1. Aecon Group Inc. 2008 Employee Feedback Sessions

2. 2 A year of outstanding achievements: Most notably … ranked as one of the 50 Best Employers in Canada – a full year sooner than targeted Also importantly … achieved ‘08 eps guidance of $0.75 – a full year early Secured improved bank line and bonding support Closed two acquisitions – Karson and Alarie Commenced dividend payments to shareholders Added to the S&P TSX Index (and became best performer) Contract margin in backlog near record levels 2007 – Year In Review

3. 3 20062007 2007 – Year In Review Operating Profit$22 million $61 million Gross Margin$97 million $142 million Revenue$1.1 billion $1.5 billion Net Income$11.5 million $48.3 million New Contract Awards$1.3 billion $1.9 billion Year-End Backlog$786 million $1.2 billion

4. 4 Results by Segment $ millions Revenue Operating Profit Backlog 200620072006200720062007 Infrastructure 48468916.523.5410372 Industrial 29039819.536.2186384 Buildings 3233864.64.4191480 Concessions 3658(2.6)4.0n/a

5. 5 Aecon has come a long way … but the ride has been bumpy at times  Cumulative losses of $56 million between 2002 – 2005  Liquidity, credit, and bonding all fell to critical levels  Morale and retention were both challenged  Environment in fall of 2005 looked bleak Only marginal profitability was forecasted for 2006 … even though our markets look poised for great strength. As one director phrased it: “Aecon is sitting atop a cake … but without a spoon to eat it” Historical Context

6. 6 New strategic plan developed in ‘05:  Vision, Mission & Core Values  Strategic Path/Focus Focus on Canada Focus on our core Focus on profitability Focus on ‘singles & doubles’ Invest in our people  Scorecards established for each division and dept  Strategic initiatives drive the strategy and objectives  Two key (and bold) objectives were established: $0.75 eps in 2008 (internal target of $1.00) Become an “employer of choice” Historical Context

7. 7 Strategy drove strong improvement:  2006 saw return to profitability strong improvement in margins, flat top line 2006 earnings doubled Business Plan forecast  2007 showed strong growth in profit better margins, AND growth in revenues 2007 earnings more than doubled the Business Plan again  Backlog growing throughout (revenue and margin)  Employee retention and engagement levels strong (generally), and still improving Historical Context

8. 8 Now, as we take stock again, we find: 1.Core markets continue to be in very good shape  Transportation Infrastructure  Oil Sands  Energy Infrastructure  Social Infrastructure 2.Backlog at record levels (seasonally adjusted) 3.Strong interest (and high expectations) in the capital markets 4.Clients increasingly looking for:  ‘turn-key’ solutions,  financing,  larger projects Strategic Analysis

9. 9 5.Potential impact of broader economic trends  conditions in U.S. of specific concern 6.Labour availability a constraining factor 7.External constraints have been reduced:  Bonding  Bank support  Liquidity and cash position 8.Aecon’s competitive positioning is unique and working:  Diversification  Vertical integration 9.Aecon will be taxable in 2008 (for accounting purposes – no cash taxes) Strategic Analysis

10. 10 In Summary... 1.Macro themes that contributed to strategy in 2005 remain intact. 2.If anything, situation has improved  external constraints removed  Stronger base 3.Existing strategy clearly working Therefore … Aecon’s Strategic Path should evolve, but remain fundamentally similar. Strategic Analysis

11. 11  Vision First company people go to when building things that matter  Core Values Safety First … Trust and Candour … Passion for Excellence … Learning Culture … Results  Strategic Focus Invest in our People – become THE Employer of Choice Focus on our Core – infrastructure, industrial, buildings and concessions Focus on ‘Singles & Doubles’, plus larger opportunities that fit our risk tolerance and competencies Drive for more interdependent relationships – ‘decomoditize’ our competitive positioning Focus on Profitability – drive profitable growth, margin enhancement, and ‘think lean’ Strategic Analysis

12. 12 2010 Stretch Goals “Two and Ten in 2010” 1.$2.00 eps 2.Top 10 Employer in Canada Strategic Analysis

13. 13 Employer of Choice Aecon

14. 14 Key Factor: “Engagement” Engagement is...  A measure of an employee’s emotional and intellectual commitment to an organization  You’re considered “engaged” when you display all three engagement behaviours: 1.SAY - Consistently say positive things about Aecon 2.STAY - Intend to stay with the organization 3.STRIVE - Strive to achieve above and beyond what is expected in your daily role

15. 15 How did Aecon do? Engagement Element Question Aecon Average % Favourable “SAY” I would, without hesitation, highly recommend this organization to a friend seeking employment 77% “STAY” It would take a lot to get me to leave this organization 68% “STRIVE” This organization inspires me to do my best work every day 68% OVERALL ENGAGEMENT SCORE71%

16. 16 How does INSERT compare? Engagement Element QuestionAeconINSERT “SAY” I would, without hesitation, highly recommend this organization to a friend seeking employment 77% “STAY” It would take a lot to get me to leave this organization 68% “STRIVE” This organization inspires me to do my best work every day 68%

17. 17 Where we Excel Engagement Driver Aecon Average % Favourable Safety I feel that workplace safety receives appropriate attention here 92% Learning and Development This organization supports the learning and development of its employees 82% Accomplishment I get a sense of accomplishment from my work 80% Benefits My benefits meet my (and my family's) needs well 78%

18. 18 Where we do well Engagement Driver Aecon Average % Favourable My role I know exactly what I need to do to help this organization meet its goals 77% Decisions align with values Senior leadership makes decisions consistent with our organization’s values 73% Accountable to values We hold each other accountable for living by our organization’s values 70%

19. 19 Where we need to improve Engagement Driver Aecon Average % Favourable Managing Performance The way my performance is measured makes sense to me 60% My manager provides me with on-going feedback about my performance 65% Employee Recognition Our recognition programs recognize the right people for the right things 54% I receive adequate recognition (beyond pay and benefits) for my contributions and/or accomplishments 58%

20. 20 Where we need to improve Engagement Driver Aecon Average % Favourable Career Opportunities I know what career opportunities are available to me 65% There are sufficient opportunities within this organization for me to advance my career 65%

21. 21 Employer of Choice Aecon