YIT signs the final agreement on the implementation of the Mall of Tripla in central Pasila, Helsinki as a joint venture

YIT Corporation Stock Exchange Release May 16, 2016 at 1:00 p.m.
YIT, Etera Mutual Pension Insurance Company, Onvest Oy and Fennia Mutual
Insurance Company have all signed the agreement to implement the Mall of Tripla
and its parking facilities as a joint venture. Fennia Life Insurance Company
Ltd, which was a party to the letter of intent signed in December 2015, withdrew
from the project, and therefore the final shares of ownership deviate from those
specified in the letter of intent. YIT’s share in the joint venture will be
38.75% (letter of intent: 35%), Etera’s 38.75% (letter of intent: 35%), Onvest’s
15% and Fennia’s 7.5 % (letter of intent: 15%). The overall value of the
shopping mall and the parking facility including the costs for design, plot and
financing is approximately EUR 600 million. According to the currently signed
agreement, one-half of the construction will be financed with capital
investments from the owners, and the remainder will be financed with project
credit. YIT will sign contract agreements on the construction of the project
with real estate companies owned by the joint venture.

The goal is to close the deals during the second quarter of 2016. The closing is
subject to securing the debt financing and obtaining valid building permits and
all required decisions from authorities concerning the mall. Upon the closing,
over EUR 500 million is expected to be added to the order backlog from the
project.

“We have been observing the change of the Pasila railway yard from a box seat
for several years. Etera joined the project as a leading investor, because we
consider the new Pasila district and its core, the Mall of Tripla, to be an
excellent investment in the future. Excellent transport connections and the
residential construction that will be started soon are solid success factors for
the new shopping mall,” says Timo Sotavalta, Head of Real Estate at Etera.

“We are proud to be involved in developing “the second city centre” of our
capital city”, comments Hanna Ekdahl, General Counsel at Onvest Oy their Tripla
-investment.

“After years of operating in the Pasila real estate market, we know the
district’s unbeatable strengths as one of the most significant centres in the
Helsinki Metropolitan Area. Mall of Tripla will be an essential retail and
service hub for the numerous local operators, as well as the transport hub of
the entire metropolitan area. Fennia is one of the four investors in this
project. Our Group company Fennia Life Insurance withdrew its participation due
to its investment allocation,” says Timo Rantala, Head of Real Estate
Investments at Fennia Group.

 “There has been a pleasing amount of interest shown towards the Mall of Tripla
premises. Over 30% of the commercial premises have already been leased, and our
tenant base includes several major brands already at this stage, 3.5 years
before the opening of the mall,” says Kari Kauniskangas, President and CEO of
YIT.

Mall of Tripla will become the largest shopping centre in Finland in terms of
the number of retail spaces. The leasable floor area is approximately 85,000 m²
for a total of 250 tenants, and there will be parking space for 2,300 cars in
the parking facility. Pasila will become the new heart of Helsinki and an even
more important transportation hub that is expected to double its resident and
job numbers by 2040. The construction starts with YIT’s Tripla, which will
include office space, apartments and a hotel in addition to the shopping mall
and the parking facility. The construction project also covers the Pasila
station and the adjacent public transport terminal. The City of Helsinki has
planned the former railway yard to the north of Tripla for residential blocks,
which will have apartments for 3,000 residents. The City of Helsinki is also
going to launch a design competition on the high-rise area to the south of
Tripla at the end of this year.

For additional information, please contact:

Sanna Kaje, Vice President, Investor Relations and M&A, YIT Corporation, tel.
+358 50 390 6750, sanna.kaje@yit.fi
Tapio Salo, Senior Vice President, Tripla, YIT Construction Ltd, tel. +358 50
505 2608, tapio.salo@yit.fi
Seppo Martikainen, Vice President, Transactions, YIT Construction Ltd, tel. +358
400 460 913, seppo.martikainen@yit.fi

YIT CORPORATION

Sanna Kaje
Vice President, Investor Relations and M&A

Distribution: NASDAQ Helsinki, major media, www.yitgroup.com

YIT creates sustainable cities and better living environment by developing and
constructing housing, business premises, infrastructure and entire areas. We
focus on providing a first-class customer experience, high quality and
continuous development of our diverse expertise. Our operating area covers
Finland, Russia, the Baltic countries, the Czech Republic, Slovakia and Poland.
In 2015, our revenue amounted to nearly EUR 1.7 billion, and we employ about
5,300 employees. Our share is listed on Nasdaq Helsinki. www.yitgroup.com