AECON GROUP INC 17 QUARTERLY FINANCIAL DATA Set out below is quarterly fnancial data for the most recent eight quarters 2012 2011 millions except per share amounts Quarter 4 Quarter 3 Quarter 2 Quarter 1 Quarter 4 Quarter 3 Quarter 2 Quarter 1 Revenues 9487 8343 6617 5022 7903 8354 7584 5120 EBITDA 781 690 259 04 736 745 290 140 Adjusted EBITDA 780 687 259 02 726 602 287 142 Earnings loss before income taxes 591 490 57 270 467 520 22 274 Proft loss attributable to shareholders 564 359 51 195 367 417 07 215 Adjusted proft loss attributable to shareholders 535 346 41 174 369 405 41 270 Earnings loss per share Basic 107 068 010 037 069 076 001 039 Diluted 072 050 009 037 049 049 001 039 Adjusted earnings loss per share Basic 101 066 008 033 069 074 007 049 Diluted 072 050 007 033 049 049 007 049 Earnings loss per share for each quarter has been computed using the weighted average number of shares issued and outstanding during the respective quarter Any dilutive securities which increase the earnings per share or decrease the loss per share are excluded for purposes of calculating diluted earnings per share Due to the impacts of dilutive securities such as convertible debentures and share issuances throughout the periods the sum of the quarterly earnings losses per share will not equal the total for the year Three months ended December 31 Revenue Operating proft loss millions 2012 2011 2012 2011 Infrastructure 6014 5532 310 458 Industrial 3394 2301 239 155 Concessions 106 106 123 41 Other costs and eliminations 27 36 69 86 Consolidated 9487 7903 603 569 The analysis of operating results for each of the frst three quarters of 2012 is included in Managements Discussion and Analysis incorporated in the Interim Reports to Shareholders for each respective quarter In the Infrastructure segment the increase in revenue of 48 million in the fourth quarter of 2012 compared to the same period in 2011 was primarily due to higher volumes in the Mining sector as well as from higher volumes in Utilities operations especially from its involvement in several joint venture projects in Western Canada These increases were partially offset by a decline in revenue in Heavy Civil operations following the completion of several large projects during the quarter and in Social Infrastructure following the completion of projects in its buildings operations in Ottawa and Quebec as well as in its mechanical operations in Western Canada The decline in operating proft in the Infrastructure segment in the fourth quarter came primarily from Heavy Civil operations and was due to the reduction in revenue and margin as noted in the full year discussion above Operating results were also impacted by lower volume in the fourth quarter in Social Infrastructure and from lower margin in the sectors mechanical operations in Western Canada Partly offsetting these reductions were increases in operating profts in Mining primarily due to higher volume and improved equipment utilization Utilities also contributed higher operating proft due to increased volume and margin both in Ontario and Western Canada Industrial segment revenue in the fourth quarter of 2012 was 109 million or 48 higher than in the fourth quarter of 2011 Most of the revenue increase occurred in Heavy Industrial operations primarily from pipe fabrication module assembly and site construction work in Western Canada In addition revenue also increased in the commodity mining sector and from construction and fabrication operations in Central Canada Operating proft in the Industrial segment of 239 million in the fourth quarter of 2012 increased by 84 million compared to the fourth quarter of 2011 The majority of the periodoverperiod increase in operating proft from Heavy Industrial operations resulted from the higher revenue noted above Operating proft in the Concessions segment of 123 million for the fourth quarter of 2012 represents an 82 million increase over the same quarter in the previous year This resulted primarily from the release of contingencies related to the Quito Airport project as previously noted in the Concessions segment commentary for the full year MGA expense decreased by 30 million in the fourth quarter of 2012 compared to 2011 and MGA as a percent of revenues decreased from 52 to 41 The lower MGA is primarily attributable to lower bid costs professional fees and incentive costs Other losses of 25 million in the fourth quarter of 2011 resulted from the settlement of a long outstanding legal dispute related to Aecons prior involvement in the construction of a grain terminal in Gdansk Poland