ABB?S BUILDING SYSTEMS BUSINESS IN THE N

ABB’S BUILDING SYSTEMS BUSINESS IN THE NORDIC COUNTRIES, THE BALTIC COUNTRIES AND RUSSIA ARE TRANSFERRED TO YIT

On this day, YIT Corporation has paid to ABB Ltd EUR 169.2 million in cash for the purchase of ABB’s Building Systems operations in Finland, Sweden, Norway, Denmark, the Baltic countries and Russia.
Building Systems offers technical building systems and property and industrial services.

The cash amount was determined in accordance with the deal agreement signed by YIT and ABB on July 4, 2003, such that the negative difference of the assets and liabilities of the balance sheet items being transferred in the asset purchase transactions was subtracted from the transaction value. The purchase price will be finalized in November 2003, when the audited balance sheet calculations concerning the situation at the end of August have been completed.

The transaction had to be approved by the competition authorities before it entered into force. The Finnish Competition Authority approved the Finnish end of the deal on July 18, 2003, and the Swedish Competition Authority (Konkurrensverket) approved it on July 23, 2003. The Lithuanian Competition Authority approved the deal on August 28, 2003. The acquisition was consummated on August 29, 2003, and the business functions were transferred to YIT on the same day.

YIT is financing the acquisition with debt capital.

 YIT CORPORATION

 Veikko Myllyperkiö Vice President, Corporate Communications

 For additional information, contact: Reino Hanhinen, Group CEO, YIT Corporation,  tel. +358 20 433 2454, reino.hanhinen@yit.fi Esko Mäkelä, Executive Vice President, YIT Corporation,  tel. +358 20 433 2258,esko.makela@yit.fi Veikko Myllyperkiö, Vice President, Corporate Communications, YIT Corporation, tel. +358 20 433 2297, veikko.myllyperkio@yit.fi Sakari Toikkanen, Director of Corporate Planning, YIT Corporation, tel. +358 20 433 2336, sakari.toikkanen@yit.fi

Juhani Pitkäkoski, President, YIT Installation Ltd,  tel. +358 20 433 3738, juhani.pitkakoski@yit.fi Petra Thorén, Manager, Investor Relations, YIT Corporation,  tel. +358 20 433 2635, petra.thoren@yit.fi

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