LEDCOR EARNS GROWING OUR REDEVELOPING EXPANDING OUR SUNCOR OPERATIONAL PRESENCE IN SAN DieGO’S AVIATION SERVICES IN EXCELLENCE AWARD SASKATCHEWAN WATERFRONT NORTHERN CANADA TheGlobe Spring 2013 VOLUME ELEVEN – ISSUE ONE investing in north america Ledcor goes anywhere our clients need us, discovering new opportunities and new ways to support their success along the way. Ledcor’s first out-of-province project was in 1957, when we entered Saskatchewan for our client, Texaco, now owned by Chevron. We were in a position to bring our construction services to the oil market, and within six months our team was doing 90 percent of the oil field work in the province for several clients.

Fifty-five years later, we are still expanding across North America, travelling with clients to new markets, opening new offices, and entering new business ventures wherever we find opportunity. We bring our corporate standards to every new market, but always invest in local talent and suppliers. This approach is important to our growth strategy and provides stability to the company in the form of a more diverse, more resilient portfolio.

In this issue of The Globe, you will learn about some of the projects and businesses that have taken us to new territories and helped our company and clients continue to grow.

Sincerely,

Dave Lede Chairman & CEO FIREBAG STAGE 4 17

wood cants for asian 2 markets 20 ledcor invests in north america

8 BUILDING 20 forestry Ruocco Park Wood Cants for Asian Markets Marciano Winery 21 transportation Ritchie Bros. Auction Facility Ledcor Acquires Arctic Sunwest Charters 77 Bloor Street West Renovation and Trinity Helicopters Seven Hills Business Plaza Wolf Willow Senior Cohousing 22 sustainability Target Retail Stores Ledcor Releases New Sustainability Report Starbucks Evolution Fresh Juice Facility 23 awards 14 communication Suncor President’s Operational Excellence Award Port Mann/Highway 1 Network Infrastructure One of Canada’s Top Employers 15 mining Gold and Silver for BC Projects Mineral Ridge 24 community 16 oil & gas $150,000 Donation to Make-A-Wish Over $1 Million for The United Way Albian Sands Firebag Stage 4 25 personnel 18 infrastructure Building Careers at Ledcor South Fraser Perimeter Road Highway 63

8 9 15 21 Canary District Toronto, ON

2 The Globe SPRING 2013 investing in north america We’re growing and diversifying right alongside our clients. For Ledcor, no location is out of reach.

Since the beginning, we have gone wherever our clients take us, and anywhere that we discover new opportunities. By diversifying our portfolio geographically and continuously adding new services, we strive to create significant value for our clients and stabilize our company against changes in regional markets. Our clients can feel confident working with a company that is globally experienced, has solid relationships with vendors across North America, and can mobilize quickly in new locations.

The Globe SPRING 2013 3 Target Various Locations

We believe there’s good reason for us to be proud of our (35 acres) of an undeveloped section of the West Don many achievements across North America and beyond. Lands in Toronto. We are pleased to be working in a joint Over the last few years, we have made significant venture to earn a project of this scale and are actively investments to support operations in new markets, seeking similar opportunities. whether that’s opening new offices, launching new services, or taking on projects in new locations to support We also introduced a much needed new service our clients’ growth. offering based in Ontario under Ledcor Renew, which responds to the need for improvements to existing We’ve been working in Ontario for decades — in mining, buildings throughout Canada. Ledcor Renew modernizes pipelines, building and telecommunications — but over the efficiency of buildings, creating cost-efficient the last few years we have boosted our presence in the operations, a healthier environment for people to live province across several lines of business. and work in, and increased asset value for our clients at the same time. Ledcor Renew is currently undertaking Ontario’s building sector remains strong, and we have a project for a 20-story office building, 77 Bloor Street had continual success with projects across the province. West, which will improve the productivity of the building In the last few years we have built some of the largest while targeting LEED® Gold. projects in Western Canada, and we are in the process of doing the same in Eastern Canada. In 2011, we entered Our extensive experience supporting the expansion into a joint venture to take on our biggest building plans of our national clients earned us a contract with project in Toronto to date, the Canary District, home a new client, Target. We are currently working across of the CIBC Pan Am/Parapan Am Athletes’ Village , , and Ontario to help them development, which will be situated on 14 hectares completely transform existing Zellers locations into

4 The Globe SPRING 2013 Starbucks Across Canada

Canada’s first Target stores. Another client that is taking us across the country is Allstream, who leveraged the Hill Centre Tower III Regina, SK national coverage footprint of Ledcor Communications to complete the upgrade of WiFi and other networking equipment at over 860 Starbucks locations across Canada. Ledcor Communications is also quickly growing our footprint in Ontario, as we now have a field force of over 1,500 technicians serving all of North America – the largest mobile workforce of its kind.

In Saskatchewan, we opened two offices in Regina and Saskatoon in 2011 to take part in the province’s booming economy and promising future, and we are seeing no shortage of work. A key to our success in this market was securing local talent to set up and run operations – and we now have over 50 local employees. We recently completed Hill Centre Tower III, the first office tower built in Regina in the past 20 years, and are working on several new mid-sized projects.

We have been working in the USA for over 35 years and, like every company in the construction sector, have faced business challenges as a result of ongoing recession in several regional economies. In an effort to position our US operations for success as the economy recovers, we took advantage of our strong financials and

The Globe SPRING 2013 5 Edge Construction LLC San Diego, CA

6 The Globe SPRING 2013 Arctic Sunwest Charters Yellowknife, NWT

expanded our California construction operations through services are growing significantly with the acquisition the formation of a new entity – Edge Construction LLC of Arctic Sunwest Charters and Trinity Helicopters, both (“EDGE”) – which is based in Temecula and operates based in Yellowknife, Northwest Territories. We also as a member of The Ledcor Group of Companies. EDGE own and operate Summit Air, also based in Yellowknife. brings to Ledcor the local talent from an established We are in the process of joining Trinity’s vertical-lift company that specializes in public works construction, capabilities and Arctic Sunwest Charters’ fixed-wing with a specific emphasis on the education and office operations under Summit, to provide a fully integrated building sectors. This new company allows us to provide passenger and cargo service that will be unique to more advanced and diversified services to our clients Northern Canada. as we continue to grow. In May 2013, we expanded our senior executive team with the appointment of The expansion of our North American footprint is beneficial Chris Bourassa, President of US Construction, based in for the growth of our company, but more importantly, it San Diego, California. allows us to provide more comprehensive, more consistent services to our clients across the continent. We have also been diversifying outside of construction into aviation, marine services, and forestry. Our aviation

The Globe SPRING 2013 7 B UILDING

Ruocco Park San Diego Unified Port District

san diego, california. We recently completed the redevelopment of a waterfront site formerly known as Harbor Seafood Mart, creating a 1.3 hectare MARCIANO WINERY (3.3 acre) park and modifying an adjacent building Napa Vineland LLC and parking lot.

Demolition of the original site involved partial St. Helena, California. The barrel room at removal of an existing tenant space along with Marciano Winery required Ledcor to construct hazardous abatement and repair. A three-part specialty wood and steel framing for the fully circular prefabricated restroom and concession building was building. Wood framed walls covered in an Italian also added for special events in the park. The park plaster and roof sheathing made of individually cut features a mosaic, landscaping work, and a stunning radiused pieces of reclaimed timber create the sense public art installation that includes vertical cross- of being inside a barrel. The circular lantern-like sections of locally-sourced eucalyptus trees, which opening above the roof was made of hand-blown are suspended over the entrance to the park by steel glass, in which two colored pieces were laminated cables attached to support towers. together to achieve the proper hue. To date, Ledcor Napa has completed work on 14 wineries and has another three projects under construction. This will bring our total winery experience in the region to around 14,000 square meters (150,000 square feet).

8 The Globe SPRING 2013 B UILDING

Ritchie Bros. Auction Facility Ritchie Bros. Properties las vegas, nevada. Completed in April 2012, this Las Vegas facility features a 3,105 square meter (33,429 square foot) two-story auction building, including offices and a VIP viewing area. The project also included parking areas and site work.

The Globe SPRING 2013 9 B UILDING

77 BLOOR STREET WEST renovation BAY BLOOR EQUITIES AND MORGUARD REALTY HOLDINGS

Toronto, Ontario. This innovative project includes the Targeting LEED® Gold, we’re making several improvements renovation and optimization of a 20-story office building to enhance energy performance, including mechanical and with ground floor retail at the corner of Bay and Bloor electrical system upgrades and window retrofits, which Streets, one of Canada’s most prominent retail shopping will increase tenant comfort and reduce operating costs. districts. The goal of Morguard’s asset management team In addition to operational savings, revenues for our client is to reposition the building as Class A calibre, improving will be increased with the conversion of a mechanical plenum the overall long-term returns as well as tenant comfort floor into leasable office space. Aesthetic improvements and retention. to the ground floor include a new canopy, entrance, and Ledcor Renew, a Ledcor business division that specializes dramatic lighting. in retrofitting existing structures, was chosen as a partner to help measure, examine, analyze and implement a building retrofit to achieve those goals.

10 The Globe SPRING 2013 B UILDING

Wolf Willow senior Cohousing Seven Hills Wolf Willow Cohousing ltd. Saskatoon, Saskatchewan. Completed in September 2012, Wolf Willow Cohousing is a unique Business Plaza four-floor building that features apartment-style Stable Development condos and common areas, including a guest suite and workshop, designed specifically for Saskatoon’s seniors. henderson, nevada. This $6.6 million project included complete site development, with one It’s one of our recently completed projects in 2,126 square meter (22,890 square foot) two-story Saskatchewan, where we have been earning an concrete tilt-up building and one 4,241 square meter increasing number of contracts since opening (45,660 square foot) three-story tilt-up building. our offices in Saskatoon and Regina in 2011. Recently, we also completed the construction of Hill Centre Ledcor also provided complete exterior finishing, Tower III, a 22,300 square meter (240,000 square including metal canopies, stucco, cultured stone, foot) Class A office tower in Regina. architectural reveal strips, glass, and glazing.

The Globe SPRING 2013 11 B UILDING

TARGET RETAIL STORES TARGET CANADA

North York, Ontario. We recently completed one of The North York project involved the conversion of an the first new Target locations in Canada at Centrepoint existing 7,700 square meter (83,000 square foot), Mall in North York, Ontario. two-story Zellers into a new Target store, including the addition of new escalators and cart conveyors, as well In 2012, Target announced it would be converting as interior and exterior base building modifications. 125–135 former Zellers locations across Canada The project was completed in just seven months, with throughout 2013. Ledcor is one of a handful of qualified extensive renovations required to bring the true Target contractors selected to help complete Target’s massive brand experience to Canada. expansion program. Ledcor currently has several Target locations under construction in Alberta, British Columbia and Ontario.

12 The Globe SPRING 2013 B UILDING

starbucks Evolution Fresh Juice Facility EVOLUTION FRESH

Rancho Cucamonga, california. Acquired by called for new utility systems, process equipment, Starbucks in 2011, Evolution Fresh is one of a few packaging systems, industrial refrigeration, electrical major juice companies in the USA using high-pressure service upgrades, wastewater treatment, compressed processing to bottle juice. steam, compressed air, mechanical systems, and other important building support systems. In August 2012, Ledcor was contracted to provide complete design, engineering and construction services Upon completion in Summer 2013, the new juice for a new 23,000 square meter (250,000 square production facility will distribute a variety of bottled foot) production and distribution facility. The project fresh juice products to Starbucks stores nationally.

The Globe SPRING 2013 13 communication S

PORT MANN/ HIGHWAY 1 NETWORK INFRASTRUCTURE BAYHILL CONTRACTING LTD.

Metro Vancouver, British Columbia. Since June Currently, we’re completing the placement of four 2009, we have been placing, splicing, and testing over cables ranging from 24 fibers to 432 fibers across 110 kilometers (68 miles) of fiber optics along the Port the new Port Mann Bridge, along with splicing and Mann/Highway 1 Improvement Project in the Metro termination of fibers on the bridge for seismic sensors. Vancouver region. All of the work is scheduled for completion in spring 2013. Ledcor’s scope of work has included many hot cutovers of existing cables, which had to be removed and re- routed both in the air and underground. We are also responsible for fiber cables serving all toll booths and ITS fiber cables serving 77 traffic management equipment locations along the corridor.

14 The Globe SPRING 2013 mining

mineral ridge scorpio gold corporation

Esmeralda County, Nevada. Since 2011, Ledcor has been working with Scorpio Gold Corporation to drill, blast, load and haul material at their rehabilitated Mineral Ridge project. Located northwest of the town of Silver Peak, Nevada, the property has 351 mining claims totaling 4,100 hectares (10,200 acres). Over 38 months, we will mine about 15.5 million metric tons (17 million short tons) of ore and waste material.

The Globe SPRING 2013 15 oil & gas &

albian sands

Fort McMurray, Alberta. We continue to provide Our current work includes heavy civil activities such as operational support to Shell Albian Sands north of Fort mine site preparation, tailings pond remediation, tailings McMurray, Alberta. dam and dyke construction, drill pad construction and reclamation. We also provide pipeline construction for The Athabasca Project (AOSP) is a joint debottlenecking and expansion as well as underground venture between Shell Canada Energy (operator and utility installation. For foundations, Ledcor designs and 60% owner), Chevron Canada Limited (20%) and installs sheet piling as well as driven and drilled piles. Marathon Oil Canada Corporation (20%). Ledcor enjoys Finally, we provide extensive maintenance related to a long-standing relationship with Shell Canada and has pipes and pipelines, paving and roads. been working on this site in various capacities for the past eight years.

16 The Globe SPRING 2013 oil & gas &

firebag stage 4

Fort McMurray, Alberta. The Firebag Stage 4 project maximize economies of scale to reduce cost and minimize is a Steam Assisted Gravity Drainage (SAGD) project interference between operations and construction. consisting of central facilities and infrastructure facilities The project was completed ahead of schedule, employed required to deliver diluted bitumen (DB) to the DB approximately 425 people and accumulated more than metering/pumping facility at the Firebag site. one million worker hours without a Lost Time Incident. Firebag 4 combined with the existing Firebag 3 facilities Ledcor was awarded Suncor’s President’s Operational to form a bitumen production train sharing common Excellence Award for the work of our contractor team on facilities such as tankage, diluent production, de-oiling this project. This award recognizes and celebrates the and utility systems. The overall layout, construction employees and contractors who are the driving force and execution and start-up plans were developed to energy behind operational excellence.

The Globe SPRING 2013 17 infrastructure

South Fraser Perimeter Road Province of British Columbia /Fraser Transportation Group

Metro Vancouver, British Columbia. South Fraser As part of the Fraser Transportation Group, we are Perimeter Road (SFPR) reached a milestone when the partnering with Dragados, BelPacific, and Vancouver Pile eastern section of the 34 kilometer (21 mile), four-lane Driving to complete the SFPR project. We also share a highway opened, coinciding with the opening of the new 20-year commitment to operate and maintain the road Port Mann Bridge. with ACS Infrastructure Canada. It’s the largest civil construction project Ledcor has worked on in British Columbia’s Lower Mainland.

18 The Globe SPRING 2013 infrastructure

highway 63 Alberta Transportation

North of to House River, Alberta. sands ending at Fort MacKay. The new divided highway This $50 million project to twin 36 kilometers (22 miles) of allows motorists, mostly oil sands workers, to enjoy Alberta’s Highway 63 was completed nine months ahead much safer and faster passage through the high-traffic of schedule, opening to the public on November 5, 2012. corridor. It will also contribute to the sustained growth and long-term economic development of Northern This project provided a unique opportunity for Ledcor Alberta and the oil sands region. to test warm-mix (WMA). WMA allows for paving and mixing at lower temperatures, cutting fuel consumption and decreasing greenhouse gas emissions compared to conventional hot-mix asphalt.

Formerly one of Alberta’s most notorious roads, Highway 63 runs north–south through the Athabasca oil

The Globe SPRING 2013 19 forestr y

WOOD CANTS FOR ASIAN MARKETS

Chilliwack, British Columbia. Ledcor Resources Our customer base includes makers of construction and Transportation recently started delivering materials and industrial products such as crating wood cant products to southeastern China from our and pallet manufacturers. A smaller portion of the Chilliwack Cant Mill. timber produced is used by Canadian pressure-treating companies for garden landscaping ties. Since the mill’s inception in July 2012, we have focused much of our sales efforts in China, where lumber consumption has increased nearly seven-fold in the last decade. Chinese businesses have been limited by wood product that is manufactured to a North American standard; however, our mill is now cutting several size variations to accommodate demand and add value to the product.

20 The Globe SPRING 2013 transportation

LEDCOR ACQUIRES ARCTIC SUNWEST CHARTERS AND TRINITY HELICOPTERS

Yellowknife, Northwest Territories. Ledcor Air Ledcor’s Summit Air Charters has been providing Limited recently concluded the purchase of Arctic specialized air services in the Yukon, Northwest Sunwest Charters as well as Trinity Helicopters, both Territories, and Nunavut for over 20 years. The combined based in Yellowknife. Ledcor received regulatory fleets and facilities, with unmatched northern operational approvals for Trinity Helicopters Ltd. to re-brand its experience, will offer customers a wider range of flight business as Summit Helicopters and merge the business options and better access to remote locations. operations of Arctic Sunwest Charters and Summit Air Charters, which will operate as one business under a new Summit Air brand.

The Globe SPRING 2013 21 sustaina b ilit y

ledcor releasesA LOT OF GOOD new GOES SUSTAINABILITINTOY WHATREPORT WE DO It’s easy to see what Ledcor does from the outside, Read the full report online at: which is why our latest Sustainability Report takes you www.ledcor.com/news-events/publications inside our company and our projects. The report theme “A Lot of Good Goes into What We Do” takes a holistic look at our company and our efforts to become a more sustainable organization. Ledcor is proud to be able to report on our company’s growth and performance, and the improvements we made along the way.

22 The Globe SPRING 2013 awards

GOLD AND SILVER SUNCOR FOR BC PROJECTS Ledcor showed our spirit of PRESIDENT’S innovation and focus on OPERATIONAL sustainable building by taking home three awards at the 24th EXCELLENCE Annual Vancouver Regional AWARD ONE OF CANADA’S Construction Association’s (VRCA) Awards of Excellence Every year, the Suncor President’s TOP EMPLOYERS gala in October 2012. Operational Excellence Awards For the third consecutive year, celebrates employees and we were very pleased to be The VanDusen Botanical Garden contractors who stand out for named one of the Financial Post’s Visitor Centre was awarded contributing to the success of the Ten Best Companies to Work For gold in Sustainable Construction, company’s projects and operations. and to earn a spot on Canada’s while UniverCity Childcare Centre Ledcor was honored with an Top 100 Employers list. at Simon Fraser University award in the Reliability category, won silver. The IKEA Richmond These prestigious awards are which recognizes initiatives project also earned silver in the proof of the dedication of our that contribute to reliable and General Contractor Project over team in Human Resources, who repeatable performance. $40 Million category. have worked hard throughout the This award comes out of the years to attract and retain the best Trades working on our projects took success of the Firebag Stage 4 people in all of the communities home an additional eight awards. Central Plant project, for which we where we do business. served as the primary construction contractor. In presenting the award, Suncor noted our reliable on-schedule deliveries, with exceptional quality, safety, and environmental performance.

The Globe SPRING 2013 23 communit y

over $1 million for the $150,000 united way Ledcor’s people have again shown their caring spirit DONATION TO by helping to raise over $1 million for the United Way MAKE-A-WISH during the company’s annual fundraising drive. Employees from 26 offices and job sites across For our 65th anniversary, Ledcor announced a North America took part in raising funds for their $150,000 donation to Make-A-Wish to be shared local communities, which were then matched by across 12 cities in the USA and Canada where corporate contributions. Ledcor has major operations. The two-week fall campaign kicked off with BBQs and Since the earliest days of Ledcor, we have been pancake breakfasts, and included sports tournaments, supporting pediatric care in our communities; this live and silent auctions, trivia contests and many contribution to Make-A-Wish is a part of that other fun activities throughout the fundraising period. tradition, and a fitting way to help celebrate our 65th year.

24 The Globe SPRING 2013 people. Ledcor is pleased to announce the FOLLOWING senior management promotions and hires

Calgary San Diego Julie Story, Vice President Chris Bourassa, President Finance, Ledcor Technical Services US Construction

Edmonton Vancouver Jamey Singh, Vice President Amy Tse, Vice President Operations, Construction – Finance, Resources & Transportation Larry Jones, Vice President David Hoff, Vice President Health, Safety and Communications & Public Affairs, Environmental Protection, Industrial Corporate Jeff Watt, Chief Operating Officer Shaun Greffard, Vice President Contractors Canadian Field Operations, Dale Posein, Senior Vice President Ledcor Technical Services Contractors Yellowknife Irvine Thomas Pilgrim, Vice President Charles Oltman, Vice President & Business Systems, Summit Helicopters Regional Manager, Robert Carroll, Vice President Construction – Orange County Business Development, Summit Air Jay Dilley, Vice President Nisku Business Services, Summit Air Michael Heck, Vice President & Myles Cane, Vice President General Manager Operations, Summit Air Fabrication, Industrial Construction LEDCOR and the LEDCOR Design are trademarks of Ledcor IP Holdings Ltd., used under license.

AUSTIN CHICAGO EDMONTON HONOLULU KELOWNA LAS VEGAS NAPA REGINA RENO SAN DIEGO saskatoon SEATTLE TORONTO VANCOUVER VICTORIA

Ledcor group of companies

Corporate Head Office U.S. Head Office Suite 1200, 1067 West Cordova Street Suite 100, 6405 Mira Mesa Boulevard Vancouver, British Columbia San Diego, California Canada V6C 1C7 USA 92121 T 604 681 7500 T 858 527 6400 F 604 681 4385 F 858 527 6410 ISSN 1481-5419

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