Mr. Jean-Louis Servranckx reports

AECON AWARDED CONTRACT FOR THE EGLINTON CROSSTOWN WEST EXTENSION ELEVATED GUIDEWAY PROJECT IN ONTARIO

Aecon Group Inc. has been awarded a $290-million design-build contract by the Ontario government for the Eglinton Crosstown West Extension (ECWE) project's elevated guideway in Toronto, Ont. The value of the contract will be added to Aecon's construction segment backlog in the fourth quarter of 2023.

The scope of work includes the design and construction of a 1.5-kilometre elevated guideway that will run along the north side of Eglinton Avenue West, from just east of Jane Street to just west of Scarlett Road. Construction is expected to commence in early 2024, with anticipated completion in 2028.

The elevated guideway will form a critical part of the 9.2-kilometre extension of the Eglinton Crosstown LRT (light rail transit). The extension will run from Mount Dennis in the east to Renforth Drive in the west, featuring connections to UP Express and Kitchener GO train services, as well as TTC, GO and MiWay bus services.

Aecon will subcontract certain early works to Aecon Six Nations (A6N), a successful indigenous-owned and operated general partnership between Six Nations of the Grand River Development Corp. (51 per cent) and Aecon (49 per cent). Aecon will also support Metrolinx to explore partnerships with indigenous-owned businesses during the project.

"We are pleased to expand our role in delivering this critical transit extension that will improve mobility for surrounding communities and decrease travel times for commuters," said Jean-Louis Servranckx, president and chief executive officer of Aecon Group. "Building on Aecon's experience executing some of the most complex transit projects in Ontario's history, we look forward to successfully executing this project while supporting our client in working collaboratively with local and indigenous communities."

About Aecon Group Inc.

Aecon Group is a national Canadian construction and infrastructure development company with global experience. 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.