Mr. Adam Borgatti reports

AECON ANNOUNCES TSX APPROVAL OF NORMAL COURSE ISSUER BID

Aecon Group Inc. has received regulatory approval from the Toronto Stock Exchange (the TSX) of its notice of intention to make a normal course issuer bid (the NCIB).

Under the NCIB, Aecon may purchase for cancellation, during the period commencing on Aug. 19, 2024, and ending on the earlier of Aug. 18, 2025, and the date on which Aecon reaches the maximum purchases permitted under the NCIB, up to 3,126,306 common shares of Aecon, representing 5 per cent of the issued and outstanding common shares. Aecon had a total of 62,526,130 issued and outstanding common shares as of Aug. 7, 2024.

Purchases of common shares under the NCIB will be made in accordance with TSX rules through the facilities of the TSX and/or through alternative Canadian trading systems. The price paid for any repurchased common shares will be the market price of such common shares at the time of acquisition. Daily purchases on the TSX under the NCIB will be limited to a maximum of 75,578 common shares, representing 25 per cent of the average daily trading volume of the common shares on the TSX for six months ending July 31, 2024, subject to any purchases made pursuant to the block purchase exception.

Aecon believes that the repurchase of common shares at certain market prices is an appropriate and desirable use of Aecon's funds that is in the best interests of Aecon and beneficial to its shareholders. Aecon intends to make any purchases on an opportunistic basis, taking share price and other considerations into account. The NCIB will be funded using Aecon's existing cash resources or its senior credit facility.

The actual number of common shares which may be purchased under the NCIB and the timing of any such purchases will be determined by the management of Aecon, subject to applicable securities laws and TSX rules. Aecon may elect to suspend or discontinue repurchases of common shares at any time, in accordance with applicable laws. There can be no assurances that any such purchases of common shares under the NCIB will be completed.

Aecon also announced that it has entered into an automatic securities purchase plan in respect of the NCIB with a designated broker. The broker will be responsible for making purchases of common shares pursuant to the plan to facilitate the purchase of common shares during times when Aecon would ordinarily not be permitted to purchase common shares due to regulatory restrictions or trading blackout periods established under Aecon's insider trading policy. Under the plan, Aecon may, but is not required to, instruct the broker to make purchases under the NCIB based on parameters set by Aecon in accordance with the plan, TSX rules and applicable securities laws. The plan has been precleared by the TSX and will be implemented effective Aug. 19, 2024.

About Aecon Group Inc.

Aecon is a North American 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, management, and operations and maintenance services through its concessions segment.

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