic target level: growth 5–10% per year Net sales 1994–Jan-Jun/2004 MEUR 2,389.7 Jan-Jun/ 2003 Jan-Jun/ 2004 Strategic target level: growth 5–10% per year August 5, 2004 | YIT CORPORATION

Net sales by business segment Building Systems 652.9 156.5 1) *) MEUR Jan-Jun/ 2004 2003 Change Jan-Dec/ Building Systems 652.9 156.5 1) *) 681.02) Construction Services 726.0 624.4 16% 1,398.5 Services for Industry 91.9 103.8 1) -11% 209.7 Data Network Services 55.2 56.4 -2% 130.0 Other items -21.6 -9.0 -29.5 YIT Group total 1,504.4 932.1 61% 2,389.7 The figures for 2003 are pro forma calculations. The acquired Building Systems operations are consolidated in the YIT Group from August 29 to December 31, 2003. *) Change over 100% August 5, 2004 | YIT CORPORATION

share of international activities MEUR 581.8 Net sales by country Jan-Jun/2004 Finland 61% MEUR 917.7 Russia 3% MEUR 45.1 Baltic countries 5% MEUR 75.2 Other Nordic countries 29% MEUR 436.3 Total net sales MEUR 1,504.4 share of international activities MEUR 581.8 August 5, 2004 | YIT CORPORATION

EBITA total MEUR 75.1 EBIT total MEUR 60.2 EBITA and EBIT by business segment Jan-Jun/2004 MEUR Building Systems Construction Services Services for Industry Data Network Services Other items EBITA total MEUR 75.1 EBIT total MEUR 60.2 August 5, 2004 | YIT CORPORATION

Operating profit (EBIT) by business segment MEUR Jan-Jun/ 2004 2003 Change Jan-Dec/ Building Systems 0.3 - 1) -19.72) Construction Services 56.9 57.33) -1% 107.8 Services for Industry 2.3 8.8 Data Network Services 3.5 0.7 *) 10.7 (YIT Installation) - 5.51) Other items -2.8 -5.6 -50% -9.0 YIT Group total 60.2 57.9 4% 98.6 The distribution of YIT Installation’s operating profit between the new business segments Building Systems and Services for Industry could not be calculated in detail after the fact. Operating profit of Building Systems business segment is burdened by EUR 5.8 million integration costs and EUR 11.5 million restructuring expenses of the acquired Building Systems operations in Sweden. Operating profit includes EUR 24.3 million non-recurring items. *) Change over 100% August 5, 2004 | YIT CORPORATION

Order backlog at end of period MEUR 1,569.8 1,490.1 1,091.8 938.8 735.8 574.7 477.5 479.1 411.7 332.8 346.1 319.7 Jun/ 2003 Jun/ 2004 August 5, 2004 | YIT CORPORATION

Order backlog by business segment MEUR Jun/2004 Jun/2003 Change Dec/2003 Building Systems 566.5 145.61) *) 502.3 Construction Services 810.6 784.9 3% 817.7 Services for Industry 73.5 71.31) 67.2 Data Network Services 119.2 90.0 32% 102.9 YIT Group total 1,569.8 1,091.8 44% 1,490.1 The figures for 2003 are pro forma calculations. *) Change over 100% August 5, 2004 | YIT CORPORATION

Return on investment 1994– June 2004 Strategic target level: 18% % August 5, 2004 | YIT CORPORATION

Equity ratio 1994–June 2004 Strategic target level: 40% % Jun/ 2003 August 5, 2004 | YIT CORPORATION

Earnings Per Share 1994–June 2004 EUR Jun/03 Jun/04 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. August 5, 2004 | YIT CORPORATION

Dividend payout, 1995–2003 Dividend/share*), EUR Dividend/earnings, % * 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 have been converted to correspond with the doubled number of shares. YIT´s dividend policy: 30–50% of net profit for the year after taxes and minority interests August 5, 2004 | YIT CORPORATION

Operative cash flow before taxes 1999–Jan-Jun/2004 MEUR 1) 2) 3) Jan-Jun/ 2003 Jan-Jun/ 2004 Cash flow before EUR 169.2 million transaction price of Building Systems acquisition, paid on August 29, 2003. Cash flow includes EUR 30.0 million in capital gains from the sale of Makroflex. YIT paid EUR 22 million as additional transaction price of Building Systems acquisition in January 2004. In June 2004, YIT paid EUR 11.9 million as residual taxes from the year 1997. Operative cash flow before taxes = Cash flow from operating activities + Change in working capital + Cash flow from investing activities August 5, 2004 | YIT CORPORATION

Gross capital expenditures MEUR % of net sales Major acquisitions: YIT Calor (2001), YIT Primatel (2002) and YIT Building Systems (2003). August 5, 2004 | YIT CORPORATION

YIT’s plot reserves 30 June, 2004 Building rights and zoning potential, 1,000 sq. m of floor area Capital tied up in plot reserves, EUR million Finland Residential plots 1,362 224 Business premise plots 847 54 Total 2,209 278 Baltic countries and Russia 489 19 2,698 297 August 5, 2004 | YIT CORPORATION

Expanding maintenance services Net sales accounted for by maintenance and servicing operations and their share of the Group’s total net sales MEUR 27% 32% 24% 24% 22% 20% 22% Jan-Jun/ 2003 Jan-Jun/ 2004 August 5, 2004 | YIT CORPORATION

Maintenance and servicing operations total MEUR 481.6 Maintenance and servicing operations by business segment Jan-Jun/2004 Building Systems 77% MEUR 384.2 Data Network Services 8% MEUR 41.4 Services for Industry 12% MEUR 59.3 Construction Services 3% MEUR 12.4 Maintenance and servicing operations total MEUR 481.6 August 5, 2004 | YIT CORPORATION

Personnel at end of period Jun/ 2003 Jun/ 2004 August 5, 2004 | YIT CORPORATION

Total number of employees 21,952 persons Personnel by business segment June 30, 2004 Building Systems 56% 12,310 persons Corporate Services 2% 301 persons Data Network Services 6% 1,386 persons Services for Industry 13% 2,925 persons Construction Services 23% 5,030 persons Total number of employees 21,952 persons August 5, 2004 | YIT CORPORATION

Principal shareholders July 30, 2004 No. % 1. Sampo Life Insurance Company Ltd 5,335,560 8.72 2. Suomi Mutual Life Assur. Company 5,164,740 8.44 3. Varma Mutual Pension Ins. Company 3,880,504 6.34 4. Tapiola Insurance Group 3,037,390 4.97 5. Ilmarinen Mutual Pension Ins.Co 2,057,000 3.36 6. Pohjola Insurance Group 1,470,900 2.41 7. Security Trading Ltd 1,360,000 2.22 8. State Pension Fund 1,000,000 1.64 9. Etera Mutual Pension Ins. Company 858,200 1.40 10. OP-Delta Investment Fund 818,250 1.34 Nominee-registered 15,105,500 24.70 Other shareholders 21,071,896 34.46 Total 61,159,940 100.00 Total number of shareholders 6,716. Nominal value of the share EUR 1.00 (registered on March 26, 2004, whereby the number of shares was doubled). Share capital EUR 61,159,940. August 5, 2004 | YIT CORPORATION

Nominee-registered shareholders + other international ownership as percentage of equity 1999 2000 2001 2002 2003 2004 August 5, 2004 | YIT CORPORATION

Number of shareholders at end of period 6/03 6/04 7/04 YIT Corporation was formed on September 2, 1987. YIT’s share has been quoted on Helsinki Exchanges since September 4, 1995. August 5, 2004 | YIT CORPORATION

Future Outlook August 5, 2004 | YIT CORPORATION

Construction Services Number of start-ups in YIT’s housing production in Finland No. 3,169 3,278 3,108 2,944 2,634 1,727 1,556 August 5, 2004 | YIT CORPORATION

Construction Services Migration between municipalities in Finland persons 1-6/2004: 127,473 1-6/2003: 122,800 Source: Statistics Finland, July 21, 2004 August 5, 2004 | YIT CORPORATION

Construction Services Housing loans and interest rates in Finland % MEUR Source: Bank of Finland, July 30, 2004 August 5, 2004 | YIT CORPORATION

Finland’s economic situation Consumers’ confidence in their own household’s and Finland’s economy within next 12 months Saldo (%-share of positive answers – %-share of negative answers) Own economy Finland’s economic situation Source: Statistics Finland´s Consumer Survey, July 27, 2004 August 5, 2004 | YIT CORPORATION

Construction Services YIT’s housing production in Russia and Baltic countries No. Jan-Jun/ 2003 Jan-Jun/ 2004 Jan-Dec/ 2003 Jan-Jun/ 2003 Jan-Jun/ 2004 Jan-Dec/ 2003 Jun/ 2003 Jun/ 2004 Dec/ 2003 August 5, 2004 | YIT CORPORATION

Building Systems Market and trends Total market for Building Systems about EUR 4–6 billion in each Nordic country. Building systems will account for a growing share of construction costs and of the repair and maintenance works for existing properties. Technology is evolving and systems are becoming increasingly complex. The entry of the ICT cluster (incl. Mobile technology). Requirements set on expertise are also rising in maintenance operations. EU Directives guide technical solutions (incl. energy conservation). The investment stage is only part of a Design & Build-type service model, where the service chain is extended to cover the entire life cycle. Nationwide property owners and industry are outsourcing their building system services. August 5, 2004 | YIT CORPORATION

Services for Industry Major new projects and services OL3 Finland’s fifth nuclear power plant M-real Kaskinen, Finland, CTMP plant –to be started up Oct/04 Piping and cistern deliveries to chemical mechanical pulp mill Fortum Diesel, Porvoo, Finland –to be started up Oct/04 Process furnaces and piping, electrification, automatization Stora Enso Kvarnsveden, Sweden, PM 12 –to be performed Oct/04– Sept/05 Modernization of fibre line in Kvarnsveden mill Stora Enso Skoghall Energy 2005, Sweden –to be performed Sept/04–Oct/05 Soda recovery plant of Skoghall mill Extension of Scanraff cracking plant, Sweden –to be performed Oct/04–Sept/05 Ormen Lange, gas terminal, Norway August 5, 2004 | YIT CORPORATION

Data Network Services Views of development Telecom Development of broadband continues The regulation opens the local networks for competition The importance of Access and WLAN increases 3G from revolution to evolution Intensifying competition of operators opens the installation market IT In the near future companies and consumers will buy services instead of hardware Specialized companies will form a service network in the market A clear role for a company like YIT Data Network Services who provides technical support to end users (Fess) The share of Fess is bigger than estimated previously Updates and replacements of ”Millenium” investments August 5, 2004 | YIT CORPORATION

Market Outlook The rate of GDP growth will accelerate to 2.5–3.0 per cent this year and the next in all of the Nordic countries. In Russia and the Baltic countries, the growth rate of GDP and investments is twice as fast as in the Nordic countries. Demand for residences is supported by low interest rate level, migration and positive trend in the disposable income of households. It is estimated that exports and investments will pick up towards the end of the present year and the next year. In the Nordic countries, numerous large traffic infrastructure projects will begin during the present year and the next year. Many large industrial investment projects and projects within petrochemical and energy sector will also be started up giving good market potential for both YIT Building Systems and YIT Services for Industry. August 5, 2004 | YIT CORPORATION

Outlook for 2004 YIT’s net sales will see substantial growth, as the Building Systems business segment will enlarge net sales during the entire year, the demand for residences will remain strong in both Finland and Russia, and the outlook for investments by industry in the Nordic countries will strenghten towards the end of the year. Profit before extraordinary items and taxes is estimated to improve significantly compared with 2003. It is expected that the Building Systems business segment will have a positive effect on YIT´s full-year earnings per share for 2004. August 5, 2004 | YIT CORPORATION

Corporate Communications More information on our site at www.yit.fi Veikko Myllyperkiö Vice President, Corporate Communications tel. +358 20 433 2297 mobile +358 40 840 2500 fax +358 20 433 3746 e-mail: veikko.myllyperkio@yit.fi Esko Mäkelä Executive Vice President tel. +358 20 433 2258 fax +358 20 433 3725 e-mail: esko.makela@yit.fi Petra Thorén Manager, Investor Relations tel. +358 20 433 2635 mobile +358 40 764 5462 fax +358 20 433 3725 e-mail: petra.thoren@yit.fi August 5, 2004 | YIT CORPORATION

Appendices August 5, 2004 | YIT CORPORATION

Key figures Jun/2004 Jun/2003 Change Dec/2003 Return on investment 16.5%1) 20.4 %1) 16.8% Equity ratio 28.1% 34.8 % 28.3% Net interest-bearing debt, MEUR 243.1 139.5 74% 204.4 Gearing ratio 59.1% 36.9 % 49.6% Earnings/share, EUR 0.57 0.612) -7% 0.822) Equity/share, EUR 6.66 6.432) 4% 6.692) Average share price, EUR 15.68 8.012) 96% 10.352) Share price at end of period, EUR 16.74 8.502) 97% 13.452) Gross capital expenditures, MEUR 17.0 14.2 20% 232.9 Order backlog, MEUR 1,568.9 1,091.8 44% 1,490.1 Average personnel 21,700 12,606 72% 16,212 Calculated for the last 12 months. 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. August 5, 2004 | YIT CORPORATION

share of international activities MEUR 581.8 Net sales by business segment Jan-Jun/2004 Building Systems 43% MEUR 652.9 Data Network Services 4% MEUR 55.2 Services for Industry 6% MEUR 91.9 Construction Services 47% MEUR 726.0 Total net sales MEUR 1,504.4 share of international activities MEUR 581.8 August 5, 2004 | YIT CORPORATION

Building Systems Breakdown of net sales Jan-Jun/2004 YIT Building Systems Sweden 36% MEUR 239.0 YIT A/S Denmark 8% MEUR 51.3 YIT Building Systems AS Norway 23% MEUR 148.4 YIT Kiinteistötekniikka Oy Finland 1) 33% MEUR 215.1 Total net sales MEUR 652.9 1) Includes the Russian and Baltic operations. August 5, 2004 | YIT CORPORATION

Construction Services Breakdown of net sales Jan-Jun/2004 International operations 17% MEUR 123.4 Operations in Finland 83% MEUR 602.6 Total net sales MEUR 726.0 August 5, 2004 | YIT CORPORATION

Breakdown of net sales Jan-Jun/2004 Services for Industry Breakdown of net sales Jan-Jun/2004 Investments 35% MEUR 32.6 Maintenance and upkeep services 65% MEUR 59.3 Total net sales MEUR 91.9 August 5, 2004 | YIT CORPORATION

Breakdown of net sales Jan-Jun/2004 Data Network Services Breakdown of net sales Jan-Jun/2004 Maintenance, repairs and subscriber deliveries 75% MEUR 41.4 Project operations 25% MEUR 13.8 Total net sales MEUR 55.2 August 5, 2004 | YIT CORPORATION

Net sales 1994–Jan-Jun/2004 MEUR 2,398.7 1,763.0 1,623.1 1,504.4 1,235.4 1,167.7 1,222.1 941.4 876.3 932.1 660.0 545.6 Jan-Jun/ 2003 Jan-Jun/ 2004 August 5, 2004 | YIT CORPORATION

Net sales by quarter MEUR *) *) Includes net sales of acquired Building Systems operations from August 29 to December 31, 2003. August 5, 2004 | YIT CORPORATION

Operating profit (EBIT) 1994–Jan-Jun/2004 MEUR *) Jan-Jun/ 2003 Jan-Jun/ 2004 *) Operating profit includes EUR 24.3 million non-recurring items. August 5, 2004 | YIT CORPORATION

Total operating profit (EBIT) MEUR 60.2 Operating profit (EBIT) by business segment Jan-Jun/2004 MEUR Building Systems Construction Services Services for Industry Data Network Services Other items Total operating profit (EBIT) MEUR 60.2 August 5, 2004 | YIT CORPORATION

Operating profit (EBIT) by quarter MEUR August 5, 2004 | YIT CORPORATION

Order backlog by business segment June 30, 2004 Building Systems 36% MEUR 566.5 Data Network Services 7% MEUR 119.2 Services for Industry 5% MEUR 73.5 Construction Services 52% MEUR 810.6 Order backlog total MEUR 1,569.8 share of international orders MEUR 626.6 August 5, 2004 | YIT CORPORATION

Order backlog by quarter 2000–Jun/2004, MEUR at end of period August 5, 2004 | YIT CORPORATION

YIT’s main strategy and strategic focus YIT’s main strategy is profitable growth. Strategic focus in the near future is cash flow generation and cost efficiency. August 5, 2004 | YIT CORPORATION

YIT’s strategic target levels Average annual growth in net sales 5–10% Return on investment 18% Equity ratio 40% Dividend payout 30–50% of net profit for the year after taxes and minority interests August 5, 2004 | YIT CORPORATION

Total number of employees 21,952 persons Personnel by country June 30, 2004 Finland 55% 12,171 persons Russia 4% 804 persons Baltic countries 5% 1,177 persons Denmark 5% 1,090 persons Norway 12% 2,547 persons Sweden 19% 4,163 persons Total number of employees 21,952 persons August 5, 2004 | YIT CORPORATION

Housing prices in Finland by quarter 1980 = 100 Housing price index 1980 = 100 Housing price index, deflated with income level index Source: RT, Statistics Finland, June 15, 2004 August 5, 2004 | YIT CORPORATION

Consumers’ confidence indicator % Source: European Commission/Bank of Finland, July 30, 2004 August 5, 2004 | YIT CORPORATION

YIT share´s average daily turnover 1 January 2003 – 30 July 2004 1-7/2004 150 514 Average 1-7/2003 80 757 August 5, 2004 | YIT CORPORATION

Market capitalization development MEUR 3/03 3/04 Jun/03 Jun/04 Jul/04 August 5, 2004 | YIT CORPORATION