Investor Presentaiton

Oaktree's Investment in Aecon Utilities Highlights and unlocks the value of Aecon Utilities; investment represents valuation of ~9.3x TTM Adjusted EBITDA @ STRATEGIC RATIONALE • • Investment Amount & Overview Dividend Rate and Structure Aecon Utilities Rights • Oaktree's Minority Investment in Aecon Utilities $150 million Preferred Equity ($750 million enterprise value resulting in an as-converted ownership of 27.5%). Strengthens Aecon's consolidated balance sheet and provides financial flexibility to fund strategic growth initiatives. The Preferred Equity will carry a 12% dividend rate (payable in kind or cash at Aecon's option) for the first 3 years, increasing to 14% thereafter. Aecon has the option to redeem the Preferred Equity for cash at any time at a value equivalent to the greatest of: (a) the as-converted value of the Preferred Equity, (b) the accreted value of the Preferred Equity, and (c) 1.5x the Net Investment Amount less all cash dividends and distributions paid to Oaktree. Aecon will have four board members on Aecon Utilities' new six-person Board. Overview of Oaktree Oaktree is a leader among global investment managers specializing in alternative investments, with US$179 billion in assets under management. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,100 employees and offices in 20 cities worldwide. In 2019, Brookfield Asset Management acquired a majority interest in Oaktree. Together, Brookfield and Oaktree provide investors with one of the most comprehensive offerings of alternative investment products available today. While partnering to leverage one another's strengths, Oaktree operates as an independent business within the Brookfield family, with its own product offerings and investment, marketing, and support teams. ACCON This is a non-GAAP financial measure. Refer to page 2 in this presentation. Σ Represents the implied $750 million enterprise value for Aecon Utilities divided by Q2 2023 TTM Adj. EBITDA of $80.4M *The gross subscription amount is $154.6 million, which represents $150.0 million after upfront fees. Creates a vehicle to accelerate Aecon Utilities' growth Oaktree is a highly respected institution and a value-added partner with significant experience to help Aecon Utilities reach its full potential Capitalize on attractive industry tailwinds, including decarbonization, sustainability and the energy transition Leverage Oaktree's network of industry relationships and extensive resources to continue growing in the U.S. Standalone capital structure provides the financial flexibility to capitalize on attractive M&A opportunities Highlights and unlocks the value of Aecon Utilities at $750M enterprise value and ~9.3x TTM Adjusted EBITDA multiple @ Immediately strengthens Aecon's balance sheet and capital position 6

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