Aecon Utilities Investment Overview

Strong Public and Private End Market Demand CURRENT MAJOR PROJECT PURSUITS INCLUDE: Diversified series of pursuits by sector and geography | Opportunities strongly correlate with Aecon's experience and sustainability goals Strong Private Sector End Market Demand SUPPORTED BY NORTH AMERICAN UTILITY INVESTMENTS Contrecoeur Terminal PDB ос ELECTRIC UTILITY DISTRIBUTION Ontario Line - North Civil Elevated Guideway and Stations PDB ON = Yonge Subway Extension Fraser River Tunnel DBF ON 55% PDB BC Aging Electric Infrastructure Distribution infrastructure age relative to useful life GAS UTILITY DISTRIBUTION Aging Gas Infrastructure Gas Distribution Pipelines Constructed (By decade) Surrey Langley SkyTrain Guideway DBF BC Surrey Langley SkyTrain Stations DB BC 41% Within useful life ■Near end of useful life ■ At end of useful life 4% Annual capex related to electricity distribution to grow from US$50B in 2021 to $63B in 2025 in North America 44% ■Pre-1970s ■1980s ■1990s 2000s Nearly 45% of gas distribution infrastructure in North America is near or at the end of its useful life of 40 years Annual capex related to gas distribution to be in a range of US$26B to $28B from 2021 to 2025 in North America 16% 21% 19% Surrey Langley Skytrain Systems and Trackwork PDB BC TELECOMMUNICATIONS Capital Line South Extension (Phase 1) DB AB North American 5G Adoption Rate Percentage of Wireless Connections on 5G ENERGY TRANSITION U.S. Net Electricity Generation By Percentage Renewables are set to rise over time U.S. Virgin Islands Airport Modernization DBFOM 50% USVI 50% 40% 40% 30% 30% Providenciales International Airport (Turks & Calcos) DBFOM TCIS 20% 20% 10% 0% 10% 2019A 2020A 2021A 2022E 2023E 2024 2025E 2017A 2018A 2019A 2020A 2021A 2022A 2023E 2024E ACCON Supported by increasing fibre-to-the-home needs by all major North American carriers * It is possible that Aecon or joint ventures in which Aecon is a participant will not be successful in being awarded a contract for any or all of these major project pursuits. Full-list of pursuits not presented. ^ Source: Department of Energy, American Gas Association. Fortune Business Insights, BloombergNEF. Coal Nuclear Natural Gas Renewables 13

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