Mr. Jean-Louis Servranckx reports

AECON JOINT VENTURE AWARDED $1.3 BILLION FUEL CHANNEL AND FEEDER REPLACEMENT CONTRACT FOR FOUR UNITS AT THE BRUCE NUCLEAR GENERATING STATION IN ONTARIO

Shoreline Power Group, a joint venture between Aecon Group Inc., SNC-Lavalin and United Engineers & Constructors, in which Aecon is the lead partner, has been awarded a $1.3-billion fuel channel and feeder replacement (FCFR) contract by Bruce Power for units 4, 5, 7 and 8 at the Bruce nuclear generating station in Tiverton, Ont. Planning work is expected to commence in the second quarter of 2023, with construction expected to begin in the first quarter of 2025 and completion anticipated in 2032. Aecon's $1-billion share of the contract is being added to its construction segment backlog in the second quarter of 2023.

The award for Bruce Power's four remaining units comes as Shoreline Power Group and Bruce Power also achieved substantial completion on the Unit 6 refurbishment on time and on budget, remaining on track to return the unit to service in the fourth quarter of 2023. As work continues to progress on Unit 3, the joint venture is now contracted to execute FCFR work on all six of Bruce Power's units, which will extend the life of the site to 2064 through the Bruce Power major component replacement (MCR) program.

"This contract award underscores the success of our long-term partnership with Bruce Power, and we are proud to achieve substantial completion on Unit 6," said Jean-Louis Servranckx, president and chief executive officer, Aecon. "Aecon is proud to deliver infrastructure that supports a net-zero future, creates economic benefits, and helps ensure the supply of clean and reliable electricity to meet Ontario's growing energy demands. The success of the Unit 6 refurbishment is a testament to the incredible work of our dedicated teams and trades. We look forward to working with our partners, SNC-Lavalin and United, as we move forward executing the remainder of this critical project with an unwavering commitment to safety, quality, schedule and cost performance."

The scope of FCFR work for all units includes internal reactor inspections, and the removal and replacement of fuel channels and feeder tubes, as well as project management, construction management and field execution.

About Aecon Group Inc.

Aecon (Toronto Stock Exchange: ARE) is a national Canadian construction and infrastructure development company with global experience, and is proud to be recognized as one of the best 50 corporate citizens in Canada. Aecon delivers integrated solutions to private and public sector clients through its construction segment in the civil, urban transportation, nuclear, utility and industrial sectors, and provides project development, financing, investment and management services through its concessions segment.

We seek Safe Harbor.