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Roadshow Helsinki, June 18, 2013 Juhani Pitkäkoski, CEO Antti Heinola, CFO Milena Hæggström, Head of Investor Relations

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Page 1: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Roadshow Helsinki, June 18, 2013

Juhani Pitkäkoski, CEO

Antti Heinola, CFO

Milena Hæggström, Head of Investor Relations

Page 2: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Contents

2 Roadshow 6 June 2013

Rationale for demerger

New Board and Management

Business operations

Market overview

Strategy and key strengths

Financials

Summary

Appendix

Page 3: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Rationale for demerger

Page 4: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Better management focus in separate companies

° Stable Building Systems (Caverion, a company to be formed in the partial demerger) growing in developed Northern and Central Europe

° Capital intensive Construction Services (remaining YIT) seeking growth from Russia, Baltic countries and Central Eastern Europe and from Finland

° As a result, we have better management focus in

separate companies

° Stable cash generation potential in Building Systems (Caverion)

° Successful business model development in Construction Services (remaining YIT)

° Both companies are potentially more attractive individually than the current combination

Independent strategies and different investment profiles

Potentially more attractive investment opportunities individually

Good financing possibilities for both companies

Key rationale of the partial demerger Independent strategies and different investment profiles leading to better management focus

Roadshow 18 June 2013 4

Page 5: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

° Service and maintenance of building systems and industrial processes

° Technical building systems installations

° Project deliveries to industry ° Finland, Sweden, Norway, Denmark,

° Russia, Estonia, Latvia, Lithuania,

° Germany, Austria, Poland, the Czech Republic and Romania

° Revenue 2012: EUR 2,803 million

° EBIT 2012: EUR 61 million (2.2% of revenue)

° Operative invested capital 12/2012: EUR 441 million

° Personnel 3/2013: 18,256

Main activities

Caverion to be formed in the partial demerger

Market areas

Key figures*

*) Carve-out figures

**) Country split of revenues is based on the location of the customer

25%

21%

20%

19%

6%

5% 2% 2%

Revenue by country **

Sweden Finland Norway Germany

Austria Denmark RuBa Other

5 Roadshow 18 June 2013

Page 6: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

New Board and Management

Page 7: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Caverion’s Board of Directors Board of Directors approved by the EGM on 17 June 2013, prior the listing

Henrik Ehrnrooth (b. 1954) M.Sc. (Forest economics)

Chairman of the Board

Directors of Pöyry Plc

Share ownership: 15,430,000*

Independent of company: Yes

Independent of owners: No

Michael Rosenlew (b. 1959) M.Sc. (Econ.)

Vice Chairman of the Board

Managing Director of Mikaros AB

Share ownership: 0

Independent of company: Yes

Independent of owners: Yes

Ari Lehtoranta (b. 1963) M.Sc. (electrical eng.)

Member of the Board

Executive Vice President of KONE Corporation, Central and

North Europe, and Customer Experience. Member of the

Executive Board.

Share ownership: 0

Independent of company: Yes

Independent of owners: Yes

Eva Lindqvist (b. 1958) M.Sc. (Eng.), MBA

Member of the Board

Professional Board member

Share ownership: 0

Independent of company: Yes

Independent of owners: Yes

Anna Hyvönen (b. 1968) Lic. Tech.

Member of the Board

Senior Vice President and Managing Director of Ramirent

Finland Oy

Share ownership: 0

Independent of company: Yes

Independent of owners: Yes

*) Henrik Ehrnrooth holds indirectly with his brothers Georg Ehrnrooth and Carl-Gustaf Ehrnrooth a controlling interest in Structor S.A., which will be the largest shareholder of Caverion Corporation.

The evaluation is based on the assumption that there will be no changes in issues affecting the evaluation of independency prior to the registration of Caverion Corporation.

7 Roadshow 18 June 2013

Page 8: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Caverion’s Key Management

Matti Malmberg (b. 1960) M.Sc. (Eng.)

Head of Building Services Northern Europe

segment and Service efficiency

Antti Heinola (b. 1973) M.Sc. (Econ.)

CFO

Karl-Walter Schuster (b. 1950) M.Sc.

(Eng.)

Head of Building Services Central Europe

segment and Project excellence

Sakari Toikkanen (b. 1967) Lic. Tech.

Senior Vice President,

Business Development Secretary to the

Management Board

Juhani Pitkäkoski (b. 1958) LL.M.

President and CEO

Corporate functions Segments and Business areas

8 Roadshow 18 June 2013

Page 9: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Business operations

Page 10: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Caverion’s fields of business Offering that covers all building technologies Service and maintenance related business accounted for 55% of revenues in 2012

Description

of main

activities

Share of

revenues

2012

Service and maintenance Project deliveries Industrial service and

maintenance Industrial project deliveries

Service and maintenance of

building systems

Services can be divided:

1. Facility Management (FM)

and fixed maintenance

contracts

2. AD-HOC services

Service contracts are typically:

1. 2-3 year contracts based on

fixed pricing

2. 1 year contracts based on

official price lists of

Caverion

Technical building systems

installations

Design and installation of

Building systems, e.g.:

• Heating

• Plumbing

• Cooling

• Electrification

• Automation

• Safety systems

• Networks technology systems

• All other supply systems

Tender-based as well as more

comprehensive Design & Build

projects

Service and maintenance to

Finnish industry

Comprehensive maintenance

partnerships

Field services include

• Mechanical maintenance

• Electrification and automation

• Power plant maintenance

Industrial project deliveries

Comprehensive project deliveries

including design, procurement,

prefabrication, installation and

project management

Ad-hoc project deliveries to other

countries

~ 49% ~ 41%

~ 6% ~ 4%

Building services Industrial services in Finland and Sweden

10 Roadshow 18 June 2013

Page 11: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Our services cover all building systems related services for the entire life cycle of the property and industrial facility

11

From the design and installation of building systems to their service and maintenance and property management

Air-conditioning

Heat Electricity Water Tele

Energy-efficiency

Prefabrication for industry

Fire-safety Property management

Security

Automation and remote monitoring

ICT

Energy certificates of buildings

Cooling

Roadshow 18 June 2013

Page 12: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Building services Goal is to increase the relative share of service and maintenance business in the sales mix Design & Build projects are also one key focus area

Service and maintenance

Project deliveries

° Maintenance frequency is based on existing knowledge and estimates and planned by Caverion

° Often part of facility management contract, fixed price task or time period based pricing

° Remote monitoring of building systems and control rooms have been available in Finland already one decade

° Over 1,000 buildings are under Caverion’s 24/7 remote monitoring

° Often based on frame agreements with customers, but sold also separately

FM and fixed maintenance contracts

AD-HOC services

° Caverion participating to planning process at very early stage

° Possibility to effect to decisions in final solutions and design

° Long-lasting and demanding process do not attract smaller competitors

° Provides significantly better margins

° Often based on frame agreements with customers, but sold also separately

° Able to assume responsibility for maintenance throughout property life cycle

° One- or multi-discipline (TTS) projects tendered based on buyer’s call for bids

° Buyer often provides complete drawings and sometimes even material lists

° Low profit: relatively easy and low-risk also for smaller and one-discipline entrepreneurs

° Buyer can split different disciplines and/or materials and labour

Design & Build

Tender-based

12 Roadshow 18 June 2013

Page 13: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Industrial services in Finland and Sweden Caverion serves all fields of industry

Industrial service and maintenance

Industrial project deliveries

° Services provided in Finland and Sweden

° One of the leading service providers in Finland

° Maintenance services for different fields of industry

° E.g. mechanical maintenance, electrification and automation and power plant maintenance

° Different service concepts

° Projecting and design as well as outsourcing services

° Special competence and capacity in forest industry maintenance and engineering

° Joint venture Botnia Mill Service

° #1 in high pressure piping systems in Northern Europe

° Mainly high-pressure piping systems for production plants and power plants

° Also tanks, gas holders, heat accumulators, reactors, mass towers, boilers, electricity and automation projects and industrial ventilation

° Comprehensive project deliveries

° Including design, procurement, prefabrication, installation and project management

° Project deliveries are based on special expertise in design and extensive industrial prefabrication in own workshops specialized in manufacturing piping prefabricates, pipe modules, tanks and boiler components

13 Roadshow 18 June 2013

Page 14: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Caverion reporting segments Building Services Northern Europe segment accounted for 75% of revenues in 2012

Building systems

° Technical building systems

° Service and maintenance of

building systems

Industrial services and projects

(mainly Finland and Sweden)

° Project deliveries of technical systems

and processes to industry

° Industrial maintenance

Energy efficiency services for properties and industry

Building systems

° Technical building systems

° Service and maintenance of building systems

Energy efficiency services for properties and industry

Building Services Northern Europe (BSNE) Building Services Central Europe (BSCE)

Offering

Key

figures*

in 2012

Operating

areas

° Revenue: EUR 2,089.2 million

° EBITDA: EUR 59.5 million (2.8% of revenue)

° EBIT: EUR 41.1 million (2.0% of revenue)

° Personnel at the end of March 2013: 14,870

° Revenue: EUR 714.2 million

° EBITDA: EUR 33.2 million (4.6% of revenue)

° EBIT: EUR 27.4 million (3.8% of revenue)

° Personnel at the end of March 2013: 3,311

° Finland

° Sweden

° Norway

° Denmark

° Russia

° Estonia, Latvia, Lithuania

° Germany

° Austria

° Poland, Czech Republic, Romania

*) Carve-out figures

**) Based on reported segment level country split in annual report 2012

14

64%

Service and

maintenance

(% of revenue 2012)

31%

Service and

maintenance

(% of revenue 2012)

Roadshow 18 June 2013

Page 15: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Building Services Northern Europe in brief Largest reporting segment with revenue of EUR 2,089 million and 15,159 employees in 2012

° Finland, Sweden, Norway, Denmark, Russia and the Baltic countries

° Service that covers the entire life cycle of buildings

° Technical building systems projects:

° All building technology: heating, ventilation, piping, cooling, electrification, security, automation and fire fighting systems etc.

° Design and installation

° Service and maintenance of building systems:

° Including modernization and facility management (FM)

° Industrial services: Project deliveries and service and maintenance

Focus area:

° Services and maintenance business (64 % of the segment’s revenue in 2012)

° Increase Design & Build projects

Key figures*

2,0892,098

1,804

0

500

1,000

1,500

2,000

2,500

0

2

4

6

8

3.8%

2010

4.9%

EUR million

2012

2.0%

2011

%

Revenue EBIT-%

Geographical presence

7%

Russia and

the Baltic countries

3%

Denmark

Norway 28%

Finland

29%

Sweden 34%

Revenue split 2012**

*) Carve-out segment figures, excl. Group services costs allocated to Caverion

**) Based on reported segment level country split in annual report 2012

15 Roadshow 18 June 2013

Page 16: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Building Services Central Europe in brief Revenues of EUR 714 million and 3,380 employees in 2012

° Germany, Austria, Poland, the Czech Republic and Romania

° All building systems solutions and service and maintenance

° Project deliveries - accounted for approx. 69% of the segment’s revenue in 2012

° Services and maintenance business accounted for approx. 31% of the segment’s revenue in 2012

Key figures*

Geographical presence

Poland, the Czech Republic

and other countries

2% Austria

22%

Germany

76%

Revenue split 2012**

*) Carve-out segment figures, excl. Group services costs allocated to Caverion

**) Based on reported segment level country split in annual report 2012

714779

550

0

200

400

600

800

0

2

4

6

8

2012

3.8%

2011

4.3%

2010

3.0%

EUR million %

Revenue EBIT-%

Focus area:

° Aim is to increase the share of service and maintenance business as well as focus on more profitable Design & Build projects

16 Roadshow 18 June 2013

Page 17: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Potential to improve profitability in both Building Services Northern Europe and Central Europe

The impact of cost savings will be seen during the rest of the year

° Selectiveness in tendering: keep minimum project margins

° Improvement in project management

° Focus in more profitable Design and Build projects

° Cost adjustments

° Personnel reduction negotiation of approx. 600 persons in 2013 on-going

° 200 reduced

Normal business seasonality

Suspended service orders since Q4/12 cannot be postponed indefinitely

Building Services Northern Europe

Building Services Central Europe

Targeting to increase share of service and maintenance in Central Europe

Improving market situation in Germany

° Order backlog increased in Q1

17 Roadshow 18 June 2013

Page 18: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Value chain and customers Low customer concentration supports stability of the business

Illustrative value chain in Building Systems

Customer types:

° Developers and construction companies

° Property investors and owners

° Property service companies and building managers

° Public institutions

° Industry

Subcontractors

° Special workforce, e.g. electricity, piping systems, air conditioning etc.

Suppliers

° Wholesalers

° Manufacturers

Content

Caverion customer concentration 2012 (% of revenue)

86%

14% Others

Customers 1-10

18 Roadshow 18 June 2013

Page 19: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Market overview

Page 20: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Competitive environment in Building Systems in Europe Caverion has strong growth potential in fragmented markets

Total BS market size above EUR 70 billion in Europe in 2012

484

500

699

714

749

989

Caverion BSCE

Coor (SWE)*

TBI Techniek (NL)

Bravida (SWE)* 1,192

ISS Property

Services (DK) 2,026

Caverion BSNE 2,089

Caverion 2,803

SPIE Europe (FRA) 3,642

Imtech (NL) 5,114

Bilfinger SE,

Industrial, Power,

Facility & Service (GER) 5,837

Vinci Energies

Service & Industry (FRA) 5,861

Revenue in 2012 (EURm)

Alpine Energie*

Ortner (AUT)**

Hochtief

Services Europe (GER)

Largest Building Systems companies in Europe in 2012

*) 2011 figure

**) Estimate from web page

***) Caverion management’s estimates

9.5

St. Petersburg and Moscow

6.1

2.3

9.0

3.8

6.2

3.6 5.5

30.1

3.6

6.7

Building Systems

Industrial Services

Caverion’s market positions***

Finland Sweden

1# with 8% market share 2# with 6% market share

Norway Denmark

1# with 9% market share 3# with 3% market share

Germany Austria

2# with 2% market share 3# with 3% market share

20 Roadshow 18 June 2013

Page 21: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Building Systems indicators in Northern Europe Modest growth expected in the near future

New non-residential construction volumes in NE, index Non-residential service and renovation volumes in NE, index

2006 indexed to 100 2006 indexed to 100

50

60

70

80

90

100

110

120

130

140

150

2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

Finland Sweden

Norway Denmark

The Baltic countries

50

60

70

80

90

100

110

120

130

140

150

2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

Finland Sweden Norway Denmark

New non-residential investments forecasted to remain stable in Northern Europe

in 2012–2015

Stable demand estimated for service and maintenance in Northern Europe

during 2012–2015

Source: Euroconstruct, December 2012

21 Roadshow 18 June 2013

Page 22: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

60

70

80

90

100

110

120

130

140

150

2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

Germany Austria Poland the Czech Republic

50

60

70

80

90

100

110

120

130

140

150

2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

Germany Austria Poland the Czech Republic

2006 indexed to 100 2006 indexed to 100

Building Systems indicators in Central Europe Modest growth expected in the near future

New non-residential construction volumes in CE, index Non-residential service and renovation volumes in CE, index

New non-residential investments forecasted to increase in Central Europe in 2012–2015

Stable demand in service and maintenance continues in 2012–2015

Source: Euroconstruct, December 2012

22 Roadshow 18 June 2013

Page 23: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Market outlook 2013 for Building Systems Low customer concentration supports stability of the business

Building Services Northern Europe

Building Services Central Europe

Service and maintenance market expected to grow slightly

° Opportunities in all countries in service and maintenance

° Project market is expected to decrease in Sweden, Finland and Denmark

° High energy prices and tightening legislation support the demand for energy saving solutions

Building systems markets in Central Europe are forecasted to remain stable

° Service and maintenance market expected to grow at moderate rate

° Positive signals in the project market

Energy efficiency and energy management services are expected to grow

° Tightening legislation and increasing importance of energy certificates support the demand in Germany and in Austria

23 Roadshow 18 June 2013

Page 24: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Market drivers in Building Systems

° Share of technology of building cost increasing (40-60% of building total cost) due to automation and energy efficiency

° Building automation as the master key to the building

° New investments slowly improving

° Efficiency targets

° Potential through increasing demand for outsourcings

° Tightening legislation

° Growing energy consumption, cost

savings required

° Agreements requiring no initial investment

(service pays for itself through cost-savings)

becoming more common

° Need for modernization and

investments in energy sector

° Growing importance of environmental

values

° Environmental certification of

buildings increases value (e.g. LEED

and BREEAM)

° Geothermal, solar and wind power is steadily growing

° Will require new technology and more complex installations and services

° Automation is the heart of energy saving technologies

° The integrator of different technologies needed on the market

° Large, very fragmented market

° Economies of scale for large players

° Demand for providers of all building

technologies in the future

° Wider service portfolio

° Growth potential, especially in the German-

speaking areas

Demand for technical service and maintenance

Evolving renewable energy sources

Increasing need for energy efficiency services

Market consolidation

24 Roadshow 18 June 2013

Page 25: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Further opportunities for industry players

Increasing need for energy efficiency

Energy efficiency services – overview of key market drivers

Favourable political framework

Demand for specialized services providers

Rising energy costs

° The European Union has agreed to cut of

at least 20% in greenhouse gas

emissions from all primary energy

sources by 2020 (compared to 1990

levels) ° Kyoto Protocol aimed at achieving a 30% cut

by all developed nations by 2020

° Significant economic incentives have

been set

° e.g. Government of Germany subsidies and

grants loans for energy efficiency projects

through the state-owned bank KfW

° Governments in the Nordic countries have

also set up ambitious energy saving targets

° General concerns related to significant energy price increases over the last few years

° As energy costs are increasing, governments and companies are eager at considering investments in energy efficiency solutions

° Energy efficiency is a strong and cost-effective tool to reduce the need for investment in energy infrastructure and cut energy bills

° Increasing demand for specialized services providers should be sustained by:

° High technical expertise required by energy management related services

° Stronger need to refocus capital resources on core business

0

100

200

300

400

500

600

European Energy Exchange (EEX) Base Load Phelix Electricity Spot Price

Sep 2000 – YTD: 14 Sep 2000 rebased at 100

Source: Bloomberg

25 Roadshow 18 June 2013

Page 26: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

GDP forecasts for operating countries Growth expected in all markets in 2013

1.7% -1.2% 0.3% 1.6%

11 12 13E 14E

8.3% 3.2% 3.2% 3.8%

11 12 13E 14E

5.5% 5.6% 3.7% 4.4%

11 12 13E 14E

5.9% 3.6% 4.0% 4.2%

11 12 13E 14E

14E

2.5%

13E

2.6%

12

3.5%

11

2.5%

14E

2.6%

13E

1.3%

12

0.8%

11

3.7% 14E

2.2%

13E

0.5%

12

-0.2%

11

2.8%

14E

3.6%

13E

3.5%

12

3.4%

11

4.4%

14E

2.8%

13E

1.8%

12

2.0%

11

4.3%

14E

2.0%

13E

1.6%

12

0.3%

11

2.5%

14E

2.1%

13E

0.7%

12

0.9%

11

3.1%

1.5%

0.5%

-0.6%

1.1%

14E

0.8%

13E

1.6%

12

0.8%

11

2.7%

Source: Nordea March 2013; Austria, the Czech Republic and Romania: IMF April 2013

26 Roadshow 18 June 2013

Page 27: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Strategy and key strengths

Page 28: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Up in the value chain by improving business mix and developing new services

Strong growth and stable profitability in Central Europe

Back on high profitability track in Northern Europe

Strategic target is to achieve a leading position within building systems services market in Europe Caverion wants to design, build and maintain the most user friendly and energy efficient building technology

° Total technical systems projects with Design & Build and guaranteed maintenance cost

° Total technical FM based on customer demand with guaranteed maintenance cost

° Long-term service agreements

° Technical arrowhead competences, e.g. clean room, cooling

° Energy efficiency

° Acquisitions in Central Europe

° Organic growth

° Increase the share of service and maintenance business as well as focus on more profitable Design & Build projects

Restructuring cost base

° Continue right-sizing of the organisation in all countries

° Close and merge low-performing units

° Reduce fixed and other variable costs

° Margin improvement

° Selectiveness in tendering: keep minimum project margins

° Margin slippages reduction and improvement of project management

Long-term strategic priorities

28 Roadshow 18 June 2013

Page 29: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Previously announced measures for EUR 40 million cost savings have been finalized

Personnel-related cost-saving measures have been implemented and the expected savings achieved

° Reduction of 800 persons was

finalized by the end of 2012

However, the cost-saving measures have proven inadequate due to weaker than expected market development and decrease in revenue

° Consequently, cost adjustments

will continue in Building

Services Northern Europe

segment during 2013

° Personnel reduction negotiation

of approx. 600 persons in 2013

on-going

° 200 already reduced in Q1

29 Roadshow 18 June 2013

Page 30: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Right-sizing of the organization EUR 40 million cost savings have been finalized and some more savings in pipeline

30

° Personnel amount decreased

from 9/2011 to 3/2013 in

° BS NE ~1400 employees

° BS CE ~250 employees

° Still 400 personnel reduction

in pipeline in BS NE in 2013

° Personnel expenses

decreased from Q1/2012 to

Q1/2013 by 18,7 EUR million

290.2

271.5

260

265

270

275

280

285

290

295

Q1/2012 Q1/2013

Personnel expenses EUR million

16,273 15,900 15,640 15,736 15,538 15,159 14,870

3,569 3,506 3,505 3,465 3,441 3,386 3,311

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

9/2011 12/2011 3/2012 6/2012 9/2012 12/2012 3/2013

BSNE

BSCE

Roadshow 18 June 2013

Page 31: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Caverion key strenghts

5 Energy efficiency as part of all services

° Comprehensive energy efficiency services

provide competitive advantage to Caverion as

customers put more and more weight on these

services when selecting a building systems

service provider

1 Comprehensive services and strong market position in selected geographical regions

° Comprehensive service portfolio gives competitive

advantage over most of the other service providers

° Strong market positions in key geographical markets*:

° Northern Europe: #1 in Finland and Norway; #2

and #3 in Sweden and Denmark respectively

° Central Europe: #2 and #3 in Germany and

Austria respectively

4 Technological forerunner with own innovative solutions

° Technological all-around competences separates from smaller service providers

° Unique technological competences e.g. in the fields of energy efficiency, cooling,

clean room technologies as well as technologies of other demanding spaces

(laboratories, hospitals, etc.), industrial high pressure piping systems and traffic and

tunnel telematics

° In addition, demanding building automation and comprehensive remote monitoring

services of building systems

3 Low capital employed, extensive customer base and significant share of service business provide the preconditions for strong and stable cash flow

° Business is not capital intensive and, apart from

acquisitions, requires only small amounts of

capital investments

° Significant share (55% in 2012) of revenue from

service and maintenance business that is less

sensitive to economical cycles

° Especially low customer concentration and long-

term customer relationships support strong and

stable cash generation

2 Solid experience in acquisitions supports growth opportunities in a fragmented market

° Long and successful track record of acquisitions

° The profitability of the acquired businesses has successfully

been improved

° Fragmented market provides further acquisition opportunities

° Target is to grow through acquisitions especially in CE

*) Caverion management’s estimates

31 Roadshow 18 June 2013

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Financials

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Caverion

Key events that have affected the top-line and profitability Revenue growth through the economic cycles

Key acquisitions:

° 2001: Acquisition of Calor AB

° 2003: Acquisition of BS operations of ABB Ltd

° 2008: Acquisition of MCE AG

° 2010: Acquisition of caverion GmbH

Key events affecting top-line and EBIT of the Company:

° 2008: Acquisition of MCE and its low initial profitability

° 2009: Weakening non-residential market, execution of projects received in good market situation, fixed cost cuts 2009

° 2010: Weak non-residential market, weak project demand. Acquisition of Caverion with low initial profitability: diluting profitability

° 2011: Tight price competition in projects. Relatively low volume in new investments in building systems. Weak profitability in Industrial Services in Finland. Right-sizing of the organization started.

° 2012: Tight price competition in projects. Cost overruns in projects. Restructuring actions accelerated. Low profitability in Poland and the Czech Republic.

Revenue development (EUR million)

EBIT development (EUR million)

2,1252,396

2,1401,8921,7971,680

1,021

678

+15%

2012

2,803

2011

2,876

2010

2,353

2009 2008 2007 2006 2005 2004 2003 2002

BS Northern Europe

BS Central Europe

Building Systems

0

119

162153

10696

62

27

4.0%

2011

112

3.9%

2010

105

4.5%

2009

5.6%

2008

6.8%

2012

69

2.4%

2003

0.0%

2002 2007

7.2%

2006

5.6%

2005

5.3%

2004

3.7%

EBIT-%

BS Northern Europe

BS Central Europe

Building Systems

Note: Segment level figures, i.e. sum of BS related segment figures in YIT financial reporting; Building Systems divided into Northern Europe and Central Europe in 2010; 2010-2012 official carve-out figures;

2010-2012 EBIT figures exclude EBIT from other operations of EUR -6.1m, -7.1m and -7.4m respectively;

In order to present the development of Caverion Group, 2002-2009 revenue include YIT Group internal sales

33 Roadshow 18 June 2013

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Caverion

EBITDA development (EUR million)

34

135

177173

116

71

106

3.3%

2011

132

4.6%

2010

123

5.2%

2009

6.4%

2008

7.4%

2007

8.1%

2006

6.2%

2005

5.9%

2004

4.2%

2012

93

EBITDA-%

BS Northern Europe

BS Central Europe

Building Systems

Note: Segment level figures, i.e. sum of BS related segment figures in YIT financial reporting; Building Systems divided into Northern Europe and Central Europe in 2010; 2010-2012 official carve-out figures;

2010-2012 EBITDA figures exclude EBITDA from other operations of EUR -6.1m, -7.1m and -7.4m respectively;

In order to present the development of Caverion Group, 2004-2009 revenue, of which the EBITDA-% is being calculated, includes YIT Group internal sales

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Caverion

Operating profit and margin development in Building Services Northern Europe segment

-3.8

2.2

15.615.314.6

23.019.918.8

17.1

23.520.2

25.1

19.9

32.2

22.325.625.9

43.742.941.0

31.5

63.4

34.831.4

23.8

Q1/13

0.5%

Q4/12

-0.7%

Q3/12

3.2%

Q2/12

2.8%

Q1/12

2.9%

Q4/11

3.8%

Q3/11

3.9%

Q2/11

3.7%

Q1/11

3.6%

Q4/10

4.5%

Q3/10

4.8%

Q2/10

5.4%

Q1/10

4.9%

Q4/09

6.8%

Q3/09

5.7%

Q2/09

5.8%

Q1/09

5.7%

Q4/08

7.4%

Q3/08

8.1%

Q2/08

7.0%

Q1/08

6.2%

Q4/07

10.4%

Q3/07

6.8%

Q2/07

5.8%

Q1/07

5.0%

EBIT-%

EBIT (EURm)

° Good non-residential market supported project demand

° Industrial investments at high level

° Sales of Network Services to Relacom

° Weakening non-residential market, execution of projects received in good market situation

° Fixed cost cuts 2009

° Tight price competition in projects

° Relatively low volume in new investments in building systems

° Weak profitability in Industrial Services in Finland

° Right-sizing of the organisation started in H2

° Good non-residential market supported project demand

° Weak non-residential market, weak project demand

° Industrial investments in Finland started to increase slightly from low level in 2010

° Tight price competition in projects

° Cost overruns in projects

° Restructuring actions accelerated

° Profitability at satisfactory level in Service and maintenance

EBIT in Q2/11 was affected (decreased) by EUR 3.0m due to a reservation related to a single customer project. EBIT margin in Q2/11, excluding the reservation, would have been 4.3%.

EBIT in Q2/12 was affected (decreased) by EUR 2.8m due to a final settlement of a single customer project. EBIT margin in Q2/12, excluding the settlement, would have been 3.4%.

EBIT in Q4/12 was affected (decreased) by EUR 3.0m due to restructuring costs. EBIT margin in Q4/12, excluding the restructuring costs, would have been -0.1%.

EBIT in Q1/13 was affected (decreased) by EUR 2.8m due to restructuring costs. EBIT margin in Q1/13, excluding restructuring costs would have been 1.1%

2007

EUR 153.4 million

(7.4%)

2008

EUR 159.1 million

(7.2%)

2009

EUR 106.1 million

(6.0%)

2010

EUR 88.7 million

(4.9%)

2011

EUR 78.8 million

(3.9%)

2012

EUR 41.7 million

(2.0%)

35

Note: Q1/2013 is including the revised IAS 19 Employee Benefits standard; Periods prior this according to the old reporting standards

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Caverion

Operating profit and margin development in Building Services Central Europe segment

3.4

10.4

4.8

6.6

5.2

9.3

7.9

12.1

4.0

8.9

2.73.1

1.7

5.3

2.72.62.62.3

0.5

0.00.0

Q4/12

2.5%

Q1/13 Q2/12

5.3%

Q3/12 Q1/12

2.6%

3.7% 3.3%

Q4/11

4.6%

Q3/11

3.7%

Q2/11

6.3%

Q1/11

2.3%

Q4/10

3.4%

Q3/10

2.0%

Q2/10

3.6%

Q1/10

2.4%

Q4/09

5.3%

Q3/09

3.0%

Q2/09

3.0%

Q1/09

3.0%

Q4/08

1.9%

Q3/08

0.9%

Q2/08 Q1/08

EBIT-%

EBIT (EURm)

° Development and profitability improvement according to our plans

° Execution of order backlog with lower initial profitability

° Fixed cost cuts

° Good demand for projects

° Development and profitability improvement according to plans

° Fixed cost cuts

° Sale of Hungarian operations in Q2

° Acquisition of MCE

° Low initial profitability

° 100 days integration program

° Acquisition of caverion with low initial profitability: diluting segment’s profitability

° 100 days integration program

° Weakening large project market in Germany

° The profitability was at a good level in the fourth quarter, in Germany and Austria in particular

° Low profitability in Poland and the Czech Republic

° Restructuring on-going

EBIT in Building Services Central Europe in Q2/11 includes EUR 5.0m sales gain related to the divestment of Hungarian operations. EBIT margin in Q2/11 excluding the sales gain would have been 3.7%.

2008

EUR 2.9 million

(1.6%)

2009

EUR 13.2 million

(3.6%)

2010

EUR 16.4 million

(3.0%)

2011

EUR 33.3 million

(4.3%)

2012

EUR 26.9 million

(3.8%)

36

Note: Q1/2013 is including the revised IAS 19 Employee Benefits standard; Periods prior this according to the old reporting standards

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Caverion

24

673

EB

ITD

A

Oth

er

ite

ms*

(ne

t)

64

Ma

teri

als

&

su

pp

lies

193

(30%)

Exte

rna

l

se

rvic

es

103

(16%)

Pe

rso

nn

el

exp

en

se

s

290

(45%)

Oth

er

op

.

inco

me

1

Reve

nu

e

Personnel expenses account for a major share of the cost base Right-sizing the organisation in all countries is key for margin improvement

Revenue to EBITDA waterfall 2012 (EURm) Revenue to EBITDA waterfall Q1/’13 (EURm) Revenue to EBITDA waterfall Q1/’12 (EURm)

(% of cost base before EBITDA) (% of cost base before EBITDA) (% of cost base before EBITDA)

*) Includes: Other operating expenses, change in inventories of finished goods and work in progress and production for own use

**) At the end of the period; Based on segment reporting in the YIT annual reports

3,505

(18%)

15,640

(82%)

Personnel by segment**

Total 19,145

Total cost base of

EUR 650 million

37

9

608

EB

ITD

A

Oth

er

ite

ms*

(ne

t)

69

Ma

teri

als

&

su

pp

lies

162

(27%)

Exte

rna

l

se

rvic

es

98

(16%)

Pe

rso

nn

el

exp

en

se

s

272

(45%)

Oth

er

op

.

inco

me

1

Reve

nu

e

Total cost base of

EUR 600 million

85

2,803

EB

ITD

A

Oth

er

ite

ms*

(ne

t)

334

Ma

teri

als

&

su

pp

lies

800

(29%)

Exte

rna

l

se

rvic

es

469

(17%)

Pe

rso

nn

el

exp

en

se

s

1,127

(41%)

Oth

er

op

.

inco

me

12

Reve

nu

e

Total cost base of

EUR 2,730 million

BSCE

BSNE 3,311

(18%)

14,870

(82%)

Personnel by segment**

Total 18,181

3,380

(18%)

15,159

(82%)

Personnel by segment**

Total 18,539

BSCE

BSNE

BSCE

BSNE

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Caverion

Acquisitions over the cycle The profitability of the acquired businesses has successfully been improved

Caverion’s M&A criteria

° Return on investment > 20 %

° Good strategic fit (geographical coverage, business portfolio, customer sectors)

° Complementary skills & resources

° Business culture

° Value creation potential

° Profitability turn-around

° Strong local market position which works as add-on to Caverion’s existing market presence

Largest acquisitions (purchase price)

° 2001: Calor Sweden (EUR 57 million)

° 2003: ABB (EUR 203 million)

° 2008: MCE (EUR 55 million)

° 2010: caverion GmbH (EUR 73 million)

Cash flow effect of Caverion’s acquisitions 2000-2012*

109

45

8

39

1411

57

45

52

15

2012 2010 2009 2011 2008 2007 2006 2005 2004 2003

212

2002 2001 2000

Significant acquisitions (EURm)

*Note: Cash flow impact of the purchase price for the year presented

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Caverion

Order backlog has remained strong Improved order intake in seasonally slow quarter

Despite the fact that Q1 is a seasonally slow quarter, order backlog strengthened clearly in Building Services Central Europe during Q1/2013

° Market situation improving in Germany and in the Nordic countries

Order backlog development* (EUR million)

850

1,050

1,315

845

471

2012

1,199

819

380

Q3/’12

1,341

905

436

Q2/’12

1,428

955

473

Q1/’12

1,470

969

501

2011

1,363

913

450

Q3/’11

1,410

886

524

Q2/’11

1,434

880

554

Q1/’11

1,378

805

573

2010

1,264

757

507

Q3/’10

+10%

743

589

Q2/’10

1,026

749

277

1,332

964

698

266

2009 2008 Q1/2013 Q1/’10

BS Northern Europe

BS Central Europe

Building Systems

*) Segment level figures as at the end of the period

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Caverion

Pro forma financial position as of 31 March 2013

40

Net debt: EUR 161.0 million

Equity ratio*: 19.9% Net debt/Equity: 73.2%

*) Equity ratio = Total equity / (Total assets – received advance payments)

Q1/2013

EUR million

Total equity

Q1/2013

220

161175

Short-term

borrowings

52

Cash and

cash

equivalents

Net debt Long-term

borrowings

66

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Caverion

New credit facility secures financing

New EUR 267 million

credit facility with a

Nordic bank group

to be transferred to

Caverion Corporation 52%

23%

25%

New EUR 267 million credit facility

Amortizing term loan facility

Revolving credit facility

Bridge loan facility

Consisting of:

° EUR 140 million amortizing term loan facility due June 2016

° EUR 60 million revolving credit facility due June 2016

° EUR 67 million bridge loan facility due June 2014 to refinance current loan ° Out of the EUR 67 million bridge financing, EUR

22 million assumed to be used for refinancing of Nordic Investment Bank loans (which thus assumed to total EUR 45 million)*

41

*) The undrawn part of the bridge financing agreement will not remain available for Caverion but expire

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Caverion

Caverion Group key figures and ratios Q1/2013 pro forma net debt of EUR 161m corresponding to an equity ratio of 19.9%

Key figures Carve-out PF adj. I PF adj. II

Pro

forma

EUR million 2010 2011 2012 2012

Revenue 2,352.8 2,875.7 2,803.2 2,803.2

EBITDA 117.0 125.3 85.3 -3.0 82.3

% of revenue 5.0% 4.4% 3.0% 2.9%

Operating profit (EBIT) 99.0 105.0 61.1 -3.0 58.1

% of revenue 4.2% 3.7% 2.2% 2.1%

Net cash generated from operating

activities 0.2 -14.8 49.3

Net debt

Net debt / Equity

Equity ratio*

Earnings per share** 0.27

Carve-

out PF adj. I PF adj. II

Pro

forma

Q1/’13 Q1/’13

607.9 607.9

9.4 9.4

1.5% 1.5%

4.3 4.3

0.7% 0.7%

-1.0

21 140 161

73.2%

19.9%

0.02

° As Caverion Corporation is a new entity to be formed in the partial demerger, Caverion has no group financial history

° Pro forma financials are unaudited and they are used only for illustrative purposes. Unaudited pro forma information addresses a hypothetical situation and therefore does not represent Caverion's actual financial position or results.

° Pro forma financials are based on the carve-out financials and adjusted for demerger related items:

° Pro forma adj. I: Refinancing ° Pro forma adj. II: Costs related to the Demerger ° Pro forma adj. III: Presentation of the Equity

° 2012-2010 carve-out financial statements are audited, Q1/2013 carve-out financial information has been reviewed by an auditor, 2012 carve-out financial information has been restated to reflect the amended IAS 19 standard adopted 1 January 2013

*) Equity ratio = Total equity / (Total assets – received advance payments)

**) Calculated by using the number of outstanding YIT shares on the date of this Registration Document, 125,598,591 pcs

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Caverion

Opportunity to reduce operative working capital Focus on effective invoicing and collecting the cash flow

43 Roadshow 18 June 2013

Business related receivables/liabilities* (EUR million) ° Service and maintenance

business accounted approx. 55% of Caverion’s revenue in 2012

° Due to advance payments, the project business employs less working capital than service and maintenance business

713724733

601

404

445455463

2010 2011 2012 Q1/13

Trade and POC receivables

Trade and POC liabilities +advance payments

*) Carve-out figures

26%

26%

26%

16% 20% 16%

(% of revenue)

(% of revenue)

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Caverion

Future outlook and financial targets Estimates of future business and basis for the estimates

Guidance on H2/2013 for Caverion Corporation

° Caverion Group profitability guidance for H2/2013 will be based on the following key measures:

° Revenue is expected to be above EUR 1,300 million

° EBITDA is expected to be above EUR 50 million

The assumptions or conditions underlying the outlook provided

° Non-recurring expenses related to the demerger are not taken into account

° Excl. the effects of any potential M&A transactions

° Are sensitive to general macro economical development

Short-term outlook and underlying assumptions

Management estimates

Estimates for H2/2013

Additional sales will support profitability towards the end of the year

° Normal business seasonality

° Suspended service orders since Q4/12 cannot be postponed indefinitely in BSNE

° Recovery of project business in Germany

° Implemented cost savings will be seen during the rest of the year in BSNE

° Cost adjustments

° Personnel reduction negotiation of approximately 600 persons in 2013 on-going (200 reduced in Q1)

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Caverion

Long-term financial targets during strategic period up to 2016

45

Annual revenue growth more than 10% on average

EBITDA margin > 6% of revenue

Strong operating cash flow to enable organic growth, repayment of

loans and distribution of dividend

Dividend pay-out at least 50% of net profit for the

period

*) Based on carve-out figures

2,8032,8762,353

+9%

Revenue

(EUR million)

2012 2011 2010

85

125117

2012

3.0%

2011

4.4%

2010

5.0%

EBITDA-%

EBITDA*

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Caverion

Low level of invested capital in Building Systems business

Building system services business requires low level of investments, apart from possible acquisitions

Caverion’s investments in tangible and intangible assets totalled to EUR 14.2 million in 2010–2012

° The total amount of capital expenditures corresponded to only approximately 4% of the combined EBITDA for the years in question

Capital expenditures (EUR million)

14.2

6.66.1

1.5

Sum

2010-2012

0.21%

0.17%

2012 2011 2010

0.24%

0.06%

Capital expenditures (EUR million)*

% of sales

*) Capital expenditures consist of investments in tangible (property, plant and equipment) and intangible assets, excluding acquisitions.

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Caverion

Caverion Group’s non-current assets mainly comprise of goodwill formed in connection to the past acquisitions

Non-currents assets amounted to EUR 415.5 million on 31 March 2013 and to EUR 419.9 million on 31 December 2012

° The amount of goodwill was EUR 335.7 million on 31 March and on 31 December 2012

Goodwill is subjected to an annual impairment test

° Goodwill is allocated to cash-generating units

° Goodwill is measured at the original acquisition cost less impairment.

The amount of impairments has been assessed in proportion to different time periods and the sensitivity has been analyzed in the changes of the discount rate, profitability and in the increase of the residual value

° In 2012, the goodwill testing caused an impairment amounting EUR 0.9 million regarding the goodwill of Poland. Otherwise these analyses and estimations have not given an indication for impairment

As at 31 December 2012, 2011 and 2010 the goodwill of Caverion Group amounted to EUR 335.7 million, EUR 336.6 million and EUR 340.0 million, respectively.

Non-current assets on 31.3.2013 (EURm)

336

(81%) Goodwill

Other

non-current

assets

80

Non-current assets

416

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Summary

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Caverion

Concluding remarks

Caverion offers all building systems related services and seeks growth from developed Northern and Central Europe

Focus in service and maintenance business as well as in profitable Design & Build projects

Strong growth potential in a fragmented market

Strategic target is to achieve a leading position within building systems services market in Europe

Caverion key strengths

1. Comprehensive services and strong market position in selected geographical regions

2. Solid experience in acquisitions supports growth opportunities in a fragmented market

3. Low capital employed, extensive customer base and significant share of service business provide the preconditions for strong and stable cash flow

4. Technological forerunner with own innovative solutions 5. Energy efficiency as part of all services

49 Roadshow 18 June 2013

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Appendix

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Caverion

Owners YIT shareholders will remain as shareholders in YIT and receive Caverion shares as demerger consideration in proportion to their shareholdings in YIT (1:1)

51

Major shareholders as of 31 May 2013 Ownership by category as of 31 May 2013

Shareholder No. of shares % of shares

1 Structor S.A. 15,430,000 12.13

2 Varma Mutual Pension Insurance Company 7,732,100 6.08

3 Herlin Antti 4,580,180 3.60

4 Mandatum Life Insurance Company Limited 4,370,951 3.44

5 Ilmarinen Mutual Pension Insurance Company 2,322,115 1.83

6 LocalTapiola Mutual Pension Insurance Company 1,980,541 1.56

7 Nordea funds 1,856,163 1.46

8 OP funds 1,832,834 1.44

9 Odin funds 1,799,576 1.41

10 Svenska Litteratursällskapet i Finland r.f. 1,680,400 1.32

11 YIT Corporation* 1,624,831* 1.28*

12 Danske Invest funds 1,413,678 1.11

13 The State Pension Fund 1,370,000 1.08

14 Brotherus Ilkka 1,304,740 1.03

15 Fondita funds 1,034,000 0.81

16 Keva 966,452 0.76

17 Kaleva Mutual Insurance Company 923,197 0.73

18 Aktia funds 671,000 0.53

19 SEB Gyllenberg funds 657,750 0.52

20 Etera Mutual Pension Insurance Company 640,114 0.50

20 largest shareholders 54,190,622 42.59

Total number of shares 127,223,422

Shares to be listed (approx.) 125,598,591

No demerger consideration

to YIT’s treasury shares

35%

22%

13%

12%

7%

11% 0%

Nominee registered and non-Finnish holders

Households

General government

Financial and insurance corporations

Non-profit institutions

Non-financial corporations and housing corporations

On common and special accounts

*) YIT Corporation’s shareholding as of 4 June 2013

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Caverion

Revenue development by country*

52

25%

23%

20%

17%

4%

6% 2% 3%

2010 Total revenue of EUR 2,352.8 million

Sweden Finland Norway Germany

Austria Denmark RuBa Other

25%

21%

18%

22%

4% 6% 2% 2%

2011 Total revenue of EUR 2,875.7 million

Sweden Finland Norway Germany

Austria Denmark RuBa Other

25%

21%

20%

19%

6%

5% 2% 2%

2012 Total revenue of EUR 2,803.2 million

Sweden Finland Norway Germany

Austria Denmark RuBa Other

*) Country split of revenues is based on the location of the customer, Caverion GmbH, acquired in 2010, and its subsidiaries are included in the figures for the last four months of the year.

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Caverion

Caverion Group pro forma income statement 2012

Income statement, EUR million Carve-out

1-12/2012

PF adj.

I

PF adj.

II

Pro forma

1-12/2012

(Restated,

unaudited) (Unaudited)

Revenue 2,803.2 2,803.2

Other operating income 12.3 12.3

Change in inventories of finished goods and in

work in progress -0.6 -0.6

Production for own use 0.3 0.3

Materials and supplies -799.8 -799.8

External services -468.8 -468.8

Personnel expenses -1,127.4 -1,127.4

Other operating expenses -333.9 -3.0 -336.9

Share of results in associated companies 0.0 0.0

Depreciation, amortisation and impairment -24.2 -24.2

Operating profit 61.1 -3.0 58.1

Financial income 1.9 1.9

Exchange rate differences -0.3 -0.3

Financial expenses -5.2 -4.9 -0.5 -10.6

Financial income and expenses -3.6 -4.9 -0.5 -9.0

Profit before taxes 57.5 -4.9 -3.5 49.1

Income taxes -16.7 1.2 0.9 -14.6

Profit for the period 40.8 -3.7 -2.6 34.5

Attributable to:

Equity holders of Caverion Group 40.7 -3.7 -2.6 34.4

Non-controlling interests 0.1 0.1

Comments

° Pro forma income statement assumes that the demerger would have taken place on 1 January 2012

° No audit performed on pro forma figures, but auditors statement of opinion that the pro forma financial information has been properly compiled on the basis stated and that such basis is consistent with the accounting policies of the issuer

° Pro forma financials are based on the restated (unaudited) carve-out financials and adjusted for demerger related items:

° Pro forma adj. I: Refinancing ° Pro forma adj. II: Costs related to the

Demerger

Pro forma EBITDA: EUR 82.3 million • EBITDA-margin: 2.9%

Pro forma EBIT: EUR 58.1 million • EBITDA-margin: 2.1%

Pro forma key figures

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Caverion Group pro forma income statement Q1/2013

Comments

Pro forma key figures

° Pro forma income statement assumes that the demerger would have taken place on 1 January 2012

° No audit performed on pro forma figures, but auditors statement of opinion that the pro forma financial information has been properly compiled on the basis stated and that such basis is consistent with the accounting policies of the issuer

° Pro forma financials are based on the carve-out (unaudited) financials and adjusted for demerger related items: ° Pro forma adj. I: Refinancing ° Pro forma adj. II: Costs related to the

Demerger

Pro forma EBITDA: EUR 9.4 million • EBITDA-margin: 1.5%

Pro forma EBIT: EUR 4.3 million

° EBITDA-margin: 0.7%

Income statement, EUR million Carve-out

1-3/2013

PF adj.

I

PF adj.

II

Pro forma

1-3/2013 (Unaudited) (Unaudited)

Revenue 607.9 607.9

Other operating income 1.4 1.4

Change in inventories of finished goods and in

work in progress 5.8 5.8

Production for own use 0.2 0.2

Materials and supplies -162.0 -162.0

External services -97.8 -97.8

Personnel expenses -271.5 -271.5

Other operating expenses -74.6 -74.6

Share of results in associated companies 0.0 0.0

Depreciation, amortisation and impairment -5.1 -5.1

Operating profit 4.3 4.3

Financial income 1.0 1.0

Exchange rate differences -0.5 -0.5

Financial expenses -0.8 -0.8 -1.6

Financial income and expenses -0.3 -0.8 -1.1

Profit before taxes 4.0 -0.8 3.2

Income taxes -1.2 0.2 -1.0

Profit for the period 2.8 -0.6 2.2

Attributable to:

Equity holders of Caverion Group 2.8 -0.6 2.2

Non-controlling interests 0.0 0.0

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Caverion Group pro forma balance sheet at the end of Q1/2013

Comments

Pro forma key figures

° Pro forma balance sheet assumes that the demerger would have taken place on 31 March 2013

° No audit performed on pro forma figures, but auditors statement of opinion that the pro forma financial information has been properly compiled on the basis stated and that such basis is consistent with the accounting policies of the issuer

° Pro forma financials are based on the carve-out (unaudited) financials and adjusted for demerger related items: ° Pro forma adj. I: Refinancing ° Pro forma adj. II: Costs related to the

Demerger ° Pro forma adj. III: Presentation of the

Equity

Pro forma Net debt: EUR 161.0 million

Pro forma Equity ratio: 19.9%

Pro forma Net debt/Equity: 73.2%

Balance sheet, EUR million Carve-out

31.3.2013

PF adj.

I

PF adj.

II

PF adj.

III

Pro forma

31.3.2013 (Unaudited) (Unaudited)

Tangible assets 30.5 30.5

Goodwill 335.7 335.7

Other intangible assets 35.9 35.9

Investments in associated companies 0.1 0.1

Available-for-sale financial assets 2.5 2.5

Receivables 4.1 4.1

Deferred tax assets 6.6 6.6

Total non-current assets 415.5 415.5

Inventories 42.3 42.3

Trade and other receivables 726.0 726.0

Income tax receivables 13.0 1.2 14.2

Cash and cash equivalents 66.4 -0.8 65.6

Total current assets 847.6 -0.8 1.2 848.1

Assets held for sale

Total assets 1,263.1 -0.8 1.2 1,263.6

Equity attrib. to equity holders of Caverion Group 362.8 -139.7 -3.9 219.2 Non-controlling interests 0.6 0.6

Total Equity 363.4 -139.7 -3.9 219.8

Deferred tax liabilities 71.2 71.2

Pension obligations 44.6 44.6

Provisions 6.8 6.8

Borrowings 71.8 102.9 174.7

Other liabilities 0.3 0.3

Total non-current liabilities 194.7 102.9 297.6

Trade and other liabilities 660.7 5.1 665.8

Income tax liabilities 7.6 7.6

Provisions 21.0 21.0

Borrowings 15.8 36.0 51.8

Total current liabilities 705.0 36.0 5.1 746.1

Liabilities related to assets held for sale

Total liabilities 899.7 138.9 5.1 1,043.7

Total equity and liabilities 1,263.1 -0.8 1.2 1,263.6

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Caverion Group carve-out income statement

Income statement, EUR million 1-3/2013 1-3/2012 1-12/2012 1-12/2011 1-12/2010

(Unaudited) (Restated,

Unaudited)

(Restated*,

Unaudited) (Audited) (Audited)

Revenue 607.9 672.5 2,803.2 2,875.7 2,352,8

Other operating income 1.4 1.4 12.3 6.3 4.1

Change in inventories of finished goods and in work in progress 5.8 7.8 -0.6 1.7 -0.7

Production for own use 0.2 0.1 0.3 0.2 0.6

Materials and supplies -162.0 -192.7 -799.8 -920.8 -720.9

External services -97.8 -103.3 -468.8 -459.5 -332.3

Personnel expenses -271.5 -290.2 -1,127.4 -1,091.2 -949.0

Other operating expenses -74.6 -72.0 -339.9 -287.0 -237.6

Share of results in associated companies 0.0 0.0 0.0 0.0 0.0

Depreciation, amortisation and impairment -5.1 -5.8 -24.2 -20.3 -18.0

Operating profit 4.3 17.8 61.1 105.0 99.0

Financial income 1.0 0.3 1.9 1.6 1.1

Exchange rate differences -0.5 -0.1 -0.3 -0.1 -0.2

Financial expenses -0.8 -1.2 -5.2 -4.5 -4.5

Financial income and expenses -0.3 -1.0 -3.6 -3.0 -3.6

Profit before taxes 4.0 16.8 57.5 102.0 95.4

Income taxes -1.2 -5.1 -16.7 -29.0 -29.5

Profit for the period 2.8 11.7 40.8 73.0 65.9

Attributable to:

Equity holders of Caverion Group 2.8 11.7 40.7 72.9 65.9

Non-controlling interests 0.0 0.0 0.1 0.1 0.0

*) The revised IAS 19 standard has had the following effects in the combined income statement and statement of comprehensive income during the financial year ended 31.12.2012: Personnel expenses

increased by EUR 0.1 million and correspondingly operating profit, the profit before tax and the profit for the year decreased by EUR 0.1 million. In other items of the comprehensive income, the fair value of

defined pension benefits after tax increased by EUR 11.1 million, and total comprehensive income increased by EUR 10.9 million. These restated financials are unaudited. Other data shown are audited.

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Caverion Group carve-out balance sheet Balance sheet, EUR million 31.3.2013 31.3.2012 31.12.2012 31.12.2011 31.12.2010

(Unaudited) (Restated,

Unaudited)

(Restated*,

Unaudited) (Audited) (Audited)

Tangible assets 30.5 34.3 31.8 34.7 38.5

Goodwill 335.7 336.6 335.7 336.6 340.0

Other intangible assets 35.9 38.7 39.0 32.8 32.0

Investments in associated companies 0.1 0.1 0.1 0.1 0.1

Available-for-sale financial assets 2.5 3.0 2.5 2.9 2.4

Receivables 4.1 7.1 5.3 18.2 15.3

Deferred tax assets 6.6 9.6 5.5 8.7 6.6

Total non-current assets 415.5 429.4 419.9 434.0 434.9

Inventories 42.3 47.3 39.0 37.5 37.7

Trade and other receivables 726.0 744.2 774.7 794.2 683.2

Income tax receivables 13.0 5.8 4.7 2.8 3.7

Cash and cash equivalents 66.4 144.2 100.8 155.4 106.2

Total current assets 847.6 941.5 919.2 989.8 830.8 Assets held for sale 19.8

Total assets 1,263.1 1,370.9 1,339.0 1,423.8 1,285.5

Invested equity attrib. to the equity holders of the Company 362.8 415.8 386.8 449.5 305.3

Non-controlling interests 0.6 0.5 0.6 0.5 0.4

Total equity 363.4 416.3 387.4 450.0 305.7

Deferred tax liabilities 71.2 59.0 68.7 70.0 59.8

Pension obligations 44.6 62.9 51.8 26.2 26.6

Provisions 6.8 9.1 6.9 9.9 13.0

Borrowings 71.8 87.0 75.6 90.3 88.0

Other liabilities 0.3 5.9 4.6 6.1 5.8

Total non-current liabilities 194.7 223.9 207.6 202.5 193.2

Trade and other liabilities 660.7 677.4 697.8 715.6 709.9

Income tax liabilities 7.6 9.6 7.4 13.4 11.6

Provisions 21.0 28.4 23.3 25.8 27.8

Borrowings 15.8 15.3 15.4 16.5 20.1

Total current liabilities 705.0 730.7 743.9 771.3 769.4

Liabilities related to assets held for sale 17.2

Total liabilities 899.7 954.6 951.5 973.8 979.8

Total equity and liabilities 1,263.1 1,370.9 1,339.0 1,423.8 1,285.5

*) The revised IAS 19 standard has had the following effects on the combined balance sheet of December 31, 2012: non-current receivables decreased by EUR 10.3 million, non-current pension obligations

increased by EUR 25.1 million, deferred tax liabilities decreased by EUR 9.3 million and invested equity decreased by EUR 26.2 million. The restated figures have not been audited. The other information

presented has been audited.

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Caverion Group carve-out cash flow statement: Operating cash flow after investments

Cash flow statement, EUR million 1-3/2013 1-3/2012 1-12/2012 1-12/2011 1-12/2010

(Unaudited) (Restated,

Unaudited)

(Restated*,

Unaudited) (Audited) (Audited)

Cash flow from operating activities

Profit for the period 2.8 11.7 40.8 73.0 65.9

Adjustments for: Depreciation, amortization and impairment 5.1 5.8 24.2 20.3 18.0

Reversal of accrual-based items -10.1 0.5 -12.3 -5.3 -1.2

Financial income and expenses 0.3 1.0 3.6 3.0 3.6

Gains on the sale of tangible and intangible assets -0.1 -0.1 -2.5 -5.5 0.0

Taxes 1.2 5.1 16.7 29.0 29.5

Total adjustments -3.6 12.3 29.7 41.5 49.9

Change in working capital: Change in trade and other receivables 52.2 62.7 44.2 -103.1 -65.3

Change in inventories -3.1 -8.8 0.4 0.4 -3.2

Change in trade and other payables -40.9 -53.5 -40.9 -1.7 -23.0

Total change in working capital 8.1 0.4 3.7 -104.4 -91.5

Interest paid -0.8 -1.2 -5.0 -5.0 -5.4

Other financial items, net cash flow -1.0 -1.8 -3.3 -0.9 -0.3

Interest received 1.0 0.4 1.3 0.9 0.6

Dividends received - - 0.0 0.1 0.1

Taxes paid -7.4 -10.8 -17.9 -20.0 -19.1

Net cash generated from operating activities -1.0 11.0 49.3 -14.8 0.2

Cash flow from investing activities

Acquisition of subsidiaries. net of cash -0.8 -5.0 -7.3 -8.9 -35.2

Purchases of property, plant and equipment -0.8 -1.6 -5.7 -5.3 -1.2

Purchases of intangible assets -0.1 -0.1 -0.9 -0.8 -0.3

Disposals of subsidiaries and operations, net of cash - - - 5.9 -

Proceeds from sale of tangible and intangible assets 0.4 0.9 4.4 0.5 4.0

Proceeds from sale of available-for-sale financial assets - - 0.7 2.7 0.1

Net cash used in investing activities -1.2 -5.8 -8.8 -5.9 -32.6

Operating cash flow after investments -2.2 5.1 40.5 -20.7 -32.4

*) The revised IAS 19 standard has had the following effects in the combined statement of cash flows during the financial year ended 31.12.2012: profit for the year decreased by EUR 0.1 million and trade

receivables and other receivables increased by EUR 0.1 million. The correction has not affected the net cash flow. Restated financials are unaudited. Other data shown are audited.

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Caverion Group carve-out cash flow statement: Cash and cash equivalents at the end of the financial period

Cash flow statement, EUR million 1-3/2013 1-3/2012 1-12/2012 1-12/2011 1-12/2010

(Unaudited) (Restated,

Unaudited)

(Restated*,

Unaudited) (Audited) (Audited)

Operating cash flow after investments -2.2 5.1 40.5 -20.7 -32.4

Cash flow from financing activities

Proceeds from borrowings - - - 35.0 -

Repayment of borrowings -3.5 -3.5 -15.0 -36.2 -19.4

Change in current liabilities, net - - - -1.4 -28.6

Payments of financial leasing debts -0.1 -0.0 -0.5 -0.9 -0.1

Equity financing from/to YIT Group -28.7 -13.2 -81.9 70.0 47.3

Net cash used in financing activities -32.3 -16.7 -97.4 66.5 -0.8

Change in cash and cash equivalents -34.5 -11.6 -56.9 45.8 -33.2

Cash and cash equivalents at the beginning of the financial period 100.8 154.5 154.5 106.2 136.1

Foreign exchange rate effect on cash and cash equivalents 0.1 1.4 3.1 2.5 3.3

Cash and cash equivalents at the end of the financial period 66.4 144.2 100.8 154.5 106.2

*) The revised IAS 19 standard has had the following effects in the combined statement of cash flows during the financial year ended 31.12.2012: profit for the year decreased by EUR 0.1 million and the

change in trade and other receivables increased by EUR 0.1 million. The correction has not affected the net cash flow. Restated financials are unaudited. Other data shown are audited.

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Caverion

Pro forma financials Content, drafting principles, use and extent of auditing

Pro forma financials: ° are unaudited and they are used only for illustrative purposes, thus illustrating a hypothetic situation, which takes into

account some demerger related items and, therefore, do not represent Caverion’s actual financial position or results

° are separately included in the registration document

° are based on the official carve-out financials

° are adjusted for demerger related items, e.g. demerger costs and re-financing of the debt (see next two pages for further details on pro forma adjustments)

Pro forma income statement assumes that the demerger would have taken place on 1 January 2012 Pro forma balance sheet assumes that the demerger would have taken place on 31 March 2013

Pro forma financials are presented to illustrate: ° The effects of the Caverion’s re-arranged financing package that will be in effect after the demerger ° Caverion’s capital structure that will form after the demerger ° The effects of the demerger related costs to Caverion’s earnings and financial position on the pro forma dates No audit performed on pro forma figures, but auditors statement of opinion that the pro forma financial information has been properly compiled on the basis stated and that such basis is consistent with the accounting policies of the issuer

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Description of pro forma adjustment I

In February 2013 new financing arrangements have been agreed with Nordic financial institutions to Caverion, these comprise a EUR 140 million long-term loan facility, a EUR 60 million long-term credit facility and up to EUR 67 million bridge financing. The pro forma financials are adjusted to present the effects of the reorganization of financing. New loans are recognized in the pro forma balance sheet of 31.3.2013 initially at fair value less transaction costs. ° EUR 140 million long-term loan facility drawn ° Out of the EUR 67 million bridge financing, EUR 22 million assumed to be used for refinancing of Nordic Investment Bank

loans (which thus assumed to total EUR 45 million) ° EUR 60 million long-term credit facility assumed to be undrawn As a result of the pro forma adjustments, in the pro forma balance sheet, long-term borrowings increase by EUR 102.9 million and short-term borrowings increase by EUR 36 million. The total increase in the borrowings is EUR 138.9 million. ° Nordic Investment Bank loans (EUR 67 million) included already in carve-out, of which EUR 22 million assumed to be

replaced by bridge financing in pro-forma (no impact on total loan amount) Adjustments to the pro forma financial expenses consists mainly of new financial expenses relating to new financing/loans. Interest expenses are calculated using the effective interest rate method, using the six-month EURIBOR interest rate as a base rate. Interest rate calculation takes into account the planned re-financing at the demerger date, so that the re-financing is assumed to have taken place on 31 Dec 2011. For the pro forma balance sheet at the end of Q1/2013, the re-financing is assumed to have taken place on 31 Mar 2013. ° Caverion Group pro forma 2012 and Q1/2013 income statements have been adjusted for EUR 4.9 million and EUR 0.8

million increase in the financial costs, respectively, to describe the financial effects of the refinancing In addition, the pro forma cash and cash equivalents have been adjusted by EUR -0.8 million to reflect the change in allocated cash amount to Caverion Corporation due to payments of certain internal profit distribution.

Pro forma adjustment I: Refinancing

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Description of pro forma adjustments II and III

Pro forma adjustment II: Costs related to the Demerger Pro forma adjustment III: Presentation of the Equity

Pro forma adjustment takes into account the demerger costs related to the listing and establishment of the new company

These costs include e.g. advisory fees related to the demerger, which can be determined as non-recurring items

The following adjustments have been made to the Caverion Group 2012 income statement: ° EUR 3.0 million increase in other operating expenses ° EUR 0.5 million increase in financial expenses ° EUR 0.9 million decrease in income taxes

These above mentioned adjustments have been taken into account in the equity of the pro forma balance sheet (31 March 2013)

In addition, the following adjustments have been made to the Caverion Group balance sheet on 31 March 2013: ° Equity has been adjusted for estimated total listing

costs of EUR 1.6 million deducted with income taxes of EUR 0.3 million

° The estimated total direct demerger related costs of EUR 5.1 million are recorded in the pro forma balance sheet as accrued liabilities and the related tax effect to tax assets

Pro forma Equity 31 March 2013

(Unaudited)

EUR

million

Carve out

31 Mar 2013

Pro

Forma

adj. I

Pro

Forma

adj. II

Pro

Forma

adj. III

Pro forma

31 Mar 2013

Equity

Invested equity attributable to

the equity holders of

Caverion Group

362.8 -139.7 -3.9 -219.2 0.0

Share capital 1.0 1.0

Other equity 218.2 218.2

Attributable to:

Equity holders of Caverion

Group 362.8 -139.7 -3.9 219.2

Non-controlling interests 0.6 0.6

Total Equity 363.4 -139.7 -3.9 219.8

In the pro forma balance sheet (31 March 2013), the components of the equity are presented in accordance with the demerger plan

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Finland Non-residential construction is expected to remain weak

63

New non-residential construction by key sector Non-residential renovation and service

Construction of commercial and office buildings in Finland Construction of industrial and warehouse buildings in Finland

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2200

2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

New Office buildings New Commercial buildings

New Industrial buildings

0

1000

2000

3000

4000

5000

6000

2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

Renovation and service

Building permits

Start-ups

Completions

Building permits

Start-ups

Completions

Source: Non-residential construction, Non-residential renovation and service: Euroconstruct December 2012, Other data: RT April 2013

EUR million EUR million

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0

1000

2000

3000

4000

5000

6000

7000

2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

Renovation and service

Sweden Non-residential market is relatively stable

64

New non-residential construction by key sector Non-residential renovation and service

Prime office yields in Nordic countries Prime office rents in Nordic countries

Source: Euroconstruct December 2012 and Newsec Property Outlook Spring 2013, March 2013

EUR million EUR million

0

100

200

300

400

500

600

700

800

2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

New Office buildings New Commercial buildings New Industrial buildings

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Norway Market is forecasted to remain relatively stable

65

New non-residential construction by key sector Non-residential renovation and service

Prime retail yields in Nordic countries Prime retail rents in Nordic countries

Source: Euroconstruct December 2012 and Newsec Property Outlook Spring 2013, March 2013

EUR million EUR million

0

500

1000

1500

2000

2500

3000

2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

New Office buildings New Commercial buildings

New Industrial buildings

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

Renovation and service

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Denmark Non-residential market remains at low level

66

New non-residential construction by key sector Non-residential renovation and service

Logistics yields in Nordic countries Logistics rents in Nordic countries

Source: Euroconstruct December 2012 and Newsec Property Outlook Spring 2013, March 2013

EUR million EUR million

0

200

400

600

800

1000

1200

1400

1600

2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

New Office buildings New Commercial buildings

New Industrial buildings

0

1000

2000

3000

4000

2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

Renovation and service

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The Baltic Countries Non-residential construction forecasted to pick up slightly

67

New non-residential and renovation & service in Estonia

New non-residential and renovation & service in Latvia New non-residential and renovation & service in Lithuania

Source: Euroconstruct December 2012

EUR million

0

1000

2000

3000

2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014 2015

New non-residential and renovation&service

0

1000

2000

2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

New non-residential and renovation&service

0

1000

2000

3000

2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

New non-residential and renovation&service

EUR million EUR million

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The Baltic countries Key business premises indicators

68

Prime office yields in Baltic countries Prime office rents in Baltic countries

Prime retail yields in Baltic countries Prime retail rents in Baltic countries

Source: Newsec Property Outlook Spring 2013, March 2013

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Germany Stable demand in key sectors

69

New non-residential construction by key sector Non-residential renovation and service

IFO Business climate in Germany ZEW index in Germany

Source: Euroconstruct December 2012, IFO institute April 24, 2013, ZEW April 18, 2013

0

1000

2000

3000

4000

5000

6000

7000

2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

New Office buildings New Commercial buildings

New Industrial buildings

0

10000

20000

30000

40000

50000

60000

2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

Renovation and service

EUR million EUR million

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Austria Markets are recovering slowly

70

New non-residential construction by key sector Non-residential renovation and service

New non-residential construction by sector Total construction output

Source: Euroconstruct December 2012

EUR million EUR million

0

1000

2000

3000

2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

Renovation and service

0

1000

2000

3000

2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

New Office buildings New Commercial buildings

New Industrial buildings

0

10

20

30

40

2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

Construction output

EUR billion

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Page 71: Roadshow Helsinki, June 18, 2013 · ° Selectiveness in tendering: keep minimum project margins ° Improvement in project management ° Focus in more profitable Design and Build projects

Caverion

Disclaimer This presentation, which includes all information and data on the slides following this page, any oral statements made when presenting these slides or during any possible subsequent Q&A session, and any other materials distributed or statements made at, or in connection with, such presentation (the “Presentation”) has been prepared for information purposes only for use at the Presentation in connection with preliminary discussions relating to YIT Corporation (“YIT”) and Caverion Oyj (“Caverion”), the company to be demerged from YIT (and together with YIT, the “Companies”), including their subsidiaries, their shareholders, their affiliates, their respective directors, officers, employees or agents, advisors or representatives as described herein, and may not be used in making any investment decision. You are advised to read this carefully before attending, reading or making any other use of the Presentation. 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