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Aecon Group Inc. (TSX: ARE) Investor Presentation Forward-Looking Information

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Aecon Group Inc. (TSX: ARE) Investor Presentation Forward-Looking Information Third Quarter 2020 Aecon Group Inc. (TSX: ARE) Investor Presentation Forward-Looking Information The information in this presentation includes certain forward-looking Forward-looking statements may include, without limitation, statements. Although these forward-looking statements are based on statements regarding the operations, business, financial condition, currently available competitive, financial and economic data and expected financial results, performance, prospects, ongoing objectives, operating plans, they are subject to risks and uncertainties. In addition to strategies and outlook for Aecon. Forward-looking statements may in events beyond Aecon’s control, there are factors which could cause actual some cases be identified by words such as “will”, “plans”, “believes”, or future results, performance or achievements to differ materially from “expects”, “anticipates”, “estimates”, “projects”, “intends”, “should” or those expressed or inferred herein including risks associated with an the negative of these terms, or similar expressions. Other important investment in the common shares of Aecon and the risks related to factors, in addition to those discussed in this document, could affect Aecon's business. Such factors include but are not limited to: the timing of the future results of Aecon and could cause its results to differ projects, unanticipated costs and expenses, the failure to recognize and materially from those expressed in any forward-looking statements. adequately respond to climate change concerns or public and Except as required by applicable securities laws, forward-looking governmental expectations on climate matters, general market and statements speak only as of the date on which they are made and industry conditions and operational and reputational risks, including large Aecon undertakes no obligation to publicly update or revise any project risk and contractual factors, and risks relating to the COVID 19 forward-looking statements, whether as a result of new information, pandemic and associated entitlements under government assistance future events or otherwise. programs. Risk factors are discussed in greater detail in the section on “Risk Factors” included in the Management Discussion and Analysis filed on October 29, 2020 and in the Annual Information Form filed on March 30, 2020, both of which are available on SEDAR at www.sedar.com. 2 Why Invest in Aecon? The #1 Canadian Infrastructure Company Unprecedented Diversified & Resilient Focus on Shareholder Infrastructure Demand Business Model Value Creation $6.7B $40B+ $3.5B $236M $47M 14% 23% 90% Backlog Active Bid Pipeline Total Construction Concessions 9 year 5 year 5 year Revenue* EBITDA*+ EBITDA*+ Dividend EPS Total Shareholder CAGR^ CAGR# Return& • Record level of infrastructure investment underway • Diversified by geography, sector, contract size and • Disciplined, balanced and diverse capital allocation and committed across Aecon’s focus areas type in Construction segment strategy • Government investment in infrastructure is a key • Over 900 discrete projects typically underway with • History of consistent dividend increases source of economic stimulus as part of the COVID-19 average project size <$25 million • Growth in Concessions portfolio provides future recovery plan • Valuable and growing Concessions portfolio value creation options • Positive population and immigration dynamics • Solid recurring revenue base adds further stability to • Current valuation multiple provides attractive driving long-term, sustainable demand business mix upside potential • Partner of choice for international and domestic • 43% of TTM revenue from unit price/cost plus players contracts • Strong track record of growth and margin • Financial position, liquidity and capital resources improvement remain strong to support growth and reduce risk * Q3 2020 Trailing Twelve Months (“TTM”) + Before corporate costs and eliminations ^ Compound Annual Growth Rate (“CAGR”) of annual dividend from 2011 to 2020 # CAGR of full year Diluted EPS from 2014 to 2019 & December 31, 2014 to December 31, 2019 3 Diverse & Resilient Business Model Q3 2020 TTM Revenue $3,450 M + Q3 2020 TTM Revenue $83 M + Construction Q3 2020 TTM EBITDA $236 M + Concessions Q3 2020 TTM EBITDA $47 M + Roads and Highways 18%* BERMUDA Heavy Civil AIRPORT 100%^ 15%* Utilities 17%* FINCH WEST LRT 33%^ EGLINTON LRT 25%^ GORDIE HOWE Urban Transportation INTERNATIONAL BRIDGE 20%^ Systems 18%* Industrial 21%* WATERLOO LRT 10%^ Nuclear Power 11%* + Before corporate costs and eliminations * % of Q3 2020 TTM Revenue 4 ^ % of Aecon equity ownership in the concessionaire Strong Backlog & Recurring Revenue Profile Total Backlog* ($M) Backlog Duration* ($M) Recurring Revenue*^ ($M) As at September 30 As at September 30 $7,005 $6,557 $6,664 $7,005 $6,557 $6,664 $530 $558 $477# -6% +2% $23 $50 $68 $112 $94 $37 $2,317 $2,449 $3,592 $1,316 $6,982 $1,758 $6,507 $6,596 $446 $440 $1,375 $436 $2,899 $2,482 $2,038 2018 2019 2020 2018 2019 2020 Q3 2018 TTM Q3 2019 TTM Q3 2020 TTM Construction Concessions 12 Months 13-24 Months Beyond 24 Months Construction Concessions Backlog Contract Type As at September 30, 2020 2020 Q3 TTM Revenue+ Fixed Price - 67% Cost Plus / Unit Price - 33% Fixed Price – 57% Cost Plus / Unit Price - 43% * Recurring revenue is not included in backlog and is, therefore, revenue over and above work to be performed from contracts in backlog ^ Excludes contract mining recurring revenue in 2018 due to sale of business in 2018 # Decrease in Q3 2020 TTM recurring revenue driven by the suspension of commercial flight operations on March 20, 2020 at the Bermuda International Airport. Upon reopening of the airport on July 1, 2020, commercial flight operations have been at a significantly reduced volume compared to the prior year for reasons related to the COVID-19 pandemic. + TTM Revenue contract mix reflects inclusion of recurring revenue (Cost Plus/Unit Price) and timing of backlog work off 5 Unparalleled Demand Aligned with Aecon’s Strengths $40+ Billion* in Project Pursuits Federal Infrastructure Programs $180B | Invest in Canada Plan Quebec City Tramway P3 QC 12 year Federal investment plan from 2016 to 2028 Laurentia Project – Port of Quebec Deep-Water Wharf QC $35B | Canada Infrastructure Bank Contrecoeur Port Terminal Expansion QC $10B investments between 2020 and 2023 announced in October 2020 including i) $1.5B for Zero Emission Buses ii) $2.5B for Clean Power iii) $2B for REM Airport Station – Montréal Trudeau QC Broadband iv) $1.5B for Agriculture infrastructure and v) $500M for project acceleration to expedite due diligence and early works construction Metrolinx Regional Express Rail (RER) Program P3 ON Ontario Line Subway (Civil, Rolling Stock and O&M) P3 ON Key Provincial Infrastructure Programs Eglinton West LRT (Advanced Tunnel Works) ON $90B | Ontario Budget Transit and Transportation investment over 10 years from 2019, including $40B Scarborough Subway (Advanced Tunnel Works) ON in P3 and major project procurements underway through Infrastructure Ontario VIA Rail Maintenance Facilities Modernization ON $40B | Quebec Budget Winnipeg North End Wastewater Treatment Plant Upgrade MB Investment in road and transit infrastructure over 10 years from 2020 Trans Mountain Pipeline (Additional Future Sections) AB $7B | BC Budget Transportation investment over 3 years from 2020 Calgary Green Line LRT AB $5B | Alberta Budget • Robust pipeline of opportunities and commitments Roads and bridges investment over 3 years from 2020 plus investment in • Diversified series of pursuits by sector and geography Edmonton and Calgary LRT; $2B accelerated capital maintenance and renewal • Opportunities strongly correlate with Aecon’s experience and expertise budget for 2020; $500M of funding for municipalities for transportation and water infrastructure and an additional $612M of new infrastructure projects * Total project size, not necessarily Aecon’s share, as most major projects bid with partners Source: Infrastructure Canada, Canada Infrastructure Bank Investing in New Infrastructure Growth Plan 2020, Ontario Budget 2019 and 2020 update, Infrastructure Ontario September 2020 P3 Market 6 Update, BC Budget 2020, Alberta Budget 2020, Quebec Budget 2020 Major Projects & Concessions Provide Stability P3 Concessions* Other Major Projects* Project Timeline (Starting from 2020) Waterloo LRT Darlington Nuclear Refurbishment $583 million; construction $2.75 billion; 10 year project started started 2014 and completed 2016 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2019; 10% equity stake and 30 year concession began in 2019 Pattullo Bridge Replacement Waterloo LRT 2049 $968 million; 5 year project started Eglinton LRT 2020 Eglinton LRT 2051 $5.3 billion; construction started 2015 and target completion REM LRT Montreal Bermuda Airport 2047 under discussion; 25% equity $5 billion; 5 year project started stake and 30 year concession 2018 Finch West LRT 2053 post construction Site C Generating Station And Gordie Howe Bridge 2054 Bermuda Airport Spillways Hydro Project US$274 million; construction $1.6 billion; 5 year project started Darlington Refurbishment started 2017 and target 2018 completion 2020; 100% equity Pattullo Bridge stake and 30 year concession HWY 401 Expansion began in 2017 $640 million; 3 year project started REM Montreal 2019 Finch West LRT Site C $2.5 billion; construction started Coastal Gas Link Pipeline 2018 and target completion $526 million; 3 year project started 2023; 33% equity stake and Hwy
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