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Merger of YIT and Lemminkäinen

YIT and Lemminkäinen MERGED on February 1, 2018

The Boards of Directors of YIT Corporation and Lemminkäinen Corporation decided on January 31, 2018, to complete the merger of Lemminkäinen and YIT in accordance with the merger plan signed on June 19, 2017. The merger has been entered into the Trade Register and took effect on February 1, 2018.

The combination will create a financially strong company with urban development as the engine for growth and profitability. The companies’ business areas will complement and balance each other and decrease sensitivity to economic cycles.

The combination is expected to create significant value for the shareholders of the combined company through decreased sensitivity to economic cycles and improved competitiveness providing a strong platform for growth.

The total synergies are expected to be approximately EUR 40 million annually, and they are expected to materialise in full by the end of 2020.

The combination was implemented as a statutory absorption merger whereby Lemminkäinen will be merged into YIT.

The Extraordinary General Meetings (each, an “EGM”) of YIT and Lemminkäinen held on September 12, 2017 approved the merger. The Finnish Competition and Consumer Authority (the "FCCA") announced on January 16, 2018 that it will approve the merger between YIT and Lemminkäinen as such. The FCCA has on January 26, 2018, given its final approval decision for the merger.

The combined company has obtained necessary commitments for the financing of the completion of the merger.

The preliminary long-term financial targets of the combined company will be return on capital employed (ROCE) of more than 12 percent, equity ratio above 40 percent, positive cash flow after dividends as well as annually growing dividend per share.

Stock Exchange Releases and other material

June 19, 2017: Announcement

Merger plan

Presentation material

Webcast recording

Webcast transcript

Stock Exchange release, June 19, 2017

YIT and Lemminkäinen to combine

August 25, 2017: Publication of merger prospectus

Merger prospectus

Stock Exchange release, August 24, 2017

The FIN-FSA has approved YIT's and Lemminkäinen's merger prospectus and granted exemption from the obligation to publish listing prospectus

Stock Exchange release, September 7, 2017

YIT Corporation: Supplement to the Merger Prospectus

September 12, 2017: YIT and Lemminkäinen EGMs

Meeting material

Stock Exchange release, July 27, 2017

Notice to YIT Corporation’s Extraordinary General Meeting

Stock Exchange releases, September 12, 2017

Resolutions passed at the Extraordinary General Meeting of YIT Corporation

The Extraordinary General Meeting of Lemminkäinen Corporation approved the merger of Lemminkäinen Corporation into YIT Corporation

OTHER STOCK EXCHANGE RELEASES

Stock Exchange release, September 28, 2017

The Finnish Competition and Consumer Authority initiates further proceedings concerning the combination of YIT and Lemminkäinen

Stock Exchange release, October 9, 2017

PEAB divested its holdings in Lemminkäinen: YIT no longer obliged to redeem shares

Stock Exchange Release, December 11, 2017

The Finnish Competition and Consumer Authority applies for an extension for investigating the merger of YIT Corporation and Lemminkäinen Corporation

Stock Exchange Release, December 13, 2017

The Finnish Competition and Consumer Authority has been granted an extension until January 26, 2018 to investigate the merger of YIT and Lemminkäinen

Stock Exchange Release, January 16, 2018

The FCCA will approve the merger of YIT and Lemminkäinen unconditionally and it will likely be completed on February 1, 2018

Stock Exchange Release, January 26, 2018

The FCCA has given the final approval decision for the merger of YIT and Lemminkäinen, which is intended to be completed on February 1, 2018

Stock Exchange Release, January 31, 2018

YIT and Lemminkäinen will complete the merger

YIT Corporation Stock exchange releases February 1, 2018

YIT Corporation’s Board of Directors holds its organisational meeting, Group Management Team and Deputy CEO appointed

YIT announces the Group’s new segment structure and reporting practice

YIT’s Board of Directors confirms outlook and the most significant short-term business risks

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