RESOLUTIONS PASSED AT YIT CORPORATION?S

RESOLUTIONS PASSED AT YIT CORPORATION’S ANNUAL GENERAL MEETING

YIT Corporation’s Annual General Meeting, which was held today, adopted the 2003 financial statements and discharged the members of the Board of Directors and the President and CEO from liability. The Annual General Meeting decided on the payment of dividends, the composition of the Board of Directors and the election of the auditor. It was decided that Article 3 of the Articles of Association will be amended such that the nominal value of the share will be changed from two euros to one euro (split), thereby doubling the number of shares. The number of options and the share subscription price in the terms of the 2002 share option programme were amended correspondingly. In addition, it was decided that new share options will be granted to managers and key employees who are either in the employ of or will be hired into the employ of the new Building Systems business segment.

Dividend payout

It was decided that a dividend of EUR 1.20 will be paid per share, or a total of EUR 36.6 million, as proposed by the Board of Directors. The right to a dividend rests with a shareholder who by the record date of March 23, 2004, has been entered as a shareholder in the company’s shareholder register that is kept by the Finnish Central Securities Depository Ltd. It was decided that the dividend will be paid on March 30, 2004.

Composition of the Board of Directors and the election of the auditor

The Annual General Meeting confirmed that the number of Board members shall be set at six. The following persons were re-elected to seats on the company's Board of Directors: Ilkka Brotherus, managing director of Sinituote Oy, Eino Halonen, managing director of Suomi Mutual Life Assurance Company, Reino Hanhinen, Group CEO of YIT Corporation, Asmo Kalpala, CEO of the Tapiola Group, and Teuvo Salminen, deputy CEO of Jaakko Pöyry Group Oyj. Antti Herlin, Chairman of the Board of Directors of Kone Corporation, was elected as a new member.

PricewaterhouseCoopers Oy, Authorized Public Accountants, was re- elected as the company's auditor, with Pekka Nikula, Authorized Public Accountant, as chief auditor.

Amendment to Article 3 of the Articles of Association

It was decided that Article 3 of the Articles of Association will be amended in accordance with the proposal of the Board of Directors such that the nominal value of the share will be changed from two euros to one euro (split), thereby doubling the number of shares in proportion to the holding of shareholders and without raising the share capital. The proposal by the Board of Directors is provided with this release as Annex 1.

YIT Corporation’s share capital presently amounts to EUR 61,046,750. There are 30,523,375 shares, each having a nominal value of two euros. After the amendment to the Articles of Association has been registered, each share having a nominal value                                                       2 (6)

of two euros will be split into two shares having a nominal value of one euro each. The number of shares will be 61,046,750. The number of shares owned by each shareholder will thus double. The increase in the number of shares will be carried out in the book- entry system and shareholders are not required to take action.

It is intended that the change in the nominal value of the share will be recorded in the Trade Register on March 26, 2004, in which case the newly doubled share amounts will be used on Helsinki Exchanges as from March 29, 2004.

Amendment to the terms of the 2002 share option programme

It was decided, as proposed by the Board of Directors, that the terms of the Series C and D share options from 2002 will be amended such that each Series C and D share option entitles its bearer to subscribe for two YIT Corporation shares having a nominal value of one euro. A maximum total of 2,800,000 shares can be subscribed for and the company’s share capital may be raised by a maximum amount of EUR 2,800,000. It was decided that the subscription price of the shares will be changed to EUR 7.595 per share. The proposal by the Board of Directors is provided with this release as Annex 2. The terms of the share option programme as a whole are presented on the company’s Internet site www.yit.fi.

Decision to grant new share options

It was decided that a maximum of 180,000 Series E share options and a maximum of 420,000 Series F share options will be granted for subscription without consideration, as proposed by the Board of Directors. The right to subscribe for the share options rests with the members of the management and key employees who are either in the employ of or will be hired into the employ of the new YIT Building Systems business segment. It was confirmed that the subscription price of the share is EUR 15.40 per share. The proposal by the Board of Directors is provided with this release as Annex 3. The terms of the share option programme as a whole are presented on the company’s Internet site www.yit.fi.

For further information, contact: Esko Mäkelä, Executive Vice President, tel. +358 20 433 2258, esko.makela@yit.fi Veikko Myllyperkiö, Vice President, Corporate Communications, tel.
+358 20 433 2297, veikko.myllyperkio@yit.fi

YIT CORPORATION



Veikko Myllyperkiö Vice President, Corporate Communications

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



                                                       3 (6) Annex 1:

THE BOARD OF DIRECTORS’ PROPOSAL TO AMEND ARTICLE 3 OF YIT CORPORATION’S ARTICLES OF ASSOCIATION

The Board of Directors will propose to the Annual General Meeting to be held on March 18, 2004, that Article 3 of the Articles of Association be amended such that the nominal value of the share will be changed from two euros to one euro.

Currently valid Article 3 of the Articles of Association:

The company’s minimum share capital is EUR 50,000,000 and the maximum share capital is EUR 200,000,000. Within these limits, the share capital can be increased or decreased without amending the Articles of Association.

The nominal value of each share is 2 euros.

Article 3 of the Articles of Association as amended in accordance with the Board’s proposal:

The company’s minimum share capital is EUR 50,000,000 and the maximum share capital is EUR 200,000,000. Within these limits, the share capital can be increased or decreased without amending the Articles of Association.

The nominal value of each share is 1 euro.

Implementing the amendment to the Articles of Association

The company’s share capital presently amounts to EUR 61,046,750.
There are 30,523,375 shares, each having a nominal value of two (2) euros. After the amendment to the Articles of Association has been registered, each share having a nominal value of two (2) euros will be split into two shares having a nominal value of one (1) euro each. The number of shares will be 61,046,750. The company’s number of shares will double in proportion to the holding of shareholders such that the number of shares owned by each shareholder will double. The share capital will not be raised.

The increase in the number of shares will be carried out in the book-entry system and shareholders are not required to take action.

YIT Corporation Board of Directors

Annex 2:

THE BOARD OF DIRECTORS’ PROPOSAL TO AMEND THE TERMS OF YIT CORPORATION’S SERIES C AND D SHARE OPTIONS FROM 2002

The Board of Directors will propose to the Annual General Meeting to be held on March 18, 2004, that the terms of the company’s Series C and D share options from 2002 be amended, provided that the Annual General Meeting decides to amend Article 3 of the company’s Articles of Association (the halving of the nominal                                                       4 (6)

value of the share) in the manner proposed by the Board of Directors.

In accordance with section 7 of the valid terms of the share option programme, if the nominal value of the share is changed before the end of the subscription period such that the share capital remains unchanged, the subscription terms shall be amended such that the total nominal value of the subscribed shares and total subscription price will remain unchanged.

Proposed amendments:

Terms of share subscription

1. Right to subscribe for new shares

Each Series C and D share option entitles its bearer to subscribe for two (2) YIT Corporation shares having a nominal value of one (1) euro. A maximum total of 2,800,000 YIT Corporation shares can be subscribed for and the company’s share capital may be raised by a maximum amount of EUR 2,800,000.

(In the presently valid terms, this section reads: Each Series C and D share option entitles its bearer to subscribe for one (1) YIT Corporation share having a nominal value of two (2) euros. A maximum total of 1,400,000 YIT Corporation shares can be subscribed for and the company’s share capital may be raised by a maximum amount of EUR 2,800,000.)

2. Share subscription and payment

--- The shares shall be subscribed for at Nordea Bank Finland plc’s investment advisory branches. The shares must be paid for at the time of subscription.
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(In the presently valid terms, this section reads: The shares shall be subscribed for at YIT Corporation’s head office, Panuntie 11, or at another venue to be announced by the company at a later date. The shares must be paid for at the time of subscription.)

3. Share subscription price

The subscription price of a share subscribed for with the Series C and D share options is EUR 7.595 per share.

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The share subscription price will be lowered after January 1, 2003, by the amount of dividends per share distributed by the date when the share subscription period begins (C: April 1, 2004, and D: April 1, 2005) such that in 2003 and 2004 the amount reducing the subscription price per share shall be half of the dividend and that in 2005 the subscription price be reduced by the full per- share dividend (D). The Board of Directors will confirm the share subscription price before the subscription periods begin (C: April 1, 2004, and D: April 1, 2005).
                                                      5 (6)

(In the presently valid terms, the amended sections read: The subscription price of a share subscribed for with the Series C and D share options is EUR 15.19 per share.

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The subscription price will be lowered after January 1, 2003, by the amount of dividends per share distributed by the date when the share subscription period begins (C: April 1, 2004, and D: April 1, 2005). The Board of Directors will confirm the share subscription price before the subscription periods begin (C: April 1, 2004, and D: April 1, 2005).

YIT Corporation Board of Directors

Annex 3:

BOARD OF DIRECTORS’ PROPOSAL TO GRANT NEW SHARE OPTIONS

It will be proposed that the share options be offered without consideration, waiving shareholders’ pre-emptive subscription rights. The waiving of shareholders’ pre-emptive subscription rights is being proposed because the share options are intended to be part of the YIT Group’s incentive scheme and thus there is a weighty financial reason to do so.

It will be proposed that a maximum of 180,000 Series E share options and a maximum of 420,000 Series F share options be granted for subscription. The right to subscribe for the Series E share options rests with those members of the Group’s management and key employees named by the Board of Directors who are either in the employ of or will be hired into the employ of the Group companies belonging to the YIT Group’s YIT Building Systems business segment and who are not covered by YIT Corporation’s 2002 share option programme; the managing director of the Swedish company YIT Building Systems AB; and YIT Corporation’s fully-owned subsidiary YIT Construction Ltd.

The Series F share options will be granted for subscription to YIT Construction Ltd and it is intended that they will be distributed, at a later date, to those members of the Group’s management and key employees named by YIT Corporation’s Board of Directors who are either in the employ of or will be hired into the employ of the Group companies belonging to the YIT Building Systems business segment and who are not covered by YIT Corporation’s 2002 share option programme and to the managing director of the Swedish company YIT Building Systems AB, on the basis of the result (EBITA) of the YIT Building Systems business segment in 2005-2007 in the manner specified in greater detail in the Board’s proposal.

The subscription period of the share options is May 14 to June 15, 2004. Each share option entitles its bearer to subscribe for one share having a nominal value of one euro. On the basis of the subscriptions, YIT Corporation’s share capital may be raised by a maximum amount of EUR 600,000; that is, a maximum of 600,000 shares may be subscribed. The shares can be subscribed for during the period from April 1 - November 30, 2006, and from April 1 -                                                       6 (6)

November 30, 2007, with the Series E share options and during the period from April 1 - November 30, 2007, with the Series F share options.

The subscription price of the share is EUR 15.40 per share. The subscription price is based on the price of the company’s share in trading and exceeds the average share price in trading on Helsinki Exchanges in November and December 2003 and January 2004 plus 10% and divided by two. The subscription price of the Series E share options will be lowered in 2005 and 2006 by the amount of dividends per share decided on at the Annual General Meetings and the price of the Series F share options in 2005, 2006 and 2007 by the amount of dividends per share decided on at the Annual General Meetings.

If the Annual General Meeting does not amend Article 3 of the Articles of Association in the manner proposed by the Board of Directors, it will be proposed that the decision on the share option programme be made such that the numbers of options and shares that can be subscribed for with them which are presented above be halved, with the nominal value of the share being two euros and the subscription price of the share being double the amount stated above.

YIT Corporation Board of Directors