YIT Group Financial Statements 2005 Hannu Leinonen Group CEO 25.6.2018 YIT Group Financial Statements 2005 Hannu Leinonen Group CEO Event for analysts and investors Feb 10, 2006 YIT Rakennus Oy

Contents YIT Group Financial Statements 2005 25.6.2018 Contents YIT Group Financial Statements 2005 Strategy and Strategic Targets Market and Future Outlook Appendices YIT Share Strategic Target Levels Market Outlook Financial Statements 2005 YIT Rakennus Oy

25.6.2018 YIT Group Financial Statements 2005 YIT Rakennus Oy

Key events in 2005 YIT’s revenue and profit before taxes rose to record levels. All the business segments improved their operating profit and profitability. Building Systems focused on improving profitability. The business segment’s operating profit rose to satisfactory level of 4.1 per cent of revenue. Construction Services delivered excellent earnings in all business areas. Operating profit was 11.0 per cent of revenue. Demand for residences in Finland remained good and other construction activity was also brisk. Residential construction in Russia, Estonia, Latvia and Lithuania was stepped up rapidly. Thanks to its high capacity utilization ratio and developed operations control, Industrial and Network Services posted a good result. The operating profit margin was 9.8.

Financial statements 2005 key figures Revenue MEUR 3,023.8 (2004: MEUR 2,780.1), growth 9%. Operating profit MEUR 227.7 (MEUR 157.4), growth 45%. Operating profit margin 7.5% (5.7%). Profit before taxes MEUR 214.8 (MEUR 140.0), growth 53%. Earnings per share EUR 2.52 (EUR 1.62), growth 56%. Return on investment 26.4% (19.1%). Order backlog MEUR 1,878.8 (MEUR 1,823.4), growth 3%. Equity ratio 36.3% (31.0%). Gearing ratio 45.1% (80.7%). The Board of Directors will propose to the Annual General Meeting that a dividend of EUR 1.10 (EUR 0.70) per share be paid for the 2005 financial year, representing 43.7 (43.2) per cent of earnings per share. YIT is now increasing the dividend for the eleventh year in a row.

Consolidated income statement MEUR 2005 2004 Change, % Revenue 3,023.8 2,780.1 9 of which activities outside Finland 1,326.6 1,183.2 12 Operating income and expenses -2,772.9 -2,600.7 7 Shares in associated companies 0.7 0.3 *) Depreciation and write-downs -23.9 -22.3 Operating profit 227.7 157.4 45 as percentage of revenue 7.5 5.7 - Financial income 1.9 1.8 6 Exchange rate differences 2.0 -1.1 Financial expenses -16.8 -18.1 -7 Profit before taxes 214.8 140.0 53 7.1 5.0 Income taxes -57.9 -39.5 47 Profit for the period 156.9 100.5 56 5.2 3.6 Attributable to Equity holders of the parent company 155.5 99.1 57 Minority interests 1.4 Earnings per share, EUR 2.52 1.62 Diluted earnings per share, EUR 2.46 1.60 54 *) Change over 100%

Operating profit by business segment 2005 and 2004 MEUR Building Systems Construction Services Industrial and Network Services Other items Jan-Dec/2004 Jan-Dec/2005 Total operating profit 2005 MEUR 227.7 2004 MEUR 157.4

Building Systems Operating profit by quarter Operating profit, MEUR Operating profit margin,% 1) 1) 1-3/ 04 4-6/ 04 7-9/ 04 10-12/ 04 1-12/ 04 1-3/ 05 4-6/ 05 7-9/ 05 10-12/ 05 1-12/ 05 1-3/ 04 4-6/ 04 7-9/ 04 10-12/ 04 1-12/ 04 1-3/ 05 4-6/ 05 7-9/ 05 10-12/ 05 1-12/ 05 1) Includes a loss provision of EUR 4 million due to an electrification project on two ships for the Royal Danish Navy (non-recurring item).

Construction Services Operating profit by quarter Operating profit, MEUR Operating profit margin,% 1-3/ 04 4-6/ 04 7-9/ 04 10-12/ 04 1-12/ 04 1-3/ 05 4-6/ 05 7-9/ 05 10-12/ 05 1-12/ 05 1-3/ 04 4-6/ 04 7-9/ 04 10-12/ 04 1-12/ 04 1-3/ 05 4-6/ 05 7-9/ 05 10-12/ 05 1-12/ 05

Industrial and Network Services Operating profit by quarter Operating profit, MEUR Operating profit margin,% 1-3/ 04 4-6/ 04 7-9/ 04 10-12/ 04 1-12/ 04 1-3/ 05 4-6/ 05 7-9/ 05 10-12/ 05 1-12/ 05 1-3/ 04 4-6/ 04 7-9/ 04 10-12/ 04 1-12/ 04 1-3/ 05 4-6/ 05 7-9/ 05 10-12/ 05 1-12/ 05

Earnings per share per quarter 2004 - 2005 EUR 1-3/ 2004 4-6/ 2004 7-9/ 2004 10-12/ 2004 1-12/ 2004 1-3/ 2005 4-6/ 2005 7-9/ 2005 10-12/ 2005 1-12/ 2005

Construction Services Industrial and Network Services Return on investment per business segment Dec/2005 % 63.3 Building Systems Construction Services Industrial and Network Services YIT Group Dec/2005 YIT Group Dec/2004

Revenue 1994–2005 Keskimääräinen vuosittainen kasvu MEUR Keskimääräinen vuosittainen kasvu 1994-2004 (FAS): 18,7% Average annual growth 1994-2005: 18.4% IFRS 2004 IFRS 2005 FAS 1994 - 2004 Strategic target level: growth 10% per year

of which operations outside Finland MEUR 1,326.6 Breakdown of revenue Jan-Dec/2005 Finland 56.1% MEUR 1,697.2 Other countries 0.6% MEUR 18.7 Russia 4.4% MEUR 131.6 Lithuania, Latvia, Estonia 6.6% MEUR 198.8 Sweden, Norway, Denmark 32.3% MEUR 977.5 Total revenue MEUR 3,023.8, of which operations outside Finland MEUR 1,326.6

Revenue by business segment MEUR 2005 2004 Change, % Building Systems 1,398.4 1,321.2 6 Construction Services 1,298.3 1,147.2 13 Industrial and Network Services  398.8 359.0 11 Other items -71.7 -47,3 52 YIT Group total 3,023.8 2,780.1 9 *) *) *) At the beginning of 2006, industrial electricity, automation and HEPAC operations were transferred to Industrial and Network Services from Building Systems. The business functions had revenue of EUR 58.9 million in 2005.

Expanding maintenance services Net sales of maintenance and upkeep services and their share of the entire Group’s net sales MEUR 38% 37% 33% 27% 24% 24% 22% 20% IFRS 2004 IFRS 2005 FAS 1999 - 2004

Order backlog at end of period MEUR 1,999.2 1,909.4 1,881.4 1,878.8 1,823.4 1,722.2 1,708.2 1,585.2

Order backlog by business segment MEUR 2005 2004 Change, % Building Systems 492.0 557.8 -12 Construction Services 1,242.6 1,066.4 17 Industrial and Network Services  173.3 199.2 -13 Other items -29.1 - YIT Group total 1,878.8 1, 823.4 3

Equity ratio and gearing by quarter 2004 - 2005 Gearing ratio, %

Dividend payout 1995-2005 Dividend/share, EUR Dividend/earnings, % * * 1997 1999 2001 2003 2005 * Board of Director´s proposal. 2004 and 2005 IFRS numbers. YIT´s dividend policy: 40–60% of the annual profit after taxes and minority interests

25.6.2018 Strategy and Strategic Targets YIT Rakennus Oy

YIT’s strategic path Services for public sector Services for companies Services for consumers Leisure time solutions Single-family houses Maintenance and renovation B-C Services for public sector Other transport- and energy networks Services for companies From constructor to a service company Maintenance Tele networks Developer contracting HEPACE B-B Contracting Building construction Earthworks Life-cycle services for all business segments

Leisure time solutions YIT, Holiday Club and city of Jämsä co-operation Developing the Himos Leisure Center: Holiday Club spa hotel (about 150 rooms) Multi-purpose building (events and exercise) Leisure residences (about 120 apartments) In addition, about 150 vacation homes to be sold will be scaled and executed in the area

Increasing consumer-oriented single-family houses Production-oriented Consumer-oriented

Growth drivers 2006 Increasing residential construction in Russia, Lithuania, Latvia and Estonia Rounding out Building Systems’ service portfolio in the Nordic and Baltic countries Outsourcings within the forest industry and Finnish network operators Expanding Industrial and Networks Service’s offerings in YIT’s business areas

Construction Services Russia, Lithuania, Latvia, Estonia JEKATERINBURG (1.3) NIZHNI-NOVGOROD (1.3) KAZAN (1.1) SAMARA (1.2) MOSCOW OBLAST (6.5) RIGA KAUNAS VILNIUS PÄRNU TALLINN KLAIPEDA TARTTO KIEV (2.6) JURMALA ST.PETERS- BURG (4,7) MOSCOW (10.1) ROSTOV (1.1.) MOSCOW OBLAST PUSHKINO 12/2005 KOROLEV 09/2005 NOGINSK 06/2005 DOLGOPRUDNYJ 06/2004 MOSCOW BALASHIHA 04/2004 OFFICE ZHUKOVSKI 02/2004 0 km 30 km RAMENSKOJE 06/2004 Current business locations Potential expansion 2007-

Key topics in developing YIT’s operations Personnel development Streamlining of business processes Procurements - efficient use of networks Use of IT - standardisation and information transfer Cash flow Brand

Focus areas in YIT’s operations Consumer services Households Services offered directly to end-users YIT Home Leisure-time construction Technical field services Long-term service agreements Companies Public sector Repeated service deliveries on agreed terms Industrial maintenance Building systems maintenance Data network maintenance, repairs, deliveries Project development and contracting Construction Industrial and network Building systems Services delivered on project-specifically agreed terms

YIT’s strategic target levels Average annual growth in revenue 10% Return on investment 22% Equity ratio 35% Dividend payout 40–60% of net profit for the year after taxes and minority interests

25.6.2018 Market and Future Outlook YIT Rakennus Oy

Market outlook 25.6.2018 Financial research institutions estimate that the national economies of the Nordic countries will develop at a stable rate of 2-3 per cent in 2006 and 2007, outpacing growth in the EU by about one percentage point. Russia and Norway benefit from the high price of oil. The rate of growth in the economies of Russia, Estonia, Latvia and Lithuania is about twice as fast as in the Nordic countries. Euro interest rates are seeing moderate growth. The positive trend in incomes and the improving employment situation bolster the confidence of households. The record-high population shift within Finland increases the need for residences, and housing sales remain brisk. Strong demand for housing in Russia makes it possible to expand residential construction over the long term. Growth in exports and industrial output increases the need for industrial investments and maintenance in the Nordic countries. YIT Rakennus Oy

Number of start-ups in YIT’s housing production in Finland No. 3,169 3,278 3,321 3,108 2,944 2,717

YIT’s housing production 2005 Russia, Lithuania, Latvia, Estonia No. 6,880 7,000 6,000 5,000 2 717 4,154 3 278 3,873 5,350 4,000 3,374 3 108 3,000 3,173 3 539 2,263 2,000 2 944 703 3 169 566 1,000 1,530 466 1,111 225 700 615 341 237 2004 2005 2004 2005 2004 2005 Completed Start-ups Under construction Dec 31 Lithuania, Latvia, Estonia Russia

25.6.2018 Outlook for 2006 We estimate that the pre-tax profit for 2006 will be better than in the previous year. YIT Rakennus Oy

Strategic Target Levels Market Outlook Financial Statements 2005 25.6.2018 Appendices YIT Share Strategic Target Levels Market Outlook Financial Statements 2005 YIT Rakennus Oy

25.6.2018 Appendices YIT Share YIT Rakennus Oy

Principal shareholders Jan 31, 2006 No % 1. Sampo Life Insurance Company Ltd 5,125,060 8.21 2. Suomi Mutual Life Assur. Company 4,285,590 6.87 3. Varma-Sampo 3,906,604 6.26 4. Ilmarinen Mutual Pension Ins.Co 1,637,000 2.62 5. Tapiola Insurance Group 1,344,790 2.16 6. Etera Mutual Pension Ins. Company 937,200 1.50 7. Odin Norden 727,700 1.17 8. Kaleva Mutual Insurance Company 670,000 1.07 9. Brotherus Ilkka 612,370 0.98 10. OP-Delta investment fund 511,760 0.82 Nominee-registered 24,902,447 39.91 Other shareholders 16,392,041 26.28 Total 62,397,352 100.00 Total number of shareholders 9,417. Nominal value of the share EUR 1.00 (registered on March 26, 2004, whereby the number of shares was doubled). Share capital EUR 62,397,352.

Nominee-registered shareholders + other international ownership as percentage of equity 31 January 2006 42,02% 2001 2002 2003 2004 2005 2006

Number of shareholders at end of period YIT Corporation was formed on September 2, 1987. YIT’s share has been quoted on Helsinki Exchanges since September 4, 1995.

Strategic Target Levels 25.6.2018 Appendices Strategic Target Levels YIT Rakennus Oy

YIT’s strategic target levels Average annual growth in revenue 10% Return on investment 22% Equity ratio 35% Dividend payout 40–60% of net profit for the year after taxes and minority interests

Revenue 1994–2005 Keskimääräinen vuosittainen kasvu MEUR Keskimääräinen vuosittainen kasvu 1994-2004 (FAS): 18,7% Average annual growth 1994-2005: 18.4% IFRS 2004 IFRS 2005 FAS 1994 - 2004 Strategic target level: growth 10% per year

Strategic target level: 22% Return on investment 1994-2005 % IFRS 2004 IFRS 2005 FAS 1994 - 2004 Strategic target level: 22%

Strategic target level: 35% Equity ratio 1994-2005 % IFRS 2004 IFRS 2005 FAS 1994 - 2004 Strategic target level: 35%

Dividend payout 1995-2005 Dividend/share, EUR Dividend/earnings, % * * 1997 1999 2001 2003 2005 * Board of Director´s proposal. 2004 and 2005 IFRS numbers. YIT´s dividend policy: 40–60% of the annual profit after taxes and minority interests

25.6.2018 Appendices Market Outlook YIT Rakennus Oy

YIT’s housing production in Russia 2004 and 2005 No. 1-12/2004 1-12/2005 1-12/2004 1-12/2005 1-12/2004 1-12/2005

YIT’s housing production Lithuania, Latvia and Estonia 2004 and 2005 No. 1-12/2004 1-12/2005 1-12/2004 1-12/2005 1-12/2004 1-12/2005

Migration between municipalities in Finland persons 1-12/2005: 290.799 1-12/2004: 282.406 Source: Statistics Finland, January 19, 2006

Own economic situation 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 economic situation Finland’s economic situation Source: Statistics Finland´s Consumer Survey, January 27, 2006

Housing loans and interest rates in Finland MEUR % Source: Bank of Finland, Jan 31, 2006

Indeces describing the strain imposed on a buyer of an apartment 7.0 6.5 6.0 5.5 5.0 4.5 4.0 3.5 70 65 60 55 50 45 40 35 Price per sq.m in relation to income in median household, %, on left Total cost of loan for 100 sq.m in relation to income in median household, %, on right Prices per sq.m have increased in relation to income Total cost of loan has decreased in relation to income -longer payment schedule of loan -low interest rate level Sources: Statistics Finland and Bank of Finland

Households’ intentions to acquire an owner-occupied flat during the next 12 months Source: Statistics Finland, January 27, 2006

Increase of housing prices in certain EU-countries Belgium Greece Spain France Ireland Luxembourg Netherlands Portugal Denmark Sweden Great Britain Germany Finland Source: European Central Bank

Share of outstanding debt of the disposable yearly income within the household sector in EU-countries in 2003, %. Denmark Netherlands Great Britain Germany Sweden Portugal Spain EU-2003 Ireland Finland France Belgium Austria Italy Greece

Building Systems market by work types and YIT’s market shares Norway ~2.8 bill. (10%) - Heating, plumbing, sewage 0.9 bill. (0%) - Ventilation 0.7 bill. (12%) - Electricity 1.2 bill. (15%) Sweden ~5.6 bill. (9%) Heating, plumbing, sewage 1.6 bill. (10%) - Ventilation 1.0 bill. (8%) - Electricity 3.0 bill. (5%) Finland ~3.6 mrd (12%) - Heating, plumbing, sewage 1.5 bill. (5%) - Ventilation 0.7 bill. (20%) - Electricity 1.3 bill. (8%) Denmark ~4.7 bill. (3%) - Heating, plumbing, sewage 1.7 bill. (0%) - Ventilation 0.3 bill. (9%) - Electricity 2.7 bill. (4%) Baltic countries ~0.6 bill. (3%) - Lithuania 0.2 bill. (7%) - Latvia 0.2 bill. (1%) - Estonia 0.2 bill. (1%) Contents of the different work types vary between the countries. Electricity includes automation and data networks in properties.

Industrial maintenance market Norway MEUR 2,500 - outsourced MEUR 100 (4%) Sweden MEUR 6,600 - outsourced MEUR 500 (8%) Finland MEUR 4,000 - outsourced MEUR 1,000 (25%) Food industry MEUR 1,470 Pulp- and paper industry MEUR 1,650 Chemical industry MEUR 1,551 Metal industry MEUR 2,040 Others MEUR 6,389 Total market MEUR 13,100 - of which outsourced MEUR 1,600 (12%)

Fixed investments within manufacturing industry 25.6.2018 Fixed investments within manufacturing industry Investment survey of the Confederation of Finnish Industries, EK EUR million, market prices National accounts investments Source: Confederation of Finnish Industries, EK YIT Rakennus Oy

25.6.2018 Appendices Financial Statements 2005 YIT Rakennus Oy

Key figures Dec/2005 Dec/2004 Earnings per share, EUR 2.52 1.62 56 Change, % Earnings per share, EUR 2.52 1.62 56 Diluted earnings per share, EUR 2.46 1.60 54 Equity per share, EUR 8.97 7.20 25 Share price at end of period, EUR 36.13 18.36 97 Market capitalization at end of period, EUR million 2,254.4 1,125.3 100 Net interest-bearing debt at end of period, EUR million 254.4 359.4 -29 Return on investment, % 1) 26.4 19.1 38 Equity ratio, % 36.3 31.0 - Gearing ratio, % 45.1 80.7 Gross capital expenditures, EUR million 30.1 35.6 -15 Order backlog at end of period, EUR million 2) 1,878.8 1,823.4 3 - of which order backlog outside Finland 752.4 645.0 17 Average personnel 21,194 21,884 -3 Last 12 months. Portion of binding orders not recognized as income.

Consolidated balance sheet MEUR ASSETS Dec/2005 Dec/2004 Change, % Non-current assets Property, plant and equipment 77.1 81.0 -5 Goodwill 248.8 - Other intangible assets 13.4 13.1 2 Shares in associated companies 1.8 1.2 50 Investments 3.0 Receivables 9.4 7.7 22 Deferred tax assets 23.6 26.1 -10 Current assets Inventories 685.2 629.3 9 Trade and other receivables 545.2 469.9 16 Cash and cash equivalents 80.6 36.1 Total assets 1,688.1 1,516.2 11 *) *) Change over 100%

Consolidated balance sheet MEUR EQUITY AND LIABILITIES Dec/2005 Dec/2004 Change, % Equity attributable to equity holders of the parent Share capital 62.4 61.3 2 Other equity 497.4 380.0 31 Minority interests 3.7 4.1 -10 Total equity 563.5 445.4 27 Non-current liabilities Deferred tax liabilities 36.5 19.9 83 Pension liabilities 11.6 9.8 18 Provisions 30.1 26.5 14 Interest-bearing liabilities 172.4 224.0 -23 Other liabilities 4.4 19 Current liabilities Trade and other payables 691.2 591.8 17 15.8 23.6 -33 Interest-bearing current liabilities 162.6 171.5 -5 Total equity and liabilities 1,688.1 1,516.2 11

Revenue and operating profit by quarter 2004-2005 Revenue, MEUR Operating profit, MEUR 1-3/ 04 4-6/ 04 7-9/ 04 10-12/ 04 1-3/ 05 4-6/ 05 7-9/ 05 10-12/ 05 1-3/ 04 4-6/ 04 7-9/ 04 10-12/ 04 1-3/ 05 4-6/ 05 7-9/ 05 10-12/ 05

Operating profit by business segment MEUR 2005 2004 Change, % Building Systems 56.8 34.1 67 Construction Services 143.1 102.2 40 Industrial and Network Services  39.1 27.5 42 Other items -11.3 -6.4 77 YIT Group total 227.7 157.4 45

of which operations outside Finland MEUR 1,326.6 Breakdown of revenue Jan-Dec/2005 Building Systems 46% MEUR 1,398.4 Other items -2% MEUR -71.7 Industrial and Network Services 13% MEUR 398.8 Construction Services 43% MEUR 1,298.3 Total revenue MEUR 3,023.8, of which operations outside Finland MEUR 1,326.6

Building Systems Revenue and order backlog by quarter 2004-2005 Revenue, MEUR Order backlog, MEUR 1,398 1,321 1-3/ 04 4-6/ 04 7-9/ 04 10-12/ 04 1-12/ 04 1-3/ 05 4-6/ 05 7-9/ 05 10-12/ 05 1-12/ 05 3/ 04 6/ 04 9/ 04 12/ 04 3/ 05 6/ 05 9/ 05 12/ 05

Construction Services Revenue and order backlog by quarter 2004-2005 Revenue, MEUR Order backlog, MEUR 1,147 1,298 1-3/ 04 4-6/ 04 7-9/ 04 10-12/ 04 1-12/ 04 1-3/ 05 4-6/ 05 7-9/ 05 10-12/ 05 1-12/ 05 3/ 04 6/ 04 9/ 04 12/ 04 3/ 05 6/ 05 9/ 05 12/ 05

Industrial and Network Services Revenue and order backlog by quarter 2004-2005 Revenue, MEUR Order backlog, MEUR 359 399 1-3/ 04 4-6/ 04 7-9/ 04 10-12/ 04 1-12/ 04 1-3/ 05 4-6/ 05 7-9/ 05 10-12/ 05 1-12/ 05 3/ 04 6/ 04 9/ 04 12/ 04 3/ 05 6/ 05 9/ 05 12/ 05

Building Systems Breakdown of revenue 2005 YIT Sverige AB Sweden 38% MEUR 538 Operations in Baltic countries and Russia 3% MEUR 38 YIT A/S Denmark 9% MEUR 124 YIT Building Systems AS Norway 22% MEUR 306 YIT Kiinteistötekniikka Oy Finland 28% MEUR 395 Total revenue MEUR 1,398

Construction Services Breakdown of revenue 2005 Finland 77% MEUR 1,000 Russia 9% MEUR 116 Lithuania, Latvia, Estonia 14% MEUR 182 Total revenue MEUR 1,298

Industrial and Network Services Breakdown of revenue 2005 Finland 93% MEUR 371 International operations 7% MEUR 28 Total revenue MEUR 399

Revenue 1995–2004 FAS 2004–2005 IFRS MEUR 2004 IFRS 2005 IFRS 3,023.8 3,033.4 3,023.8 2,780.1 2,389.7 1,763.0 1,623.1 1,167.7 1,222.1 1,235.4 941.4 876.3 660.0 2004 IFRS 2005 IFRS

Maintenance and upkeep services by business segment 2005 Building Systems MEUR 840.7 60 % of revenue Construction Services MEUR 42.3 3 % of revenue Industrial and Network Services MEUR 305.4 77% of revenue Other items MEUR -53.4 Maintenance and upkeep services YIT Group total MEUR 1,135.0 38% of revenue

Total order backlog MEUR 1,878.8 Order backlog by business segment Dec/2005 Building Systems 26% MEUR 492.0 Other itmes -1% MEUR -29.1 Industrial and Network Services 9% MEUR 173.3 Building Systems 30% MEUR 575.7 Construction Services 66% MEUR 1,242.6 Total order backlog MEUR 1,878.8

Personnel at end of period

Total number of employees 21,289 persons Personnel by business segment Dec/2005 Building Systems 55% 11,731 Corporate Services 1% 317 Industrial and Network Services 20% 4,126 Construction Services 24% 5,115 Total number of employees 21,289 persons

Total number of employees 21,289 persons Personnel by country Dec/2005 Finland 52% 11,159 Russia 4% 907 Lithuania, Latvia, Estonia 7% 1,492 Denmark 5% 1,103 Norway 12% 2,485 Sweden 20% 4,143 Total number of employees 21,289 persons

Gross capital expenditures 1999 – 2005 MEUR % of revenue Major acquisitions: YIT Calor (2001), YIT Primatel (2002) and YIT Building Systems (2003).