Mr. Vince Borg reports

AECON ANNOUNCES $150 MILLION PUBLIC OFFERING OF CONVERTIBLE DEBENTURES

Aecon Group Inc. has entered into an agreement with a syndicate of underwriters led by TD Securities Inc. and GMP Securities LP, pursuant to which the underwriters will purchase, on a bought-deal basis, $150-million principal amount of convertible unsecured subordinated debentures at a price of $1,000 per debenture. Aecon has also granted the underwriters an overallotment option to purchase up to an additional $22.5-million aggregate principal amount of the debentures, exercisable in whole or in part, for a period of 30 days following closing of the offering, to cover overallotments, if any.

The debentures will mature on Dec. 31, 2018, and will accrue interest at the rate of 5.50 per cent per annum payable on a semi-annual basis. At the holder's option, the debentures may be converted into common shares of Aecon at any time up to the maturity date or the business day immediately preceding the date fixed for redemption of the debentures by the company. The conversion price will be $20 for each common share of the company, subject to adjustment in certain circumstances.

The debentures will be direct, unsecured obligations of Aecon, subordinated to other indebtedness of the company for borrowed money and ranking equally with all other unsecured subordinated indebtedness.

The debentures will not be redeemable prior to Dec. 31, 2016. On and after Dec. 31, 2016, and prior to Dec. 31, 2017, Aecon may, at its option, redeem the debentures, in whole or in part, at par plus accrued and unpaid interest, provided that the volume-weighted average trading price of Aecon's common shares on the Toronto Stock Exchange for the 20 consecutive trading days preceding the date on which the notice of redemption is given is not less than 125 per cent of the conversion price. On and after Dec. 31, 2017, and prior to the maturity date, Aecon may, at its option, redeem the debentures, in whole or in part, at par plus accrued and unpaid interest.

Subject to specified conditions, Aecon will have the right to repay the outstanding principal amount of the debentures, on maturity or redemption, through the issuance of common shares of the company.

Aecon will use the net proceeds of the offering to refinance Aecon's 7.0-per-cent convertible unsecured subordinated debentures due Sept. 30, 2014, and for general corporate purposes.

The offering is scheduled to close on or about Nov. 27, 2013, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.

We seek Safe Harbor.