Mr. John Beck reports

AECON ANNOUNCES VOTING RESULTS OF ANNUAL GENERAL MEETING AND THE APPOINTMENT OF STUART LEE TO BOARD OF DIRECTORS

The nominees listed in the management information circular dated May 2, 2023, have been elected as directors of Aecon Group Inc., to hold office until the close of the next annual meeting of the corporation or until their successors are appointed.

On behalf of Aecon's Board of Directors, John M. Beck, Chairman, was pleased to announce the appointment of Stuart Lee to Aecon's Board, effective immediately. Mr. Lee served as the President and Chief Executive Officer of EPCOR Utilities Inc. (EPCOR) from 2015 to 2023. Prior to joining EPCOR, Mr. Lee held the positions of Chief Financial Officer, Senior Vice President of Finance and Senior Vice President of Corporate Development & Commercial Services at Capital Power Corporation. Mr. Lee previously served on the Board of Directors of Edmonton's Citadel Theatre, as a member of the Audit Committee at the University of Alberta, and recently completed a term on the Board of Directors of STARS Air Ambulance. Mr. Lee holds a Bachelor of Commerce degree from the University of Alberta and is a Chartered Accountant.

"Mr. Lee brings more than two decades of experience as a financial and commercial executive in the utilities and energy sectors and we are very pleased to further strengthen our Board of Directors through his leadership and wealth of knowledge," said Mr. Beck.

Shareholders also adopted all other resolutions submitted for their approval, including the advisory vote on the Corporation's approach to executive compensation, as disclosed in the Management Information Circular dated May 2, 2023, and the appointment of PricewaterhouseCoopers LLP as the auditors of the Corporation to hold office until the close of the next Annual Meeting of the Corporation and that the Board of Directors be authorized to fix the auditors' remuneration.

The complete voting results for each item of business are as follows:

                                    Election of Directors
  
Name of Nominee         Votes in Favour % Votes in Favour Votes  Against % Votes Against

John M. Beck            21,469,680      98.32 %           367,618        1.68 %         
Anthony P. Franceschini 21,469,823      98.32 %           367,475        1.68 %         
J.D. Hole               21,512,125      98.51 %           325,173        1.49 %         
Susan Wolburgh Jenah    21,506,847      98.49 %           330,451        1.51 %         
Stuart Lee              21,630,796      99.05 %           206,502        0.95 %         
Eric Rosenfeld          21,524,490      98.57 %           312,808        1.43 %         
Jean-Louis Servranckx   21,614,951      98.98 %           222,347        1.02 %         
Monica Sloan            21,528,391      98.59 %           308,907        1.41 %         
Deborah S. Stein        21,478,376      98.36 %           358,922        1.64 %         
Scott Thon              21,633,170      99.07 %           204,128        0.93 %         

         Appointment and Remuneration of Auditors

Votes in Favour % Votes in Favour Votes Withheld % Votes Withheld

21,740,163      99.38 %           135,529        0.62 %          

    Corporation's Approach to Executive Compensation

Votes in Favour % Votes in Favour Votes Against % Votes Against

12,076,138      55.30 %           9,761,060     44.70 %        

The Board is disappointed by the level of support for the Corporation's Approach to Executive Compensation ("Say on Pay"). While the Board believes that its executive compensation program is designed to deliver pay for performance and to align the interests of our executives with our shareholders, it takes the views of our shareholders seriously and will seek to clarify shareholder perspectives when considering future compensation matters.

Dividend

Aecon's Board of Directors approved its next quarterly dividend of 18.5 cents per share. The dividend will be paid on July 5, 2023 to shareholders of record as of June 23, 2023.

About Aecon

Aecon Group Inc. (TSX: 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.