Mr. Adam Borgatti reports

AECON ANNOUNCES $160 MILLION PUBLIC OFFERING OF CONVERTIBLE DEBENTURES

Aecon Group Inc. has entered into an agreement with a syndicate of underwriters co-led by TD Securities Inc. and CIBC Capital Markets, pursuant to which the underwriters will purchase, on a bought deal basis, $160-million aggregate 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 $24-million aggregate principal amount of 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, 2023, and will accrue interest at the rate of 5 per cent per year, 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 $24, an approximate 40-per-cent premium to the present market price, 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, 2021. On and after Dec. 31, 2021, and prior to Dec. 31, 2022, 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, 2022, 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 intends to use the net proceeds of the offering to finance the redemption of Aecon's 5.5 per cent convertible unsecured subordinated debentures due Dec. 31, 2018, and for general corporate purposes. Immediately following closing of the offering, Aecon intends to issue a notice to redeem the 5.5 per cent debentures on or about Oct. 26, 2018.

The offering is scheduled to close on or about Sept. 26, 2018, 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.

A preliminary short form prospectus will be filed with securities regulatory authorities in all provinces of Canada.

About Aecon Group Inc.

Aecon is a Canadian leader and partner of choice in construction and infrastructure development. Aecon provides integrated turnkey services to private and public sector clients in the infrastructure and industrial sectors and provides project management, financing and development services through its concessions segment.

We seek Safe Harbor.