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2016-05-16

YIT Oyj: 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

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