TAX REPRESENTATIVE APPEALS THE DECISION

YIT CORPORATION STOCK EXCHANGE RELEASE, MARCH 3, 2003,14:15  1 (1)


TAX REPRESENTATIVE APPEALS THE DECISION TO REPAY THE RESIDUAL TAXES FOR 1997 LEVIED FROM YIT


A tax representative appointed by the Tax Office for Major Corporations and the City of Helsinki has lodged an appeal at the Helsinki Administrative Court to overturn the decision concerning the EUR 10.9 million in residual taxes that were levied from YIT for 1997. The decision was made on December 18, 2002, by the Tax Correction Board of the Tax Office for Major Corporations.

The Tax Office for Major Corporations levied the residual taxes in March 2002 and YIT recorded them in their entirety in its financial results for the first quarter of 2002. YIT appealed the tax decision. The Tax Correction Board approved YIT’s appeal and returned the residual taxes paid by YIT, complete with interest, on January 16, 2003. The total sum was EUR 11.0 million.

YIT will not record the repayment of the residual taxes in its financial results until the court has made its final ruling.

For additional information, contact: Executive Vice President Esko Mäkelä, tel. +358 20 433 2258, esko.makela@yit.fi

YIT CORPORATION



Veikko Myllyperkiö Vice President, Corporate Communications

Distribution: Helsinki Exchanges, principal media, www.yit.fi

About Us

YIT creates better living environment by developing and constructing housing, business premises, infrastructure and entire areas. Our vision is to bring more life in sustainable cities. We want to focus on caring for customer, visionary urban development, passionate execution and inspiring leadership. Our growth engine is urban development involving partners. Our operating area covers Finland, Russia, the Baltic countries, the Czech Republic, Slovakia and Poland. In 2016, our revenue amounted to nearly EUR 1.8 billion, and we employ about 5,300 employees. Our share is listed on Nasdaq Helsinki. www.yitgroup.com

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